Alcedos: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Alcedos
Largest movements
- Tangible fixed assets +€881,900
up €881,900 (+52.3%), from €1.7m to €2.6m
of which Assets under construction and advance payments: +€881,900
- Cash +€174,371
up €174,371 (+3059.9%), from €5,699 to €180,069
mainly Short-term financial debts (+€901,455) and Net result for the year (+€206,655)
- Receivables within one year +€57,179
up €57,179 (+9447.7%), from €605 to €57,784
- Short-term financial debts +€901,455
up €901,455 (+49.4%), from €1.8m to €2.7m
- Profit (loss) carried forward +€206,655
up €206,655, from -€201,372 to €5,283
- Tax, wage and social debts +€49,191
new in 2025: €49,191
- Trade debts -€43,888
down €43,888 (-86.0%), from €51,050 to €7,162
- Gross operating margin +€214,770
up €214,770, from -€3,481 to €211,289
- Depreciation -€197,269
no longer reported in 2025 (was €197,269)
- Other operating charges +€2,290
up €2,290 (+455.5%), from €503 to €2,793
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,692,969 | €2,806,383 | +€1.1m | +65.8% |
| Fixed assets | 21/28 | €1,686,622 | €2,568,523 | +€881,900 | +52.3% |
| Tangible fixed assets | 22/27 | €1,686,622 | €2,568,523 | +€881,900 | +52.3% |
| Land and buildings | 22 | €1,568,000 | €1,568,000 | = | 0.0% |
| Assets under construction and advance payments | 27 | €118,622 | €1,000,523 | +€881,900 | +743.5% |
| Current assets | 29/58 | €6,347 | €237,860 | +€231,513 | +3647.7% |
| Amounts receivable within one year | 40/41 | €605 | €57,784 | +€57,179 | +9447.7% |
| Trade receivables | 40 | €605 | €57,784 | +€57,179 | +9447.7% |
| Cash at bank and in hand | 54/58 | €5,699 | €180,069 | +€174,371 | +3059.9% |
| Deferred charges and accrued income | 490/1 | €43 | €6 | -€37 | -85.7% |
| Total equity and liabilities | 10/49 | €1,692,969 | €2,806,383 | +€1.1m | +65.8% |
| Equity | 10/15 | -€181,372 | €25,283 | +€206,655 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€201,372 | €5,283 | +€206,655 | |
| Amounts payable | 17/49 | €1,874,342 | €2,781,100 | +€906,758 | +48.4% |
| Amounts payable within one year | 42/48 | €1,874,342 | €2,781,100 | +€906,758 | +48.4% |
| Financial debts | 43 | €1,823,292 | €2,724,747 | +€901,455 | +49.4% |
| Other loans | 439 | €1,823,292 | €2,724,747 | +€901,455 | +49.4% |
| Trade debts | 44 | €51,050 | €7,162 | -€43,888 | -86.0% |
| Suppliers | 440/4 | €51,050 | €7,162 | -€43,888 | -86.0% |
| Taxes, remuneration and social security | 45 | - | €49,191 | +€49,191 | |
| Taxes | 450/3 | - | €49,191 | +€49,191 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197,269 | - | -€197,269 | |
| Other operating charges | 640/8 | €503 | €2,793 | +€2,290 | +455.5% |
| Gross operating margin | 9900 | -€3,481 | €211,289 | +€214,770 | |
| Operating profit (loss) | 9901 | -€201,253 | €208,496 | +€409,749 | |
| Financial charges | 65/66B | €119 | €79 | -€40 | -33.4% |
| Recurring financial charges | 65 | €119 | €79 | -€40 | -33.4% |
| Profit (loss) for the period before taxes | 9903 | -€201,372 | €208,416 | +€409,789 | |
| Income taxes | 67/77 | - | €1,761 | +€1,761 | |
| Profit (loss) for the period | 9904 | -€201,372 | €206,655 | +€408,028 | |
| Profit (loss) for the period to be appropriated | 9905 | -€201,372 | €206,655 | +€408,028 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.