ALCEM: 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.
ALCEM
Largest movements
- Cash +€171,736
up €171,736 (+305.8%), from €56,159 to €227,895
mainly Receivables within one year (+€98,321) and Net result for the year (+€92,785)
- Receivables within one year -€98,321
down €98,321 (-61.6%), from €159,524 to €61,203
of which Trade receivables: -€86,319
- Tangible fixed assets -€29,614
down €29,614 (-7.1%), from €416,014 to €386,401
of which Furniture and vehicles: -€19,181
- Reserves +€53,270
up €53,270 (+12.7%), from €420,390 to €473,660
of which Distributable reserves: +€55,130
- Debts after one year -€26,981
down €26,981 (-18.9%), from €142,971 to €115,990
of which Financial debts: -€27,221
- Tax, wage and social debts +€21,550
up €21,550 (+64.5%), from €33,435 to €54,985
of which Taxes: +€16,289
- Current portion of long-term debt +€17,374
up €17,374 (+176.4%), from €9,847 to €27,221
- Short-term financial debts -€17,123
down €17,123 (-64.5%), from €26,540 to €9,417
- Gross operating margin -€39,845
down €39,845 (-18.9%), from €210,568 to €170,723
- Financial charges -€21,037
down €21,037 (-78.5%), from €26,791 to €5,754
- Taxes -€5,690
down €5,690 (-11.8%), from €48,028 to €42,337
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 | €658,552 | €703,276 | +€44,724 | +6.8% |
| Fixed assets | 21/28 | €416,203 | €386,590 | -€29,614 | -7.1% |
| Tangible fixed assets | 22/27 | €416,014 | €386,401 | -€29,614 | -7.1% |
| Land and buildings | 22 | €344,825 | €334,393 | -€10,433 | -3.0% |
| Furniture and vehicles | 24 | €71,189 | €52,008 | -€19,181 | -26.9% |
| Financial fixed assets | 28 | €189 | €189 | = | 0.0% |
| Current assets | 29/58 | €242,349 | €316,687 | +€74,338 | +30.7% |
| Amounts receivable after more than one year | 29 | €26,666 | €26,666 | = | 0.0% |
| Other amounts receivable | 291 | €26,666 | €26,666 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €159,524 | €61,203 | -€98,321 | -61.6% |
| Trade receivables | 40 | €123,323 | €37,004 | -€86,319 | -70.0% |
| Other amounts receivable | 41 | €36,202 | €24,199 | -€12,003 | -33.2% |
| Cash at bank and in hand | 54/58 | €56,159 | €227,895 | +€171,736 | +305.8% |
| Deferred charges and accrued income | 490/1 | - | €923 | +€923 | |
| Total equity and liabilities | 10/49 | €658,552 | €703,276 | +€44,724 | +6.8% |
| Equity | 10/15 | €439,367 | €492,651 | +€53,285 | +12.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €420,390 | €473,660 | +€53,270 | +12.7% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €418,530 | €473,660 | +€55,130 | +13.2% |
| Profit (loss) carried forward | 14 | €377 | €391 | +€15 | +3.9% |
| Amounts payable | 17/49 | €219,185 | €210,625 | -€8,560 | -3.9% |
| Amounts payable after more than one year | 17 | €142,971 | €115,990 | -€26,981 | -18.9% |
| Financial debts | 170/4 | €141,851 | €114,630 | -€27,221 | -19.2% |
| Other amounts payable | 178/9 | €1,120 | €1,360 | +€240 | +21.4% |
| Amounts payable within one year | 42/48 | €76,214 | €94,635 | +€18,421 | +24.2% |
| Current portion of amounts payable after more than one year | 42 | €9,847 | €27,221 | +€17,374 | +176.4% |
| Financial debts | 43 | €26,540 | €9,417 | -€17,123 | -64.5% |
| Credit institutions | 430/8 | €26,540 | €9,417 | -€17,123 | -64.5% |
| Trade debts | 44 | €5,752 | €3,012 | -€2,740 | -47.6% |
| Suppliers | 440/4 | €5,752 | €3,012 | -€2,740 | -47.6% |
| Taxes, remuneration and social security | 45 | €33,435 | €54,985 | +€21,550 | +64.5% |
| Taxes | 450/3 | €32,648 | €48,937 | +€16,289 | +49.9% |
| Remuneration and social security | 454/9 | €788 | €6,048 | +€5,261 | +668.0% |
| Other amounts payable | 47/48 | €640 | €0 | -€640 | -100.0% |
| Non-recurring operating income | 76A | €5,443 | €0 | -€5,443 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €320 | +€320 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,470 | €29,614 | +€143 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €120 | €0 | -€120 | -100.0% |
| Other operating charges | 640/8 | €1,536 | €2,068 | +€531 | +34.6% |
| Gross operating margin | 9900 | €210,568 | €170,723 | -€39,845 | -18.9% |
| Operating profit (loss) | 9901 | €179,442 | €138,722 | -€40,720 | -22.7% |
| Financial income | 75/76B | €1,245 | €2,154 | +€909 | +73.1% |
| Recurring financial income | 75 | €1,245 | €2,154 | +€909 | +73.1% |
| Financial charges | 65/66B | €26,791 | €5,754 | -€21,037 | -78.5% |
| Recurring financial charges | 65 | €26,791 | €5,754 | -€21,037 | -78.5% |
| Profit (loss) for the period before taxes | 9903 | €153,896 | €135,122 | -€18,774 | -12.2% |
| Income taxes | 67/77 | €48,028 | €42,337 | -€5,690 | -11.8% |
| Profit (loss) for the period | 9904 | €105,868 | €92,785 | -€13,083 | -12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €105,868 | €92,785 | -€13,083 | -12.4% |
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 2 October 2026 via checked.be.