ALCO: what changed
Two financial 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.
ALCO
Largest movements
- Cash +€1.2m
up €1.2m (+358%), from €332,226 to €1.5m
mainly Other debts (+€700,000) and Net result for the year (+€539,469)
- Current investments -€290,470
down €290,470 (-52.7%), from €550,929 to €260,459
- Tangible fixed assets -€178,095
down €178,095 (-62.5%), from €285,120 to €107,025
- Other debts +€700,000
new in 2025: €700,000
- Reserves -€160,531
down €160,531 (-17.1%), from €937,265 to €776,734
of which Distributable reserves: -€320,912
- Tax, wage and social debts +€124,738
new in 2025: €124,738
- Provisions +€53,460
up €53,460 (+148%), from €36,107 to €89,567
- Gross operating margin +€544,366
up €544,366 (+258%), from €211,342 to €755,708
- Taxes +€123,506
up €123,506 (+933%), from €13,233 to €136,739
- Financial charges +€14,159
up €14,159 (+3,320%), from €426 to €14,586
- Depreciation -€11,137
down €11,137 (-66.8%), from €16,661 to €5,523
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.
Derived cash bridge
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 | €1,211,356 | €1,926,584 | +€715,227 | +59.0% |
| Fixed assets | 21/28 | €285,120 | €107,025 | -€178,095 | -62.5% |
| Tangible fixed assets | 22/27 | €285,120 | €107,025 | -€178,095 | -62.5% |
| Land and buildings | 22 | €285,120 | €107,025 | -€178,095 | -62.5% |
| Current assets | 29/58 | €926,236 | €1,819,558 | +€893,322 | +96.4% |
| Amounts receivable within one year | 40/41 | €38,737 | €37,856 | -€881 | -2.3% |
| Other amounts receivable | 41 | €38,737 | €37,856 | -€881 | -2.3% |
| Current investments | 50/53 | €550,929 | €260,459 | -€290,470 | -52.7% |
| Cash at bank and in hand | 54/58 | €332,226 | €1,521,243 | +€1.2m | +358% |
| Deferred charges and accrued income | 490/1 | €4,344 | - | -€4,344 | |
| Total equity and liabilities | 10/49 | €1,211,356 | €1,926,584 | +€715,227 | +59.0% |
| Equity | 10/15 | €1,165,327 | €1,004,796 | -€160,531 | -13.8% |
| Contributions | 10/11 | €228,062 | €228,062 | = | 0.0% |
| Capital | 10 | €228,062 | €228,062 | = | 0.0% |
| Issued capital | 100 | €228,062 | €228,062 | = | 0.0% |
| Reserves | 13 | €937,265 | €776,734 | -€160,531 | -17.1% |
| Non-distributable reserves | 130/1 | €22,806 | €22,806 | = | 0.0% |
| Legal reserve | 130 | €22,806 | €22,806 | = | 0.0% |
| Tax-exempt reserves | 132 | €108,320 | €268,701 | +€160,381 | +148% |
| Distributable reserves | 133 | €806,138 | €485,226 | -€320,912 | -39.8% |
| Provisions and deferred taxes | 16 | €36,107 | €89,567 | +€53,460 | +148% |
| Deferred taxes | 168 | €36,107 | €89,567 | +€53,460 | +148% |
| Amounts payable | 17/49 | €9,923 | €832,221 | +€822,298 | +8,287% |
| Amounts payable within one year | 42/48 | €4,481 | €832,221 | +€827,740 | +18,471% |
| Financial debts | 43 | - | €2 | +€2 | |
| Credit institutions | 430/8 | - | €2 | +€2 | |
| Trade debts | 44 | €4,481 | €7,481 | +€2,999 | +66.9% |
| Suppliers | 440/4 | €4,481 | €7,481 | +€2,999 | +66.9% |
| Taxes, remuneration and social security | 45 | - | €124,738 | +€124,738 | |
| Taxes | 450/3 | - | €124,738 | +€124,738 | |
| Other amounts payable | 47/48 | - | €700,000 | +€700,000 | |
| Accrued charges and deferred income | 492/3 | €5,441 | - | -€5,441 | |
| Non-recurring operating income | 76A | €144,427 | - | -€144,427 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,661 | €5,523 | -€11,137 | -66.8% |
| Other operating charges | 640/8 | €10,526 | €15,932 | +€5,406 | +51.4% |
| Gross operating margin | 9900 | €211,342 | €755,708 | +€544,366 | +258% |
| Operating profit (loss) | 9901 | €184,155 | €734,252 | +€550,097 | +299% |
| Financial income | 75/76B | €13,630 | €10,001 | -€3,629 | -26.6% |
| Recurring financial income | 75 | €13,630 | €10,001 | -€3,629 | -26.6% |
| Financial charges | 65/66B | €426 | €14,586 | +€14,159 | +3,320% |
| Recurring financial charges | 65 | €426 | €14,586 | +€14,159 | +3,320% |
| Profit (loss) for the period before taxes | 9903 | €197,359 | €729,668 | +€532,308 | +270% |
| Transfer to deferred taxes | 680 | €36,107 | €53,460 | +€17,354 | +48.1% |
| Income taxes | 67/77 | €13,233 | €136,739 | +€123,506 | +933% |
| Profit (loss) for the period | 9904 | €148,019 | €539,469 | +€391,449 | +264% |
| Transfer to tax-exempt reserves | 689 | €108,320 | €160,381 | +€52,061 | +48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €39,699 | €379,088 | +€339,389 | +855% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.