ALCO: 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.
ALCO
Largest movements
- Tangible fixed assets -€32,975
down €32,975 (-8.3%), from €398,615 to €365,640
of which Land and buildings: -€21,407
- Cash -€8,592
down €8,592 (-99.1%), from €8,673 to €81
mainly Trade debts (-€42,588) and Net result for the year (-€33,602)
- Other debts +€71,346
up €71,346 (+515.8%), from €13,833 to €85,179
- Trade debts -€42,588
down €42,588 (-74.0%), from €57,533 to €14,945
- Profit (loss) carried forward -€33,602
down €33,602 (-15.5%), from -€216,413 to -€250,015
- Debts after one year -€13,892
down €13,892 (-2.9%), from €485,061 to €471,169
- Tax, wage and social debts -€12,570
no longer reported in 2025 (was €12,570)
- Gross operating margin +€41,595
up €41,595 (+167.8%), from €24,793 to €66,388
- Write-downs -€18,000
no longer reported in 2025 (was €18,000)
- Other operating charges -€11,153
down €11,153 (-53.5%), from €20,840 to €9,687
- Financial charges -€10,009
down €10,009 (-40.9%), from €24,466 to €14,457
- Taxes -€9,332
down €9,332 (-74.2%), from €12,570 to €3,238
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 | €428,448 | €390,379 | -€38,069 | -8.9% |
| Fixed assets | 21/28 | €418,615 | €385,640 | -€32,975 | -7.9% |
| Tangible fixed assets | 22/27 | €398,615 | €365,640 | -€32,975 | -8.3% |
| Land and buildings | 22 | €351,914 | €330,507 | -€21,407 | -6.1% |
| Plant, machinery and equipment | 23 | €42,765 | €34,196 | -€8,569 | -20.0% |
| Furniture and vehicles | 24 | €3,936 | €937 | -€2,999 | -76.2% |
| Financial fixed assets | 28 | €20,000 | €20,000 | = | 0.0% |
| Current assets | 29/58 | €9,833 | €4,739 | -€5,094 | -51.8% |
| Amounts receivable within one year | 40/41 | €1,160 | €1,160 | = | 0.0% |
| Trade receivables | 40 | €338 | €338 | = | 0.0% |
| Other amounts receivable | 41 | €822 | €822 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €8,673 | €81 | -€8,592 | -99.1% |
| Deferred charges and accrued income | 490/1 | - | €3,498 | +€3,498 | |
| Total equity and liabilities | 10/49 | €428,448 | €390,379 | -€38,069 | -8.9% |
| Equity | 10/15 | -€195,953 | -€229,555 | -€33,602 | -17.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€216,413 | -€250,015 | -€33,602 | -15.5% |
| Amounts payable | 17/49 | €624,401 | €619,934 | -€4,467 | -0.7% |
| Amounts payable after more than one year | 17 | €485,061 | €471,169 | -€13,892 | -2.9% |
| Financial debts | 170/4 | €485,061 | €471,169 | -€13,892 | -2.9% |
| Amounts payable within one year | 42/48 | €139,340 | €148,765 | +€9,425 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €33,404 | €25,442 | -€7,962 | -23.8% |
| Financial debts | 43 | €22,000 | €23,199 | +€1,199 | +5.5% |
| Credit institutions | 430/8 | €22,000 | €23,199 | +€1,199 | +5.5% |
| Trade debts | 44 | €57,533 | €14,945 | -€42,588 | -74.0% |
| Suppliers | 440/4 | €57,533 | €14,945 | -€42,588 | -74.0% |
| Taxes, remuneration and social security | 45 | €12,570 | - | -€12,570 | |
| Taxes | 450/3 | €12,570 | - | -€12,570 | |
| Other amounts payable | 47/48 | €13,833 | €85,179 | +€71,346 | +515.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,975 | €32,975 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,000 | - | -€18,000 | |
| Other operating charges | 640/8 | €20,840 | €9,687 | -€11,153 | -53.5% |
| Non-recurring operating charges | 66A | €19,324 | €39,633 | +€20,309 | +105.1% |
| Gross operating margin | 9900 | €24,793 | €66,388 | +€41,595 | +167.8% |
| Operating profit (loss) | 9901 | -€66,346 | -€15,907 | +€50,439 | +76.0% |
| Financial charges | 65/66B | €24,466 | €14,457 | -€10,009 | -40.9% |
| Recurring financial charges | 65 | €24,466 | €14,457 | -€10,009 | -40.9% |
| Profit (loss) for the period before taxes | 9903 | -€90,812 | -€30,364 | +€60,448 | +66.6% |
| Income taxes | 67/77 | €12,570 | €3,238 | -€9,332 | -74.2% |
| Profit (loss) for the period | 9904 | -€103,382 | -€33,602 | +€69,780 | +67.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€103,382 | -€33,602 | +€69,780 | +67.5% |
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 5 October 2026 via checked.be.