Alemax: 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.
Alemax
Largest movements
- Cash -€24,410
down €24,410 (-73.8%), from €33,069 to €8,660
mainly Contributions, distributions and other (-€28,150) and Trade debts (-€19,866)
- Tangible fixed assets -€13,250
down €13,250 (-25.8%), from €51,443 to €38,193
- Receivables within one year +€7,028
up €7,028 (+7.2%), from €97,751 to €104,779
of which Trade receivables: +€9,884
- Trade debts -€19,866
down €19,866 (-78.5%), from €25,299 to €5,432
- Reserves -€19,571
down €19,571 (-66.6%), from €29,379 to €9,808
of which Distributable reserves: -€20,000
- Other debts +€13,632
up €13,632 (+93.9%), from €14,518 to €28,150
- Debts after one year -€10,779
down €10,779 (-33.1%), from €32,552 to €21,772
- Tax, wage and social debts +€6,219
up €6,219 (+51.1%), from €12,167 to €18,386
- Depreciation +€11,693
up €11,693 (+751%), from €1,557 to €13,250
- Gross operating margin +€9,680
up €9,680 (+61.5%), from €15,731 to €25,411
- Taxes +€2,820
up €2,820 (+178%), from €1,580 to €4,400
- Financial charges +€1,611
up €1,611 (+336%), from €479 to €2,090
- Other operating charges +€537
up €537 (+95.4%), from €563 to €1,099
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 | €185,924 | €155,828 | -€30,096 | -16.2% |
| Fixed assets | 21/28 | €51,443 | €38,193 | -€13,250 | -25.8% |
| Tangible fixed assets | 22/27 | €51,443 | €38,193 | -€13,250 | -25.8% |
| Furniture and vehicles | 24 | €51,443 | €38,193 | -€13,250 | -25.8% |
| Current assets | 29/58 | €134,480 | €117,635 | -€16,846 | -12.5% |
| Amounts receivable within one year | 40/41 | €97,751 | €104,779 | +€7,028 | +7.2% |
| Trade receivables | 40 | €23,453 | €33,337 | +€9,884 | +42.1% |
| Other amounts receivable | 41 | €74,299 | €71,442 | -€2,856 | -3.8% |
| Cash at bank and in hand | 54/58 | €33,069 | €8,660 | -€24,410 | -73.8% |
| Deferred charges and accrued income | 490/1 | €3,660 | €4,196 | +€536 | +14.6% |
| Total equity and liabilities | 10/49 | €185,924 | €155,828 | -€30,096 | -16.2% |
| Equity | 10/15 | €90,879 | €71,308 | -€19,571 | -21.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €29,379 | €9,808 | -€19,571 | -66.6% |
| Non-distributable reserves | 130/1 | €3,873 | €4,302 | +€429 | +11.1% |
| Legal reserve | 130 | €3,873 | €4,302 | +€429 | +11.1% |
| Distributable reserves | 133 | €25,506 | €5,506 | -€20,000 | -78.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €95,045 | €84,520 | -€10,525 | -11.1% |
| Amounts payable after more than one year | 17 | €32,552 | €21,772 | -€10,779 | -33.1% |
| Financial debts | 170/4 | €32,552 | €21,772 | -€10,779 | -33.1% |
| Amounts payable within one year | 42/48 | €62,384 | €62,748 | +€364 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €10,400 | €10,779 | +€379 | +3.6% |
| Trade debts | 44 | €25,299 | €5,432 | -€19,866 | -78.5% |
| Suppliers | 440/4 | €25,299 | €5,432 | -€19,866 | -78.5% |
| Taxes, remuneration and social security | 45 | €12,167 | €18,386 | +€6,219 | +51.1% |
| Taxes | 450/3 | €12,167 | €18,386 | +€6,219 | +51.1% |
| Other amounts payable | 47/48 | €14,518 | €28,150 | +€13,632 | +93.9% |
| Accrued charges and deferred income | 492/3 | €109 | €0 | -€109 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,557 | €13,250 | +€11,693 | +751% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €563 | €1,099 | +€537 | +95.4% |
| Gross operating margin | 9900 | €15,731 | €25,411 | +€9,680 | +61.5% |
| Operating profit (loss) | 9901 | €13,611 | €11,062 | -€2,550 | -18.7% |
| Financial income | 75/76B | €3,730 | €4,007 | +€278 | +7.4% |
| Recurring financial income | 75 | €3,730 | €4,007 | +€278 | +7.4% |
| Financial charges | 65/66B | €479 | €2,090 | +€1,611 | +336% |
| Recurring financial charges | 65 | €479 | €2,090 | +€1,611 | +336% |
| Profit (loss) for the period before taxes | 9903 | €16,862 | €12,979 | -€3,883 | -23.0% |
| Income taxes | 67/77 | €1,580 | €4,400 | +€2,820 | +178% |
| Profit (loss) for the period | 9904 | €15,282 | €8,579 | -€6,704 | -43.9% |
| Profit (loss) for the period to be appropriated | 9905 | €15,282 | €8,579 | -€6,704 | -43.9% |
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 15 October 2026 via checked.be.