ALERO: 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.
ALERO
Largest movements
- Tangible fixed assets -€630,456
down €630,456 (-34.8%), from €1.8m to €1.2m
of which Land and buildings: -€539,594
- Receivables within one year +€375,761
up €375,761 (+208%), from €180,692 to €556,453
of which Other amounts receivable: +€374,386
- Other debts -€190,533
down €190,533 (-60.4%), from €315,376 to €124,842
- Debts after one year -€119,040
down €119,040 (-40.1%), from €296,540 to €177,500
- Profit (loss) carried forward +€112,542
up €112,542 (+7.0%), from €1.6m to €1.7m
- Financial charges +€211,083
up €211,083 (+2,522%), from €8,371 to €219,454
of which Non-recurring financial charges: +€204,424
- Gross operating margin +€146,852
up €146,852 (+22.2%), from €661,627 to €808,479
- Taxes +€29,991
up €29,991, from -€20,949 to €9,042
- Depreciation -€28,960
down €28,960 (-13.0%), from €223,582 to €194,622
- Financial income +€20,007
up €20,007 (+9,108%), from €220 to €20,226
of which Non-recurring financial income: +€19,825
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 | €2,480,222 | €2,273,980 | -€206,243 | -8.3% |
| Fixed assets | 21/28 | €1,819,731 | €1,185,745 | -€633,986 | -34.8% |
| Intangible fixed assets | 21 | €9,309 | €5,779 | -€3,530 | -37.9% |
| Tangible fixed assets | 22/27 | €1,810,242 | €1,179,786 | -€630,456 | -34.8% |
| Land and buildings | 22 | €1,366,786 | €827,192 | -€539,594 | -39.5% |
| Plant, machinery and equipment | 23 | €376,625 | €345,237 | -€31,389 | -8.3% |
| Furniture and vehicles | 24 | €66,830 | €7,357 | -€59,473 | -89.0% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €660,492 | €1,088,235 | +€427,743 | +64.8% |
| Stocks and contracts in progress | 3 | €308,463 | €327,628 | +€19,165 | +6.2% |
| Stocks | 30/36 | €308,463 | €327,628 | +€19,165 | +6.2% |
| Amounts receivable within one year | 40/41 | €180,692 | €556,453 | +€375,761 | +208% |
| Trade receivables | 40 | - | €1,376 | +€1,376 | |
| Other amounts receivable | 41 | €180,692 | €555,078 | +€374,386 | +207% |
| Cash at bank and in hand | 54/58 | €170,045 | €185,388 | +€15,343 | +9.0% |
| Deferred charges and accrued income | 490/1 | €1,291 | €18,766 | +€17,475 | +1,353% |
| Total equity and liabilities | 10/49 | €2,480,222 | €2,273,980 | -€206,243 | -8.3% |
| Equity | 10/15 | €1,645,753 | €1,758,296 | +€112,542 | +6.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €24,041 | €24,041 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,182 | €22,182 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,603,120 | €1,715,662 | +€112,542 | +7.0% |
| Amounts payable | 17/49 | €834,469 | €515,684 | -€318,785 | -38.2% |
| Amounts payable after more than one year | 17 | €296,540 | €177,500 | -€119,040 | -40.1% |
| Financial debts | 170/4 | €296,540 | €177,500 | -€119,040 | -40.1% |
| Amounts payable within one year | 42/48 | €537,929 | €336,640 | -€201,289 | -37.4% |
| Current portion of amounts payable after more than one year | 42 | €30,654 | €45,540 | +€14,887 | +48.6% |
| Financial debts | 43 | €20,000 | €20,000 | = | 0.0% |
| Other loans | 439 | €20,000 | €20,000 | = | 0.0% |
| Trade debts | 44 | €91,928 | €71,898 | -€20,029 | -21.8% |
| Suppliers | 440/4 | €91,928 | €71,898 | -€20,029 | -21.8% |
| Taxes, remuneration and social security | 45 | €79,972 | €74,359 | -€5,613 | -7.0% |
| Taxes | 450/3 | €60,361 | €49,398 | -€10,964 | -18.2% |
| Remuneration and social security | 454/9 | €19,610 | €24,961 | +€5,351 | +27.3% |
| Other amounts payable | 47/48 | €315,376 | €124,842 | -€190,533 | -60.4% |
| Accrued charges and deferred income | 492/3 | - | €1,544 | +€1,544 | |
| Remuneration, social security and pensions | 62 | €266,925 | €278,759 | +€11,833 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €223,582 | €194,622 | -€28,960 | -13.0% |
| Other operating charges | 640/8 | €9,802 | €14,286 | +€4,484 | +45.8% |
| Gross operating margin | 9900 | €661,627 | €808,479 | +€146,852 | +22.2% |
| Operating profit (loss) | 9901 | €161,318 | €320,812 | +€159,494 | +98.9% |
| Financial income | 75/76B | €220 | €20,226 | +€20,007 | +9,108% |
| Recurring financial income | 75 | €220 | €401 | +€182 | +82.7% |
| Non-recurring financial income | 76B | - | €19,825 | +€19,825 | |
| Financial charges | 65/66B | €8,371 | €219,454 | +€211,083 | +2,522% |
| Recurring financial charges | 65 | €7,796 | €14,456 | +€6,659 | +85.4% |
| Non-recurring financial charges | 66B | €575 | €204,999 | +€204,424 | +35,572% |
| Profit (loss) for the period before taxes | 9903 | €153,167 | €121,584 | -€31,583 | -20.6% |
| Income taxes | 67/77 | -€20,949 | €9,042 | +€29,991 | |
| Profit (loss) for the period | 9904 | €174,116 | €112,542 | -€61,574 | -35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €174,116 | €112,542 | -€61,574 | -35.4% |
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 20 October 2026 via checked.be.