ALERS: 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.
ALERS
Largest movements
- Receivables within one year -€4,388
down €4,388 (-27.8%), from €15,785 to €11,397
- Stocks and contracts +€1,061
up €1,061 (+12.9%), from €8,224 to €9,285
- Cash +€855
up €855 (+2.5%), from €34,363 to €35,218
mainly Other debts (+€7,079) and Receivables within one year (+€4,388)
- Reserves -€15,500
down €15,500 (-39.5%), from €39,261 to €23,761
of which Tax-exempt reserves: -€15,500
- Other debts +€7,079
up €7,079 (+162%), from €4,379 to €11,459
- Profit (loss) carried forward +€6,354
up €6,354, from -€4,049 to €2,304
- Write-downs +€4,562
up €4,562 (+126%), from €3,620 to €8,183
- Gross operating margin +€3,499
up €3,499, from -€1,937 to €1,562
- Financial charges +€1,449
up €1,449 (+302%), from €480 to €1,928
- Other operating charges -€170
down €170 (-27.3%), from €622 to €452
- Depreciation -€103
down €103 (-41.7%), from €248 to €145
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 | €58,517 | €56,307 | -€2,210 | -3.8% |
| Fixed assets | 21/28 | €145 | €0 | -€145 | -100% |
| Tangible fixed assets | 22/27 | €145 | €0 | -€145 | -100% |
| Furniture and vehicles | 24 | €145 | €0 | -€145 | -100% |
| Current assets | 29/58 | €58,373 | €56,307 | -€2,066 | -3.5% |
| Stocks and contracts in progress | 3 | €8,224 | €9,285 | +€1,061 | +12.9% |
| Stocks | 30/36 | €8,224 | €9,285 | +€1,061 | +12.9% |
| Amounts receivable within one year | 40/41 | €15,785 | €11,397 | -€4,388 | -27.8% |
| Trade receivables | 40 | €15,785 | €11,397 | -€4,388 | -27.8% |
| Cash at bank and in hand | 54/58 | €34,363 | €35,218 | +€855 | +2.5% |
| Deferred charges and accrued income | 490/1 | - | €407 | +€407 | |
| Total equity and liabilities | 10/49 | €58,517 | €56,307 | -€2,210 | -3.8% |
| Equity | 10/15 | €53,812 | €44,666 | -€9,146 | -17.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €39,261 | €23,761 | -€15,500 | -39.5% |
| Tax-exempt reserves | 132 | €39,261 | €23,761 | -€15,500 | -39.5% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€4,049 | €2,304 | +€6,354 | |
| Amounts payable | 17/49 | €4,705 | €11,641 | +€6,936 | +147% |
| Amounts payable within one year | 42/48 | €4,705 | €11,641 | +€6,936 | +147% |
| Taxes, remuneration and social security | 45 | €326 | €182 | -€144 | -44.1% |
| Taxes | 450/3 | €326 | €182 | -€144 | -44.1% |
| Other amounts payable | 47/48 | €4,379 | €11,459 | +€7,079 | +162% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €248 | €145 | -€103 | -41.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,620 | €8,183 | +€4,562 | +126% |
| Other operating charges | 640/8 | €622 | €452 | -€170 | -27.3% |
| Gross operating margin | 9900 | -€1,937 | €1,562 | +€3,499 | |
| Operating profit (loss) | 9901 | -€6,427 | -€7,218 | -€790 | -12.3% |
| Financial charges | 65/66B | €480 | €1,928 | +€1,449 | +302% |
| Recurring financial charges | 65 | €480 | €1,928 | +€1,449 | +302% |
| Profit (loss) for the period before taxes | 9903 | -€6,907 | -€9,146 | -€2,239 | -32.4% |
| Profit (loss) for the period | 9904 | -€6,907 | -€9,146 | -€2,239 | -32.4% |
| Transfer from tax-exempt reserves | 789 | €11,850 | €0 | -€11,850 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €4,943 | -€9,146 | -€14,089 |
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 16 October 2026 via checked.be.