ALETHEA: 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.
ALETHEA
Largest movements
- Tangible fixed assets +€495,734
up €495,734 (+92.2%), from €537,574 to €1.0m
of which Land and buildings: +€508,061
- Cash -€252,934
down €252,934 (-97.5%), from €259,416 to €6,482
mainly Investment in fixed assets (net) (-€738,691) and Net result for the year (-€162,356)
- Financial fixed assets +€140,500
up €140,500 (+8.0%), from €1.7m to €1.9m
- Receivables after one year +€78,325
up €78,325 (+13.4%), from €585,153 to €663,478
of which Other amounts receivable: +€78,325
- Short-term financial debts +€260,000
new in 2025: €260,000
- Debts after one year +€258,923
up €258,923 (+71.5%), from €361,943 to €620,866
- Profit (loss) carried forward -€162,356
down €162,356 (-37.4%), from -€434,133 to -€596,490
- Other debts +€145,571
up €145,571 (+11.6%), from €1.3m to €1.4m
- Financial charges +€115,426
up €115,426, from -€74,573 to €40,852
- Other operating charges -€83,404
down €83,404 (-90.0%), from €92,667 to €9,263
- Depreciation +€64,351
up €64,351 (+168.9%), from €38,106 to €102,457
- Gross operating margin -€22,005
down €22,005, from €10,269 to -€11,736
- Financial income -€2,241
down €2,241 (-47.9%), from €4,682 to €2,441
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 | €3,298,460 | €3,802,539 | +€504,079 | +15.3% |
| Fixed assets | 21/28 | €2,283,774 | €2,920,008 | +€636,234 | +27.9% |
| Tangible fixed assets | 22/27 | €537,574 | €1,033,308 | +€495,734 | +92.2% |
| Land and buildings | 22 | €494,272 | €1,002,333 | +€508,061 | +102.8% |
| Furniture and vehicles | 24 | €21,851 | €9,525 | -€12,326 | -56.4% |
| Other tangible fixed assets | 26 | €21,451 | €21,451 | = | 0.0% |
| Financial fixed assets | 28 | €1,746,200 | €1,886,700 | +€140,500 | +8.0% |
| Current assets | 29/58 | €1,014,686 | €882,531 | -€132,155 | -13.0% |
| Amounts receivable after more than one year | 29 | €585,153 | €663,478 | +€78,325 | +13.4% |
| Trade receivables | 290 | €16,082 | €16,082 | = | 0.0% |
| Other amounts receivable | 291 | €569,071 | €647,396 | +€78,325 | +13.8% |
| Amounts receivable within one year | 40/41 | €26,913 | €36,340 | +€9,427 | +35.0% |
| Trade receivables | 40 | €20,991 | €28,003 | +€7,012 | +33.4% |
| Other amounts receivable | 41 | €5,922 | €8,338 | +€2,415 | +40.8% |
| Cash at bank and in hand | 54/58 | €259,416 | €6,482 | -€252,934 | -97.5% |
| Deferred charges and accrued income | 490/1 | €143,204 | €176,231 | +€33,026 | +23.1% |
| Total equity and liabilities | 10/49 | €3,298,460 | €3,802,539 | +€504,079 | +15.3% |
| Equity | 10/15 | €1,622,645 | €1,460,288 | -€162,356 | -10.0% |
| Contributions | 10/11 | €634,260 | €634,260 | = | 0.0% |
| Reserves | 13 | €1,422,518 | €1,422,518 | = | 0.0% |
| Distributable reserves | 133 | €1,422,518 | €1,422,518 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€434,133 | -€596,490 | -€162,356 | -37.4% |
| Amounts payable | 17/49 | €1,675,815 | €2,342,251 | +€666,435 | +39.8% |
| Amounts payable after more than one year | 17 | €361,943 | €620,866 | +€258,923 | +71.5% |
| Financial debts | 170/4 | €361,943 | €620,866 | +€258,923 | +71.5% |
| Amounts payable within one year | 42/48 | €1,312,868 | €1,720,638 | +€407,769 | +31.1% |
| Current portion of amounts payable after more than one year | 42 | €35,310 | €54,505 | +€19,196 | +54.4% |
| Financial debts | 43 | - | €260,000 | +€260,000 | |
| Credit institutions | 430/8 | - | €260,000 | +€260,000 | |
| Trade debts | 44 | €19,060 | €2,409 | -€16,652 | -87.4% |
| Suppliers | 440/4 | €19,060 | €2,409 | -€16,652 | -87.4% |
| Taxes, remuneration and social security | 45 | €738 | €392 | -€346 | -46.9% |
| Taxes | 450/3 | €738 | €392 | -€346 | -46.9% |
| Other amounts payable | 47/48 | €1,257,760 | €1,403,332 | +€145,571 | +11.6% |
| Accrued charges and deferred income | 492/3 | €1,004 | €747 | -€257 | -25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,106 | €102,457 | +€64,351 | +168.9% |
| Other operating charges | 640/8 | €92,667 | €9,263 | -€83,404 | -90.0% |
| Gross operating margin | 9900 | €10,269 | -€11,736 | -€22,005 | |
| Operating profit (loss) | 9901 | -€120,504 | -€123,456 | -€2,952 | -2.4% |
| Financial income | 75/76B | €4,682 | €2,441 | -€2,241 | -47.9% |
| Recurring financial income | 75 | €4,682 | €2,441 | -€2,241 | -47.9% |
| Financial charges | 65/66B | -€74,573 | €40,852 | +€115,426 | |
| Recurring financial charges | 65 | -€74,573 | €40,852 | +€115,426 | |
| Profit (loss) for the period before taxes | 9903 | -€41,248 | -€161,867 | -€120,619 | -292.4% |
| Income taxes | 67/77 | €490 | €489 | -€1 | -0.2% |
| Profit (loss) for the period | 9904 | -€41,739 | -€162,356 | -€120,617 | -289.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€41,739 | -€162,356 | -€120,617 | -289.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.