ALEX: 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.
ALEX
Largest movements
- Stocks and contracts -€58,450
down €58,450 (-21.4%), from €273,175 to €214,725
- Cash -€10,048
down €10,048 (-65.8%), from €15,260 to €5,212
mainly Short-term financial debts (-€36,722) and Other debts (-€33,648)
- Short-term financial debts -€36,722
down €36,722 (-49.1%), from €74,798 to €38,076
- Other debts -€33,648
down €33,648 (-9.9%), from €339,213 to €305,565
- Tax, wage and social debts +€4,645
up €4,645 (+103.6%), from €4,483 to €9,128
- Gross operating margin -€9,009
down €9,009 (-45.8%), from €19,656 to €10,647
- Financial charges +€4,901
up €4,901 (+102.9%), from €4,764 to €9,665
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 | €290,361 | €221,709 | -€68,652 | -23.6% |
| Fixed assets | 21/28 | €1,772 | €1,772 | = | 0.0% |
| Tangible fixed assets | 22/27 | - | €0 | = | |
| Financial fixed assets | 28 | €1,772 | €1,772 | = | 0.0% |
| Current assets | 29/58 | €288,589 | €219,937 | -€68,652 | -23.8% |
| Stocks and contracts in progress | 3 | €273,175 | €214,725 | -€58,450 | -21.4% |
| Stocks | 30/36 | €273,175 | €214,725 | -€58,450 | -21.4% |
| Cash at bank and in hand | 54/58 | €15,260 | €5,212 | -€10,048 | -65.8% |
| Deferred charges and accrued income | 490/1 | €154 | - | -€154 | |
| Total equity and liabilities | 10/49 | €290,361 | €221,709 | -€68,652 | -23.6% |
| Equity | 10/15 | -€132,760 | -€133,660 | -€900 | -0.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€153,211 | -€154,111 | -€900 | -0.6% |
| Amounts payable | 17/49 | €423,121 | €355,369 | -€67,752 | -16.0% |
| Amounts payable within one year | 42/48 | €423,121 | €355,369 | -€67,752 | -16.0% |
| Financial debts | 43 | €74,798 | €38,076 | -€36,722 | -49.1% |
| Credit institutions | 430/8 | €74,798 | €38,076 | -€36,722 | -49.1% |
| Trade debts | 44 | €4,627 | €2,600 | -€2,027 | -43.8% |
| Suppliers | 440/4 | €4,627 | €2,600 | -€2,027 | -43.8% |
| Taxes, remuneration and social security | 45 | €4,483 | €9,128 | +€4,645 | +103.6% |
| Taxes | 450/3 | €4,483 | €9,128 | +€4,645 | +103.6% |
| Other amounts payable | 47/48 | €339,213 | €305,565 | -€33,648 | -9.9% |
| Other operating charges | 640/8 | €1,846 | €1,882 | +€36 | +2.0% |
| Gross operating margin | 9900 | €19,656 | €10,647 | -€9,009 | -45.8% |
| Operating profit (loss) | 9901 | €17,810 | €8,765 | -€9,045 | -50.8% |
| Financial charges | 65/66B | €4,764 | €9,665 | +€4,901 | +102.9% |
| Recurring financial charges | 65 | €4,764 | €9,665 | +€4,901 | +102.9% |
| Profit (loss) for the period before taxes | 9903 | €13,046 | -€900 | -€13,946 | |
| Profit (loss) for the period | 9904 | €13,046 | -€900 | -€13,946 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,046 | -€900 | -€13,946 |
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 4 October 2026 via checked.be.