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 -€228,789
down €228,789 (-60.1%), from €380,589 to €151,800
- Cash +€107,610
up €107,610 (+248.1%), from €43,374 to €150,984
mainly Stocks and contracts (+€228,789) and Net result for the year (+€43,686)
- Tangible fixed assets +€34,882
up €34,882 (+24628.6%), from €142 to €35,023
of which Furniture and vehicles: +€35,023
- Short-term financial debts -€150,000
down €150,000 (-100.0%), from €150,000 to €0
- Reserves +€43,686
up €43,686 (+62.8%), from €69,544 to €113,230
of which Distributable reserves: +€43,686
- Tax, wage and social debts +€18,589
up €18,589 (+26.3%), from €70,627 to €89,216
- Other debts +€4,915
up €4,915 (+37.0%), from €13,286 to €18,202
- Gross operating margin +€32,528
up €32,528 (+51.7%), from €62,932 to €95,461
- Depreciation +€7,497
up €7,497 (+156.4%), from €4,793 to €12,290
- Taxes +€6,840
up €6,840 (+41.5%), from €16,467 to €23,307
- Provisions +€4,000
new in 2025: €4,000
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 | €424,233 | €340,606 | -€83,627 | -19.7% |
| Fixed assets | 21/28 | €142 | €35,023 | +€34,882 | +24628.6% |
| Tangible fixed assets | 22/27 | €142 | €35,023 | +€34,882 | +24628.6% |
| Land and buildings | 22 | €142 | €0 | -€142 | -100.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | €35,023 | +€35,023 | |
| Current assets | 29/58 | €424,091 | €305,583 | -€118,509 | -27.9% |
| Stocks and contracts in progress | 3 | €380,589 | €151,800 | -€228,789 | -60.1% |
| Stocks | 30/36 | €380,589 | €151,800 | -€228,789 | -60.1% |
| Amounts receivable within one year | 40/41 | €128 | €2,798 | +€2,670 | +2085.5% |
| Trade receivables | 40 | €128 | €2,798 | +€2,670 | +2085.5% |
| Cash at bank and in hand | 54/58 | €43,374 | €150,984 | +€107,610 | +248.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €424,233 | €340,606 | -€83,627 | -19.7% |
| Equity | 10/15 | €177,714 | €221,400 | +€43,686 | +24.6% |
| Contributions | 10/11 | €97,935 | €97,935 | = | 0.0% |
| Reserves | 13 | €69,544 | €113,230 | +€43,686 | +62.8% |
| Non-distributable reserves | 130/1 | €6,502 | €6,502 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,502 | €6,502 | = | 0.0% |
| Distributable reserves | 133 | €63,042 | €106,728 | +€43,686 | +69.3% |
| Profit (loss) carried forward | 14 | €10,235 | €10,235 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €4,000 | +€4,000 | |
| Provisions for liabilities and charges | 160/5 | - | €4,000 | +€4,000 | |
| Other liabilities and charges | 164/5 | - | €4,000 | +€4,000 | |
| Amounts payable | 17/49 | €246,519 | €115,206 | -€131,313 | -53.3% |
| Amounts payable within one year | 42/48 | €243,719 | €114,606 | -€129,113 | -53.0% |
| Financial debts | 43 | €150,000 | €0 | -€150,000 | -100.0% |
| Credit institutions | 430/8 | €150,000 | €0 | -€150,000 | -100.0% |
| Trade debts | 44 | €8,957 | €7,189 | -€1,768 | -19.7% |
| Suppliers | 440/4 | €8,957 | €7,189 | -€1,768 | -19.7% |
| Advances received on contracts in progress | 46 | €850 | €0 | -€850 | -100.0% |
| Taxes, remuneration and social security | 45 | €70,627 | €89,216 | +€18,589 | +26.3% |
| Taxes | 450/3 | €70,627 | €89,216 | +€18,589 | +26.3% |
| Other amounts payable | 47/48 | €13,286 | €18,202 | +€4,915 | +37.0% |
| Accrued charges and deferred income | 492/3 | €2,800 | €600 | -€2,200 | -78.6% |
| Non-recurring operating income | 76A | €8,533 | €3,500 | -€5,033 | -59.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,793 | €12,290 | +€7,497 | +156.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €4,000 | +€4,000 | |
| Other operating charges | 640/8 | €2,342 | €2,261 | -€82 | -3.5% |
| Gross operating margin | 9900 | €62,932 | €95,461 | +€32,528 | +51.7% |
| Operating profit (loss) | 9901 | €55,797 | €76,910 | +€21,113 | +37.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €10,468 | €9,917 | -€551 | -5.3% |
| Recurring financial charges | 65 | €10,468 | €9,917 | -€551 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €45,329 | €66,993 | +€21,665 | +47.8% |
| Income taxes | 67/77 | €16,467 | €23,307 | +€6,840 | +41.5% |
| Profit (loss) for the period | 9904 | €28,861 | €43,686 | +€14,825 | +51.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,861 | €43,686 | +€14,825 | +51.4% |
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 28 September 2026 via checked.be.