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
- Receivables after one year +€47,687
up €47,687 (+152.9%), from €31,196 to €78,883
- Receivables within one year +€42,332
up €42,332 (+20.9%), from €202,115 to €244,447
of which Trade receivables: +€42,188
- Trade debts +€103,273
up €103,273 (+71.9%), from €143,713 to €246,986
- Other debts -€10,000
down €10,000 (-72.9%), from €13,710 to €3,710
- Tax, wage and social debts -€6,516
down €6,516 (-51.4%), from €12,668 to €6,152
- Gross operating margin +€14,660
up €14,660 (+93.6%), from €15,659 to €30,319
- Other operating charges +€3,381
up €3,381 (+983.3%), from €344 to €3,725
- Depreciation -€3,324
down €3,324 (-98.7%), from €3,368 to €44
- Financial charges +€2,286
up €2,286 (+233.7%), from €978 to €3,265
- Taxes -€1,595
down €1,595 (-41.2%), from €3,875 to €2,280
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 | €256,489 | €344,251 | +€87,762 | +34.2% |
| Fixed assets | 21/28 | €1,550 | €2,077 | +€527 | +34.0% |
| Tangible fixed assets | 22/27 | - | €527 | +€527 | |
| Furniture and vehicles | 24 | - | €527 | +€527 | |
| Financial fixed assets | 28 | €1,550 | €1,550 | = | 0.0% |
| Current assets | 29/58 | €254,939 | €342,175 | +€87,236 | +34.2% |
| Amounts receivable after more than one year | 29 | €31,196 | €78,883 | +€47,687 | +152.9% |
| Other amounts receivable | 291 | €31,196 | €78,883 | +€47,687 | +152.9% |
| Amounts receivable within one year | 40/41 | €202,115 | €244,447 | +€42,332 | +20.9% |
| Trade receivables | 40 | €200,538 | €242,725 | +€42,188 | +21.0% |
| Other amounts receivable | 41 | €1,577 | €1,721 | +€144 | +9.1% |
| Cash at bank and in hand | 54/58 | €20,389 | €18,845 | -€1,544 | -7.6% |
| Deferred charges and accrued income | 490/1 | €1,239 | - | -€1,239 | |
| Total equity and liabilities | 10/49 | €256,489 | €344,251 | +€87,762 | +34.2% |
| Equity | 10/15 | €86,398 | €87,403 | +€1,006 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €94,249 | €94,249 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,750 | €30,750 | = | 0.0% |
| Distributable reserves | 133 | €61,639 | €61,639 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,451 | -€25,445 | +€1,006 | +3.8% |
| Amounts payable | 17/49 | €170,091 | €256,848 | +€86,757 | +51.0% |
| Amounts payable within one year | 42/48 | €170,091 | €256,848 | +€86,757 | +51.0% |
| Trade debts | 44 | €143,713 | €246,986 | +€103,273 | +71.9% |
| Suppliers | 440/4 | €143,713 | €246,986 | +€103,273 | +71.9% |
| Taxes, remuneration and social security | 45 | €12,668 | €6,152 | -€6,516 | -51.4% |
| Taxes | 450/3 | €12,668 | €6,152 | -€6,516 | -51.4% |
| Other amounts payable | 47/48 | €13,710 | €3,710 | -€10,000 | -72.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,368 | €44 | -€3,324 | -98.7% |
| Other operating charges | 640/8 | €344 | €3,725 | +€3,381 | +983.3% |
| Gross operating margin | 9900 | €15,659 | €30,319 | +€14,660 | +93.6% |
| Operating profit (loss) | 9901 | €11,947 | €26,550 | +€14,604 | +122.2% |
| Financial charges | 65/66B | €978 | €3,265 | +€2,286 | +233.7% |
| Recurring financial charges | 65 | €978 | €3,265 | +€2,286 | +233.7% |
| Profit (loss) for the period before taxes | 9903 | €10,968 | €23,286 | +€12,317 | +112.3% |
| Income taxes | 67/77 | €3,875 | €2,280 | -€1,595 | -41.2% |
| Profit (loss) for the period | 9904 | €7,093 | €21,006 | +€13,913 | +196.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,093 | €21,006 | +€13,913 | +196.1% |
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 7 October 2026 via checked.be.