ALEX ART: 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.
ALEX ART
Largest movements
- Receivables within one year +€103,072
up €103,072 (+547%), from €18,847 to €121,919
of which Trade receivables: +€101,698
- Tangible fixed assets +€86,491
up €86,491 (+1,992%), from €4,342 to €90,833
of which Land and buildings: +€64,192
- Cash +€15,824
up €15,824 (+164%), from €9,664 to €25,488
mainly Other debts (+€113,571) and Trade debts (+€83,111)
- Formation expenses +€9,105
new in 2025: €9,105
- Other debts +€113,571
up €113,571 (+665%), from €17,088 to €130,660
- Trade debts +€83,111
up €83,111 (+1,398%), from €5,946 to €89,056
of which Suppliers: +€87,927
- Debts after one year +€16,645
new in 2025: €16,645
- Gross operating margin +€15,033
up €15,033 (+348%), from €4,317 to €19,349
- Turnover +€14,137
up €14,137 (+11.5%), from €122,679 to €136,816
- Depreciation +€13,228
up €13,228 (+437%), from €3,029 to €16,256
- Financial charges +€2,224
up €2,224 (+7,031%), from €32 to €2,256
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 | €34,637 | €248,345 | +€213,708 | +617% |
| Formation expenses | 20 | - | €9,105 | +€9,105 | |
| Fixed assets | 21/28 | €4,342 | €90,833 | +€86,491 | +1,992% |
| Tangible fixed assets | 22/27 | €4,342 | €90,833 | +€86,491 | +1,992% |
| Land and buildings | 22 | - | €64,192 | +€64,192 | |
| Plant, machinery and equipment | 23 | €1,044 | €824 | -€220 | -21.1% |
| Furniture and vehicles | 24 | €3,298 | €821 | -€2,477 | -75.1% |
| Leasing and similar rights | 25 | - | €22,425 | +€22,425 | |
| Assets under construction and advance payments | 27 | - | €2,571 | +€2,571 | |
| Current assets | 29/58 | €30,295 | €148,407 | +€118,112 | +390% |
| Amounts receivable within one year | 40/41 | €18,847 | €121,919 | +€103,072 | +547% |
| Trade receivables | 40 | €17,290 | €118,988 | +€101,698 | +588% |
| Other amounts receivable | 41 | €1,557 | €2,932 | +€1,375 | +88.3% |
| Cash at bank and in hand | 54/58 | €9,664 | €25,488 | +€15,824 | +164% |
| Deferred charges and accrued income | 490/1 | €1,784 | €1,000 | -€784 | -43.9% |
| Total equity and liabilities | 10/49 | €34,637 | €248,345 | +€213,708 | +617% |
| Equity | 10/15 | €11,284 | €11,779 | +€495 | +4.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,284 | €6,779 | +€495 | +7.9% |
| Amounts payable | 17/49 | €23,353 | €236,566 | +€213,213 | +913% |
| Amounts payable after more than one year | 17 | - | €16,645 | +€16,645 | |
| Financial debts | 170/4 | - | €16,645 | +€16,645 | |
| Amounts payable within one year | 42/48 | €23,353 | €219,922 | +€196,568 | +842% |
| Trade debts | 44 | €5,946 | €89,056 | +€83,111 | +1,398% |
| Suppliers | 440/4 | €1,129 | €89,056 | +€87,927 | +7,788% |
| Bills of exchange payable | 441 | €4,817 | - | -€4,817 | |
| Taxes, remuneration and social security | 45 | €320 | €206 | -€114 | -35.7% |
| Taxes | 450/3 | €320 | €206 | -€114 | -35.7% |
| Other amounts payable | 47/48 | €17,088 | €130,660 | +€113,571 | +665% |
| Turnover | 70 | €122,679 | €136,816 | +€14,137 | +11.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €118,400 | €117,467 | -€933 | -0.8% |
| Remuneration, social security and pensions | 62 | €376 | - | -€376 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,029 | €16,256 | +€13,228 | +437% |
| Other operating charges | 640/8 | €384 | €137 | -€248 | -64.5% |
| Gross operating margin | 9900 | €4,317 | €19,349 | +€15,033 | +348% |
| Operating profit (loss) | 9901 | €527 | €2,956 | +€2,429 | +461% |
| Financial income | 75/76B | €3 | €0 | -€2 | -95.0% |
| Recurring financial income | 75 | €3 | €0 | -€2 | -95.0% |
| Financial charges | 65/66B | €32 | €2,256 | +€2,224 | +7,031% |
| Recurring financial charges | 65 | €32 | €2,256 | +€2,224 | +7,031% |
| Profit (loss) for the period before taxes | 9903 | €498 | €701 | +€203 | +40.7% |
| Income taxes | 67/77 | €320 | €206 | -€114 | -35.7% |
| Profit (loss) for the period | 9904 | €179 | €495 | +€317 | +177% |
| Profit (loss) for the period to be appropriated | 9905 | €179 | €495 | +€317 | +177% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.