ALEXANDRE: 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.
ALEXANDRE
Largest movements
- Tangible fixed assets +€333,119
up €333,119 (+24.0%), from €1.4m to €1.7m
of which Land and buildings: +€407,981
- Current investments +€302,093
up €302,093 (+60.4%), from €500,000 to €802,093
- Cash -€112,475
down €112,475 (-9.5%), from €1.2m to €1.1m
mainly Investment in fixed assets (net) (-€447,360) and Current investments (-€302,093)
- Receivables within one year -€84,959
down €84,959 (-20.2%), from €421,129 to €336,170
of which Other amounts receivable: -€43,866
- Stocks and contracts -€60,852
down €60,852 (-77.1%), from €78,948 to €18,096
- Reserves +€344,954
up €344,954 (+11.4%), from €3.0m to €3.4m
of which Distributable reserves: +€344,954
- Tax, wage and social debts +€57,024
up €57,024 (+96.4%), from €59,141 to €116,165
of which Taxes: +€40,051
- Debts after one year -€50,000
down €50,000 (-12.0%), from €416,667 to €366,667
- Gross operating margin +€155,540
up €155,540 (+19.9%), from €781,541 to €937,081
- Other operating charges -€34,043
down €34,043 (-30.7%), from €110,788 to €76,745
- Taxes +€29,852
up €29,852 (+24.8%), from €120,537 to €150,389
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 | €3,623,041 | €3,972,624 | +€349,583 | +9.6% |
| Fixed assets | 21/28 | €1,421,186 | €1,724,306 | +€303,119 | +21.3% |
| Tangible fixed assets | 22/27 | €1,390,867 | €1,723,986 | +€333,119 | +24.0% |
| Land and buildings | 22 | €964,456 | €1,372,437 | +€407,981 | +42.3% |
| Plant, machinery and equipment | 23 | €32,787 | €32,004 | -€783 | -2.4% |
| Furniture and vehicles | 24 | €352,057 | €287,995 | -€64,063 | -18.2% |
| Other tangible fixed assets | 26 | €41,567 | €31,551 | -€10,016 | -24.1% |
| Financial fixed assets | 28 | €30,319 | €319 | -€30,000 | -98.9% |
| Current assets | 29/58 | €2,201,855 | €2,248,318 | +€46,464 | +2.1% |
| Stocks and contracts in progress | 3 | €78,948 | €18,096 | -€60,852 | -77.1% |
| Stocks | 30/36 | €78,948 | €18,096 | -€60,852 | -77.1% |
| Amounts receivable within one year | 40/41 | €421,129 | €336,170 | -€84,959 | -20.2% |
| Trade receivables | 40 | €375,849 | €334,755 | -€41,094 | -10.9% |
| Other amounts receivable | 41 | €45,281 | €1,415 | -€43,866 | -96.9% |
| Current investments | 50/53 | €500,000 | €802,093 | +€302,093 | +60.4% |
| Cash at bank and in hand | 54/58 | €1,183,906 | €1,071,431 | -€112,475 | -9.5% |
| Deferred charges and accrued income | 490/1 | €17,871 | €20,528 | +€2,657 | +14.9% |
| Total equity and liabilities | 10/49 | €3,623,041 | €3,972,624 | +€349,583 | +9.6% |
| Equity | 10/15 | €3,062,729 | €3,407,683 | +€344,954 | +11.3% |
| Contributions | 10/11 | €49,557 | €49,557 | = | 0.0% |
| Reserves | 13 | €3,013,172 | €3,358,126 | +€344,954 | +11.4% |
| Tax-exempt reserves | 132 | €27,303 | €27,303 | = | 0.0% |
| Distributable reserves | 133 | €2,985,869 | €3,330,823 | +€344,954 | +11.6% |
| Amounts payable | 17/49 | €560,312 | €564,941 | +€4,629 | +0.8% |
| Amounts payable after more than one year | 17 | €416,667 | €366,667 | -€50,000 | -12.0% |
| Financial debts | 170/4 | €416,667 | €366,667 | -€50,000 | -12.0% |
| Amounts payable within one year | 42/48 | €143,645 | €197,537 | +€53,892 | +37.5% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €12,198 | €8,318 | -€3,880 | -31.8% |
| Suppliers | 440/4 | €12,198 | €8,318 | -€3,880 | -31.8% |
| Taxes, remuneration and social security | 45 | €59,141 | €116,165 | +€57,024 | +96.4% |
| Taxes | 450/3 | €48,978 | €89,029 | +€40,051 | +81.8% |
| Remuneration and social security | 454/9 | €10,163 | €27,137 | +€16,974 | +167.0% |
| Other amounts payable | 47/48 | €22,306 | €23,053 | +€747 | +3.3% |
| Accrued charges and deferred income | 492/3 | - | €738 | +€738 | |
| Non-recurring operating income | 76A | - | €33,015 | +€33,015 | |
| Remuneration, social security and pensions | 62 | €110,564 | €113,740 | +€3,176 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,677 | €144,240 | -€6,437 | -4.3% |
| Other operating charges | 640/8 | €110,788 | €76,745 | -€34,043 | -30.7% |
| Non-recurring operating charges | 66A | €18,789 | €104,641 | +€85,852 | +456.9% |
| Gross operating margin | 9900 | €781,541 | €937,081 | +€155,540 | +19.9% |
| Operating profit (loss) | 9901 | €390,722 | €497,715 | +€106,993 | +27.4% |
| Financial income | 75/76B | €20,330 | €12,948 | -€7,381 | -36.3% |
| Recurring financial income | 75 | €20,330 | €12,948 | -€7,381 | -36.3% |
| Financial charges | 65/66B | €12,375 | €15,321 | +€2,946 | +23.8% |
| Recurring financial charges | 65 | €12,375 | €15,321 | +€2,946 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | €398,677 | €495,343 | +€96,666 | +24.2% |
| Income taxes | 67/77 | €120,537 | €150,389 | +€29,852 | +24.8% |
| Profit (loss) for the period | 9904 | €278,140 | €344,954 | +€66,814 | +24.0% |
| Profit (loss) for the period to be appropriated | 9905 | €278,140 | €344,954 | +€66,814 | +24.0% |
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 30 September 2026 via checked.be.