ALGEMA: 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.
ALGEMA
Largest movements
- Tangible fixed assets -€115,762
down €115,762 (-11.2%), from €1.0m to €915,295
of which Land and buildings: -€117,786
- Cash +€33,084
up €33,084 (+6.5%), from €506,355 to €539,438
mainly Depreciation (+€120,081) and Deferred charges and accrued income (+€6,419)
- Revaluation surpluses -€112,124
down €112,124 (-16.7%), from €672,743 to €560,619
- Reserves +€112,124
up €112,124 (+6.1%), from €1.8m to €2.0m
of which Distributable reserves: +€112,124
- Profit (loss) carried forward -€86,891
down €86,891 (-7.3%), from -€1.2m to -€1.3m
- Gross operating margin -€5,947
down €5,947 (-7.4%), from €79,876 to €73,929
- Taxes -€3,346
down €3,346 (-27.6%), from €12,103 to €8,758
- Staff costs +€2,753
up €2,753 (+18.3%), from €15,007 to €17,760
- Depreciation +€2,188
up €2,188 (+1.9%), from €117,893 to €120,081
- Financial income -€1,440
down €1,440 (-96.0%), from €1,501 to €61
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 | €1,546,292 | €1,458,383 | -€87,909 | -5.7% |
| Fixed assets | 21/28 | €1,031,057 | €915,295 | -€115,762 | -11.2% |
| Tangible fixed assets | 22/27 | €1,031,057 | €915,295 | -€115,762 | -11.2% |
| Land and buildings | 22 | €1,020,728 | €902,942 | -€117,786 | -11.5% |
| Plant, machinery and equipment | 23 | €10,282 | €12,353 | +€2,071 | +20.1% |
| Furniture and vehicles | 24 | €47 | - | -€47 | |
| Current assets | 29/58 | €515,235 | €543,088 | +€27,853 | +5.4% |
| Amounts receivable within one year | 40/41 | €1,932 | €3,120 | +€1,188 | +61.5% |
| Trade receivables | 40 | €1,183 | €423 | -€760 | -64.2% |
| Other amounts receivable | 41 | €750 | €2,697 | +€1,947 | +259.8% |
| Cash at bank and in hand | 54/58 | €506,355 | €539,438 | +€33,084 | +6.5% |
| Deferred charges and accrued income | 490/1 | €6,948 | €530 | -€6,419 | -92.4% |
| Total equity and liabilities | 10/49 | €1,546,292 | €1,458,383 | -€87,909 | -5.7% |
| Equity | 10/15 | €1,541,539 | €1,454,648 | -€86,891 | -5.6% |
| Contributions | 10/11 | €213,188 | €213,188 | = | 0.0% |
| Capital | 10 | €213,188 | €213,188 | = | 0.0% |
| Issued capital | 100 | €213,188 | €213,188 | = | 0.0% |
| Revaluation surpluses | 12 | €672,743 | €560,619 | -€112,124 | -16.7% |
| Reserves | 13 | €1,848,563 | €1,960,686 | +€112,124 | +6.1% |
| Non-distributable reserves | 130/1 | €21,319 | €21,319 | = | 0.0% |
| Legal reserve | 130 | €21,319 | €21,319 | = | 0.0% |
| Distributable reserves | 133 | €1,827,244 | €1,939,368 | +€112,124 | +6.1% |
| Profit (loss) carried forward | 14 | -€1,192,956 | -€1,279,846 | -€86,891 | -7.3% |
| Amounts payable | 17/49 | €4,754 | €3,735 | -€1,019 | -21.4% |
| Amounts payable within one year | 42/48 | €4,754 | €3,735 | -€1,019 | -21.4% |
| Trade debts | 44 | €1,544 | €138 | -€1,406 | -91.1% |
| Suppliers | 440/4 | €1,544 | €138 | -€1,406 | -91.1% |
| Taxes, remuneration and social security | 45 | €3,210 | €3,597 | +€388 | +12.1% |
| Taxes | 450/3 | €1,675 | €1,680 | +€5 | +0.3% |
| Remuneration and social security | 454/9 | €1,535 | €1,917 | +€382 | +24.9% |
| Remuneration, social security and pensions | 62 | €15,007 | €17,760 | +€2,753 | +18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,893 | €120,081 | +€2,188 | +1.9% |
| Other operating charges | 640/8 | €11,847 | €13,146 | +€1,299 | +11.0% |
| Gross operating margin | 9900 | €79,876 | €73,929 | -€5,947 | -7.4% |
| Operating profit (loss) | 9901 | -€64,872 | -€77,057 | -€12,185 | -18.8% |
| Financial income | 75/76B | €1,501 | €61 | -€1,440 | -96.0% |
| Recurring financial income | 75 | €1,501 | €61 | -€1,440 | -96.0% |
| Financial charges | 65/66B | €1,070 | €1,136 | +€66 | +6.1% |
| Recurring financial charges | 65 | €1,070 | €1,136 | +€66 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | -€64,442 | -€78,133 | -€13,691 | -21.2% |
| Income taxes | 67/77 | €12,103 | €8,758 | -€3,346 | -27.6% |
| Profit (loss) for the period | 9904 | -€76,545 | -€86,891 | -€10,345 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€76,545 | -€86,891 | -€10,345 | -13.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.