ALGHO: 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.
What changed
ALGHO
NACE 86.951, Physiotherapy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€456
2024 · €2,097-€1,641
Equity
€158,710
2024 · €158,253+€456
Cash
€0
2024 · €3,780-€3,780
Balance sheet total
€1.6m
2024 · €1.4m+€224,257
Largest movements
Assets
- Tangible fixed assets +€228,646
up €228,646 (+16.6%), from €1.4m to €1.6m
of which Land and buildings: +€160,511
Equity and liabilities
- Debts after one year +€103,694
up €103,694 (+10.0%), from €1.0m to €1.1m
- Other debts +€94,746
up €94,746 (+98.5%), from €96,170 to €190,916
- Current portion of long-term debt +€46,007
up €46,007 (+98.7%), from €46,627 to €92,633
Income statement
- Gross operating margin +€14,456
up €14,456 (+18.3%), from €79,130 to €93,586
- Financial charges +€10,971
up €10,971 (+73.3%), from €14,961 to €25,932
- Depreciation +€5,036
up €5,036 (+10.9%), from €46,344 to €51,380
- Other operating charges -€4,525
down €4,525 (-31.3%), from €14,471 to €9,946
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.
Result 2024
€2,097
Gross operating margin
+€14,456
Depreciation
-€5,036
Other operating charges
+€4,525
Other operating items
-€4,553
Financial income
+€55
Financial charges
-€10,971
Taxes
-€116
Result 2025
€456
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€126,861
Investment
-€280,025
Financing
+€149,385
Cash 2024
€3,780
From operations (derived)
+€126,861
Net result for the year
+€456
Depreciation
+€51,380
Receivables within one year
+€4,441
Deferred charges and accrued income
-€3,833
Trade debts
-€11,259
Tax, wage and social debts
-€11,490
Other debts
+€94,746
Accrued charges and deferred income
+€2,419
Investment (derived)
-€280,025
Investment in fixed assets (net)
-€280,025
Financing
+€149,385
Debts after one year
+€103,694
Current portion of long-term debt
+€46,007
Short-term financial debts
-€316
Cash 2025
€0
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,388,940 | €1,613,198 | +€224,257 | +16.1% |
| Fixed assets | 21/28 | €1,374,674 | €1,603,319 | +€228,645 | +16.6% |
| Intangible fixed assets | 21 | €0 | €0 | -€0 | -100% |
| Tangible fixed assets | 22/27 | €1,374,673 | €1,603,319 | +€228,646 | +16.6% |
| Land and buildings | 22 | €1,355,359 | €1,515,870 | +€160,511 | +11.8% |
| Plant, machinery and equipment | 23 | €19,314 | €39,435 | +€20,120 | +104% |
| Furniture and vehicles | 24 | €0 | €48,014 | +€48,014 | |
| Current assets | 29/58 | €14,266 | €9,879 | -€4,388 | -30.8% |
| Amounts receivable within one year | 40/41 | €9,257 | €4,816 | -€4,441 | -48.0% |
| Trade receivables | 40 | €9,257 | €4,536 | -€4,721 | -51.0% |
| Other amounts receivable | 41 | - | €280 | +€280 | |
| Cash at bank and in hand | 54/58 | €3,780 | €0 | -€3,780 | -100% |
| Deferred charges and accrued income | 490/1 | €1,230 | €5,063 | +€3,833 | +312% |
| Total equity and liabilities | 10/49 | €1,388,940 | €1,613,198 | +€224,257 | +16.1% |
| Equity | 10/15 | €158,253 | €158,710 | +€456 | +0.3% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,253 | €33,710 | +€456 | +1.4% |
| Amounts payable | 17/49 | €1,230,687 | €1,454,488 | +€223,801 | +18.2% |
| Amounts payable after more than one year | 17 | €1,041,129 | €1,144,823 | +€103,694 | +10.0% |
| Financial debts | 170/4 | €1,041,129 | €1,144,823 | +€103,694 | +10.0% |
| Amounts payable within one year | 42/48 | €189,377 | €307,065 | +€117,688 | +62.1% |
| Current portion of amounts payable after more than one year | 42 | €46,627 | €92,633 | +€46,007 | +98.7% |
| Financial debts | 43 | €1,276 | €960 | -€316 | -24.7% |
| Credit institutions | 430/8 | €1,276 | €913 | -€362 | -28.4% |
| Other loans | 439 | - | €47 | +€47 | |
| Trade debts | 44 | €31,177 | €19,917 | -€11,259 | -36.1% |
| Suppliers | 440/4 | €31,177 | €19,917 | -€11,259 | -36.1% |
| Taxes, remuneration and social security | 45 | €14,128 | €2,638 | -€11,490 | -81.3% |
| Taxes | 450/3 | €14,128 | €2,638 | -€11,490 | -81.3% |
| Other amounts payable | 47/48 | €96,170 | €190,916 | +€94,746 | +98.5% |
| Accrued charges and deferred income | 492/3 | €181 | €2,600 | +€2,419 | +1,337% |
| Non-recurring operating income | 76A | €0 | €5,960 | +€5,960 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,344 | €51,380 | +€5,036 | +10.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €14,471 | €9,946 | -€4,525 | -31.3% |
| Non-recurring operating charges | 66A | €0 | €4,553 | +€4,553 | |
| Gross operating margin | 9900 | €79,130 | €93,586 | +€14,456 | +18.3% |
| Operating profit (loss) | 9901 | €18,315 | €27,707 | +€9,392 | +51.3% |
| Financial income | 75/76B | €14 | €69 | +€55 | +389% |
| Recurring financial income | 75 | €14 | €69 | +€55 | +389% |
| Financial charges | 65/66B | €14,961 | €25,932 | +€10,971 | +73.3% |
| Recurring financial charges | 65 | €14,961 | €25,932 | +€10,971 | +73.3% |
| Profit (loss) for the period before taxes | 9903 | €3,369 | €1,844 | -€1,525 | -45.3% |
| Income taxes | 67/77 | €1,272 | €1,388 | +€116 | +9.1% |
| Profit (loss) for the period | 9904 | €2,097 | €456 | -€1,641 | -78.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,097 | €456 | -€1,641 | -78.2% |
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 19 October 2026 via checked.be.