Alhena: 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.
Alhena
Largest movements
- Tangible fixed assets +€234,625
up €234,625 (+119.6%), from €196,174 to €430,798
of which Land and buildings: +€208,968
- Cash +€74,475
up €74,475 (+185.9%), from €40,057 to €114,531
mainly Other debts (+€221,009) and Depreciation (+€45,875)
- Receivables within one year -€10,169
down €10,169 (-17.5%), from €58,078 to €47,909
of which Trade receivables: -€7,772
- Other debts +€221,009
up €221,009 (+221008.8%), from €100 to €221,109
- Reserves +€43,500
up €43,500 (+18.6%), from €233,860 to €277,360
- Trade debts +€28,856
up €28,856 (+1110.5%), from €2,598 to €31,455
- Accrued charges and deferred income -€7,001
no longer reported in 2025 (was €7,001)
- Tax, wage and social debts +€6,656
up €6,656 (+145.8%), from €4,565 to €11,221
of which Taxes: +€6,670
- Gross operating margin +€77,127
up €77,127 (+74.8%), from €103,092 to €180,219
- Financial charges +€58,219
up €58,219 (+50427.9%), from €115 to €58,334
- Provisions -€36,739
down €36,739 (-94.2%), from €39,003 to €2,264
- Depreciation +€29,884
up €29,884 (+186.9%), from €15,992 to €45,875
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 | €306,723 | €602,960 | +€296,238 | +96.6% |
| Fixed assets | 21/28 | €197,537 | €432,161 | +€234,625 | +118.8% |
| Tangible fixed assets | 22/27 | €196,174 | €430,798 | +€234,625 | +119.6% |
| Land and buildings | 22 | €120,689 | €329,657 | +€208,968 | +173.1% |
| Furniture and vehicles | 24 | €35,015 | €23,525 | -€11,491 | -32.8% |
| Assets under construction and advance payments | 27 | €40,470 | €77,617 | +€37,147 | +91.8% |
| Financial fixed assets | 28 | €1,363 | €1,363 | = | 0.0% |
| Current assets | 29/58 | €109,186 | €170,799 | +€61,613 | +56.4% |
| Stocks and contracts in progress | 3 | €7,046 | €7,046 | = | 0.0% |
| Stocks | 30/36 | €7,046 | €7,046 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €58,078 | €47,909 | -€10,169 | -17.5% |
| Trade receivables | 40 | €47,912 | €40,141 | -€7,772 | -16.2% |
| Other amounts receivable | 41 | €10,165 | €7,768 | -€2,397 | -23.6% |
| Cash at bank and in hand | 54/58 | €40,057 | €114,531 | +€74,475 | +185.9% |
| Deferred charges and accrued income | 490/1 | €4,005 | €1,313 | -€2,693 | -67.2% |
| Total equity and liabilities | 10/49 | €306,723 | €602,960 | +€296,238 | +96.6% |
| Equity | 10/15 | €253,454 | €297,908 | +€44,454 | +17.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €233,860 | €277,360 | +€43,500 | +18.6% |
| Distributable reserves | 133 | €233,860 | €277,360 | +€43,500 | +18.6% |
| Profit (loss) carried forward | 14 | €994 | €1,948 | +€954 | +95.9% |
| Provisions and deferred taxes | 16 | €39,003 | €41,267 | +€2,264 | +5.8% |
| Provisions for liabilities and charges | 160/5 | €39,003 | €41,267 | +€2,264 | +5.8% |
| Other liabilities and charges | 164/5 | €39,003 | €41,267 | +€2,264 | +5.8% |
| Amounts payable | 17/49 | €14,265 | €263,785 | +€249,520 | +1749.2% |
| Amounts payable within one year | 42/48 | €7,264 | €263,785 | +€256,521 | +3531.5% |
| Trade debts | 44 | €2,598 | €31,455 | +€28,856 | +1110.5% |
| Suppliers | 440/4 | €2,598 | €31,455 | +€28,856 | +1110.5% |
| Taxes, remuneration and social security | 45 | €4,565 | €11,221 | +€6,656 | +145.8% |
| Taxes | 450/3 | €4,552 | €11,221 | +€6,670 | +146.5% |
| Remuneration and social security | 454/9 | €14 | - | -€14 | |
| Other amounts payable | 47/48 | €100 | €221,109 | +€221,009 | +221008.8% |
| Accrued charges and deferred income | 492/3 | €7,001 | - | -€7,001 | |
| Remuneration, social security and pensions | 62 | €10,903 | €9,953 | -€949 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,992 | €45,875 | +€29,884 | +186.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €39,003 | €2,264 | -€36,739 | -94.2% |
| Other operating charges | 640/8 | €964 | €2,004 | +€1,040 | +107.8% |
| Gross operating margin | 9900 | €103,092 | €180,219 | +€77,127 | +74.8% |
| Operating profit (loss) | 9901 | €36,230 | €120,122 | +€83,891 | +231.6% |
| Financial income | 75/76B | €542 | €1,019 | +€477 | +88.1% |
| Recurring financial income | 75 | €542 | €1,019 | +€477 | +88.1% |
| Financial charges | 65/66B | €115 | €58,334 | +€58,219 | +50427.9% |
| Recurring financial charges | 65 | €115 | €58,334 | +€58,219 | +50427.9% |
| Profit (loss) for the period before taxes | 9903 | €36,657 | €62,806 | +€26,150 | +71.3% |
| Income taxes | 67/77 | €17,388 | €18,352 | +€964 | +5.5% |
| Profit (loss) for the period | 9904 | €19,269 | €44,454 | +€25,185 | +130.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,269 | €44,454 | +€25,185 | +130.7% |
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 2 October 2026 via checked.be.