ALIWAR: 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.
ALIWAR
Largest movements
- Tangible fixed assets +€2.0m
up €2.0m (+1150.6%), from €171,387 to €2.1m
of which Other tangible fixed assets: +€1.7m
- Cash +€218,063
up €218,063 (+19.3%), from €1.1m to €1.3m
mainly Debts after one year (+€1.4m) and Net result for the year (+€619,916)
- Receivables within one year -€119,721
down €119,721 (-33.3%), from €359,627 to €239,906
of which Other amounts receivable: -€221,203
- Stocks and contracts +€76,159
up €76,159 (+19.8%), from €385,042 to €461,201
- Debts after one year +€1.4m
up €1.4m (+223.9%), from €629,258 to €2.0m
of which Financial debts: +€1.4m
- Other debts +€587,900
up €587,900 (+4858.7%), from €12,100 to €600,000
- Current portion of long-term debt +€141,920
up €141,920 (+457.4%), from €31,028 to €172,947
- Gross operating margin +€2.2m
up €2.2m (+9699.2%), from €22,388 to €2.2m
- Staff costs +€877,538
up €877,538 (+234.9%), from €373,618 to €1.3m
- Depreciation +€156,738
up €156,738 (+213.0%), from €73,599 to €230,337
- Financial charges +€76,151
up €76,151 (+426.5%), from €17,855 to €94,005
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 | €2,053,842 | €4,228,422 | +€2.2m | +105.9% |
| Formation expenses | 20 | - | €20,178 | +€20,178 | |
| Fixed assets | 21/28 | €179,805 | €2,152,155 | +€2.0m | +1096.9% |
| Tangible fixed assets | 22/27 | €171,387 | €2,143,302 | +€2.0m | +1150.6% |
| Plant, machinery and equipment | 23 | €82,005 | €250,252 | +€168,247 | +205.2% |
| Furniture and vehicles | 24 | - | €61,055 | +€61,055 | |
| Other tangible fixed assets | 26 | €89,382 | €1,831,995 | +€1.7m | +1949.6% |
| Financial fixed assets | 28 | €8,418 | €8,853 | +€435 | +5.2% |
| Current assets | 29/58 | €1,874,037 | €2,056,089 | +€182,052 | +9.7% |
| Stocks and contracts in progress | 3 | €385,042 | €461,201 | +€76,159 | +19.8% |
| Stocks | 30/36 | €385,042 | €461,201 | +€76,159 | +19.8% |
| Amounts receivable within one year | 40/41 | €359,627 | €239,906 | -€119,721 | -33.3% |
| Trade receivables | 40 | €71,162 | €172,643 | +€101,482 | +142.6% |
| Other amounts receivable | 41 | €288,466 | €67,263 | -€221,203 | -76.7% |
| Cash at bank and in hand | 54/58 | €1,127,804 | €1,345,868 | +€218,063 | +19.3% |
| Deferred charges and accrued income | 490/1 | €1,563 | €9,114 | +€7,551 | +483.2% |
| Total equity and liabilities | 10/49 | €2,053,842 | €4,228,422 | +€2.2m | +105.9% |
| Equity | 10/15 | €84,061 | €103,978 | +€19,916 | +23.7% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €1,153 | €1,153 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,153 | €1,153 | = | 0.0% |
| Legal reserve | 130 | €1,153 | €1,153 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,408 | €40,324 | +€19,916 | +97.6% |
| Amounts payable | 17/49 | €1,969,781 | €4,124,444 | +€2.2m | +109.4% |
| Amounts payable after more than one year | 17 | €629,258 | €2,038,434 | +€1.4m | +223.9% |
| Financial debts | 170/4 | €629,258 | €2,034,634 | +€1.4m | +223.3% |
| Other amounts payable | 178/9 | - | €3,800 | +€3,800 | |
| Amounts payable within one year | 42/48 | €1,340,524 | €2,086,011 | +€745,487 | +55.6% |
| Current portion of amounts payable after more than one year | 42 | €31,028 | €172,947 | +€141,920 | +457.4% |
| Trade debts | 44 | €1,170,190 | €1,147,979 | -€22,211 | -1.9% |
| Suppliers | 440/4 | €1,170,190 | €1,147,979 | -€22,211 | -1.9% |
| Advances received on contracts in progress | 46 | - | €1,061 | +€1,061 | |
| Taxes, remuneration and social security | 45 | €127,206 | €164,024 | +€36,818 | +28.9% |
| Taxes | 450/3 | €15,447 | €188 | -€15,258 | -98.8% |
| Remuneration and social security | 454/9 | €111,760 | €163,836 | +€52,076 | +46.6% |
| Other amounts payable | 47/48 | €12,100 | €600,000 | +€587,900 | +4858.7% |
| Non-recurring operating income | 76A | - | €139,652 | +€139,652 | |
| Remuneration, social security and pensions | 62 | €373,618 | €1,251,156 | +€877,538 | +234.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,599 | €230,337 | +€156,738 | +213.0% |
| Other operating charges | 640/8 | €5,898 | €9,467 | +€3,568 | +60.5% |
| Non-recurring operating charges | 66A | €14,776 | €1,686 | -€13,090 | -88.6% |
| Gross operating margin | 9900 | €22,388 | €2,193,796 | +€2.2m | +9699.2% |
| Operating profit (loss) | 9901 | -€445,504 | €701,151 | +€1.1m | |
| Financial income | 75/76B | €228 | €12,770 | +€12,542 | +5501.6% |
| Recurring financial income | 75 | €228 | €12,770 | +€12,542 | +5501.6% |
| Financial charges | 65/66B | €17,855 | €94,005 | +€76,151 | +426.5% |
| Recurring financial charges | 65 | €17,855 | €94,005 | +€76,151 | +426.5% |
| Profit (loss) for the period before taxes | 9903 | -€463,130 | €619,916 | +€1.1m | |
| Profit (loss) for the period | 9904 | -€463,130 | €619,916 | +€1.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€463,130 | €619,916 | +€1.1m |
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 3 October 2026 via checked.be.