ALIZÉ: 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.
ALIZÉ
Largest movements
- Receivables within one year -€332,460
down €332,460 (-38.0%), from €874,545 to €542,086
of which Trade receivables: -€209,930
- Cash -€316,949
down €316,949 (-34.7%), from €912,722 to €595,772
- Tangible fixed assets -€304,539
down €304,539 (-36.3%), from €839,546 to €535,007
- Receivables after one year -€138,300
no longer reported in 2025 (was €138,300)
- Intangible fixed assets +€121,638
up €121,638 (+1227.6%), from €9,909 to €131,547
- Other debts -€1.5m
down €1.5m (-99.9%), from €1.5m to €868
- Trade debts +€379,917
up €379,917 (+707.4%), from €53,706 to €433,623
of which Suppliers: +€377,537
- Reserves +€312,034
up €312,034 (+26.1%), from €1.2m to €1.5m
of which Distributable reserves: +€702,894
- Tax, wage and social debts -€31,510
down €31,510 (-27.1%), from €116,135 to €84,626
of which Remuneration and social security: -€23,683
- Staff costs +€429,962
up €429,962 (+58.0%), from €741,231 to €1.2m
- Financial charges -€170,387
down €170,387 (-96.0%), from €177,531 to €7,144
of which Financial charges: -€134,743
- Taxes -€101,013
down €101,013 (-44.9%), from €224,792 to €123,779
- Financial income -€49,786
down €49,786 (-35.3%), from €141,029 to €91,243
of which Financial income: -€70,961
- Other operating charges +€39,538
up €39,538 (+166.2%), from €23,795 to €63,332
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,932,985 | €2,093,877 | -€839,108 | -28.6% |
| Fixed assets | 21/28 | €849,455 | €666,554 | -€182,900 | -21.5% |
| Intangible fixed assets | 21 | €9,909 | €131,547 | +€121,638 | +1227.6% |
| Tangible fixed assets | 22/27 | €839,546 | €535,007 | -€304,539 | -36.3% |
| Plant, machinery and equipment | 23 | €325,190 | €222,416 | -€102,774 | -31.6% |
| Furniture and vehicles | 24 | €181,086 | €57,853 | -€123,233 | -68.1% |
| Other tangible fixed assets | 26 | €333,269 | €254,738 | -€78,531 | -23.6% |
| Current assets | 29/58 | €2,083,530 | €1,427,323 | -€656,208 | -31.5% |
| Amounts receivable after more than one year | 29 | €138,300 | - | -€138,300 | |
| Other amounts receivable | 291 | €138,300 | - | -€138,300 | |
| Stocks and contracts in progress | 3 | €71,892 | €189,595 | +€117,703 | +163.7% |
| Stocks | 30/36 | €71,892 | €189,595 | +€117,703 | +163.7% |
| Amounts receivable within one year | 40/41 | €874,545 | €542,086 | -€332,460 | -38.0% |
| Trade receivables | 40 | €739,351 | €529,421 | -€209,930 | -28.4% |
| Other amounts receivable | 41 | €135,194 | €12,664 | -€122,529 | -90.6% |
| Cash at bank and in hand | 54/58 | €912,722 | €595,772 | -€316,949 | -34.7% |
| Deferred charges and accrued income | 490/1 | €86,071 | €99,869 | +€13,798 | +16.0% |
| Total equity and liabilities | 10/49 | €2,932,985 | €2,093,877 | -€839,108 | -28.6% |
| Equity | 10/15 | €1,243,165 | €1,544,937 | +€301,772 | +24.3% |
| Contributions | 10/11 | €20,459 | €20,459 | = | 0.0% |
| Reserves | 13 | €1,196,110 | €1,508,144 | +€312,034 | +26.1% |
| Tax-exempt reserves | 132 | €620,110 | €229,250 | -€390,860 | -63.0% |
| Distributable reserves | 133 | €576,000 | €1,278,894 | +€702,894 | +122.0% |
| Profit (loss) carried forward | 14 | €834 | - | -€834 | |
| Investment grants | 15 | €25,763 | €16,334 | -€9,429 | -36.6% |
| Provisions and deferred taxes | 16 | €15,720 | - | -€15,720 | |
| Deferred taxes | 168 | €15,720 | - | -€15,720 | |
| Amounts payable | 17/49 | €1,674,100 | €548,940 | -€1.1m | -67.2% |
| Amounts payable within one year | 42/48 | €1,674,100 | €520,590 | -€1.2m | -68.9% |
| Financial debts | 43 | €3,051 | €1,474 | -€1,577 | -51.7% |
| Credit institutions | 430/8 | €3,051 | €1,474 | -€1,577 | -51.7% |
| Trade debts | 44 | €53,706 | €433,623 | +€379,917 | +707.4% |
| Suppliers | 440/4 | €53,706 | €431,243 | +€377,537 | +703.0% |
| Bills of exchange payable | 441 | - | €2,380 | +€2,380 | |
| Taxes, remuneration and social security | 45 | €116,135 | €84,626 | -€31,510 | -27.1% |
| Taxes | 450/3 | €21,772 | €13,946 | -€7,827 | -35.9% |
| Remuneration and social security | 454/9 | €94,363 | €70,680 | -€23,683 | -25.1% |
| Other amounts payable | 47/48 | €1,501,208 | €868 | -€1.5m | -99.9% |
| Accrued charges and deferred income | 492/3 | - | €28,350 | +€28,350 | |
| Remuneration, social security and pensions | 62 | €741,231 | €1,171,193 | +€429,962 | +58.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €230,767 | €223,574 | -€7,193 | -3.1% |
| Other operating charges | 640/8 | €23,795 | €63,332 | +€39,538 | +166.2% |
| Gross operating margin | 9900 | €1,800,073 | €1,793,259 | -€6,814 | -0.4% |
| Operating profit (loss) | 9901 | €804,281 | €335,160 | -€469,121 | -58.3% |
| Financial income | 75/76B | €141,029 | €91,243 | -€49,786 | -35.3% |
| Recurring financial income | 75 | €141,029 | €70,068 | -€70,961 | -50.3% |
| Non-recurring financial income | 76B | - | €21,175 | +€21,175 | |
| Financial charges | 65/66B | €177,531 | €7,144 | -€170,387 | -96.0% |
| Recurring financial charges | 65 | €141,887 | €7,144 | -€134,743 | -95.0% |
| Non-recurring financial charges | 66B | €35,644 | - | -€35,644 | |
| Profit (loss) for the period before taxes | 9903 | €767,778 | €419,259 | -€348,519 | -45.4% |
| Transfer from deferred taxes | 780 | €5,240 | €15,720 | +€10,480 | +200.0% |
| Income taxes | 67/77 | €224,792 | €123,779 | -€101,013 | -44.9% |
| Profit (loss) for the period | 9904 | €548,227 | €311,200 | -€237,026 | -43.2% |
| Transfer from tax-exempt reserves | 789 | - | €390,860 | +€390,860 | |
| Profit (loss) for the period to be appropriated | 9905 | €548,227 | €702,060 | +€153,834 | +28.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.