ALJ: 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.
ALJ
Largest movements
- Tangible fixed assets +€46,397
up €46,397 (+22.3%), from €207,600 to €253,997
of which Land and buildings: +€41,339
- Receivables within one year -€43,061
down €43,061 (-34.3%), from €125,563 to €82,502
of which Trade receivables: -€74,726
- Trade debts -€112,697
no longer reported in 2025 (was €112,697)
- Debts after one year +€67,826
up €67,826 (+8.2%), from €830,523 to €898,350
- Profit (loss) carried forward +€26,824
up €26,824 (+8.5%), from €314,233 to €341,057
- Gross operating margin +€9,185
up €9,185 (+12.8%), from €71,528 to €80,713
- Depreciation +€6,284
up €6,284 (+69.2%), from €9,080 to €15,363
- Financial charges +€4,212
up €4,212 (+17.8%), from €23,716 to €27,928
- Other operating charges -€1,054
down €1,054 (-36.7%), from €2,870 to €1,815
- Taxes +€838
up €838 (+10.6%), from €7,944 to €8,782
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 | €1,541,835 | €1,537,833 | -€4,002 | -0.3% |
| Fixed assets | 21/28 | €1,402,290 | €1,448,687 | +€46,397 | +3.3% |
| Tangible fixed assets | 22/27 | €207,600 | €253,997 | +€46,397 | +22.3% |
| Land and buildings | 22 | €206,630 | €247,969 | +€41,339 | +20.0% |
| Plant, machinery and equipment | 23 | - | €5,823 | +€5,823 | |
| Furniture and vehicles | 24 | €970 | €206 | -€765 | -78.8% |
| Financial fixed assets | 28 | €1,194,690 | €1,194,690 | = | 0.0% |
| Current assets | 29/58 | €139,545 | €89,146 | -€50,399 | -36.1% |
| Amounts receivable within one year | 40/41 | €125,563 | €82,502 | -€43,061 | -34.3% |
| Trade receivables | 40 | €123,507 | €48,781 | -€74,726 | -60.5% |
| Other amounts receivable | 41 | €2,056 | €33,721 | +€31,665 | +1540.2% |
| Cash at bank and in hand | 54/58 | €9,616 | €2,277 | -€7,339 | -76.3% |
| Deferred charges and accrued income | 490/1 | €4,367 | €4,367 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,541,835 | €1,537,833 | -€4,002 | -0.3% |
| Equity | 10/15 | €414,252 | €441,077 | +€26,824 | +6.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €20 | €20 | = | 0.0% |
| Distributable reserves | 133 | €20 | €20 | = | 0.0% |
| Profit (loss) carried forward | 14 | €314,233 | €341,057 | +€26,824 | +8.5% |
| Amounts payable | 17/49 | €1,127,583 | €1,096,756 | -€30,827 | -2.7% |
| Amounts payable after more than one year | 17 | €830,523 | €898,350 | +€67,826 | +8.2% |
| Financial debts | 170/4 | €830,523 | €898,350 | +€67,826 | +8.2% |
| Amounts payable within one year | 42/48 | €223,946 | €111,840 | -€112,107 | -50.1% |
| Current portion of amounts payable after more than one year | 42 | €77,828 | €91,105 | +€13,277 | +17.1% |
| Trade debts | 44 | €112,697 | - | -€112,697 | |
| Suppliers | 440/4 | €112,697 | - | -€112,697 | |
| Taxes, remuneration and social security | 45 | €6,831 | €9,201 | +€2,371 | +34.7% |
| Taxes | 450/3 | €6,831 | €9,201 | +€2,371 | +34.7% |
| Other amounts payable | 47/48 | €26,591 | €11,534 | -€15,057 | -56.6% |
| Accrued charges and deferred income | 492/3 | €73,113 | €86,567 | +€13,454 | +18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,080 | €15,363 | +€6,284 | +69.2% |
| Other operating charges | 640/8 | €2,870 | €1,815 | -€1,054 | -36.7% |
| Gross operating margin | 9900 | €71,528 | €80,713 | +€9,185 | +12.8% |
| Operating profit (loss) | 9901 | €59,579 | €63,535 | +€3,956 | +6.6% |
| Financial charges | 65/66B | €23,716 | €27,928 | +€4,212 | +17.8% |
| Recurring financial charges | 65 | €23,716 | €27,928 | +€4,212 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €35,863 | €35,607 | -€256 | -0.7% |
| Income taxes | 67/77 | €7,944 | €8,782 | +€838 | +10.6% |
| Profit (loss) for the period | 9904 | €27,919 | €26,824 | -€1,095 | -3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €27,919 | €26,824 | -€1,095 | -3.9% |
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 29 September 2026 via checked.be.