ALM: 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.
ALM
Largest movements
- Receivables within one year +€54,299
up €54,299 (+59.0%), from €91,996 to €146,295
of which Other amounts receivable: +€49,987
- Cash -€8,221
down €8,221 (-14.5%), from €56,729 to €48,509
mainly Receivables within one year (-€54,299) and Trade debts (-€4,439)
- Reserves +€41,988
up €41,988 (+37.0%), from €113,410 to €155,398
- Tax, wage and social debts +€7,225
up €7,225 (+783.4%), from €922 to €8,148
- Trade debts -€4,439
down €4,439 (-92.5%), from €4,797 to €359
- Other debts +€2,000
new in 2025: €2,000
- Gross operating margin +€12,668
up €12,668 (+25.1%), from €50,544 to €63,212
- Taxes +€7,813
up €7,813 (+83.0%), from €9,412 to €17,225
- Financial income +€2,080
up €2,080 (+75.6%), from €2,753 to €4,833
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 | €151,812 | €198,586 | +€46,774 | +30.8% |
| Fixed assets | 21/28 | €1,198 | €1,867 | +€669 | +55.8% |
| Tangible fixed assets | 22/27 | €1,198 | €1,867 | +€669 | +55.8% |
| Furniture and vehicles | 24 | €1,198 | €1,867 | +€669 | +55.8% |
| Current assets | 29/58 | €150,614 | €196,720 | +€46,106 | +30.6% |
| Amounts receivable within one year | 40/41 | €91,996 | €146,295 | +€54,299 | +59.0% |
| Trade receivables | 40 | €29,355 | €33,667 | +€4,312 | +14.7% |
| Other amounts receivable | 41 | €62,641 | €112,628 | +€49,987 | +79.8% |
| Cash at bank and in hand | 54/58 | €56,729 | €48,509 | -€8,221 | -14.5% |
| Deferred charges and accrued income | 490/1 | €1,888 | €1,916 | +€28 | +1.5% |
| Total equity and liabilities | 10/49 | €151,812 | €198,586 | +€46,774 | +30.8% |
| Equity | 10/15 | €146,092 | €188,080 | +€41,988 | +28.7% |
| Contributions | 10/11 | €13,200 | €13,200 | = | 0.0% |
| Reserves | 13 | €113,410 | €155,398 | +€41,988 | +37.0% |
| Distributable reserves | 133 | €113,410 | €155,398 | +€41,988 | +37.0% |
| Profit (loss) carried forward | 14 | €19,482 | €19,482 | = | 0.0% |
| Amounts payable | 17/49 | €5,720 | €10,506 | +€4,787 | +83.7% |
| Amounts payable within one year | 42/48 | €5,720 | €10,506 | +€4,787 | +83.7% |
| Trade debts | 44 | €4,797 | €359 | -€4,439 | -92.5% |
| Suppliers | 440/4 | €4,797 | €359 | -€4,439 | -92.5% |
| Taxes, remuneration and social security | 45 | €922 | €8,148 | +€7,225 | +783.4% |
| Taxes | 450/3 | €922 | €8,148 | +€7,225 | +783.4% |
| Other amounts payable | 47/48 | - | €2,000 | +€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €945 | €835 | -€109 | -11.6% |
| Other operating charges | 640/8 | €2,959 | €3,491 | +€532 | +18.0% |
| Gross operating margin | 9900 | €50,544 | €63,212 | +€12,668 | +25.1% |
| Operating profit (loss) | 9901 | €46,641 | €58,886 | +€12,245 | +26.3% |
| Financial income | 75/76B | €2,753 | €4,833 | +€2,080 | +75.6% |
| Recurring financial income | 75 | €2,753 | €4,833 | +€2,080 | +75.6% |
| Financial charges | 65/66B | €3,068 | €2,506 | -€561 | -18.3% |
| Recurring financial charges | 65 | €3,068 | €2,506 | -€561 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €46,327 | €61,213 | +€14,886 | +32.1% |
| Income taxes | 67/77 | €9,412 | €17,225 | +€7,813 | +83.0% |
| Profit (loss) for the period | 9904 | €36,914 | €43,988 | +€7,074 | +19.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,914 | €43,988 | +€7,074 | +19.2% |
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 12 October 2026 via checked.be.