ALM GROUP: 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.
What changed
ALM GROUP
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1.4m
2024 · €1.4m-€2.8m
Equity
€5.9m
2024 · €2.7m+€3.2m
Cash
€43,971
2024 · €2.8m-€2.8m
Balance sheet total
€10.0m
2024 · €11.7m-€1.7m
Largest movements
Assets
- Cash -€2.8m
down €2.8m (-98.5%), from €2.8m to €43,971
mainly Other debts (-€3.6m) and Receivables within one year (-€1.8m)
- Receivables within one year +€1.8m
up €1.8m (+126%), from €1.5m to €3.3m
of which Other amounts receivable: +€1.8m
- Stocks and contracts -€1.1m
down €1.1m (-50.6%), from €2.1m to €1.0m
- Tangible fixed assets +€470,310
up €470,310 (+12.5%), from €3.8m to €4.2m
of which Land and buildings: +€440,862
- Current investments -€250,783
down €250,783 (-20.3%), from €1.2m to €987,393
Equity and liabilities
- Reserves +€3.8m
up €3.8m (+397%), from €956,633 to €4.8m
of which Distributable reserves: +€3.9m
- Other debts -€3.6m
down €3.6m (-79.2%), from €4.6m to €948,020
- Debts after one year -€1.5m
down €1.5m (-43.2%), from €3.4m to €1.9m
- Profit (loss) carried forward -€557,206
down €557,206 (-39.5%), from €1.4m to €852,147
Income statement
- Financial income -€2.0m
down €2.0m (-95.9%), from €2.1m to €86,137
- Financial charges +€899,363
up €899,363 (+726%), from €123,921 to €1.0m
- Taxes -€493,299
down €493,299 (-99.3%), from €496,739 to €3,440
- Gross operating margin -€265,504
down €265,504, from €191,333 to -€74,171
- Depreciation +€20,860
up €20,860 (+11.3%), from €184,408 to €205,268
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.
Result 2024
€1.4m
Gross operating margin
-€265,504
Staff costs
-€2,707
Depreciation
-€20,860
Other operating charges
+€5,712
Other operating items
-€45,089
Financial income
-€2.0m
Financial charges
-€899,363
Taxes
+€493,299
Deferred taxes and other
+€151
Result 2025
-€1.4m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
-€5.5m
Investment
-€374,455
Financing
+€3.1m
Cash 2024
€2.8m
From operations (derived)
-€5.5m
Net result for the year
-€1.4m
Depreciation
+€205,268
Stocks and contracts
+€1.1m
Receivables within one year
-€1.8m
Deferred charges and accrued income
-€144,789
Provisions
-€1,027
Trade debts
+€87,673
Tax, wage and social debts
+€52,023
Other debts
-€3.6m
Accrued charges and deferred income
+€23,342
Investment (derived)
-€374,455
Investment in fixed assets (net)
-€625,238
Current investments
+€250,783
Financing
+€3.1m
Debts after one year
-€1.5m
Current portion of long-term debt
-€81,395
Short-term financial debts
+€431
Contributions, distributions and other
+€4.6m
Cash 2025
€43,971
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,740,342 | €10,011,125 | -€1.7m | -14.7% |
| Fixed assets | 21/28 | €4,073,875 | €4,493,844 | +€419,969 | +10.3% |
| Intangible fixed assets | 21 | €273,749 | €223,409 | -€50,341 | -18.4% |
| Tangible fixed assets | 22/27 | €3,772,882 | €4,243,192 | +€470,310 | +12.5% |
| Land and buildings | 22 | €3,735,893 | €4,176,755 | +€440,862 | +11.8% |
| Plant, machinery and equipment | 23 | €5,568 | €25,406 | +€19,838 | +356% |
| Furniture and vehicles | 24 | €31,234 | €41,031 | +€9,797 | +31.4% |
| Other tangible fixed assets | 26 | €187 | €0 | -€187 | -100% |
| Financial fixed assets | 28 | €27,244 | €27,244 | = | 0.0% |
| Current assets | 29/58 | €7,666,467 | €5,517,281 | -€2.1m | -28.0% |
| Stocks and contracts in progress | 3 | €2,120,037 | €1,047,792 | -€1.1m | -50.6% |
| Stocks | 30/36 | €2,120,037 | €1,047,792 | -€1.1m | -50.6% |
| Amounts receivable within one year | 40/41 | €1,451,690 | €3,283,336 | +€1.8m | +126% |
| Trade receivables | 40 | €98,658 | €95,862 | -€2,796 | -2.8% |
| Other amounts receivable | 41 | €1,353,032 | €3,187,473 | +€1.8m | +136% |
| Current investments | 50/53 | €1,238,176 | €987,393 | -€250,783 | -20.3% |
| Cash at bank and in hand | 54/58 | €2,846,564 | €43,971 | -€2.8m | -98.5% |
| Deferred charges and accrued income | 490/1 | €10,000 | €154,789 | +€144,789 | +1,448% |
| Total equity and liabilities | 10/49 | €11,740,342 | €10,011,125 | -€1.7m | -14.7% |
| Equity | 10/15 | €2,654,135 | €5,901,385 | +€3.2m | +122% |
| Contributions | 10/11 | €11,701 | €18,600 | +€6,899 | +59.0% |
| Revaluation surpluses | 12 | €276,447 | €276,447 | = | 0.0% |
| Reserves | 13 | €956,633 | €4,754,191 | +€3.8m | +397% |
| Non-distributable reserves | 130/1 | €0 | €690 | +€690 | |
| Reserves not available under the articles | 1311 | €0 | €690 | +€690 | |
| Tax-exempt reserves | 132 | €955,463 | €902,043 | -€53,420 | -5.6% |
| Distributable reserves | 133 | €1,170 | €3,851,458 | +€3.9m | +329,059% |
| Profit (loss) carried forward | 14 | €1,409,354 | €852,147 | -€557,206 | -39.5% |
| Provisions and deferred taxes | 16 | €24,087 | €23,060 | -€1,027 | -4.3% |
| Deferred taxes | 168 | €24,087 | €23,060 | -€1,027 | -4.3% |
| Amounts payable | 17/49 | €9,062,120 | €4,086,680 | -€5.0m | -54.9% |
| Amounts payable after more than one year | 17 | €3,358,993 | €1,908,052 | -€1.5m | -43.2% |
| Financial debts | 170/4 | €3,358,993 | €1,908,052 | -€1.5m | -43.2% |
| Amounts payable within one year | 42/48 | €5,690,850 | €2,143,009 | -€3.5m | -62.3% |
| Current portion of amounts payable after more than one year | 42 | €209,665 | €128,269 | -€81,395 | -38.8% |
| Financial debts | 43 | €540,000 | €540,431 | +€431 | +0.1% |
| Credit institutions | 430/8 | €540,000 | €540,431 | +€431 | +0.1% |
| Trade debts | 44 | €29,963 | €117,636 | +€87,673 | +293% |
| Suppliers | 440/4 | €29,963 | €117,636 | +€87,673 | +293% |
| Taxes, remuneration and social security | 45 | €356,630 | €408,653 | +€52,023 | +14.6% |
| Taxes | 450/3 | €345,904 | €393,168 | +€47,264 | +13.7% |
| Remuneration and social security | 454/9 | €10,726 | €15,485 | +€4,759 | +44.4% |
| Other amounts payable | 47/48 | €4,554,593 | €948,020 | -€3.6m | -79.2% |
| Accrued charges and deferred income | 492/3 | €12,277 | €35,619 | +€23,342 | +190% |
| Non-recurring operating income | 76A | €0 | €30,000 | +€30,000 | |
| Remuneration, social security and pensions | 62 | €66,416 | €69,123 | +€2,707 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,408 | €205,268 | +€20,860 | +11.3% |
| Other operating charges | 640/8 | €32,637 | €26,925 | -€5,712 | -17.5% |
| Non-recurring operating charges | 66A | €32,744 | €77,833 | +€45,089 | +138% |
| Gross operating margin | 9900 | €191,333 | -€74,171 | -€265,504 | |
| Operating profit (loss) | 9901 | -€124,872 | -€453,320 | -€328,449 | -263% |
| Financial income | 75/76B | €2,103,288 | €86,137 | -€2.0m | -95.9% |
| Recurring financial income | 75 | €2,103,288 | €86,137 | -€2.0m | -95.9% |
| Financial charges | 65/66B | €123,921 | €1,023,284 | +€899,363 | +726% |
| Recurring financial charges | 65 | €123,921 | €1,023,284 | +€899,363 | +726% |
| Profit (loss) for the period before taxes | 9903 | €1,854,496 | -€1,390,467 | -€3.2m | |
| Transfer from deferred taxes | 780 | €876 | €1,027 | +€151 | +17.2% |
| Income taxes | 67/77 | €496,739 | €3,440 | -€493,299 | -99.3% |
| Profit (loss) for the period | 9904 | €1,358,633 | -€1,392,881 | -€2.8m | |
| Transfer from tax-exempt reserves | 789 | €52,968 | €53,420 | +€452 | +0.9% |
| Transfer to tax-exempt reserves | 689 | €631,500 | €0 | -€631,500 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €780,101 | -€1,339,460 | -€2.1m |
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 27 October 2026 via checked.be.