ALM PROJECTS: 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 PROJECTS
Largest movements
- Cash -€119,829
down €119,829 (-79.5%), from €150,770 to €30,941
mainly Debts after one year (-€201,594) and Net result for the year (-€21,527)
- Tangible fixed assets -€103,687
down €103,687 (-6.2%), from €1.7m to €1.6m
of which Land and buildings: -€100,853
- Debts after one year -€201,594
down €201,594 (-25.1%), from €803,588 to €601,994
- Current portion of long-term debt -€21,405
down €21,405 (-32.4%), from €66,141 to €44,737
- Reserves -€18,823
down €18,823 (-4.4%), from €430,109 to €411,286
of which Tax-exempt reserves: -€18,823
- Gross operating margin -€161,630
down €161,630 (-56.5%), from €286,082 to €124,453
- Taxes -€48,409
down €48,409 (-99.3%), from €48,727 to €319
- Financial charges -€16,062
down €16,062 (-30.8%), from €52,187 to €36,125
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,826,314 | €1,596,042 | -€230,272 | -12.6% |
| Fixed assets | 21/28 | €1,665,370 | €1,561,683 | -€103,687 | -6.2% |
| Tangible fixed assets | 22/27 | €1,665,370 | €1,561,683 | -€103,687 | -6.2% |
| Land and buildings | 22 | €1,652,902 | €1,552,050 | -€100,853 | -6.1% |
| Plant, machinery and equipment | 23 | €3,541 | €2,645 | -€897 | -25.3% |
| Furniture and vehicles | 24 | €8,927 | €6,989 | -€1,938 | -21.7% |
| Current assets | 29/58 | €160,944 | €34,359 | -€126,585 | -78.7% |
| Amounts receivable within one year | 40/41 | €1,670 | €182 | -€1,488 | -89.1% |
| Trade receivables | 40 | - | €182 | +€182 | |
| Other amounts receivable | 41 | €1,670 | - | -€1,670 | |
| Current investments | 50/53 | €9 | - | -€9 | |
| Cash at bank and in hand | 54/58 | €150,770 | €30,941 | -€119,829 | -79.5% |
| Deferred charges and accrued income | 490/1 | €8,495 | €3,236 | -€5,259 | -61.9% |
| Total equity and liabilities | 10/49 | €1,826,314 | €1,596,042 | -€230,272 | -12.6% |
| Equity | 10/15 | €658,744 | €637,217 | -€21,527 | -3.3% |
| Contributions | 10/11 | €112,000 | €112,000 | = | 0.0% |
| Capital | 10 | €112,000 | €112,000 | = | 0.0% |
| Issued capital | 100 | €112,000 | €112,000 | = | 0.0% |
| Reserves | 13 | €430,109 | €411,286 | -€18,823 | -4.4% |
| Non-distributable reserves | 130/1 | €11,200 | €11,200 | = | 0.0% |
| Legal reserve | 130 | €11,200 | €11,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €207,858 | €189,035 | -€18,823 | -9.1% |
| Distributable reserves | 133 | €211,051 | €211,051 | = | 0.0% |
| Profit (loss) carried forward | 14 | €116,634 | €113,931 | -€2,703 | -2.3% |
| Provisions and deferred taxes | 16 | €120,037 | €112,740 | -€7,297 | -6.1% |
| Deferred taxes | 168 | €120,037 | €112,740 | -€7,297 | -6.1% |
| Amounts payable | 17/49 | €1,047,533 | €846,085 | -€201,449 | -19.2% |
| Amounts payable after more than one year | 17 | €803,588 | €601,994 | -€201,594 | -25.1% |
| Financial debts | 170/4 | €803,588 | €601,994 | -€201,594 | -25.1% |
| Amounts payable within one year | 42/48 | €243,945 | €241,327 | -€2,618 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €66,141 | €44,737 | -€21,405 | -32.4% |
| Trade debts | 44 | €5,904 | €7,508 | +€1,604 | +27.2% |
| Suppliers | 440/4 | €5,904 | €7,508 | +€1,604 | +27.2% |
| Taxes, remuneration and social security | 45 | €49,379 | €48,330 | -€1,049 | -2.1% |
| Taxes | 450/3 | €49,379 | €48,330 | -€1,049 | -2.1% |
| Other amounts payable | 47/48 | €122,522 | €140,752 | +€18,231 | +14.9% |
| Accrued charges and deferred income | 492/3 | - | €2,764 | +€2,764 | |
| Non-recurring operating income | 76A | €178,636 | - | -€178,636 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,952 | €103,687 | +€1,735 | +1.7% |
| Other operating charges | 640/8 | €10,292 | €13,146 | +€2,854 | +27.7% |
| Gross operating margin | 9900 | €286,082 | €124,453 | -€161,630 | -56.5% |
| Operating profit (loss) | 9901 | €173,838 | €7,620 | -€166,219 | -95.6% |
| Financial charges | 65/66B | €52,187 | €36,125 | -€16,062 | -30.8% |
| Recurring financial charges | 65 | €52,187 | €36,125 | -€16,062 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | €121,651 | -€28,505 | -€150,157 | |
| Transfer from deferred taxes | 780 | €7,297 | €7,297 | = | 0.0% |
| Income taxes | 67/77 | €48,727 | €319 | -€48,409 | -99.3% |
| Profit (loss) for the period | 9904 | €80,221 | -€21,527 | -€101,748 | |
| Transfer from tax-exempt reserves | 789 | €18,823 | €18,823 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €99,044 | -€2,703 | -€101,748 |
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 13 October 2026 via checked.be.