ALMAGRE: 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.
ALMAGRE
Largest movements
- Stocks and contracts +€1.1m
up €1.1m (+239%), from €472,544 to €1.6m
- Receivables within one year -€110,492
down €110,492 (-34.2%), from €323,054 to €212,562
of which Trade receivables: -€126,409
- Debts after one year +€838,595
new in 2025: €838,595
- Other debts +€147,000
up €147,000 (+80.2%), from €183,361 to €330,361
- Short-term financial debts +€125,348
new in 2025: €125,348
- Current portion of long-term debt -€125,000
no longer reported in 2025 (was €125,000)
- Trade debts +€24,465
up €24,465 (+7.9%), from €307,768 to €332,233
- Gross operating margin -€647,573
down €647,573, from €603,929 to -€43,644
- Financial charges -€61,476
down €61,476 (-72.7%), from €84,620 to €23,144
- Financial income +€60,392
up €60,392 (+9,802%), from €616 to €61,009
- Taxes -€47,982
down €47,982 (-99.5%), from €48,212 to €230
- Other operating charges -€19,670
down €19,670 (-93.4%), from €21,060 to €1,390
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 | €815,518 | €1,820,657 | +€1.0m | +123% |
| Fixed assets | 21/28 | €571 | €81 | -€490 | -85.9% |
| Tangible fixed assets | 22/27 | €571 | €81 | -€490 | -85.9% |
| Furniture and vehicles | 24 | €571 | €81 | -€490 | -85.9% |
| Current assets | 29/58 | €814,948 | €1,820,576 | +€1.0m | +123% |
| Stocks and contracts in progress | 3 | €472,544 | €1,603,339 | +€1.1m | +239% |
| Stocks | 30/36 | €472,544 | €1,603,339 | +€1.1m | +239% |
| Amounts receivable within one year | 40/41 | €323,054 | €212,562 | -€110,492 | -34.2% |
| Trade receivables | 40 | €305,129 | €178,720 | -€126,409 | -41.4% |
| Other amounts receivable | 41 | €17,925 | €33,842 | +€15,917 | +88.8% |
| Cash at bank and in hand | 54/58 | €19,350 | €4,675 | -€14,675 | -75.8% |
| Total equity and liabilities | 10/49 | €815,518 | €1,820,657 | +€1.0m | +123% |
| Equity | 10/15 | €160,962 | €153,073 | -€7,890 | -4.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €152,902 | €145,013 | -€7,890 | -5.2% |
| Amounts payable | 17/49 | €654,556 | €1,667,584 | +€1.0m | +155% |
| Amounts payable after more than one year | 17 | - | €838,595 | +€838,595 | |
| Financial debts | 170/4 | - | €838,595 | +€838,595 | |
| Amounts payable within one year | 42/48 | €654,556 | €828,989 | +€174,433 | +26.6% |
| Current portion of amounts payable after more than one year | 42 | €125,000 | - | -€125,000 | |
| Financial debts | 43 | - | €125,348 | +€125,348 | |
| Credit institutions | 430/8 | - | €125,348 | +€125,348 | |
| Trade debts | 44 | €307,768 | €332,233 | +€24,465 | +7.9% |
| Suppliers | 440/4 | €307,768 | €332,233 | +€24,465 | +7.9% |
| Taxes, remuneration and social security | 45 | €38,427 | €41,047 | +€2,620 | +6.8% |
| Taxes | 450/3 | €38,427 | €41,047 | +€2,620 | +6.8% |
| Other amounts payable | 47/48 | €183,361 | €330,361 | +€147,000 | +80.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €501 | €490 | -€11 | -2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,837 | - | -€5,837 | |
| Other operating charges | 640/8 | €21,060 | €1,390 | -€19,670 | -93.4% |
| Gross operating margin | 9900 | €603,929 | -€43,644 | -€647,573 | |
| Operating profit (loss) | 9901 | €576,531 | -€45,525 | -€622,056 | |
| Financial income | 75/76B | €616 | €61,009 | +€60,392 | +9,802% |
| Recurring financial income | 75 | €616 | €61,009 | +€60,392 | +9,802% |
| Financial charges | 65/66B | €84,620 | €23,144 | -€61,476 | -72.7% |
| Recurring financial charges | 65 | €84,620 | €23,144 | -€61,476 | -72.7% |
| Profit (loss) for the period before taxes | 9903 | €492,528 | -€7,660 | -€500,187 | |
| Income taxes | 67/77 | €48,212 | €230 | -€47,982 | -99.5% |
| Profit (loss) for the period | 9904 | €444,316 | -€7,890 | -€452,205 | |
| Profit (loss) for the period to be appropriated | 9905 | €444,316 | -€7,890 | -€452,205 |
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 21 October 2026 via checked.be.