ALMARO: 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.
ALMARO
Largest movements
- Current investments +€845,685
up €845,685 (+37.8%), from €2.2m to €3.1m
- Tangible fixed assets +€530,167
up €530,167 (+4.8%), from €11.0m to €11.6m
of which Assets under construction and advance payments: +€629,746
- Receivables within one year +€375,454
up €375,454 (+31.7%), from €1.2m to €1.6m
- Profit (loss) carried forward +€1.8m
up €1.8m (+23.7%), from €7.6m to €9.4m
- Financial income +€2.0m
up €2.0m (+4,547%), from €43,690 to €2.0m
- Gross operating margin -€124,898
down €124,898, from €89,578 to -€35,320
- Staff costs -€52,562
down €52,562 (-40.9%), from €128,575 to €76,013
- Depreciation -€25,535
down €25,535 (-20.4%), from €125,113 to €99,578
- Financial charges +€6,332
up €6,332 (+370%), from €1,710 to €8,042
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 | €15,115,944 | €16,918,940 | +€1.8m | +11.9% |
| Fixed assets | 21/28 | €11,034,241 | €11,564,408 | +€530,167 | +4.8% |
| Tangible fixed assets | 22/27 | €11,034,241 | €11,564,408 | +€530,167 | +4.8% |
| Land and buildings | 22 | €10,642,241 | €10,542,663 | -€99,578 | -0.9% |
| Other tangible fixed assets | 26 | €392,000 | €392,000 | = | 0.0% |
| Assets under construction and advance payments | 27 | - | €629,746 | +€629,746 | |
| Current assets | 29/58 | €4,081,703 | €5,354,532 | +€1.3m | +31.2% |
| Amounts receivable within one year | 40/41 | €1,183,598 | €1,559,052 | +€375,454 | +31.7% |
| Other amounts receivable | 41 | €1,183,598 | €1,559,052 | +€375,454 | +31.7% |
| Current investments | 50/53 | €2,235,589 | €3,081,273 | +€845,685 | +37.8% |
| Cash at bank and in hand | 54/58 | €553,410 | €597,657 | +€44,247 | +8.0% |
| Deferred charges and accrued income | 490/1 | €109,107 | €116,550 | +€7,443 | +6.8% |
| Total equity and liabilities | 10/49 | €15,115,944 | €16,918,940 | +€1.8m | +11.9% |
| Equity | 10/15 | €11,962,115 | €13,754,097 | +€1.8m | +15.0% |
| Contributions | 10/11 | €4,000,000 | €4,000,000 | = | 0.0% |
| Capital | 10 | €4,000,000 | €4,000,000 | = | 0.0% |
| Issued capital | 100 | €4,000,000 | €4,000,000 | = | 0.0% |
| Reserves | 13 | €400,000 | €400,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €400,000 | €400,000 | = | 0.0% |
| Legal reserve | 130 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,562,115 | €9,354,097 | +€1.8m | +23.7% |
| Amounts payable | 17/49 | €3,153,829 | €3,164,843 | +€11,014 | +0.3% |
| Amounts payable within one year | 42/48 | €3,153,829 | €3,164,843 | +€11,014 | +0.3% |
| Trade debts | 44 | €4,735 | €132,362 | +€127,627 | +2,696% |
| Suppliers | 440/4 | €4,735 | €132,362 | +€127,627 | +2,696% |
| Taxes, remuneration and social security | 45 | €1,983 | €2,394 | +€411 | +20.7% |
| Taxes | 450/3 | €104 | €1,907 | +€1,802 | +1,725% |
| Remuneration and social security | 454/9 | €1,879 | €487 | -€1,392 | -74.1% |
| Other amounts payable | 47/48 | €3,147,111 | €3,030,087 | -€117,024 | -3.7% |
| Remuneration, social security and pensions | 62 | €128,575 | €76,013 | -€52,562 | -40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,113 | €99,578 | -€25,535 | -20.4% |
| Other operating charges | 640/8 | €15,159 | €16,579 | +€1,419 | +9.4% |
| Gross operating margin | 9900 | €89,578 | -€35,320 | -€124,898 | |
| Operating profit (loss) | 9901 | -€179,270 | -€227,490 | -€48,220 | -26.9% |
| Financial income | 75/76B | €43,690 | €2,030,206 | +€2.0m | +4,547% |
| Recurring financial income | 75 | €43,690 | €2,030,206 | +€2.0m | +4,547% |
| Financial charges | 65/66B | €1,710 | €8,042 | +€6,332 | +370% |
| Recurring financial charges | 65 | €1,710 | €8,042 | +€6,332 | +370% |
| Profit (loss) for the period before taxes | 9903 | -€137,290 | €1,794,674 | +€1.9m | |
| Income taxes | 67/77 | €271 | €2,691 | +€2,421 | +894% |
| Profit (loss) for the period | 9904 | -€137,561 | €1,791,983 | +€1.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€137,561 | €1,791,983 | +€1.9m |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.