ALS: 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.
ALS
Largest movements
- Tangible fixed assets -€35,721
down €35,721 (-2.7%), from €1.3m to €1.3m
of which Land and buildings: -€34,170
- Debts after one year -€68,971
down €68,971 (-7.4%), from €933,590 to €864,619
of which Financial debts: -€70,711
- Reserves +€26,225
up €26,225 (+8.2%), from €318,712 to €344,937
- Gross operating margin +€24,557
up €24,557 (+33.1%), from €74,140 to €98,698
- Staff costs -€17,692
no longer reported in 2025 (was €17,692)
- Taxes +€10,024
new in 2025: €10,024
- Financial charges -€2,863
down €2,863 (-12.4%), from €23,045 to €20,182
of which Financial charges: -€1,880
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 | €1,412,020 | €1,368,592 | -€43,429 | -3.1% |
| Fixed assets | 21/28 | €1,347,534 | €1,311,814 | -€35,721 | -2.7% |
| Tangible fixed assets | 22/27 | €1,337,137 | €1,301,417 | -€35,721 | -2.7% |
| Land and buildings | 22 | €1,332,586 | €1,298,416 | -€34,170 | -2.6% |
| Plant, machinery and equipment | 23 | €4,552 | €3,001 | -€1,551 | -34.1% |
| Financial fixed assets | 28 | €10,397 | €10,397 | = | 0.0% |
| Current assets | 29/58 | €64,486 | €56,778 | -€7,708 | -12.0% |
| Amounts receivable within one year | 40/41 | €9,094 | €12,124 | +€3,030 | +33.3% |
| Trade receivables | 40 | - | €3,289 | +€3,289 | |
| Other amounts receivable | 41 | €9,094 | €8,835 | -€259 | -2.8% |
| Cash at bank and in hand | 54/58 | €54,016 | €42,780 | -€11,237 | -20.8% |
| Deferred charges and accrued income | 490/1 | €1,375 | €1,874 | +€499 | +36.3% |
| Total equity and liabilities | 10/49 | €1,412,020 | €1,368,592 | -€43,429 | -3.1% |
| Equity | 10/15 | €393,471 | €419,695 | +€26,225 | +6.7% |
| Contributions | 10/11 | €21,800 | €21,800 | = | 0.0% |
| Reserves | 13 | €318,712 | €344,937 | +€26,225 | +8.2% |
| Distributable reserves | 133 | €318,712 | €344,937 | +€26,225 | +8.2% |
| Profit (loss) carried forward | 14 | €52,958 | €52,958 | = | 0.0% |
| Amounts payable | 17/49 | €1,018,550 | €948,896 | -€69,653 | -6.8% |
| Amounts payable after more than one year | 17 | €933,590 | €864,619 | -€68,971 | -7.4% |
| Financial debts | 170/4 | €929,630 | €858,919 | -€70,711 | -7.6% |
| Other amounts payable | 178/9 | €3,960 | €5,700 | +€1,740 | +43.9% |
| Amounts payable within one year | 42/48 | €83,940 | €83,226 | -€714 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €72,579 | €70,711 | -€1,868 | -2.6% |
| Trade debts | 44 | €2,277 | €2,379 | +€103 | +4.5% |
| Suppliers | 440/4 | €2,277 | €2,379 | +€103 | +4.5% |
| Taxes, remuneration and social security | 45 | €1,686 | €10,024 | +€8,338 | +495% |
| Taxes | 450/3 | €1,686 | €10,024 | +€8,338 | +495% |
| Other amounts payable | 47/48 | €7,399 | €111 | -€7,288 | -98.5% |
| Accrued charges and deferred income | 492/3 | €1,020 | €1,052 | +€32 | +3.1% |
| Remuneration, social security and pensions | 62 | €17,692 | - | -€17,692 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,866 | €35,721 | -€145 | -0.4% |
| Other operating charges | 640/8 | €6,211 | €6,547 | +€336 | +5.4% |
| Gross operating margin | 9900 | €74,140 | €98,698 | +€24,557 | +33.1% |
| Operating profit (loss) | 9901 | €14,372 | €56,431 | +€42,059 | +293% |
| Financial income | 75/76B | €10 | €0 | -€10 | -99.3% |
| Recurring financial income | 75 | €10 | €0 | -€10 | -99.3% |
| Financial charges | 65/66B | €23,045 | €20,182 | -€2,863 | -12.4% |
| Recurring financial charges | 65 | €22,062 | €20,182 | -€1,880 | -8.5% |
| Non-recurring financial charges | 66B | €983 | - | -€983 | |
| Profit (loss) for the period before taxes | 9903 | -€8,664 | €36,249 | +€44,913 | |
| Income taxes | 67/77 | - | €10,024 | +€10,024 | |
| Profit (loss) for the period | 9904 | -€8,664 | €26,225 | +€34,888 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,664 | €26,225 | +€34,888 |
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.