ALSO-Group: what changed
Two fiscal 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.
ALSO-Group
Largest movements
- Tangible fixed assets +€162,881
up €162,881 (+47.7%), from €341,772 to €504,653
of which Plant, machinery and equipment: +€161,368
- Stocks and contracts +€112,568
up €112,568 (+32.9%), from €341,945 to €454,514
- Receivables within one year -€82,118
down €82,118 (-12.0%), from €683,035 to €600,917
of which Trade receivables: -€68,067
- Cash -€17,916
down €17,916 (-8.6%), from €208,603 to €190,687
mainly Investment in fixed assets (net) (-€230,748) and Stocks and contracts (-€112,568)
- Trade debts +€206,214
up €206,214 (+40.0%), from €515,388 to €721,602
- Other debts -€50,398
no longer reported in 2025 (was €50,398)
- Advances received +€29,690
new in 2025: €29,690
- Debts after one year -€21,132
down €21,132 (-34.8%), from €60,682 to €39,550
of which Financial debts: -€21,132
- Staff costs +€222,444
up €222,444 (+45.2%), from €492,454 to €714,898
- Gross operating margin -€91,066
down €91,066 (-9.7%), from €942,832 to €851,766
- Taxes -€80,796
down €80,796 (-84.3%), from €95,829 to €15,033
- Depreciation +€11,771
up €11,771 (+21.0%), from €56,096 to €67,867
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.
Cash bridge derived
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 | €1,588,839 | €1,769,490 | +€180,651 | +11.4% |
| Fixed assets | 21/28 | €341,803 | €504,684 | +€162,881 | +47.7% |
| Tangible fixed assets | 22/27 | €341,772 | €504,653 | +€162,881 | +47.7% |
| Plant, machinery and equipment | 23 | €145,947 | €307,315 | +€161,368 | +110.6% |
| Furniture and vehicles | 24 | €35,382 | €62,182 | +€26,800 | +75.7% |
| Other tangible fixed assets | 26 | €146,511 | €133,217 | -€13,294 | -9.1% |
| Assets under construction and advance payments | 27 | €13,932 | €1,939 | -€11,993 | -86.1% |
| Financial fixed assets | 28 | €31 | €31 | = | 0.0% |
| Current assets | 29/58 | €1,247,036 | €1,264,806 | +€17,769 | +1.4% |
| Stocks and contracts in progress | 3 | €341,945 | €454,514 | +€112,568 | +32.9% |
| Stocks | 30/36 | €341,945 | €454,514 | +€112,568 | +32.9% |
| Amounts receivable within one year | 40/41 | €683,035 | €600,917 | -€82,118 | -12.0% |
| Trade receivables | 40 | €614,035 | €545,968 | -€68,067 | -11.1% |
| Other amounts receivable | 41 | €69,000 | €54,949 | -€14,051 | -20.4% |
| Cash at bank and in hand | 54/58 | €208,603 | €190,687 | -€17,916 | -8.6% |
| Deferred charges and accrued income | 490/1 | €13,453 | €18,688 | +€5,235 | +38.9% |
| Total equity and liabilities | 10/49 | €1,588,839 | €1,769,490 | +€180,651 | +11.4% |
| Equity | 10/15 | €864,190 | €877,417 | +€13,227 | +1.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €845,598 | €858,825 | +€13,227 | +1.6% |
| Tax-exempt reserves | 132 | €210,500 | €210,500 | = | 0.0% |
| Distributable reserves | 133 | €635,098 | €648,325 | +€13,227 | +2.1% |
| Amounts payable | 17/49 | €724,649 | €892,072 | +€167,424 | +23.1% |
| Amounts payable after more than one year | 17 | €60,682 | €39,550 | -€21,132 | -34.8% |
| Financial debts | 170/4 | €55,251 | €34,119 | -€21,132 | -38.2% |
| Other amounts payable | 178/9 | €5,432 | €5,432 | = | 0.0% |
| Amounts payable within one year | 42/48 | €660,932 | €849,789 | +€188,857 | +28.6% |
| Current portion of amounts payable after more than one year | 42 | €27,507 | €21,132 | -€6,375 | -23.2% |
| Trade debts | 44 | €515,388 | €721,602 | +€206,214 | +40.0% |
| Suppliers | 440/4 | €515,388 | €721,602 | +€206,214 | +40.0% |
| Advances received on contracts in progress | 46 | - | €29,690 | +€29,690 | |
| Taxes, remuneration and social security | 45 | €67,640 | €77,365 | +€9,725 | +14.4% |
| Taxes | 450/3 | €22,984 | €22,741 | -€243 | -1.1% |
| Remuneration and social security | 454/9 | €44,656 | €54,624 | +€9,968 | +22.3% |
| Other amounts payable | 47/48 | €50,398 | - | -€50,398 | |
| Accrued charges and deferred income | 492/3 | €3,034 | €2,733 | -€301 | -9.9% |
| Non-recurring operating income | 76A | €2,392 | - | -€2,392 | |
| Remuneration, social security and pensions | 62 | €492,454 | €714,898 | +€222,444 | +45.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,096 | €67,867 | +€11,771 | +21.0% |
| Other operating charges | 640/8 | €18,935 | €18,413 | -€522 | -2.8% |
| Non-recurring operating charges | 66A | - | €5,754 | +€5,754 | |
| Gross operating margin | 9900 | €942,832 | €851,766 | -€91,066 | -9.7% |
| Operating profit (loss) | 9901 | €375,347 | €44,834 | -€330,513 | -88.1% |
| Financial income | 75/76B | €4,761 | €1,356 | -€3,405 | -71.5% |
| Recurring financial income | 75 | €4,761 | €1,356 | -€3,405 | -71.5% |
| Financial charges | 65/66B | €9,998 | €17,931 | +€7,933 | +79.3% |
| Recurring financial charges | 65 | €9,998 | €17,931 | +€7,933 | +79.3% |
| Profit (loss) for the period before taxes | 9903 | €370,110 | €28,260 | -€341,850 | -92.4% |
| Income taxes | 67/77 | €95,829 | €15,033 | -€80,796 | -84.3% |
| Profit (loss) for the period | 9904 | €274,281 | €13,227 | -€261,054 | -95.2% |
| Transfer to tax-exempt reserves | 689 | €210,500 | - | -€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €63,781 | €13,227 | -€50,554 | -79.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.