ALSTAR: 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.
What changed
ALSTAR
NACE 42.220, Construction of utility projects for electricity and telecommunications
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€870,264
2024 · €762,722+€107,542
Equity
€1.5m
2024 · €2.2m-€654,736
Cash
€925,873
2024 · €571,365+€354,508
Balance sheet total
€8.1m
2024 · €7.3m+€804,362
Largest movements
Assets
- Receivables within one year +€572,580
up €572,580 (+24.7%), from €2.3m to €2.9m
of which Other amounts receivable: +€779,367
- Tangible fixed assets +€456,314
up €456,314 (+25.4%), from €1.8m to €2.3m
of which Leasing and similar rights: +€415,607
- Stocks and contracts -€414,405
down €414,405 (-17.4%), from €2.4m to €2.0m
- Cash +€354,508
up €354,508 (+62.0%), from €571,365 to €925,873
mainly Net result for the year (+€870,264) and Trade debts (+€703,534)
- Receivables after one year -€120,000
down €120,000 (-100%), from €120,000 to €0
Equity and liabilities
- Reserves -€760,000
down €760,000 (-48.8%), from €1.6m to €796,091
of which Distributable reserves: -€760,000
- Trade debts +€703,534
up €703,534 (+34.5%), from €2.0m to €2.7m
- Other debts +€460,777
up €460,777 (+43.1%), from €1.1m to €1.5m
- Current portion of long-term debt +€270,993
up €270,993 (+69.3%), from €391,079 to €662,073
- Tax, wage and social debts -€182,975
down €182,975 (-34.4%), from €531,277 to €348,302
of which Taxes: -€282,534
Income statement
- Turnover +€17.6m
new in 2025: €17.6m
- Goods and materials +€8.9m
new in 2025: €8.9m
- Gross operating margin -€4.8m
no longer reported in 2025 (was €4.8m)
- Services and other goods +€2.5m
new in 2025: €2.5m
- Staff costs +€895,958
up €895,958 (+26.8%), from €3.3m to €4.2m
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.
Result 2024
€762,722
Turnover
+€17.6m
Other operating income
+€298,417
Goods and materials
-€8.9m
Services and other goods
-€2.5m
Staff costs
-€895,958
Depreciation
-€184,419
Write-downs
-€164,894
Other operating charges
-€25,177
Other operating items
-€5.2m
Financial income
+€43,851
Financial charges
+€18,923
Taxes
-€13,769
Result 2025
€870,264
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.4m
Investment
-€1.1m
Financing
-€1.0m
Cash 2024
€571,365
From operations (derived)
+€2.4m
Net result for the year
+€870,264
Depreciation
+€595,835
Receivables after one year
+€120,000
Stocks and contracts
+€414,405
Receivables within one year
-€572,580
Deferred charges and accrued income
+€44,635
Trade debts
+€703,534
Tax, wage and social debts
-€182,975
Other debts
+€460,777
Accrued charges and deferred income
-€24,624
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
-€1.0m
Debts after one year
+€154,792
Current portion of long-term debt
+€270,993
Short-term financial debts
+€76,600
Contributions, distributions and other
-€1.5m
Cash 2025
€925,873
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,304,893 | €8,109,255 | +€804,362 | +11.0% |
| Fixed assets | 21/28 | €1,798,966 | €2,255,280 | +€456,314 | +25.4% |
| Tangible fixed assets | 22/27 | €1,798,966 | €2,255,280 | +€456,314 | +25.4% |
| Plant, machinery and equipment | 23 | €195,963 | €164,657 | -€31,305 | -16.0% |
| Furniture and vehicles | 24 | €416,019 | €487,121 | +€71,101 | +17.1% |
| Leasing and similar rights | 25 | €1,181,275 | €1,596,882 | +€415,607 | +35.2% |
| Other tangible fixed assets | 26 | €5,709 | €6,619 | +€910 | +15.9% |
| Current assets | 29/58 | €5,505,927 | €5,853,975 | +€348,048 | +6.3% |
| Amounts receivable after more than one year | 29 | €120,000 | €0 | -€120,000 | -100% |
| Other amounts receivable | 291 | €120,000 | €0 | -€120,000 | -100% |
| Stocks and contracts in progress | 3 | €2,384,405 | €1,970,000 | -€414,405 | -17.4% |
| Contracts in progress | 37 | €2,384,405 | €1,970,000 | -€414,405 | -17.4% |
| Amounts receivable within one year | 40/41 | €2,314,444 | €2,887,024 | +€572,580 | +24.7% |
| Trade receivables | 40 | €755,444 | €548,657 | -€206,787 | -27.4% |
| Other amounts receivable | 41 | €1,559,000 | €2,338,367 | +€779,367 | +50.0% |
| Cash at bank and in hand | 54/58 | €571,365 | €925,873 | +€354,508 | +62.0% |
| Deferred charges and accrued income | 490/1 | €115,714 | €71,079 | -€44,635 | -38.6% |
| Total equity and liabilities | 10/49 | €7,304,893 | €8,109,255 | +€804,362 | +11.0% |
| Equity | 10/15 | €2,162,429 | €1,507,694 | -€654,736 | -30.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,556,091 | €796,091 | -€760,000 | -48.8% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €638,750 | €638,750 | = | 0.0% |
| Distributable reserves | 133 | €911,191 | €151,191 | -€760,000 | -83.4% |
| Profit (loss) carried forward | 14 | €544,839 | €650,103 | +€105,264 | +19.3% |
| Amounts payable | 17/49 | €5,142,464 | €6,601,561 | +€1.5m | +28.4% |
| Amounts payable after more than one year | 17 | €625,766 | €780,558 | +€154,792 | +24.7% |
| Financial debts | 170/4 | €625,766 | €780,558 | +€154,792 | +24.7% |
| Leasing and similar obligations | 172 | - | €661,338 | +€661,338 | |
| Credit institutions | 173 | - | €119,220 | +€119,220 | |
| Amounts payable within one year | 42/48 | €4,491,851 | €5,820,780 | +€1.3m | +29.6% |
| Current portion of amounts payable after more than one year | 42 | €391,079 | €662,073 | +€270,993 | +69.3% |
| Financial debts | 43 | €459,488 | €536,089 | +€76,600 | +16.7% |
| Credit institutions | 430/8 | €459,488 | €536,089 | +€76,600 | +16.7% |
| Trade debts | 44 | €2,040,316 | €2,743,849 | +€703,534 | +34.5% |
| Suppliers | 440/4 | €2,040,316 | €2,743,849 | +€703,534 | +34.5% |
| Taxes, remuneration and social security | 45 | €531,277 | €348,302 | -€182,975 | -34.4% |
| Taxes | 450/3 | €294,739 | €12,205 | -€282,534 | -95.9% |
| Remuneration and social security | 454/9 | €236,538 | €336,097 | +€99,559 | +42.1% |
| Other amounts payable | 47/48 | €1,069,691 | €1,530,468 | +€460,777 | +43.1% |
| Accrued charges and deferred income | 492/3 | €24,846 | €223 | -€24,624 | -99.1% |
| Operating income | 70/76A | - | €17,490,184 | +€17.5m | |
| Turnover | 70 | - | €17,601,171 | +€17.6m | |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | - | -€414,405 | -€414,405 | |
| Other operating income | 74 | - | €298,417 | +€298,417 | |
| Non-recurring operating income | 76A | €48,137 | €5,000 | -€43,137 | -89.6% |
| Operating charges | 60/66A | - | €16,455,363 | +€16.5m | |
| Goods for resale, raw materials and consumables | 60 | - | €8,905,267 | +€8.9m | |
| Purchases | 600/8 | - | €8,905,267 | +€8.9m | |
| Services and other goods | 61 | - | €2,487,213 | +€2.5m | |
| Remuneration, social security and pensions | 62 | €3,340,762 | €4,236,720 | +€895,958 | +26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €411,417 | €595,835 | +€184,419 | +44.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €164,894 | +€164,894 | |
| Other operating charges | 640/8 | €40,257 | €65,434 | +€25,177 | +62.5% |
| Gross operating margin | 9900 | €4,768,719 | - | -€4.8m | |
| Operating profit (loss) | 9901 | €976,282 | €1,034,820 | +€58,538 | +6.0% |
| Financial income | 75/76B | €47,021 | €90,872 | +€43,851 | +93.3% |
| Recurring financial income | 75 | €47,021 | €90,872 | +€43,851 | +93.3% |
| Income from current assets | 751 | - | €65,901 | +€65,901 | |
| Other financial income | 752/9 | - | €24,971 | +€24,971 | |
| Financial charges | 65/66B | €178,001 | €159,078 | -€18,923 | -10.6% |
| Recurring financial charges | 65 | €178,001 | €159,078 | -€18,923 | -10.6% |
| Debt charges | 650 | - | €96,517 | +€96,517 | |
| Other financial charges | 652/9 | - | €62,562 | +€62,562 | |
| Profit (loss) for the period before taxes | 9903 | €845,302 | €966,614 | +€121,312 | +14.4% |
| Income taxes | 67/77 | €82,580 | €96,350 | +€13,769 | +16.7% |
| Taxes | 670/3 | - | €96,350 | +€96,350 | |
| Profit (loss) for the period | 9904 | €762,722 | €870,264 | +€107,542 | +14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €762,722 | €870,264 | +€107,542 | +14.1% |
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 14 October 2026 via checked.be.