ALSTEPH: 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.
ALSTEPH
Largest movements
- Stocks and contracts -€424,091
no longer reported in 2025 (was €424,091)
- Cash +€23,447
up €23,447 (+804.9%), from €2,913 to €26,360
mainly Stocks and contracts (+€424,091) and Receivables within one year (+€15,362)
- Receivables within one year -€15,362
down €15,362 (-25.7%), from €59,770 to €44,409
of which Other amounts receivable: -€16,170
- Debts after one year -€232,450
no longer reported in 2025 (was €232,450)
- Other debts -€108,500
no longer reported in 2025 (was €108,500)
- Reserves -€60,817
down €60,817 (-60.6%), from €100,383 to €39,566
- Trade debts -€15,076
down €15,076 (-92.6%), from €16,279 to €1,202
- Financial charges -€17,093
down €17,093 (-90.1%), from €18,979 to €1,886
- Gross operating margin +€12,021
up €12,021 (+16.9%), from -€71,108 to -€59,087
- Financial income -€2,375
down €2,375 (-93.8%), from €2,531 to €156
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 | €487,612 | €70,768 | -€416,843 | -85.5% |
| Current assets | 29/58 | €487,612 | €70,768 | -€416,843 | -85.5% |
| Stocks and contracts in progress | 3 | €424,091 | - | -€424,091 | |
| Stocks | 30/36 | €424,091 | - | -€424,091 | |
| Amounts receivable within one year | 40/41 | €59,770 | €44,409 | -€15,362 | -25.7% |
| Trade receivables | 40 | €839 | €1,647 | +€808 | +96.3% |
| Other amounts receivable | 41 | €58,931 | €42,762 | -€16,170 | -27.4% |
| Cash at bank and in hand | 54/58 | €2,913 | €26,360 | +€23,447 | +804.9% |
| Deferred charges and accrued income | 490/1 | €838 | - | -€838 | |
| Total equity and liabilities | 10/49 | €487,612 | €70,768 | -€416,843 | -85.5% |
| Equity | 10/15 | €130,383 | €69,566 | -€60,817 | -46.6% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €100,383 | €39,566 | -€60,817 | -60.6% |
| Distributable reserves | 133 | €100,383 | €39,566 | -€60,817 | -60.6% |
| Amounts payable | 17/49 | €357,229 | €1,202 | -€356,026 | -99.7% |
| Amounts payable after more than one year | 17 | €232,450 | - | -€232,450 | |
| Financial debts | 170/4 | €232,450 | - | -€232,450 | |
| Amounts payable within one year | 42/48 | €124,779 | €1,202 | -€123,576 | -99.0% |
| Trade debts | 44 | €16,279 | €1,202 | -€15,076 | -92.6% |
| Suppliers | 440/4 | €16,279 | €1,202 | -€15,076 | -92.6% |
| Other amounts payable | 47/48 | €108,500 | - | -€108,500 | |
| Gross operating margin | 9900 | -€71,108 | -€59,087 | +€12,021 | +16.9% |
| Operating profit (loss) | 9901 | -€71,108 | -€59,087 | +€12,021 | +16.9% |
| Financial income | 75/76B | €2,531 | €156 | -€2,375 | -93.8% |
| Recurring financial income | 75 | €2,531 | €156 | -€2,375 | -93.8% |
| Financial charges | 65/66B | €18,979 | €1,886 | -€17,093 | -90.1% |
| Recurring financial charges | 65 | €18,979 | €1,886 | -€17,093 | -90.1% |
| Profit (loss) for the period before taxes | 9903 | -€87,556 | -€60,817 | +€26,739 | +30.5% |
| Profit (loss) for the period | 9904 | -€87,556 | -€60,817 | +€26,739 | +30.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€87,556 | -€60,817 | +€26,739 | +30.5% |
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 5 October 2026 via checked.be.