ALT-F1: 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.
ALT-F1
Largest movements
- Cash -€53,396
down €53,396 (-53.8%), from €99,229 to €45,833
mainly Net result for the year (-€46,089) and Receivables within one year (-€18,803)
- Receivables within one year +€18,803
up €18,803 (+17.7%), from €106,034 to €124,837
of which Other amounts receivable: +€20,903
- Tangible fixed assets -€3,739
down €3,739 (-57.9%), from €6,454 to €2,715
- Profit (loss) carried forward -€46,089
down €46,089 (-23.8%), from €193,774 to €147,686
- Trade debts +€7,756
up €7,756 (+1,096%), from €708 to €8,464
- Gross operating margin -€35,011
down €35,011 (-91.0%), from €38,484 to €3,473
- Taxes +€30,258
new in 2025: €30,258
- Staff costs -€21,469
down €21,469 (-58.3%), from €36,837 to €15,368
- Depreciation -€1,360
down €1,360 (-26.7%), from €5,099 to €3,739
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 | €214,942 | €176,610 | -€38,332 | -17.8% |
| Fixed assets | 21/28 | €9,679 | €5,940 | -€3,739 | -38.6% |
| Tangible fixed assets | 22/27 | €6,454 | €2,715 | -€3,739 | -57.9% |
| Furniture and vehicles | 24 | €6,454 | €2,715 | -€3,739 | -57.9% |
| Financial fixed assets | 28 | €3,225 | €3,225 | = | 0.0% |
| Current assets | 29/58 | €205,264 | €170,670 | -€34,593 | -16.9% |
| Amounts receivable within one year | 40/41 | €106,034 | €124,837 | +€18,803 | +17.7% |
| Trade receivables | 40 | €13,591 | €11,491 | -€2,100 | -15.5% |
| Other amounts receivable | 41 | €92,443 | €113,346 | +€20,903 | +22.6% |
| Cash at bank and in hand | 54/58 | €99,229 | €45,833 | -€53,396 | -53.8% |
| Total equity and liabilities | 10/49 | €214,942 | €176,610 | -€38,332 | -17.8% |
| Equity | 10/15 | €214,234 | €168,146 | -€46,089 | -21.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €193,774 | €147,686 | -€46,089 | -23.8% |
| Amounts payable | 17/49 | €708 | €8,464 | +€7,756 | +1,096% |
| Amounts payable within one year | 42/48 | €708 | €8,464 | +€7,756 | +1,096% |
| Trade debts | 44 | €708 | €8,464 | +€7,756 | +1,096% |
| Suppliers | 440/4 | €708 | €8,464 | +€7,756 | +1,096% |
| Remuneration, social security and pensions | 62 | €36,837 | €15,368 | -€21,469 | -58.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,099 | €3,739 | -€1,360 | -26.7% |
| Gross operating margin | 9900 | €38,484 | €3,473 | -€35,011 | -91.0% |
| Operating profit (loss) | 9901 | -€3,452 | -€15,633 | -€12,182 | -353% |
| Financial charges | 65/66B | €88 | €197 | +€110 | +125% |
| Recurring financial charges | 65 | €88 | €197 | +€110 | +125% |
| Profit (loss) for the period before taxes | 9903 | -€3,539 | -€15,831 | -€12,292 | -347% |
| Income taxes | 67/77 | - | €30,258 | +€30,258 | |
| Profit (loss) for the period | 9904 | -€3,539 | -€46,089 | -€42,549 | -1,202% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,539 | -€46,089 | -€42,549 | -1,202% |
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 28 October 2026 via checked.be.