ALT-O: 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-O
Largest movements
- Tangible fixed assets +€28,640
up €28,640 (+1,107%), from €2,588 to €31,228
of which Leasing and similar rights: +€30,172
- Cash -€11,208
down €11,208 (-59.1%), from €18,971 to €7,763
mainly Investment in fixed assets (net) (-€34,251) and Other debts (-€13,920)
- Receivables within one year +€5,203
up €5,203 (+43.0%), from €12,106 to €17,309
of which Other amounts receivable: +€10,169
- Debts after one year +€17,088
new in 2025: €17,088
- Other debts -€13,920
no longer reported in 2025 (was €13,920)
- Profit (loss) carried forward +€12,719
up €12,719 (+4.9%), from €257,483 to €270,202
- Trade debts +€8,266
up €8,266 (+129%), from €6,428 to €14,695
- Gross operating margin -€6,489
down €6,489 (-5.1%), from €127,030 to €120,541
- Staff costs +€4,937
up €4,937 (+5.7%), from €87,029 to €91,966
- Taxes -€4,397
down €4,397 (-40.1%), from €10,960 to €6,564
- Depreciation +€1,898
up €1,898 (+66.1%), from €2,873 to €4,771
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 | €361,490 | €386,359 | +€24,869 | +6.9% |
| Fixed assets | 21/28 | €325,990 | €355,471 | +€29,481 | +9.0% |
| Intangible fixed assets | 21 | - | €841 | +€841 | |
| Tangible fixed assets | 22/27 | €2,588 | €31,228 | +€28,640 | +1,107% |
| Furniture and vehicles | 24 | €2,588 | €1,057 | -€1,532 | -59.2% |
| Leasing and similar rights | 25 | - | €30,172 | +€30,172 | |
| Financial fixed assets | 28 | €323,402 | €323,402 | = | 0.0% |
| Current assets | 29/58 | €35,500 | €30,888 | -€4,612 | -13.0% |
| Amounts receivable within one year | 40/41 | €12,106 | €17,309 | +€5,203 | +43.0% |
| Trade receivables | 40 | €8,066 | €3,100 | -€4,966 | -61.6% |
| Other amounts receivable | 41 | €4,040 | €14,209 | +€10,169 | +252% |
| Cash at bank and in hand | 54/58 | €18,971 | €7,763 | -€11,208 | -59.1% |
| Deferred charges and accrued income | 490/1 | €4,423 | €5,817 | +€1,393 | +31.5% |
| Total equity and liabilities | 10/49 | €361,490 | €386,359 | +€24,869 | +6.9% |
| Equity | 10/15 | €304,093 | €316,812 | +€12,719 | +4.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €28,010 | €28,010 | = | 0.0% |
| Tax-exempt reserves | 132 | €26,150 | €26,150 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €257,483 | €270,202 | +€12,719 | +4.9% |
| Amounts payable | 17/49 | €57,397 | €69,547 | +€12,150 | +21.2% |
| Amounts payable after more than one year | 17 | - | €17,088 | +€17,088 | |
| Financial debts | 170/4 | - | €17,088 | +€17,088 | |
| Amounts payable within one year | 42/48 | €57,397 | €52,459 | -€4,938 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €7,514 | €10,931 | +€3,417 | +45.5% |
| Financial debts | 43 | €12,888 | €13,220 | +€332 | +2.6% |
| Credit institutions | 430/8 | €12,888 | €13,220 | +€332 | +2.6% |
| Trade debts | 44 | €6,428 | €14,695 | +€8,266 | +129% |
| Suppliers | 440/4 | €6,428 | €14,695 | +€8,266 | +129% |
| Taxes, remuneration and social security | 45 | €16,647 | €13,613 | -€3,034 | -18.2% |
| Taxes | 450/3 | €5,340 | €1,564 | -€3,777 | -70.7% |
| Remuneration and social security | 454/9 | €11,307 | €12,049 | +€743 | +6.6% |
| Other amounts payable | 47/48 | €13,920 | - | -€13,920 | |
| Non-recurring operating income | 76A | €3,938 | €4,545 | +€607 | +15.4% |
| Remuneration, social security and pensions | 62 | €87,029 | €91,966 | +€4,937 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,873 | €4,771 | +€1,898 | +66.1% |
| Other operating charges | 640/8 | €1,012 | €1,101 | +€88 | +8.7% |
| Non-recurring operating charges | 66A | - | €2,157 | +€2,157 | |
| Gross operating margin | 9900 | €127,030 | €120,541 | -€6,489 | -5.1% |
| Operating profit (loss) | 9901 | €36,116 | €20,546 | -€15,570 | -43.1% |
| Financial income | 75/76B | €23 | €29 | +€6 | +25.2% |
| Recurring financial income | 75 | €23 | €29 | +€6 | +25.2% |
| Financial charges | 65/66B | €608 | €1,293 | +€685 | +113% |
| Recurring financial charges | 65 | €608 | €1,293 | +€685 | +113% |
| Profit (loss) for the period before taxes | 9903 | €35,531 | €19,282 | -€16,248 | -45.7% |
| Income taxes | 67/77 | €10,960 | €6,564 | -€4,397 | -40.1% |
| Profit (loss) for the period | 9904 | €24,571 | €12,719 | -€11,852 | -48.2% |
| Profit (loss) for the period to be appropriated | 9905 | €24,571 | €12,719 | -€11,852 | -48.2% |
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 23 October 2026 via checked.be.