ALTA LAW: 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.
ALTA LAW
Largest movements
- Cash -€320,179
down €320,179 (-77.6%), from €412,520 to €92,341
mainly Other debts (-€325,512) and Short-term financial debts (-€260,307)
- Receivables within one year +€95,433
up €95,433 (+20.5%), from €465,879 to €561,312
of which Trade receivables: +€91,663
- Debts after one year +€406,843
up €406,843 (+203%), from €200,000 to €606,843
of which Financial debts: +€406,843
- Other debts -€325,512
down €325,512 (-73.6%), from €442,060 to €116,548
- Short-term financial debts -€260,307
down €260,307 (-94.7%), from €274,807 to €14,500
- Profit (loss) carried forward -€82,758
down €82,758 (-49.0%), from €168,734 to €85,976
- Current portion of long-term debt +€70,038
up €70,038 (+2,079%), from €3,368 to €73,406
- Gross operating margin -€218,426
down €218,426 (-61.7%), from €353,996 to €135,570
- Taxes -€49,597
no longer reported in 2025 (was €49,597)
- Write-downs +€25,661
new in 2025: €25,661
- Other operating charges -€17,641
down €17,641 (-48.3%), from €36,541 to €18,900
- Depreciation -€9,094
down €9,094 (-25.4%), from €35,776 to €26,681
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 | €1,376,709 | €1,166,786 | -€209,923 | -15.2% |
| Formation expenses | 20 | €73,645 | €65,683 | -€7,962 | -10.8% |
| Fixed assets | 21/28 | €383,332 | €396,441 | +€13,109 | +3.4% |
| Tangible fixed assets | 22/27 | €383,282 | €396,391 | +€13,109 | +3.4% |
| Land and buildings | 22 | €383,282 | €377,239 | -€6,044 | -1.6% |
| Furniture and vehicles | 24 | - | €6,152 | +€6,152 | |
| Assets under construction and advance payments | 27 | - | €13,000 | +€13,000 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €919,732 | €704,662 | -€215,070 | -23.4% |
| Amounts receivable after more than one year | 29 | €32,783 | €32,783 | = | 0.0% |
| Other amounts receivable | 291 | €32,783 | €32,783 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €465,879 | €561,312 | +€95,433 | +20.5% |
| Trade receivables | 40 | €463,279 | €554,941 | +€91,663 | +19.8% |
| Other amounts receivable | 41 | €2,600 | €6,370 | +€3,770 | +145% |
| Cash at bank and in hand | 54/58 | €412,520 | €92,341 | -€320,179 | -77.6% |
| Deferred charges and accrued income | 490/1 | €8,551 | €18,227 | +€9,676 | +113% |
| Total equity and liabilities | 10/49 | €1,376,709 | €1,166,786 | -€209,923 | -15.2% |
| Equity | 10/15 | €240,734 | €157,976 | -€82,758 | -34.4% |
| Contributions | 10/11 | €72,000 | €72,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €168,734 | €85,976 | -€82,758 | -49.0% |
| Amounts payable | 17/49 | €1,135,975 | €1,008,810 | -€127,166 | -11.2% |
| Amounts payable after more than one year | 17 | €200,000 | €606,843 | +€406,843 | +203% |
| Financial debts | 170/4 | - | €406,843 | +€406,843 | |
| Other amounts payable | 178/9 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €935,975 | €394,783 | -€541,192 | -57.8% |
| Current portion of amounts payable after more than one year | 42 | €3,368 | €73,406 | +€70,038 | +2,079% |
| Financial debts | 43 | €274,807 | €14,500 | -€260,307 | -94.7% |
| Credit institutions | 430/8 | €274,807 | €14,500 | -€260,307 | -94.7% |
| Trade debts | 44 | €61,179 | €98,410 | +€37,231 | +60.9% |
| Suppliers | 440/4 | €61,179 | €98,410 | +€37,231 | +60.9% |
| Advances received on contracts in progress | 46 | €16,463 | €17,413 | +€950 | +5.8% |
| Taxes, remuneration and social security | 45 | €138,098 | €74,507 | -€63,592 | -46.0% |
| Taxes | 450/3 | €121,554 | €57,843 | -€63,711 | -52.4% |
| Remuneration and social security | 454/9 | €16,544 | €16,664 | +€119 | +0.7% |
| Other amounts payable | 47/48 | €442,060 | €116,548 | -€325,512 | -73.6% |
| Accrued charges and deferred income | 492/3 | - | €7,184 | +€7,184 | |
| Non-recurring operating income | 76A | €212,580 | - | -€212,580 | |
| Remuneration, social security and pensions | 62 | €114,817 | €119,792 | +€4,976 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,776 | €26,681 | -€9,094 | -25.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €25,661 | +€25,661 | |
| Other operating charges | 640/8 | €36,541 | €18,900 | -€17,641 | -48.3% |
| Gross operating margin | 9900 | €353,996 | €135,570 | -€218,426 | -61.7% |
| Operating profit (loss) | 9901 | €166,863 | -€55,464 | -€222,327 | |
| Financial income | 75/76B | €36 | €615 | +€579 | +1,605% |
| Recurring financial income | 75 | €36 | €615 | +€579 | +1,605% |
| Financial charges | 65/66B | €21,191 | €27,908 | +€6,717 | +31.7% |
| Recurring financial charges | 65 | €21,191 | €27,908 | +€6,717 | +31.7% |
| Profit (loss) for the period before taxes | 9903 | €145,707 | -€82,758 | -€228,465 | |
| Income taxes | 67/77 | €49,597 | - | -€49,597 | |
| Profit (loss) for the period | 9904 | €96,110 | -€82,758 | -€178,868 | |
| Profit (loss) for the period to be appropriated | 9905 | €96,110 | -€82,758 | -€178,868 |
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 17 October 2026 via checked.be.