altaar: 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
altaar
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€484,394
2024 · -€492,162+€976,556
Equity
€11.6m
2024 · €12.3m-€715,606
Cash
€152,076
2024 · €160,356-€8,280
Balance sheet total
€41.3m
2024 · €44.6m-€3.4m
Largest movements
Assets
- Tangible fixed assets -€3.6m
down €3.6m (-8.7%), from €41.9m to €38.2m
Equity and liabilities
- Other debts -€1.5m
no longer reported in 2025 (was €1.5m)
- Revaluation surpluses -€1.2m
down €1.2m (-8.2%), from €14.6m to €13.4m
- Debts after one year -€967,089
down €967,089 (-3.3%), from €29.1m to €28.1m
of which Financial debts: -€950,564
- Profit (loss) carried forward +€484,394
up €484,394 (+12.3%), from -€3.9m to -€3.5m
Income statement
- Gross operating margin +€1.2m
up €1.2m (+59.9%), from €1.9m to €3.1m
- Depreciation +€359,978
up €359,978 (+23.0%), from €1.6m to €1.9m
- Financial charges -€129,511
down €129,511 (-18.3%), from €707,451 to €577,940
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
-€492,162
Gross operating margin
+€1.2m
Depreciation
-€359,978
Other operating charges
-€3,922
Other operating items
+€49,571
Financial income
-€826
Financial charges
+€129,511
Result 2025
€484,394
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.
From operations
+€435,728
Investment
+€1.7m
Financing
-€2.2m
Cash 2024
€160,356
From operations (derived)
+€435,728
Net result for the year
+€484,394
Depreciation
+€1.9m
Receivables within one year
-€299,692
Deferred charges and accrued income
+€26,220
Trade debts
-€172,175
Other debts
-€1.5m
Accrued charges and deferred income
-€4,540
Investment (derived)
+€1.7m
Investment in fixed assets (net)
+€1.7m
Financing
-€2.2m
Debts after one year
-€967,089
Current portion of long-term debt
-€4,940
Short-term financial debts
+€2,564
Contributions, distributions and other
-€1.2m
Cash 2025
€152,076
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €44,643,270 | €41,259,309 | -€3.4m | -7.6% |
| Fixed assets | 21/28 | €44,253,786 | €40,604,633 | -€3.6m | -8.2% |
| Tangible fixed assets | 22/27 | €41,857,174 | €38,208,021 | -€3.6m | -8.7% |
| Land and buildings | 22 | €41,857,174 | €38,208,021 | -€3.6m | -8.7% |
| Financial fixed assets | 28 | €2,396,612 | €2,396,612 | = | 0.0% |
| Current assets | 29/58 | €389,484 | €654,676 | +€265,192 | +68.1% |
| Amounts receivable within one year | 40/41 | €202,711 | €502,403 | +€299,692 | +147.8% |
| Trade receivables | 40 | €52,711 | €166,632 | +€113,921 | +216.1% |
| Other amounts receivable | 41 | €150,000 | €335,770 | +€185,770 | +123.8% |
| Cash at bank and in hand | 54/58 | €160,356 | €152,076 | -€8,280 | -5.2% |
| Deferred charges and accrued income | 490/1 | €26,417 | €197 | -€26,220 | -99.3% |
| Total equity and liabilities | 10/49 | €44,643,270 | €41,259,309 | -€3.4m | -7.6% |
| Equity | 10/15 | €12,346,539 | €11,630,933 | -€715,606 | -5.8% |
| Contributions | 10/11 | €1,684,890 | €1,684,890 | = | 0.0% |
| Capital | 10 | €82,000 | €82,000 | = | 0.0% |
| Issued capital | 100 | €82,000 | €82,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,602,890 | €1,602,890 | = | 0.0% |
| Share premium | 1100/10 | €1,602,890 | €1,602,890 | = | 0.0% |
| Revaluation surpluses | 12 | €14,600,000 | €13,400,000 | -€1.2m | -8.2% |
| Profit (loss) carried forward | 14 | -€3,938,351 | -€3,453,957 | +€484,394 | +12.3% |
| Amounts payable | 17/49 | €32,296,731 | €29,628,375 | -€2.7m | -8.3% |
| Amounts payable after more than one year | 17 | €29,054,002 | €28,086,913 | -€967,089 | -3.3% |
| Financial debts | 170/4 | €26,374,798 | €25,424,234 | -€950,564 | -3.6% |
| Other amounts payable | 178/9 | €2,679,204 | €2,662,679 | -€16,525 | -0.6% |
| Amounts payable within one year | 42/48 | €3,215,893 | €1,519,167 | -€1.7m | -52.8% |
| Current portion of amounts payable after more than one year | 42 | €1,224,944 | €1,220,004 | -€4,940 | -0.4% |
| Financial debts | 43 | €83,934 | €86,498 | +€2,564 | +3.1% |
| Credit institutions | 430/8 | €83,934 | - | -€83,934 | |
| Other loans | 439 | - | €86,498 | +€86,498 | |
| Trade debts | 44 | €384,839 | €212,664 | -€172,175 | -44.7% |
| Suppliers | 440/4 | €384,839 | €212,664 | -€172,175 | -44.7% |
| Other amounts payable | 47/48 | €1,522,176 | - | -€1.5m | |
| Accrued charges and deferred income | 492/3 | €26,836 | €22,296 | -€4,540 | -16.9% |
| Non-recurring operating income | 76A | €154,233 | €1,226,176 | +€1.1m | +695.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,563,717 | €1,923,696 | +€359,978 | +23.0% |
| Other operating charges | 640/8 | €112,742 | €116,664 | +€3,922 | +3.5% |
| Non-recurring operating charges | 66A | €49,571 | - | -€49,571 | |
| Gross operating margin | 9900 | €1,940,484 | €3,102,684 | +€1.2m | +59.9% |
| Operating profit (loss) | 9901 | €214,454 | €1,062,324 | +€847,871 | +395.4% |
| Financial income | 75/76B | €835 | €10 | -€826 | -98.9% |
| Recurring financial income | 75 | €835 | €10 | -€826 | -98.9% |
| Financial charges | 65/66B | €707,451 | €577,940 | -€129,511 | -18.3% |
| Recurring financial charges | 65 | €707,451 | €577,940 | -€129,511 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | -€492,162 | €484,394 | +€976,556 | |
| Profit (loss) for the period | 9904 | -€492,162 | €484,394 | +€976,556 | |
| Profit (loss) for the period to be appropriated | 9905 | -€492,162 | €484,394 | +€976,556 |
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 11 October 2026 via checked.be.