Altabeel: 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.
Altabeel
Largest movements
- Cash +€524,296
up €524,296 (+643%), from €81,542 to €605,838
- Financial fixed assets -€350,194
no longer reported in 2025 (was €350,194)
- Receivables within one year -€182,298
down €182,298 (-50.9%), from €358,268 to €175,969
of which Trade receivables: -€324,193
- Trade debts -€495,197
down €495,197 (-67.7%), from €731,344 to €236,147
- Reserves +€310,800
up €310,800 (+66.1%), from €469,860 to €780,660
of which Distributable reserves: +€310,800
- Tax, wage and social debts +€61,857
up €61,857 (+173%), from €35,760 to €97,617
- Debts after one year +€51,138
new in 2025: €51,138
- Accrued charges and deferred income +€33,155
new in 2025: €33,155
- Depreciation +€70,998
up €70,998 (+201%), from €35,256 to €106,254
- Gross operating margin +€55,411
up €55,411 (+37.1%), from €149,505 to €204,916
- Taxes +€6,834
up €6,834 (+58.5%), from €11,674 to €18,508
- Financial charges +€3,679
up €3,679 (+1,839%), from €200 to €3,879
- Other operating charges +€2,398
up €2,398 (+148%), from €1,617 to €4,015
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,412,020 | €1,410,816 | -€1,204 | -0.1% |
| Fixed assets | 21/28 | €955,380 | €611,965 | -€343,415 | -35.9% |
| Tangible fixed assets | 22/27 | €605,187 | €611,965 | +€6,778 | +1.1% |
| Plant, machinery and equipment | 23 | €600,961 | €521,317 | -€79,645 | -13.3% |
| Furniture and vehicles | 24 | €4,226 | €90,648 | +€86,423 | +2,045% |
| Financial fixed assets | 28 | €350,194 | - | -€350,194 | |
| Current assets | 29/58 | €456,640 | €798,851 | +€342,211 | +74.9% |
| Amounts receivable after more than one year | 29 | €16,829 | €16,829 | = | 0.0% |
| Other amounts receivable | 291 | €16,829 | €16,829 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €358,268 | €175,969 | -€182,298 | -50.9% |
| Trade receivables | 40 | €336,944 | €12,751 | -€324,193 | -96.2% |
| Other amounts receivable | 41 | €21,324 | €163,219 | +€141,895 | +665% |
| Cash at bank and in hand | 54/58 | €81,542 | €605,838 | +€524,296 | +643% |
| Deferred charges and accrued income | 490/1 | - | €214 | +€214 | |
| Total equity and liabilities | 10/49 | €1,412,020 | €1,410,816 | -€1,204 | -0.1% |
| Equity | 10/15 | €488,475 | €799,358 | +€310,883 | +63.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €469,860 | €780,660 | +€310,800 | +66.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €468,000 | €778,800 | +€310,800 | +66.4% |
| Profit (loss) carried forward | 14 | €15 | €98 | +€83 | +560% |
| Amounts payable | 17/49 | €923,545 | €611,458 | -€312,087 | -33.8% |
| Amounts payable after more than one year | 17 | - | €51,138 | +€51,138 | |
| Financial debts | 170/4 | - | €51,138 | +€51,138 | |
| Amounts payable within one year | 42/48 | €923,545 | €527,165 | -€396,380 | -42.9% |
| Current portion of amounts payable after more than one year | 42 | - | €19,590 | +€19,590 | |
| Trade debts | 44 | €731,344 | €236,147 | -€495,197 | -67.7% |
| Suppliers | 440/4 | €731,344 | €236,147 | -€495,197 | -67.7% |
| Taxes, remuneration and social security | 45 | €35,760 | €97,617 | +€61,857 | +173% |
| Taxes | 450/3 | €35,760 | €97,617 | +€61,857 | +173% |
| Other amounts payable | 47/48 | €156,441 | €173,812 | +€17,370 | +11.1% |
| Accrued charges and deferred income | 492/3 | - | €33,155 | +€33,155 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,256 | €106,254 | +€70,998 | +201% |
| Other operating charges | 640/8 | €1,617 | €4,015 | +€2,398 | +148% |
| Gross operating margin | 9900 | €149,505 | €204,916 | +€55,411 | +37.1% |
| Operating profit (loss) | 9901 | €112,632 | €94,647 | -€17,985 | -16.0% |
| Financial income | 75/76B | - | €87 | +€87 | |
| Recurring financial income | 75 | - | €87 | +€87 | |
| Financial charges | 65/66B | €200 | €3,879 | +€3,679 | +1,839% |
| Recurring financial charges | 65 | €200 | €3,879 | +€3,679 | +1,839% |
| Profit (loss) for the period before taxes | 9903 | €112,432 | €90,856 | -€21,576 | -19.2% |
| Income taxes | 67/77 | €11,674 | €18,508 | +€6,834 | +58.5% |
| Profit (loss) for the period | 9904 | €100,758 | €72,347 | -€28,410 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €100,758 | €72,347 | -€28,410 | -28.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.