ALTAJ: what changed
Two fiscal 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.
ALTAJ
Largest movements
- Cash +€809,090
up €809,090 (+215.5%), from €375,479 to €1.2m
mainly Net result for the year (+€769,084) and Tax, wage and social debts (+€178,444)
- Receivables within one year +€89,412
up €89,412 (+53.6%), from €166,806 to €256,218
of which Other amounts receivable: +€74,421
- Reserves +€769,084
up €769,084 (+84.0%), from €915,524 to €1.7m
- Tax, wage and social debts +€178,444
up €178,444 (+105.4%), from €169,266 to €347,710
of which Taxes: +€176,075
- Trade debts -€80,911
down €80,911 (-31.8%), from €254,310 to €173,399
- Debts after one year -€25,357
down €25,357 (-48.9%), from €51,810 to €26,453
- Gross operating margin +€186,001
up €186,001 (+17.9%), from €1.0m to €1.2m
- Depreciation -€72,115
down €72,115 (-56.1%), from €128,610 to €56,495
- Taxes +€65,467
up €65,467 (+32.3%), from €202,957 to €268,424
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,438,451 | €2,302,270 | +€863,818 | +60.1% |
| Fixed assets | 21/28 | €865,054 | €850,643 | -€14,411 | -1.7% |
| Tangible fixed assets | 22/27 | €861,799 | €847,370 | -€14,429 | -1.7% |
| Land and buildings | 22 | €720,875 | €698,975 | -€21,900 | -3.0% |
| Plant, machinery and equipment | 23 | €106,808 | €119,689 | +€12,881 | +12.1% |
| Furniture and vehicles | 24 | €34,116 | €28,706 | -€5,410 | -15.9% |
| Financial fixed assets | 28 | €3,255 | €3,273 | +€17 | +0.5% |
| Current assets | 29/58 | €573,397 | €1,451,627 | +€878,229 | +153.2% |
| Stocks and contracts in progress | 3 | €11,154 | €3,881 | -€7,273 | -65.2% |
| Stocks | 30/36 | €11,154 | €3,881 | -€7,273 | -65.2% |
| Amounts receivable within one year | 40/41 | €166,806 | €256,218 | +€89,412 | +53.6% |
| Trade receivables | 40 | €125,748 | €140,739 | +€14,991 | +11.9% |
| Other amounts receivable | 41 | €41,058 | €115,478 | +€74,421 | +181.3% |
| Cash at bank and in hand | 54/58 | €375,479 | €1,184,569 | +€809,090 | +215.5% |
| Deferred charges and accrued income | 490/1 | €19,958 | €6,959 | -€12,999 | -65.1% |
| Total equity and liabilities | 10/49 | €1,438,451 | €2,302,270 | +€863,818 | +60.1% |
| Equity | 10/15 | €920,313 | €1,689,397 | +€769,084 | +83.6% |
| Contributions | 10/11 | €4,789 | €4,789 | = | 0.0% |
| Reserves | 13 | €915,524 | €1,684,607 | +€769,084 | +84.0% |
| Distributable reserves | 133 | €915,524 | €1,684,607 | +€769,084 | +84.0% |
| Amounts payable | 17/49 | €518,139 | €612,873 | +€94,734 | +18.3% |
| Amounts payable after more than one year | 17 | €51,810 | €26,453 | -€25,357 | -48.9% |
| Financial debts | 170/4 | €51,810 | €26,453 | -€25,357 | -48.9% |
| Amounts payable within one year | 42/48 | €466,328 | €586,420 | +€120,092 | +25.8% |
| Current portion of amounts payable after more than one year | 42 | €24,202 | €25,357 | +€1,155 | +4.8% |
| Financial debts | 43 | €11,961 | €27,084 | +€15,123 | +126.4% |
| Credit institutions | 430/8 | €11,961 | €27,084 | +€15,123 | +126.4% |
| Trade debts | 44 | €254,310 | €173,399 | -€80,911 | -31.8% |
| Suppliers | 440/4 | €254,310 | €173,399 | -€80,911 | -31.8% |
| Taxes, remuneration and social security | 45 | €169,266 | €347,710 | +€178,444 | +105.4% |
| Taxes | 450/3 | €151,156 | €327,232 | +€176,075 | +116.5% |
| Remuneration and social security | 454/9 | €18,110 | €20,479 | +€2,369 | +13.1% |
| Other amounts payable | 47/48 | €6,589 | €12,869 | +€6,280 | +95.3% |
| Non-recurring operating income | 76A | €2,893 | - | -€2,893 | |
| Remuneration, social security and pensions | 62 | €111,855 | €115,951 | +€4,096 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,610 | €56,495 | -€72,115 | -56.1% |
| Other operating charges | 640/8 | €3,939 | €9,611 | +€5,672 | +144.0% |
| Non-recurring operating charges | 66A | €21,300 | €2,513 | -€18,787 | -88.2% |
| Gross operating margin | 9900 | €1,038,634 | €1,224,635 | +€186,001 | +17.9% |
| Operating profit (loss) | 9901 | €772,930 | €1,040,064 | +€267,135 | +34.6% |
| Financial income | 75/76B | €7,557 | €4,291 | -€3,266 | -43.2% |
| Recurring financial income | 75 | €7,557 | €4,291 | -€3,266 | -43.2% |
| Financial charges | 65/66B | €7,207 | €6,847 | -€360 | -5.0% |
| Recurring financial charges | 65 | €7,207 | €6,847 | -€360 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €773,280 | €1,037,508 | +€264,228 | +34.2% |
| Income taxes | 67/77 | €202,957 | €268,424 | +€65,467 | +32.3% |
| Profit (loss) for the period | 9904 | €570,323 | €769,084 | +€198,761 | +34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €570,323 | €769,084 | +€198,761 | +34.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.