ALTEBRA: 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
ALTEBRA
NACE 43.221, Plumbing work
financial year 31-12-2025 compared with 31-12-2024filed annual accounts (NBB)
Net result for the year
€13.0m
31-12-2024 · €6.6m+€6.4m
Equity
€34.2m
31-12-2024 · €21.1m+€13.0m
Cash
€6.2m
31-12-2024 · €5.1m+€1.1m
Balance sheet total
€165.2m
31-12-2024 · €58.5m+€106.7m
Largest movements
Assets
- Financial fixed assets +€104.2m
up €104.2m (+304%), from €34.3m to €138.5m
of which Affiliated companies: +€104.2m
Equity and liabilities
- Debts after one year +€93.0m
up €93.0m (+1,028%), from €9.0m to €102.0m
of which Financial debts: +€54.8m
- Reserves +€13.0m
up €13.0m (+61.9%), from €21.1m to €34.1m
of which Distributable reserves: +€13.0m
- Other debts +€3.0m
up €3.0m (+31.9%), from €9.3m to €12.3m
- Trade debts -€2.4m
down €2.4m (-27.3%), from €8.9m to €6.5m
Income statement
- Financial income +€8.9m
up €8.9m (+349%), from €2.6m to €11.5m
- Turnover +€5.3m
up €5.3m (+9.6%), from €55.3m to €60.6m
- Goods and materials +€4.0m
up €4.0m (+11.1%), from €36.2m to €40.2m
of which Purchases: +€4.4m
- Financial charges +€3.1m
up €3.1m (+371%), from €823,672 to €3.9m
of which Financial charges: +€1.9m
- Services and other goods +€1.7m
up €1.7m (+43.3%), from €3.9m to €5.5m
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024
€6.6m
Turnover
+€5.3m
Other operating income
+€134,380
Goods and materials
-€4.0m
Services and other goods
-€1.7m
Staff costs
-€1.5m
Depreciation
-€118,620
Write-downs
-€147,259
Provisions
+€32,874
Other operating charges
+€2,198
Other operating items
+€2.1m
Financial income
+€8.9m
Financial charges
-€3.1m
Taxes
+€416,204
Result 31-12-2025
€13.0m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€13.0m
Investment
-€104.9m
Financing
+€93.0m
Cash 31-12-2024
€5.1m
From operations (derived)
+€13.0m
Net result for the year
+€13.0m
Depreciation
+€485,558
Stocks and contracts
-€1.2m
Smaller working-capital items
+€29,022
Trade debts
-€2.4m
Advances received
-€335,318
Other debts
+€3.0m
Accrued charges and deferred income
+€400,433
Investment (derived)
-€104.9m
Investment in fixed assets (net)
-€104.9m
Financing
+€93.0m
Debts after one year
+€93.0m
Current portion of long-term debt
-€557,203
Short-term financial debts
+€628,627
Cash 31-12-2025
€6.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €58,549,990 | €165,235,297 | +€106.7m | +182% |
| Fixed assets | 21/28 | €36,361,292 | €140,821,336 | +€104.5m | +287% |
| Intangible fixed assets | 21 | €463,734 | €453,853 | -€9,881 | -2.1% |
| Tangible fixed assets | 22/27 | €1,589,054 | €1,851,438 | +€262,384 | +16.5% |
| Plant, machinery and equipment | 23 | €407,002 | €403,914 | -€3,087 | -0.8% |
| Furniture and vehicles | 24 | €471,294 | €514,799 | +€43,505 | +9.2% |
| Other tangible fixed assets | 26 | €500,758 | €932,725 | +€431,966 | +86.3% |
| Assets under construction and advance payments | 27 | €210,000 | €0 | -€210,000 | -100% |
| Financial fixed assets | 28 | €34,308,503 | €138,516,045 | +€104.2m | +304% |
| Affiliated companies | 280/1 | €34,308,000 | €138,515,542 | +€104.2m | +304% |
| Participating interests | 280 | €34,308,000 | €138,515,542 | +€104.2m | +304% |
| Other financial fixed assets | 284/8 | €503 | €503 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €503 | €503 | = | 0.0% |
| Current assets | 29/58 | €22,188,698 | €24,413,961 | +€2.2m | +10.0% |
| Stocks and contracts in progress | 3 | €4,342,088 | €5,526,727 | +€1.2m | +27.3% |
| Stocks | 30/36 | €1,750,649 | €1,848,799 | +€98,150 | +5.6% |
| Raw materials and consumables | 30/31 | €1,750,649 | €1,848,799 | +€98,150 | +5.6% |
| Contracts in progress | 37 | €2,591,438 | €3,677,928 | +€1.1m | +41.9% |
| Amounts receivable within one year | 40/41 | €12,586,132 | €12,521,538 | -€64,594 | -0.5% |
| Trade receivables | 40 | €11,763,400 | €10,446,935 | -€1.3m | -11.2% |
| Other amounts receivable | 41 | €822,732 | €2,074,603 | +€1.3m | +152% |
| Cash at bank and in hand | 54/58 | €5,099,542 | €6,185,575 | +€1.1m | +21.3% |
| Deferred charges and accrued income | 490/1 | €160,937 | €180,121 | +€19,184 | +11.9% |
| Total equity and liabilities | 10/49 | €58,549,990 | €165,235,297 | +€106.7m | +182% |
| Equity | 10/15 | €21,129,272 | €34,177,193 | +€13.0m | +61.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €21,067,272 | €34,115,193 | +€13.0m | +61.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €21,061,072 | €34,108,993 | +€13.0m | +62.0% |
| Provisions and deferred taxes | 16 | €118,265 | €134,126 | +€15,861 | +13.4% |
| Provisions for liabilities and charges | 160/5 | €118,265 | €134,126 | +€15,861 | +13.4% |
| Other liabilities and charges | 164/5 | €118,265 | €134,126 | +€15,861 | +13.4% |
| Amounts payable | 17/49 | €37,302,453 | €130,923,978 | +€93.6m | +251% |
| Amounts payable after more than one year | 17 | €9,041,650 | €102,013,750 | +€93.0m | +1,028% |
| Financial debts | 170/4 | €9,041,650 | €63,853,750 | +€54.8m | +606% |
| Subordinated loans | 170 | - | €19,970,000 | +€20.0m | |
| Credit institutions | 173 | €7,241,650 | €43,883,750 | +€36.6m | +506% |
| Other loans | 174 | €1,800,000 | - | -€1.8m | |
| Other amounts payable | 178/9 | - | €38,160,000 | +€38.2m | |
| Amounts payable within one year | 42/48 | €27,714,282 | €27,963,274 | +€248,993 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €5,138,703 | €4,581,500 | -€557,203 | -10.8% |
| Financial debts | 43 | - | €628,627 | +€628,627 | |
| Credit institutions | 430/8 | - | €628,627 | +€628,627 | |
| Trade debts | 44 | €8,885,370 | €6,455,290 | -€2.4m | -27.3% |
| Suppliers | 440/4 | €8,885,370 | €6,455,290 | -€2.4m | -27.3% |
| Advances received on contracts in progress | 46 | €2,926,501 | €2,591,183 | -€335,318 | -11.5% |
| Taxes, remuneration and social security | 45 | €1,444,399 | €1,412,150 | -€32,249 | -2.2% |
| Taxes | 450/3 | €526,191 | €399,255 | -€126,936 | -24.1% |
| Remuneration and social security | 454/9 | €918,207 | €1,012,895 | +€94,687 | +10.3% |
| Other amounts payable | 47/48 | €9,319,308 | €12,294,524 | +€3.0m | +31.9% |
| Accrued charges and deferred income | 492/3 | €546,522 | €946,954 | +€400,433 | +73.3% |
| Operating income | 70/76A | €55,796,487 | €62,106,639 | +€6.3m | +11.3% |
| Turnover | 70 | €55,265,364 | €60,565,419 | +€5.3m | +9.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €62,899 | €1,106,847 | +€1.0m | +1,660% |
| Own construction capitalised | 72 | €200,000 | €26,325 | -€173,675 | -86.8% |
| Other operating income | 74 | €255,157 | €389,538 | +€134,380 | +52.7% |
| Non-recurring operating income | 76A | €13,067 | €18,510 | +€5,443 | +41.7% |
| Operating charges | 60/66A | €49,316,440 | €55,511,370 | +€6.2m | +12.6% |
| Goods for resale, raw materials and consumables | 60 | €36,186,845 | €40,217,818 | +€4.0m | +11.1% |
| Purchases | 600/8 | €36,009,821 | €40,423,135 | +€4.4m | +12.3% |
| Change in stocks: decrease (increase) | 609 | €177,024 | -€205,317 | -€382,341 | |
| Services and other goods | 61 | €3,871,464 | €5,549,249 | +€1.7m | +43.3% |
| Remuneration, social security and pensions | 62 | €7,606,497 | €9,057,891 | +€1.5m | +19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €366,938 | €485,558 | +€118,620 | +32.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,804 | €150,063 | +€147,259 | +5,251% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €48,735 | €15,861 | -€32,874 | -67.5% |
| Other operating charges | 640/8 | €30,150 | €27,952 | -€2,198 | -7.3% |
| Non-recurring operating charges | 66A | €1,203,006 | €6,977 | -€1.2m | -99.4% |
| Operating profit (loss) | 9901 | €6,480,047 | €6,595,269 | +€115,222 | +1.8% |
| Financial income | 75/76B | €2,557,996 | €11,485,453 | +€8.9m | +349% |
| Recurring financial income | 75 | €2,557,996 | €11,485,453 | +€8.9m | +349% |
| Income from financial fixed assets | 750 | €2,500,000 | €11,420,289 | +€8.9m | +357% |
| Income from current assets | 751 | €13,895 | €40,719 | +€26,824 | +193% |
| Other financial income | 752/9 | €44,101 | €24,445 | -€19,655 | -44.6% |
| Financial charges | 65/66B | €823,672 | €3,880,465 | +€3.1m | +371% |
| Recurring financial charges | 65 | €823,672 | €2,750,203 | +€1.9m | +234% |
| Debt charges | 650 | €692,224 | €2,742,320 | +€2.1m | +296% |
| Other financial charges | 652/9 | €131,448 | €7,883 | -€123,566 | -94.0% |
| Non-recurring financial charges | 66B | - | €1,130,262 | +€1.1m | |
| Profit (loss) for the period before taxes | 9903 | €8,214,370 | €14,200,257 | +€6.0m | +72.9% |
| Income taxes | 67/77 | €1,568,540 | €1,152,336 | -€416,204 | -26.5% |
| Taxes | 670/3 | €1,571,300 | €1,180,000 | -€391,300 | -24.9% |
| Tax adjustments and reversals of tax provisions | 77 | €2,760 | €27,664 | +€24,904 | +902% |
| Profit (loss) for the period | 9904 | €6,645,831 | €13,047,921 | +€6.4m | +96.3% |
| Transfer from tax-exempt reserves | 789 | €430,504 | €0 | -€430,504 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €7,076,335 | €13,047,921 | +€6.0m | +84.4% |
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 14 October 2026 via checked.be.