ALTEMSAH: 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.
ALTEMSAH
Largest movements
- Receivables after one year -€65,000
down €65,000 (-29.2%), from €222,500 to €157,500
of which Other amounts receivable: -€65,000
- Stocks and contracts +€4,235
up €4,235 (+81.3%), from €5,206 to €9,441
- Tangible fixed assets -€2,600
down €2,600 (-52.2%), from €4,983 to €2,383
- Debts after one year -€65,000
down €65,000 (-100.0%), from €65,000 to €0
- Current portion of long-term debt -€8,671
down €8,671 (-100.0%), from €8,671 to €0
- Trade debts +€7,084
up €7,084 (+97.0%), from €7,301 to €14,386
- Reserves +€6,700
up €6,700 (+5.3%), from €126,195 to €132,894
of which Distributable reserves: +€6,700
- Other debts +€4,893
up €4,893 (+5301.7%), from €92 to €4,985
- Gross operating margin -€55,798
down €55,798 (-47.9%), from €116,557 to €60,759
- Staff costs +€23,601
up €23,601 (+107.5%), from €21,947 to €45,548
- Taxes -€3,405
down €3,405 (-68.4%), from €4,978 to €1,573
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 | €240,473 | €178,289 | -€62,184 | -25.9% |
| Fixed assets | 21/28 | €4,983 | €2,383 | -€2,600 | -52.2% |
| Tangible fixed assets | 22/27 | €4,983 | €2,383 | -€2,600 | -52.2% |
| Plant, machinery and equipment | 23 | €4,983 | €2,383 | -€2,600 | -52.2% |
| Current assets | 29/58 | €235,490 | €175,906 | -€59,584 | -25.3% |
| Amounts receivable after more than one year | 29 | €222,500 | €157,500 | -€65,000 | -29.2% |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €222,500 | €157,500 | -€65,000 | -29.2% |
| Stocks and contracts in progress | 3 | €5,206 | €9,441 | +€4,235 | +81.3% |
| Stocks | 30/36 | €5,206 | €9,441 | +€4,235 | +81.3% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €7,784 | €8,965 | +€1,181 | +15.2% |
| Total equity and liabilities | 10/49 | €240,473 | €178,289 | -€62,184 | -25.9% |
| Equity | 10/15 | €144,795 | €151,494 | +€6,700 | +4.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €126,195 | €132,894 | +€6,700 | +5.3% |
| 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 | €124,335 | €131,034 | +€6,700 | +5.4% |
| Amounts payable | 17/49 | €95,679 | €26,795 | -€68,884 | -72.0% |
| Amounts payable after more than one year | 17 | €65,000 | €0 | -€65,000 | -100.0% |
| Financial debts | 170/4 | €65,000 | €0 | -€65,000 | -100.0% |
| Amounts payable within one year | 42/48 | €30,679 | €26,795 | -€3,884 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €8,671 | €0 | -€8,671 | -100.0% |
| Financial debts | 43 | €2,503 | €0 | -€2,503 | -100.0% |
| Credit institutions | 430/8 | €2,503 | €0 | -€2,503 | -100.0% |
| Trade debts | 44 | €7,301 | €14,386 | +€7,084 | +97.0% |
| Suppliers | 440/4 | €7,301 | €14,386 | +€7,084 | +97.0% |
| Taxes, remuneration and social security | 45 | €12,111 | €7,424 | -€4,687 | -38.7% |
| Taxes | 450/3 | €10,771 | €7,424 | -€3,347 | -31.1% |
| Remuneration and social security | 454/9 | €1,340 | €0 | -€1,340 | -100.0% |
| Other amounts payable | 47/48 | €92 | €4,985 | +€4,893 | +5301.7% |
| Remuneration, social security and pensions | 62 | €21,947 | €45,548 | +€23,601 | +107.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,600 | €2,600 | = | 0.0% |
| Other operating charges | 640/8 | €3,068 | €2,219 | -€849 | -27.7% |
| Non-recurring operating charges | 66A | €65,000 | €0 | -€65,000 | -100.0% |
| Gross operating margin | 9900 | €116,557 | €60,759 | -€55,798 | -47.9% |
| Operating profit (loss) | 9901 | €23,943 | €10,392 | -€13,551 | -56.6% |
| Financial income | 75/76B | €0 | €30 | +€30 | +304400.0% |
| Recurring financial income | 75 | €0 | €30 | +€30 | +304400.0% |
| Financial charges | 65/66B | €2,441 | €2,150 | -€291 | -11.9% |
| Recurring financial charges | 65 | €2,441 | €2,150 | -€291 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €21,501 | €8,273 | -€13,229 | -61.5% |
| Income taxes | 67/77 | €4,978 | €1,573 | -€3,405 | -68.4% |
| Profit (loss) for the period | 9904 | €16,523 | €6,700 | -€9,823 | -59.5% |
| Profit (loss) for the period to be appropriated | 9905 | €16,523 | €6,700 | -€9,823 | -59.5% |
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 8 October 2026 via checked.be.