ALTEOR: 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.
ALTEOR
Largest movements
- Receivables within one year -€33,797
down €33,797 (-28.5%), from €118,773 to €84,977
of which Trade receivables: -€18,797
- Tangible fixed assets +€18,543
up €18,543 (+23.5%), from €78,971 to €97,514
of which Furniture and vehicles: +€41,080
- Cash -€3,596
down €3,596 (-20.6%), from €17,473 to €13,877
mainly Investment in fixed assets (net) (-€56,155) and Trade debts (-€37,415)
- Trade debts -€37,415
down €37,415 (-58.5%), from €63,983 to €26,569
- Short-term financial debts +€20,067
new in 2025: €20,067
- Tax, wage and social debts +€5,280
up €5,280 (+13.8%), from €38,148 to €43,428
of which Taxes: +€4,208
- Other debts -€4,364
down €4,364 (-18.0%), from €24,281 to €19,916
- Gross operating margin +€21,207
up €21,207 (+8.0%), from €265,560 to €286,767
- Staff costs +€14,639
up €14,639 (+7.3%), from €199,299 to €213,938
- Depreciation +€6,271
up €6,271 (+20.0%), from €31,341 to €37,612
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.
Derived cash bridge
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 | €226,172 | €208,764 | -€17,407 | -7.7% |
| Fixed assets | 21/28 | €78,971 | €97,514 | +€18,543 | +23.5% |
| Tangible fixed assets | 22/27 | €78,971 | €97,514 | +€18,543 | +23.5% |
| Plant, machinery and equipment | 23 | €33,270 | €20,192 | -€13,078 | -39.3% |
| Furniture and vehicles | 24 | €14,627 | €55,707 | +€41,080 | +281% |
| Other tangible fixed assets | 26 | €31,074 | €21,615 | -€9,459 | -30.4% |
| Current assets | 29/58 | €147,201 | €111,250 | -€35,951 | -24.4% |
| Amounts receivable within one year | 40/41 | €118,773 | €84,977 | -€33,797 | -28.5% |
| Trade receivables | 40 | €103,773 | €84,977 | -€18,797 | -18.1% |
| Other amounts receivable | 41 | €15,000 | - | -€15,000 | |
| Cash at bank and in hand | 54/58 | €17,473 | €13,877 | -€3,596 | -20.6% |
| Deferred charges and accrued income | 490/1 | €10,955 | €12,396 | +€1,442 | +13.2% |
| Total equity and liabilities | 10/49 | €226,172 | €208,764 | -€17,407 | -7.7% |
| Equity | 10/15 | €99,443 | €98,584 | -€860 | -0.9% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €49,443 | €48,584 | -€860 | -1.7% |
| Distributable reserves | 133 | €49,443 | €48,584 | -€860 | -1.7% |
| Amounts payable | 17/49 | €126,728 | €110,181 | -€16,548 | -13.1% |
| Amounts payable within one year | 42/48 | €126,412 | €109,980 | -€16,432 | -13.0% |
| Financial debts | 43 | - | €20,067 | +€20,067 | |
| Other loans | 439 | - | €20,067 | +€20,067 | |
| Trade debts | 44 | €63,983 | €26,569 | -€37,415 | -58.5% |
| Suppliers | 440/4 | €63,983 | €26,569 | -€37,415 | -58.5% |
| Taxes, remuneration and social security | 45 | €38,148 | €43,428 | +€5,280 | +13.8% |
| Taxes | 450/3 | €16,411 | €20,620 | +€4,208 | +25.6% |
| Remuneration and social security | 454/9 | €21,737 | €22,809 | +€1,072 | +4.9% |
| Other amounts payable | 47/48 | €24,281 | €19,916 | -€4,364 | -18.0% |
| Accrued charges and deferred income | 492/3 | €317 | €201 | -€116 | -36.6% |
| Non-recurring operating income | 76A | - | €4,500 | +€4,500 | |
| Remuneration, social security and pensions | 62 | €199,299 | €213,938 | +€14,639 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,341 | €37,612 | +€6,271 | +20.0% |
| Other operating charges | 640/8 | €2,413 | €2,220 | -€193 | -8.0% |
| Gross operating margin | 9900 | €265,560 | €286,767 | +€21,207 | +8.0% |
| Operating profit (loss) | 9901 | €32,507 | €32,997 | +€490 | +1.5% |
| Financial income | 75/76B | €1,447 | €453 | -€994 | -68.7% |
| Recurring financial income | 75 | €1,447 | €453 | -€994 | -68.7% |
| Financial charges | 65/66B | €388 | €619 | +€231 | +59.6% |
| Recurring financial charges | 65 | €388 | €619 | +€231 | +59.6% |
| Profit (loss) for the period before taxes | 9903 | €33,566 | €32,831 | -€735 | -2.2% |
| Income taxes | 67/77 | €13,772 | €13,774 | +€2 | 0.0% |
| Profit (loss) for the period | 9904 | €19,794 | €19,057 | -€737 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,794 | €19,057 | -€737 | -3.7% |
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 15 October 2026 via checked.be.