ALTER: 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.
ALTER
Largest movements
- Cash -€26,966
down €26,966 (-16.7%), from €161,738 to €134,772
mainly Contributions, distributions and other (-€100,468) and Other debts (-€96,999)
- Receivables within one year -€21,700
down €21,700 (-34.8%), from €62,300 to €40,600
of which Trade receivables: -€15,086
- Debts after one year +€149,586
up €149,586 (+109.9%), from €136,123 to €285,710
- Profit (loss) carried forward -€99,257
down €99,257 (-57.6%), from €172,337 to €73,081
- Other debts -€96,999
down €96,999 (-94.4%), from €102,784 to €5,784
- Gross operating margin -€11,988
down €11,988 (-15.3%), from €78,112 to €66,125
- Other operating charges -€6,933
down €6,933 (-59.2%), from €11,704 to €4,771
- Taxes -€3,284
down €3,284 (-52.2%), from €6,294 to €3,010
- Financial charges +€3,012
up €3,012 (+32.1%), from €9,395 to €12,407
- Depreciation +€928
up €928 (+2.0%), from €45,523 to €46,451
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 | €474,356 | €429,229 | -€45,126 | -9.5% |
| Fixed assets | 21/28 | €249,377 | €252,546 | +€3,169 | +1.3% |
| Tangible fixed assets | 22/27 | €249,377 | €252,546 | +€3,169 | +1.3% |
| Land and buildings | 22 | €197,985 | €226,116 | +€28,130 | +14.2% |
| Plant, machinery and equipment | 23 | €0 | €2,462 | +€2,462 | |
| Furniture and vehicles | 24 | €49,586 | €22,735 | -€26,852 | -54.2% |
| Other tangible fixed assets | 26 | €1,805 | €1,234 | -€571 | -31.6% |
| Current assets | 29/58 | €224,979 | €176,683 | -€48,296 | -21.5% |
| Amounts receivable within one year | 40/41 | €62,300 | €40,600 | -€21,700 | -34.8% |
| Trade receivables | 40 | €48,454 | €33,368 | -€15,086 | -31.1% |
| Other amounts receivable | 41 | €13,846 | €7,232 | -€6,613 | -47.8% |
| Cash at bank and in hand | 54/58 | €161,738 | €134,772 | -€26,966 | -16.7% |
| Deferred charges and accrued income | 490/1 | €941 | €1,311 | +€370 | +39.3% |
| Total equity and liabilities | 10/49 | €474,356 | €429,229 | -€45,126 | -9.5% |
| Equity | 10/15 | €200,619 | €100,895 | -€99,724 | -49.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €172,337 | €73,081 | -€99,257 | -57.6% |
| Investment grants | 15 | €7,822 | €7,354 | -€468 | -6.0% |
| Amounts payable | 17/49 | €273,737 | €328,335 | +€54,598 | +19.9% |
| Amounts payable after more than one year | 17 | €136,123 | €285,710 | +€149,586 | +109.9% |
| Financial debts | 170/4 | €136,123 | €285,710 | +€149,586 | +109.9% |
| Amounts payable within one year | 42/48 | €130,956 | €33,063 | -€97,893 | -74.8% |
| Current portion of amounts payable after more than one year | 42 | €20,128 | €20,414 | +€286 | +1.4% |
| Trade debts | 44 | €1,872 | €4,804 | +€2,932 | +156.6% |
| Suppliers | 440/4 | €1,872 | €4,804 | +€2,932 | +156.6% |
| Taxes, remuneration and social security | 45 | €6,172 | €2,061 | -€4,111 | -66.6% |
| Taxes | 450/3 | €4,416 | €2,061 | -€2,355 | -53.3% |
| Remuneration and social security | 454/9 | €1,756 | €0 | -€1,756 | -100.0% |
| Other amounts payable | 47/48 | €102,784 | €5,784 | -€96,999 | -94.4% |
| Accrued charges and deferred income | 492/3 | €6,658 | €9,562 | +€2,905 | +43.6% |
| Non-recurring operating income | 76A | - | €968 | +€968 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,523 | €46,451 | +€928 | +2.0% |
| Other operating charges | 640/8 | €11,704 | €4,771 | -€6,933 | -59.2% |
| Gross operating margin | 9900 | €78,112 | €66,125 | -€11,988 | -15.3% |
| Operating profit (loss) | 9901 | €20,885 | €14,902 | -€5,983 | -28.6% |
| Financial income | 75/76B | €956 | €1,258 | +€303 | +31.7% |
| Recurring financial income | 75 | €956 | €1,258 | +€303 | +31.7% |
| Financial charges | 65/66B | €9,395 | €12,407 | +€3,012 | +32.1% |
| Recurring financial charges | 65 | €9,395 | €12,407 | +€3,012 | +32.1% |
| Profit (loss) for the period before taxes | 9903 | €12,446 | €3,754 | -€8,692 | -69.8% |
| Income taxes | 67/77 | €6,294 | €3,010 | -€3,284 | -52.2% |
| Profit (loss) for the period | 9904 | €6,152 | €744 | -€5,408 | -87.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,152 | €744 | -€5,408 | -87.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.