ALTER: 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.
ALTER
Largest movements
- Cash -€28,922
down €28,922 (-28.7%), from €100,892 to €71,970
mainly Investment in fixed assets (net) (-€55,288) and Other debts (-€35,651)
- Tangible fixed assets +€15,977
up €15,977 (+20.4%), from €78,297 to €94,274
of which Plant, machinery and equipment: +€36,052
- Stocks and contracts +€4,951
up €4,951 (+4.7%), from €105,385 to €110,336
- Debts after one year +€36,933
up €36,933 (+293.6%), from €12,580 to €49,513
- Other debts -€35,651
down €35,651 (-50.7%), from €70,314 to €34,662
- Trade debts -€29,869
down €29,869 (-40.7%), from €73,360 to €43,491
- Reserves +€16,476
up €16,476 (+31.0%), from €53,079 to €69,555
- Current portion of long-term debt +€7,073
up €7,073 (+20.1%), from €35,173 to €42,246
- Gross operating margin +€45,593
up €45,593 (+12.8%), from €356,353 to €401,946
- Staff costs +€34,337
up €34,337 (+12.9%), from €266,111 to €300,447
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 | €306,944 | €296,852 | -€10,092 | -3.3% |
| Fixed assets | 21/28 | €78,297 | €94,274 | +€15,977 | +20.4% |
| Tangible fixed assets | 22/27 | €78,297 | €94,274 | +€15,977 | +20.4% |
| Land and buildings | 22 | €42,533 | €20,149 | -€22,385 | -52.6% |
| Plant, machinery and equipment | 23 | €30,875 | €66,927 | +€36,052 | +116.8% |
| Furniture and vehicles | 24 | €4,888 | €7,198 | +€2,310 | +47.2% |
| Current assets | 29/58 | €228,647 | €202,578 | -€26,068 | -11.4% |
| Stocks and contracts in progress | 3 | €105,385 | €110,336 | +€4,951 | +4.7% |
| Stocks | 30/36 | €105,385 | €110,336 | +€4,951 | +4.7% |
| Amounts receivable within one year | 40/41 | €21,627 | €20,272 | -€1,355 | -6.3% |
| Trade receivables | 40 | €11,694 | €14,544 | +€2,850 | +24.4% |
| Other amounts receivable | 41 | €9,933 | €5,728 | -€4,205 | -42.3% |
| Cash at bank and in hand | 54/58 | €100,892 | €71,970 | -€28,922 | -28.7% |
| Deferred charges and accrued income | 490/1 | €742 | €0 | -€742 | -100.0% |
| Total equity and liabilities | 10/49 | €306,944 | €296,852 | -€10,092 | -3.3% |
| Equity | 10/15 | €59,279 | €75,755 | +€16,476 | +27.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €53,079 | €69,555 | +€16,476 | +31.0% |
| Distributable reserves | 133 | €53,079 | €69,555 | +€16,476 | +31.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €247,664 | €221,096 | -€26,568 | -10.7% |
| Amounts payable after more than one year | 17 | €12,580 | €49,513 | +€36,933 | +293.6% |
| Financial debts | 170/4 | €12,580 | €49,513 | +€36,933 | +293.6% |
| Amounts payable within one year | 42/48 | €217,454 | €157,335 | -€60,119 | -27.6% |
| Current portion of amounts payable after more than one year | 42 | €35,173 | €42,246 | +€7,073 | +20.1% |
| Trade debts | 44 | €73,360 | €43,491 | -€29,869 | -40.7% |
| Suppliers | 440/4 | €73,360 | €43,491 | -€29,869 | -40.7% |
| Taxes, remuneration and social security | 45 | €38,607 | €36,935 | -€1,672 | -4.3% |
| Taxes | 450/3 | €11,044 | €6,749 | -€4,294 | -38.9% |
| Remuneration and social security | 454/9 | €27,564 | €30,186 | +€2,622 | +9.5% |
| Other amounts payable | 47/48 | €70,314 | €34,662 | -€35,651 | -50.7% |
| Accrued charges and deferred income | 492/3 | €17,630 | €14,248 | -€3,382 | -19.2% |
| Remuneration, social security and pensions | 62 | €266,111 | €300,447 | +€34,337 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,104 | €39,311 | +€3,207 | +8.9% |
| Other operating charges | 640/8 | €1,915 | €1,883 | -€32 | -1.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €356,353 | €401,946 | +€45,593 | +12.8% |
| Operating profit (loss) | 9901 | €52,223 | €60,305 | +€8,081 | +15.5% |
| Financial income | 75/76B | €373 | €131 | -€242 | -64.8% |
| Recurring financial income | 75 | €373 | €131 | -€242 | -64.8% |
| Financial charges | 65/66B | €9,889 | €12,101 | +€2,212 | +22.4% |
| Recurring financial charges | 65 | €9,889 | €12,101 | +€2,212 | +22.4% |
| Profit (loss) for the period before taxes | 9903 | €42,707 | €48,334 | +€5,627 | +13.2% |
| Income taxes | 67/77 | €3,981 | €2,858 | -€1,123 | -28.2% |
| Profit (loss) for the period | 9904 | €38,726 | €45,476 | +€6,750 | +17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €38,726 | €45,476 | +€6,750 | +17.4% |
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 11 October 2026 via checked.be.