Alter&G: 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&G
Largest movements
- Cash -€43,330
down €43,330 (-10.8%), from €401,318 to €357,988
mainly Contributions, distributions and other (-€564,918) and Debts after one year (-€29,168)
- Financial fixed assets -€14,996
down €14,996 (-4.7%), from €316,480 to €301,484
- Tangible fixed assets +€12,011
up €12,011 (+462%), from €2,601 to €14,612
of which Land and buildings: +€13,540
- Debts after one year -€29,168
down €29,168 (-63.0%), from €46,300 to €17,131
- Other debts -€10,672
down €10,672 (-1.8%), from €586,059 to €575,386
- Gross operating margin +€57,436
up €57,436 (+55.5%), from €103,456 to €160,892
- Financial charges +€35,447
up €35,447 (+70.6%), from €50,208 to €85,654
- Financial income -€10,539
down €10,539 (-2.0%), from €523,895 to €513,356
- Taxes +€4,562
up €4,562 (+32.8%), from €13,894 to €18,456
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 | €785,420 | €742,601 | -€42,819 | -5.5% |
| Fixed assets | 21/28 | €319,081 | €316,096 | -€2,986 | -0.9% |
| Tangible fixed assets | 22/27 | €2,601 | €14,612 | +€12,011 | +462% |
| Land and buildings | 22 | - | €13,540 | +€13,540 | |
| Furniture and vehicles | 24 | €2,601 | €1,072 | -€1,529 | -58.8% |
| Financial fixed assets | 28 | €316,480 | €301,484 | -€14,996 | -4.7% |
| Current assets | 29/58 | €466,338 | €426,505 | -€39,833 | -8.5% |
| Amounts receivable within one year | 40/41 | €63,525 | €65,994 | +€2,469 | +3.9% |
| Trade receivables | 40 | €63,525 | €54,450 | -€9,075 | -14.3% |
| Other amounts receivable | 41 | - | €11,544 | +€11,544 | |
| Cash at bank and in hand | 54/58 | €401,318 | €357,988 | -€43,330 | -10.8% |
| Deferred charges and accrued income | 490/1 | €1,495 | €2,523 | +€1,028 | +68.8% |
| Total equity and liabilities | 10/49 | €785,420 | €742,601 | -€42,819 | -5.5% |
| Equity | 10/15 | €100,000 | €100,000 | = | 0.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable | 17/49 | €685,420 | €642,601 | -€42,819 | -6.2% |
| Amounts payable after more than one year | 17 | €46,300 | €17,131 | -€29,168 | -63.0% |
| Financial debts | 170/4 | €46,300 | €17,131 | -€29,168 | -63.0% |
| Amounts payable within one year | 42/48 | €639,120 | €621,777 | -€17,343 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €28,918 | €29,168 | +€250 | +0.9% |
| Trade debts | 44 | €6,786 | €576 | -€6,210 | -91.5% |
| Suppliers | 440/4 | €6,786 | €576 | -€6,210 | -91.5% |
| Taxes, remuneration and social security | 45 | €17,357 | €16,647 | -€711 | -4.1% |
| Taxes | 450/3 | €13,359 | €16,647 | +€3,287 | +24.6% |
| Remuneration and social security | 454/9 | €3,998 | - | -€3,998 | |
| Other amounts payable | 47/48 | €586,059 | €575,386 | -€10,672 | -1.8% |
| Accrued charges and deferred income | 492/3 | - | €3,692 | +€3,692 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,853 | €3,771 | +€919 | +32.2% |
| Other operating charges | 640/8 | €467 | €1,104 | +€636 | +136% |
| Non-recurring operating charges | 66A | - | €344 | +€344 | |
| Gross operating margin | 9900 | €103,456 | €160,892 | +€57,436 | +55.5% |
| Operating profit (loss) | 9901 | €100,136 | €155,673 | +€55,537 | +55.5% |
| Financial income | 75/76B | €523,895 | €513,356 | -€10,539 | -2.0% |
| Recurring financial income | 75 | €523,895 | €513,356 | -€10,539 | -2.0% |
| Financial charges | 65/66B | €50,208 | €85,654 | +€35,447 | +70.6% |
| Recurring financial charges | 65 | €50,208 | €85,654 | +€35,447 | +70.6% |
| Profit (loss) for the period before taxes | 9903 | €573,823 | €583,374 | +€9,551 | +1.7% |
| Income taxes | 67/77 | €13,894 | €18,456 | +€4,562 | +32.8% |
| Profit (loss) for the period | 9904 | €559,929 | €564,918 | +€4,990 | +0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €559,929 | €564,918 | +€4,990 | +0.9% |
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.