Alter&O: 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&O
Largest movements
- Cash -€111,299
down €111,299 (-94.2%), from €118,205 to €6,905
mainly Contributions, distributions and other (-€510,300) and Other debts (-€80,649)
- Receivables within one year +€23,032
up €23,032 (+54.4%), from €42,350 to €65,382
of which Trade receivables: +€12,100
- Tangible fixed assets -€16,362
down €16,362 (-33.7%), from €48,538 to €32,176
- Financial fixed assets -€14,996
down €14,996 (-4.8%), from €314,368 to €299,372
- Other debts -€80,649
down €80,649 (-15.5%), from €519,316 to €438,667
- Debts after one year -€29,168
down €29,168 (-63.0%), from €46,299 to €17,131
- Tax, wage and social debts -€7,885
down €7,885 (-34.8%), from €22,639 to €14,754
- Gross operating margin +€57,398
up €57,398 (+73.9%), from €77,683 to €135,081
- Financial charges +€53,015
up €53,015 (+73.9%), from €71,758 to €124,772
- Financial income -€9,236
down €9,236 (-1.8%), from €526,641 to €517,405
of which Non-recurring financial income: -€20,597
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 | €727,178 | €609,715 | -€117,463 | -16.2% |
| Fixed assets | 21/28 | €362,906 | €331,548 | -€31,358 | -8.6% |
| Tangible fixed assets | 22/27 | €48,538 | €32,176 | -€16,362 | -33.7% |
| Furniture and vehicles | 24 | €48,538 | €32,176 | -€16,362 | -33.7% |
| Financial fixed assets | 28 | €314,368 | €299,372 | -€14,996 | -4.8% |
| Current assets | 29/58 | €364,272 | €278,167 | -€86,105 | -23.6% |
| Amounts receivable within one year | 40/41 | €42,350 | €65,382 | +€23,032 | +54.4% |
| Trade receivables | 40 | €42,350 | €54,450 | +€12,100 | +28.6% |
| Other amounts receivable | 41 | - | €10,932 | +€10,932 | |
| Current investments | 50/53 | €202,457 | €204,554 | +€2,097 | +1.0% |
| Cash at bank and in hand | 54/58 | €118,205 | €6,905 | -€111,299 | -94.2% |
| Deferred charges and accrued income | 490/1 | €1,260 | €1,326 | +€66 | +5.2% |
| Total equity and liabilities | 10/49 | €727,178 | €609,715 | -€117,463 | -16.2% |
| Equity | 10/15 | €100,130 | €100,014 | -€115 | -0.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €130 | €14 | -€115 | -89.1% |
| Amounts payable | 17/49 | €627,049 | €509,701 | -€117,347 | -18.7% |
| Amounts payable after more than one year | 17 | €46,299 | €17,131 | -€29,168 | -63.0% |
| Financial debts | 170/4 | €46,299 | €17,131 | -€29,168 | -63.0% |
| Amounts payable within one year | 42/48 | €580,750 | €492,570 | -€88,180 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €28,918 | €29,168 | +€250 | +0.9% |
| Trade debts | 44 | €9,877 | €9,981 | +€104 | +1.1% |
| Suppliers | 440/4 | €9,877 | €9,981 | +€104 | +1.1% |
| Taxes, remuneration and social security | 45 | €22,639 | €14,754 | -€7,885 | -34.8% |
| Taxes | 450/3 | €22,639 | €14,754 | -€7,885 | -34.8% |
| Other amounts payable | 47/48 | €519,316 | €438,667 | -€80,649 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,362 | €16,362 | = | 0.0% |
| Other operating charges | 640/8 | €536 | €1,147 | +€611 | +114% |
| Gross operating margin | 9900 | €77,683 | €135,081 | +€57,398 | +73.9% |
| Operating profit (loss) | 9901 | €60,785 | €117,572 | +€56,787 | +93.4% |
| Financial income | 75/76B | €526,641 | €517,405 | -€9,236 | -1.8% |
| Recurring financial income | 75 | €487,282 | €498,643 | +€11,361 | +2.3% |
| Non-recurring financial income | 76B | €39,358 | €18,762 | -€20,597 | -52.3% |
| Financial charges | 65/66B | €71,758 | €124,772 | +€53,015 | +73.9% |
| Recurring financial charges | 65 | €71,758 | €124,772 | +€53,015 | +73.9% |
| Profit (loss) for the period before taxes | 9903 | €515,668 | €510,205 | -€5,463 | -1.1% |
| Income taxes | 67/77 | €0 | €20 | +€20 | |
| Profit (loss) for the period | 9904 | €515,668 | €510,185 | -€5,483 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €515,668 | €510,185 | -€5,483 | -1.1% |
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 17 October 2026 via checked.be.