ALTER RE: 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 RE
Largest movements
- Tangible fixed assets -€106,565
down €106,565 (-8.0%), from €1.3m to €1.2m
of which Land and buildings: -€102,807
- Cash -€23,650
down €23,650 (-24.1%), from €98,024 to €74,374
mainly Contributions, distributions and other (-€354,000) and Debts after one year (-€122,934)
- Reserves -€354,000
down €354,000 (-75.3%), from €469,887 to €115,887
- Other debts +€306,219
up €306,219 (+397.4%), from €77,051 to €383,270
- Debts after one year -€122,934
down €122,934 (-11.1%), from €1.1m to €981,649
of which Financial debts: -€116,417
- Tax, wage and social debts +€23,097
up €23,097 (+74.7%), from €30,928 to €54,025
- Gross operating margin +€74,304
up €74,304 (+41.4%), from €179,364 to €253,667
- Financial charges +€39,571
up €39,571 (+65.1%), from €60,785 to €100,357
of which Non-recurring financial charges: +€40,000
- Taxes +€14,023
up €14,023 (+212.7%), from €6,592 to €20,615
- Financial income -€6,861
down €6,861 (-74.7%), from €9,184 to €2,323
- Other operating charges +€5,997
up €5,997 (+172.3%), from €3,482 to €9,479
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 | €1,769,000 | €1,645,480 | -€123,519 | -7.0% |
| Fixed assets | 21/28 | €1,337,478 | €1,240,913 | -€96,565 | -7.2% |
| Tangible fixed assets | 22/27 | €1,337,478 | €1,230,913 | -€106,565 | -8.0% |
| Land and buildings | 22 | €1,320,462 | €1,217,655 | -€102,807 | -7.8% |
| Plant, machinery and equipment | 23 | €11,958 | €8,422 | -€3,535 | -29.6% |
| Furniture and vehicles | 24 | €5,058 | €4,835 | -€223 | -4.4% |
| Financial fixed assets | 28 | - | €10,000 | +€10,000 | |
| Current assets | 29/58 | €431,522 | €404,567 | -€26,955 | -6.2% |
| Amounts receivable within one year | 40/41 | €194,340 | €193,686 | -€653 | -0.3% |
| Trade receivables | 40 | €108,314 | €156,924 | +€48,610 | +44.9% |
| Other amounts receivable | 41 | €86,025 | €36,762 | -€49,263 | -57.3% |
| Current investments | 50/53 | €134,502 | €134,502 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €98,024 | €74,374 | -€23,650 | -24.1% |
| Deferred charges and accrued income | 490/1 | €4,656 | €2,005 | -€2,652 | -56.9% |
| Total equity and liabilities | 10/49 | €1,769,000 | €1,645,480 | -€123,519 | -7.0% |
| Equity | 10/15 | €411,897 | €70,224 | -€341,673 | -83.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €469,887 | €115,887 | -€354,000 | -75.3% |
| Distributable reserves | 133 | €469,887 | €115,887 | -€354,000 | -75.3% |
| Profit (loss) carried forward | 14 | -€70,390 | -€58,063 | +€12,327 | +17.5% |
| Amounts payable | 17/49 | €1,357,103 | €1,575,256 | +€218,154 | +16.1% |
| Amounts payable after more than one year | 17 | €1,104,583 | €981,649 | -€122,934 | -11.1% |
| Financial debts | 170/4 | €669,583 | €553,167 | -€116,417 | -17.4% |
| Other amounts payable | 178/9 | €435,000 | €428,482 | -€6,518 | -1.5% |
| Amounts payable within one year | 42/48 | €227,307 | €568,503 | +€341,196 | +150.1% |
| Current portion of amounts payable after more than one year | 42 | €116,417 | €116,417 | = | 0.0% |
| Trade debts | 44 | €2,911 | €14,792 | +€11,881 | +408.1% |
| Suppliers | 440/4 | €2,911 | €14,792 | +€11,881 | +408.1% |
| Taxes, remuneration and social security | 45 | €30,928 | €54,025 | +€23,097 | +74.7% |
| Taxes | 450/3 | €30,928 | €54,025 | +€23,097 | +74.7% |
| Other amounts payable | 47/48 | €77,051 | €383,270 | +€306,219 | +397.4% |
| Accrued charges and deferred income | 492/3 | €25,213 | €25,104 | -€108 | -0.4% |
| Non-recurring operating income | 76A | - | €103,103 | +€103,103 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,385 | €113,213 | -€2,172 | -1.9% |
| Other operating charges | 640/8 | €3,482 | €9,479 | +€5,997 | +172.3% |
| Gross operating margin | 9900 | €179,364 | €253,667 | +€74,304 | +41.4% |
| Operating profit (loss) | 9901 | €60,497 | €130,976 | +€70,478 | +116.5% |
| Financial income | 75/76B | €9,184 | €2,323 | -€6,861 | -74.7% |
| Recurring financial income | 75 | €9,184 | €2,323 | -€6,861 | -74.7% |
| Financial charges | 65/66B | €60,785 | €100,357 | +€39,571 | +65.1% |
| Recurring financial charges | 65 | €60,785 | €60,357 | -€429 | -0.7% |
| Non-recurring financial charges | 66B | - | €40,000 | +€40,000 | |
| Profit (loss) for the period before taxes | 9903 | €8,896 | €32,942 | +€24,046 | +270.3% |
| Income taxes | 67/77 | €6,592 | €20,615 | +€14,023 | +212.7% |
| Profit (loss) for the period | 9904 | €2,304 | €12,327 | +€10,023 | +435.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,304 | €12,327 | +€10,023 | +435.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.