ALTERAAR: 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.
ALTERAAR
Largest movements
- Cash -€397,360
down €397,360 (-46.3%), from €857,751 to €460,391
mainly Contributions, distributions and other (-€646,850) and Other debts (-€386,300)
- Current investments -€239,630
down €239,630 (-100.0%), from €239,684 to €54
- Deferred charges and accrued income +€45,078
up €45,078 (+27.4%), from €164,473 to €209,551
- Other debts -€386,300
down €386,300 (-46.6%), from €829,150 to €442,850
- Reserves -€201,959
down €201,959 (-80.8%), from €249,957 to €47,998
- Trade debts -€17,279
down €17,279 (-27.7%), from €62,270 to €44,991
- Tax, wage and social debts +€13,455
up €13,455 (+16.6%), from €80,813 to €94,268
- Gross operating margin -€372,147
down €372,147 (-22.8%), from €1.6m to €1.3m
- Staff costs +€18,966
up €18,966 (+2.4%), from €781,535 to €800,501
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 | €1,278,490 | €691,381 | -€587,109 | -45.9% |
| Fixed assets | 21/28 | €10,611 | €13,375 | +€2,764 | +26.0% |
| Tangible fixed assets | 22/27 | €10,611 | €13,375 | +€2,764 | +26.0% |
| Land and buildings | 22 | €816 | €680 | -€136 | -16.7% |
| Plant, machinery and equipment | 23 | €178 | €3,996 | +€3,818 | +2147.0% |
| Furniture and vehicles | 24 | €9,618 | €8,700 | -€918 | -9.5% |
| Current assets | 29/58 | €1,267,878 | €678,006 | -€589,872 | -46.5% |
| Amounts receivable within one year | 40/41 | €5,970 | €8,010 | +€2,040 | +34.2% |
| Other amounts receivable | 41 | €5,970 | €8,010 | +€2,040 | +34.2% |
| Current investments | 50/53 | €239,684 | €54 | -€239,630 | -100.0% |
| Cash at bank and in hand | 54/58 | €857,751 | €460,391 | -€397,360 | -46.3% |
| Deferred charges and accrued income | 490/1 | €164,473 | €209,551 | +€45,078 | +27.4% |
| Total equity and liabilities | 10/49 | €1,278,490 | €691,381 | -€587,109 | -45.9% |
| Equity | 10/15 | €256,257 | €54,298 | -€201,959 | -78.8% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €249,957 | €47,998 | -€201,959 | -80.8% |
| Distributable reserves | 133 | €249,957 | €47,998 | -€201,959 | -80.8% |
| Amounts payable | 17/49 | €1,022,233 | €637,083 | -€385,149 | -37.7% |
| Amounts payable within one year | 42/48 | €972,233 | €582,109 | -€390,124 | -40.1% |
| Trade debts | 44 | €62,270 | €44,991 | -€17,279 | -27.7% |
| Suppliers | 440/4 | €62,270 | €44,991 | -€17,279 | -27.7% |
| Taxes, remuneration and social security | 45 | €80,813 | €94,268 | +€13,455 | +16.6% |
| Remuneration and social security | 454/9 | €80,813 | €94,268 | +€13,455 | +16.6% |
| Other amounts payable | 47/48 | €829,150 | €442,850 | -€386,300 | -46.6% |
| Accrued charges and deferred income | 492/3 | €50,000 | €54,975 | +€4,975 | +9.9% |
| Remuneration, social security and pensions | 62 | €781,535 | €800,501 | +€18,966 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,282 | €5,462 | +€1,180 | +27.6% |
| Other operating charges | 640/8 | €2,757 | €2,638 | -€119 | -4.3% |
| Gross operating margin | 9900 | €1,632,072 | €1,259,925 | -€372,147 | -22.8% |
| Operating profit (loss) | 9901 | €843,499 | €451,325 | -€392,174 | -46.5% |
| Financial income | 75/76B | €13,599 | €11,325 | -€2,274 | -16.7% |
| Recurring financial income | 75 | €13,599 | €11,325 | -€2,274 | -16.7% |
| Financial charges | 65/66B | €7,841 | €6,993 | -€848 | -10.8% |
| Recurring financial charges | 65 | €7,841 | €6,993 | -€848 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €849,256 | €455,657 | -€393,600 | -46.3% |
| Income taxes | 67/77 | €14,030 | €10,766 | -€3,264 | -23.3% |
| Profit (loss) for the period | 9904 | €835,226 | €444,891 | -€390,336 | -46.7% |
| Profit (loss) for the period to be appropriated | 9905 | €835,226 | €444,891 | -€390,336 | -46.7% |
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.