ALTERATIO: what changed
ALTERATIO
Largest movements
- Receivables within one year +€44,586
up €44,586 (+74.0%), from €60,276 to €104,862
of which Trade receivables: +€36,921
- Cash +€39,314
up €39,314 (+48.2%), from €81,513 to €120,827
mainly Net result for the year (+€69,087) and Other debts (+€46,008)
- Tangible fixed assets -€4,070
down €4,070 (-79.6%), from €5,115 to €1,045
- Other debts +€46,008
up €46,008 (+230%), from €20,000 to €66,008
- Profit (loss) carried forward +€29,087
up €29,087 (+29.1%), from €99,997 to €129,084
- Tax, wage and social debts +€7,616
up €7,616 (+93.9%), from €8,108 to €15,725
- Trade debts -€2,842
down €2,842 (-32.4%), from €8,759 to €5,918
- Gross operating margin +€39,726
up €39,726 (+81.5%), from €48,740 to €88,466
- Depreciation -€5,316
down €5,316 (-56.6%), from €9,387 to €4,070
- Taxes +€1,835
up €1,835 (+16.3%), from €11,284 to €13,119
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €146,904 | €226,734 | +€79,830 | +54.3% |
| Fixed assets | 21/28 | €5,115 | €1,045 | -€4,070 | -79.6% |
| Tangible fixed assets | 22/27 | €5,115 | €1,045 | -€4,070 | -79.6% |
| Furniture and vehicles | 24 | €5,115 | €1,045 | -€4,070 | -79.6% |
| Current assets | 29/58 | €141,789 | €225,689 | +€83,900 | +59.2% |
| Amounts receivable within one year | 40/41 | €60,276 | €104,862 | +€44,586 | +74.0% |
| Trade receivables | 40 | €28,941 | €65,862 | +€36,921 | +128% |
| Other amounts receivable | 41 | €31,335 | €39,000 | +€7,665 | +24.5% |
| Cash at bank and in hand | 54/58 | €81,513 | €120,827 | +€39,314 | +48.2% |
| Total equity and liabilities | 10/49 | €146,904 | €226,734 | +€79,830 | +54.3% |
| Equity | 10/15 | €109,997 | €139,084 | +€29,087 | +26.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | €10,000 | = | 0.0% |
| Issued capital | 100 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €99,997 | €129,084 | +€29,087 | +29.1% |
| Amounts payable | 17/49 | €36,907 | €87,650 | +€50,743 | +137% |
| Amounts payable within one year | 42/48 | €36,868 | €87,650 | +€50,782 | +138% |
| Trade debts | 44 | €8,759 | €5,918 | -€2,842 | -32.4% |
| Suppliers | 440/4 | €8,759 | €5,918 | -€2,842 | -32.4% |
| Taxes, remuneration and social security | 45 | €8,108 | €15,725 | +€7,616 | +93.9% |
| Taxes | 450/3 | €8,108 | €15,725 | +€7,616 | +93.9% |
| Other amounts payable | 47/48 | €20,000 | €66,008 | +€46,008 | +230% |
| Accrued charges and deferred income | 492/3 | €40 | - | -€40 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,387 | €4,070 | -€5,316 | -56.6% |
| Other operating charges | 640/8 | €1,621 | €2,096 | +€475 | +29.3% |
| Gross operating margin | 9900 | €48,740 | €88,466 | +€39,726 | +81.5% |
| Operating profit (loss) | 9901 | €37,733 | €82,300 | +€44,567 | +118% |
| Financial income | 75/76B | €42 | €45 | +€3 | +6.1% |
| Recurring financial income | 75 | €42 | €45 | +€3 | +6.1% |
| Financial charges | 65/66B | €22 | €138 | +€116 | +517% |
| Recurring financial charges | 65 | €22 | €138 | +€116 | +517% |
| Profit (loss) for the period before taxes | 9903 | €37,752 | €82,206 | +€44,454 | +118% |
| Income taxes | 67/77 | €11,284 | €13,119 | +€1,835 | +16.3% |
| Profit (loss) for the period | 9904 | €26,468 | €69,087 | +€42,619 | +161% |
| Profit (loss) for the period to be appropriated | 9905 | €26,468 | €69,087 | +€42,619 | +161% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.