ALTEReco: 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.
What changed
ALTEReco
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€10,928
2024 · €66,321-€55,393
Equity
€193,091
2024 · €182,163+€10,928
Cash
€54,310
2024 · €55,104-€793
Balance sheet total
€1.6m
2024 · €1.7m-€161,294
Largest movements
Assets
- Receivables within one year -€102,012
down €102,012 (-38.6%), from €264,243 to €162,231
of which Trade receivables: -€151,155
- Current investments -€47,040
down €47,040 (-100%), from €47,040 to €0
- Tangible fixed assets -€27,422
down €27,422 (-2.2%), from €1.3m to €1.2m
of which Land and buildings: -€55,202
Equity and liabilities
- Advances received -€96,497
down €96,497 (-51.6%), from €187,012 to €90,515
- Debts after one year -€59,291
down €59,291 (-9.0%), from €662,088 to €602,797
- Provisions -€47,040
down €47,040 (-100%), from €47,040 to €0
- Short-term financial debts +€25,033
new in 2025: €25,033
Income statement
- Staff costs +€160,277
up €160,277 (+38.0%), from €421,386 to €581,663
- Gross operating margin +€119,563
up €119,563 (+19.6%), from €610,486 to €730,049
- Financial charges +€63,781
up €63,781 (+197%), from €32,325 to €96,106
- Provisions -€47,040
down €47,040, from €0 to -€47,040
- Financial income +€26,528
up €26,528 (+283%), from €9,369 to €35,897
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.
Result 2024
€66,321
Gross operating margin
+€119,563
Staff costs
-€160,277
Depreciation
-€17,890
Provisions
+€47,040
Other operating charges
-€1,122
Other operating items
-€10,882
Financial income
+€26,528
Financial charges
-€63,781
Taxes
+€5,429
Result 2025
€10,928
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€59,155
Investment
-€27,725
Financing
-€32,223
Cash 2024
€55,104
From operations (derived)
+€59,155
Net result for the year
+€10,928
Depreciation
+€103,656
Stocks and contracts
-€4,294
Receivables within one year
+€102,012
Deferred charges and accrued income
-€13,148
Provisions
-€47,040
Trade debts
+€4,533
Tax, wage and social debts
-€3,551
Advances received
-€96,497
Other debts
+€2,555
Investment (derived)
-€27,725
Investment in fixed assets (net)
-€74,765
Current investments
+€47,040
Financing
-€32,223
Debts after one year
-€59,291
Current portion of long-term debt
+€2,035
Short-term financial debts
+€25,033
Cash 2025
€54,310
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,735,925 | €1,574,631 | -€161,294 | -9.3% |
| Fixed assets | 21/28 | €1,264,843 | €1,235,952 | -€28,891 | -2.3% |
| Intangible fixed assets | 21 | €3,805 | €2,336 | -€1,469 | -38.6% |
| Tangible fixed assets | 22/27 | €1,259,023 | €1,231,600 | -€27,422 | -2.2% |
| Land and buildings | 22 | €1,159,011 | €1,103,810 | -€55,202 | -4.8% |
| Plant, machinery and equipment | 23 | €47,104 | €45,195 | -€1,909 | -4.1% |
| Furniture and vehicles | 24 | €52,907 | €82,596 | +€29,689 | +56.1% |
| Financial fixed assets | 28 | €2,015 | €2,015 | = | 0.0% |
| Current assets | 29/58 | €471,083 | €338,679 | -€132,404 | -28.1% |
| Stocks and contracts in progress | 3 | €98,462 | €102,755 | +€4,294 | +4.4% |
| Stocks | 30/36 | €98,462 | €102,755 | +€4,294 | +4.4% |
| Amounts receivable within one year | 40/41 | €264,243 | €162,231 | -€102,012 | -38.6% |
| Trade receivables | 40 | €249,441 | €98,286 | -€151,155 | -60.6% |
| Other amounts receivable | 41 | €14,802 | €63,945 | +€49,143 | +332% |
| Current investments | 50/53 | €47,040 | €0 | -€47,040 | -100% |
| Cash at bank and in hand | 54/58 | €55,104 | €54,310 | -€793 | -1.4% |
| Deferred charges and accrued income | 490/1 | €6,235 | €19,382 | +€13,148 | +211% |
| Total equity and liabilities | 10/49 | €1,735,925 | €1,574,631 | -€161,294 | -9.3% |
| Equity | 10/15 | €182,163 | €193,091 | +€10,928 | +6.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €152,163 | €163,091 | +€10,928 | +7.2% |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €142,163 | €153,091 | +€10,928 | +7.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €47,040 | €0 | -€47,040 | -100% |
| Provisions for liabilities and charges | 160/5 | €47,040 | €0 | -€47,040 | -100% |
| Other liabilities and charges | 164/5 | €47,040 | €0 | -€47,040 | -100% |
| Amounts payable | 17/49 | €1,506,723 | €1,381,540 | -€125,182 | -8.3% |
| Amounts payable after more than one year | 17 | €662,088 | €602,797 | -€59,291 | -9.0% |
| Financial debts | 170/4 | €662,088 | €602,797 | -€59,291 | -9.0% |
| Amounts payable within one year | 42/48 | €844,634 | €778,743 | -€65,891 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €57,256 | €59,291 | +€2,035 | +3.6% |
| Financial debts | 43 | - | €25,033 | +€25,033 | |
| Credit institutions | 430/8 | - | €25,033 | +€25,033 | |
| Trade debts | 44 | €77,318 | €81,851 | +€4,533 | +5.9% |
| Suppliers | 440/4 | €77,318 | €81,851 | +€4,533 | +5.9% |
| Advances received on contracts in progress | 46 | €187,012 | €90,515 | -€96,497 | -51.6% |
| Taxes, remuneration and social security | 45 | €122,316 | €118,765 | -€3,551 | -2.9% |
| Taxes | 450/3 | €65,981 | €42,870 | -€23,112 | -35.0% |
| Remuneration and social security | 454/9 | €56,334 | €75,896 | +€19,561 | +34.7% |
| Other amounts payable | 47/48 | €400,732 | €403,287 | +€2,555 | +0.6% |
| Remuneration, social security and pensions | 62 | €421,386 | €581,663 | +€160,277 | +38.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,766 | €103,656 | +€17,890 | +20.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | -€47,040 | -€47,040 | |
| Other operating charges | 640/8 | €1,671 | €2,794 | +€1,122 | +67.2% |
| Non-recurring operating charges | 66A | - | €10,882 | +€10,882 | |
| Gross operating margin | 9900 | €610,486 | €730,049 | +€119,563 | +19.6% |
| Operating profit (loss) | 9901 | €101,663 | €78,094 | -€23,568 | -23.2% |
| Financial income | 75/76B | €9,369 | €35,897 | +€26,528 | +283% |
| Recurring financial income | 75 | €9,369 | €35,897 | +€26,528 | +283% |
| Financial charges | 65/66B | €32,325 | €96,106 | +€63,781 | +197% |
| Recurring financial charges | 65 | €32,325 | €96,106 | +€63,781 | +197% |
| Profit (loss) for the period before taxes | 9903 | €78,707 | €17,885 | -€60,822 | -77.3% |
| Income taxes | 67/77 | €12,386 | €6,957 | -€5,429 | -43.8% |
| Profit (loss) for the period | 9904 | €66,321 | €10,928 | -€55,393 | -83.5% |
| Profit (loss) for the period to be appropriated | 9905 | €66,321 | €10,928 | -€55,393 | -83.5% |
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 13 October 2026 via checked.be.