ALTERFACE PROJECTS: what changed
Two fiscal 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.
ALTERFACE PROJECTS
Largest movements
- Receivables within one year -€399,721
down €399,721 (-19.2%), from €2.1m to €1.7m
of which Other amounts receivable: -€281,365
- Cash -€151,809
down €151,809 (-62.2%), from €244,132 to €92,323
mainly Accrued charges and deferred income (-€741,793) and Investment in fixed assets (net) (-€88,585)
- Financial fixed assets +€86,875
new in 2025: €86,875
- Accrued charges and deferred income -€741,793
down €741,793 (-98.6%), from €752,495 to €10,702
- Current portion of long-term debt +€200,000
new in 2025: €200,000
- Trade debts +€92,689
up €92,689 (+16.4%), from €565,160 to €657,849
- Short-term financial debts -€43,457
down €43,457 (-28.9%), from €150,323 to €106,866
- Tax, wage and social debts -€39,852
down €39,852 (-18.0%), from €221,722 to €181,870
of which Remuneration and social security: -€39,155
- Gross operating margin +€137,144
up €137,144 (+9.6%), from €1.4m to €1.6m
- Provisions +€64,542
up €64,542, from -€44,419 to €20,122
- Financial charges +€52,479
up €52,479 (+228.9%), from €22,929 to €75,408
- Staff costs +€35,874
up €35,874 (+2.6%), from €1.4m to €1.4m
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 | €2,948,706 | €2,467,589 | -€481,117 | -16.3% |
| Fixed assets | 21/28 | €29,123 | €110,993 | +€81,870 | +281.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €29,123 | €24,118 | -€5,005 | -17.2% |
| Plant, machinery and equipment | 23 | €23,775 | €19,538 | -€4,237 | -17.8% |
| Furniture and vehicles | 24 | €5,348 | €4,580 | -€768 | -14.4% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | - | €86,875 | +€86,875 | |
| Current assets | 29/58 | €2,919,583 | €2,356,596 | -€562,987 | -19.3% |
| Stocks and contracts in progress | 3 | €551,207 | €545,353 | -€5,854 | -1.1% |
| Stocks | 30/36 | €551,207 | €545,353 | -€5,854 | -1.1% |
| Amounts receivable within one year | 40/41 | €2,077,071 | €1,677,349 | -€399,721 | -19.2% |
| Trade receivables | 40 | €1,019,123 | €900,767 | -€118,356 | -11.6% |
| Other amounts receivable | 41 | €1,057,948 | €776,583 | -€281,365 | -26.6% |
| Cash at bank and in hand | 54/58 | €244,132 | €92,323 | -€151,809 | -62.2% |
| Deferred charges and accrued income | 490/1 | €47,173 | €41,570 | -€5,603 | -11.9% |
| Total equity and liabilities | 10/49 | €2,948,706 | €2,467,589 | -€481,117 | -16.3% |
| Equity | 10/15 | €1,249,107 | €1,275,563 | +€26,457 | +2.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €498,000 | €498,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €488,000 | €488,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €651,107 | €677,563 | +€26,457 | +4.1% |
| Provisions and deferred taxes | 16 | - | €20,122 | +€20,122 | |
| Provisions for liabilities and charges | 160/5 | - | €20,122 | +€20,122 | |
| Environmental obligations | 163 | - | €20,122 | +€20,122 | |
| Amounts payable | 17/49 | €1,699,599 | €1,171,903 | -€527,696 | -31.0% |
| Amounts payable after more than one year | 17 | - | €4,717 | +€4,717 | |
| Other amounts payable | 178/9 | - | €4,717 | +€4,717 | |
| Amounts payable within one year | 42/48 | €947,105 | €1,156,485 | +€209,380 | +22.1% |
| Current portion of amounts payable after more than one year | 42 | - | €200,000 | +€200,000 | |
| Financial debts | 43 | €150,323 | €106,866 | -€43,457 | -28.9% |
| Credit institutions | 430/8 | €150,323 | €106,866 | -€43,457 | -28.9% |
| Trade debts | 44 | €565,160 | €657,849 | +€92,689 | +16.4% |
| Suppliers | 440/4 | €565,160 | €657,849 | +€92,689 | +16.4% |
| Taxes, remuneration and social security | 45 | €221,722 | €181,870 | -€39,852 | -18.0% |
| Taxes | 450/3 | €48,166 | €47,469 | -€697 | -1.4% |
| Remuneration and social security | 454/9 | €173,556 | €134,401 | -€39,155 | -22.6% |
| Other amounts payable | 47/48 | €9,900 | €9,900 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €752,495 | €10,702 | -€741,793 | -98.6% |
| Remuneration, social security and pensions | 62 | €1,368,787 | €1,404,661 | +€35,874 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,912 | €6,715 | -€197 | -2.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€44,419 | €20,122 | +€64,542 | |
| Other operating charges | 640/8 | €1,313 | €6,948 | +€5,635 | +429.1% |
| Non-recurring operating charges | 66A | €140 | - | -€140 | |
| Gross operating margin | 9900 | €1,431,574 | €1,568,718 | +€137,144 | +9.6% |
| Operating profit (loss) | 9901 | €98,842 | €130,271 | +€31,430 | +31.8% |
| Financial income | 75/76B | €874 | €3,289 | +€2,414 | +276.1% |
| Recurring financial income | 75 | €874 | €3,289 | +€2,414 | +276.1% |
| Financial charges | 65/66B | €22,929 | €75,408 | +€52,479 | +228.9% |
| Recurring financial charges | 65 | €22,929 | €75,408 | +€52,479 | +228.9% |
| Profit (loss) for the period before taxes | 9903 | €76,787 | €58,152 | -€18,635 | -24.3% |
| Income taxes | 67/77 | €34,648 | €31,696 | -€2,953 | -8.5% |
| Profit (loss) for the period | 9904 | €42,139 | €26,457 | -€15,682 | -37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,139 | €26,457 | -€15,682 | -37.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.