ALTERNA MANAGEMENT: 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.
ALTERNA MANAGEMENT
Largest movements
- Receivables within one year +€65,125
up €65,125 (+205.6%), from €31,679 to €96,804
of which Trade receivables: +€72,785
- Current investments +€42,696
up €42,696 (+1.5%), from €2.8m to €2.9m
- Cash -€38,232
down €38,232 (-14.2%), from €269,233 to €231,002
mainly Contributions, distributions and other (-€66,250) and Receivables within one year (-€65,125)
- Trade debts +€83,649
up €83,649 (+1145.8%), from €7,301 to €90,950
- Profit (loss) carried forward +€68,089
up €68,089 (+817.5%), from €8,329 to €76,418
- Reserves -€64,000
down €64,000 (-2.0%), from €3.2m to €3.1m
of which Distributable reserves: -€62,000
- Other debts -€45,665
down €45,665 (-23.7%), from €192,981 to €147,315
- Financial charges -€18,955
down €18,955 (-87.7%), from €21,621 to €2,665
- Taxes -€11,936
down €11,936 (-40.3%), from €29,613 to €17,677
- Financial income -€8,488
down €8,488 (-10.4%), from €81,843 to €73,355
- Other operating charges -€3,054
down €3,054 (-38.6%), from €7,917 to €4,863
- Gross operating margin -€2,647
down €2,647 (-5.0%), from €52,573 to €49,926
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 | €3,412,926 | €3,458,478 | +€45,552 | +1.3% |
| Fixed assets | 21/28 | €189,575 | €161,839 | -€27,737 | -14.6% |
| Tangible fixed assets | 22/27 | €189,575 | €161,839 | -€27,737 | -14.6% |
| Land and buildings | 22 | €188,345 | €161,120 | -€27,226 | -14.5% |
| Furniture and vehicles | 24 | €1,230 | €719 | -€511 | -41.6% |
| Current assets | 29/58 | €3,223,350 | €3,296,640 | +€73,289 | +2.3% |
| Stocks and contracts in progress | 3 | €71,076 | €72,917 | +€1,842 | +2.6% |
| Stocks | 30/36 | €71,076 | €72,917 | +€1,842 | +2.6% |
| Amounts receivable within one year | 40/41 | €31,679 | €96,804 | +€65,125 | +205.6% |
| Trade receivables | 40 | €1,293 | €74,078 | +€72,785 | +5627.7% |
| Other amounts receivable | 41 | €30,385 | €22,726 | -€7,659 | -25.2% |
| Current investments | 50/53 | €2,849,604 | €2,892,300 | +€42,696 | +1.5% |
| Cash at bank and in hand | 54/58 | €269,233 | €231,002 | -€38,232 | -14.2% |
| Deferred charges and accrued income | 490/1 | €1,759 | €3,617 | +€1,858 | +105.6% |
| Total equity and liabilities | 10/49 | €3,412,926 | €3,458,478 | +€45,552 | +1.3% |
| Equity | 10/15 | €3,206,510 | €3,210,599 | +€4,089 | +0.1% |
| Contributions | 10/11 | €6,800 | €6,800 | = | 0.0% |
| Reserves | 13 | €3,191,381 | €3,127,381 | -€64,000 | -2.0% |
| Non-distributable reserves | 130/1 | €2,000 | - | -€2,000 | |
| Reserves not available under the articles | 1311 | €2,000 | - | -€2,000 | |
| Tax-exempt reserves | 132 | €381 | €381 | = | 0.0% |
| Distributable reserves | 133 | €3,189,000 | €3,127,000 | -€62,000 | -1.9% |
| Profit (loss) carried forward | 14 | €8,329 | €76,418 | +€68,089 | +817.5% |
| Amounts payable | 17/49 | €206,416 | €247,880 | +€41,464 | +20.1% |
| Amounts payable within one year | 42/48 | €202,216 | €247,700 | +€45,483 | +22.5% |
| Trade debts | 44 | €7,301 | €90,950 | +€83,649 | +1145.8% |
| Suppliers | 440/4 | €7,301 | €90,950 | +€83,649 | +1145.8% |
| Taxes, remuneration and social security | 45 | €1,935 | €9,435 | +€7,500 | +387.6% |
| Taxes | 450/3 | €1,935 | €8,235 | +€6,300 | +325.6% |
| Remuneration and social security | 454/9 | - | €1,200 | +€1,200 | |
| Other amounts payable | 47/48 | €192,981 | €147,315 | -€45,665 | -23.7% |
| Accrued charges and deferred income | 492/3 | €4,200 | €180 | -€4,020 | -95.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,310 | €27,737 | +€427 | +1.6% |
| Other operating charges | 640/8 | €7,917 | €4,863 | -€3,054 | -38.6% |
| Gross operating margin | 9900 | €52,573 | €49,926 | -€2,647 | -5.0% |
| Operating profit (loss) | 9901 | €17,346 | €17,326 | -€20 | -0.1% |
| Financial income | 75/76B | €81,843 | €73,355 | -€8,488 | -10.4% |
| Recurring financial income | 75 | €81,843 | €73,355 | -€8,488 | -10.4% |
| Financial charges | 65/66B | €21,621 | €2,665 | -€18,955 | -87.7% |
| Recurring financial charges | 65 | €21,621 | €2,665 | -€18,955 | -87.7% |
| Profit (loss) for the period before taxes | 9903 | €77,569 | €88,016 | +€10,448 | +13.5% |
| Income taxes | 67/77 | €29,613 | €17,677 | -€11,936 | -40.3% |
| Profit (loss) for the period | 9904 | €47,955 | €70,339 | +€22,384 | +46.7% |
| Transfer from tax-exempt reserves | 789 | €63,150 | - | -€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €111,105 | €70,339 | -€40,766 | -36.7% |
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 10 October 2026 via checked.be.