ALTERNATIEF: 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.
ALTERNATIEF
Largest movements
- Intangible fixed assets +€170,759
up €170,759 (+132%), from €129,269 to €300,028
- Cash -€118,323
down €118,323 (-86.4%), from €136,930 to €18,608
mainly Investment in fixed assets (net) (-€230,374) and Net result for the year (-€77,470)
- Tangible fixed assets +€25,322
up €25,322 (+276%), from €9,191 to €34,512
of which Furniture and vehicles: +€26,261
- Receivables within one year -€4,062
down €4,062 (-8.6%), from €47,016 to €42,955
of which Other amounts receivable: -€30,332
- Profit (loss) carried forward -€77,470
down €77,470 (-43.1%), from -€179,949 to -€257,419
- Current portion of long-term debt +€65,314
new in 2025: €65,314
- Trade debts +€40,755
up €40,755 (+75.3%), from €54,158 to €94,913
- Accrued charges and deferred income +€22,849
new in 2025: €22,849
- Other debts +€20,392
up €20,392 (+74.5%), from €27,380 to €47,772
- Gross operating margin +€155,571
up €155,571, from -€103,423 to €52,148
- Staff costs +€41,348
up €41,348 (+147%), from €28,091 to €69,439
- Depreciation +€28,125
up €28,125 (+456%), from €6,168 to €34,293
- Financial charges +€13,525
up €13,525 (+109%), from €12,420 to €25,945
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €322,406 | €396,103 | +€73,697 | +22.9% |
| Fixed assets | 21/28 | €138,460 | €334,541 | +€196,081 | +142% |
| Intangible fixed assets | 21 | €129,269 | €300,028 | +€170,759 | +132% |
| Tangible fixed assets | 22/27 | €9,191 | €34,512 | +€25,322 | +276% |
| Furniture and vehicles | 24 | €4,730 | €30,991 | +€26,261 | +555% |
| Other tangible fixed assets | 26 | €4,461 | €3,521 | -€939 | -21.1% |
| Current assets | 29/58 | €183,946 | €61,562 | -€122,384 | -66.5% |
| Amounts receivable within one year | 40/41 | €47,016 | €42,955 | -€4,062 | -8.6% |
| Trade receivables | 40 | €15,631 | €41,902 | +€26,271 | +168% |
| Other amounts receivable | 41 | €31,386 | €1,053 | -€30,332 | -96.6% |
| Cash at bank and in hand | 54/58 | €136,930 | €18,608 | -€118,323 | -86.4% |
| Total equity and liabilities | 10/49 | €322,406 | €396,103 | +€73,697 | +22.9% |
| Equity | 10/15 | €105,051 | €27,581 | -€77,470 | -73.7% |
| Contributions | 10/11 | €285,000 | €285,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€179,949 | -€257,419 | -€77,470 | -43.1% |
| Amounts payable | 17/49 | €217,355 | €368,522 | +€151,166 | +69.5% |
| Amounts payable after more than one year | 17 | €130,000 | €120,392 | -€9,608 | -7.4% |
| Financial debts | 170/4 | €130,000 | €120,392 | -€9,608 | -7.4% |
| Amounts payable within one year | 42/48 | €87,355 | €225,281 | +€137,925 | +158% |
| Current portion of amounts payable after more than one year | 42 | - | €65,314 | +€65,314 | |
| Trade debts | 44 | €54,158 | €94,913 | +€40,755 | +75.3% |
| Suppliers | 440/4 | €54,158 | €94,913 | +€40,755 | +75.3% |
| Taxes, remuneration and social security | 45 | €5,817 | €17,282 | +€11,465 | +197% |
| Taxes | 450/3 | €283 | €762 | +€479 | +169% |
| Remuneration and social security | 454/9 | €5,534 | €16,520 | +€10,986 | +199% |
| Other amounts payable | 47/48 | €27,380 | €47,772 | +€20,392 | +74.5% |
| Accrued charges and deferred income | 492/3 | - | €22,849 | +€22,849 | |
| Remuneration, social security and pensions | 62 | €28,091 | €69,439 | +€41,348 | +147% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,168 | €34,293 | +€28,125 | +456% |
| Other operating charges | 640/8 | €1,611 | €630 | -€981 | -60.9% |
| Gross operating margin | 9900 | -€103,423 | €52,148 | +€155,571 | |
| Operating profit (loss) | 9901 | -€139,293 | -€52,214 | +€87,079 | +62.5% |
| Financial income | 75/76B | €60 | €690 | +€630 | +1,057% |
| Recurring financial income | 75 | €60 | €690 | +€630 | +1,057% |
| Financial charges | 65/66B | €12,420 | €25,945 | +€13,525 | +109% |
| Recurring financial charges | 65 | €12,420 | €25,945 | +€13,525 | +109% |
| Profit (loss) for the period before taxes | 9903 | -€151,654 | -€77,470 | +€74,184 | +48.9% |
| Profit (loss) for the period | 9904 | -€151,654 | -€77,470 | +€74,184 | +48.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€151,654 | -€77,470 | +€74,184 | +48.9% |
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 31 October 2026 via checked.be.