ALTERVAL BENELUX: 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.
ALTERVAL BENELUX
Largest movements
- Cash -€61,014
down €61,014 (-88.6%), from €68,872 to €7,859
mainly Investment in fixed assets (net) (-€61,091) and Debts after one year (-€24,796)
- Tangible fixed assets +€20,844
up €20,844 (+15.7%), from €132,512 to €153,356
of which Other tangible fixed assets: +€39,684
- Receivables within one year +€20,706
up €20,706 (+14.7%), from €140,399 to €161,105
of which Trade receivables: +€27,495
- Debts after one year -€24,796
down €24,796 (-84.2%), from €29,463 to €4,667
- Trade debts +€5,526
up €5,526 (+5.5%), from €101,272 to €106,798
- Tax, wage and social debts -€4,241
down €4,241 (-9.6%), from €44,260 to €40,019
of which Taxes: -€13,640
- Gross operating margin +€52,242
up €52,242 (+43.9%), from €118,922 to €171,164
- Staff costs +€43,904
up €43,904 (+58.7%), from €74,855 to €118,759
- Depreciation +€9,641
up €9,641 (+31.5%), from €30,606 to €40,247
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 | €343,011 | €322,320 | -€20,691 | -6.0% |
| Fixed assets | 21/28 | €132,512 | €153,356 | +€20,844 | +15.7% |
| Tangible fixed assets | 22/27 | €132,512 | €153,356 | +€20,844 | +15.7% |
| Furniture and vehicles | 24 | €2,397 | €1,804 | -€593 | -24.7% |
| Leasing and similar rights | 25 | €62,827 | €44,581 | -€18,246 | -29.0% |
| Other tangible fixed assets | 26 | €67,287 | €106,971 | +€39,684 | +59.0% |
| Current assets | 29/58 | €210,499 | €168,963 | -€41,535 | -19.7% |
| Amounts receivable within one year | 40/41 | €140,399 | €161,105 | +€20,706 | +14.7% |
| Trade receivables | 40 | €131,954 | €159,449 | +€27,495 | +20.8% |
| Other amounts receivable | 41 | €8,445 | €1,656 | -€6,789 | -80.4% |
| Cash at bank and in hand | 54/58 | €68,872 | €7,859 | -€61,014 | -88.6% |
| Deferred charges and accrued income | 490/1 | €1,228 | €0 | -€1,228 | -100% |
| Total equity and liabilities | 10/49 | €343,011 | €322,320 | -€20,691 | -6.0% |
| Equity | 10/15 | €110,665 | €113,132 | +€2,467 | +2.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,665 | €13,132 | +€2,467 | +23.1% |
| Distributable reserves | 133 | €10,665 | €13,132 | +€2,467 | +23.1% |
| Amounts payable | 17/49 | €232,345 | €209,188 | -€23,158 | -10.0% |
| Amounts payable after more than one year | 17 | €29,463 | €4,667 | -€24,796 | -84.2% |
| Financial debts | 170/4 | €29,463 | €4,667 | -€24,796 | -84.2% |
| Amounts payable within one year | 42/48 | €200,055 | €203,432 | +€3,377 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €24,524 | €24,796 | +€273 | +1.1% |
| Trade debts | 44 | €101,272 | €106,798 | +€5,526 | +5.5% |
| Suppliers | 440/4 | €101,272 | €106,798 | +€5,526 | +5.5% |
| Taxes, remuneration and social security | 45 | €44,260 | €40,019 | -€4,241 | -9.6% |
| Taxes | 450/3 | €30,992 | €17,352 | -€13,640 | -44.0% |
| Remuneration and social security | 454/9 | €13,268 | €22,667 | +€9,399 | +70.8% |
| Other amounts payable | 47/48 | €30,000 | €31,819 | +€1,819 | +6.1% |
| Accrued charges and deferred income | 492/3 | €2,827 | €1,088 | -€1,739 | -61.5% |
| Non-recurring operating income | 76A | €15,496 | €0 | -€15,496 | -100% |
| Remuneration, social security and pensions | 62 | €74,855 | €118,759 | +€43,904 | +58.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,606 | €40,247 | +€9,641 | +31.5% |
| Other operating charges | 640/8 | €816 | €2,010 | +€1,195 | +146% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €118,922 | €171,164 | +€52,242 | +43.9% |
| Operating profit (loss) | 9901 | €12,645 | €10,149 | -€2,497 | -19.7% |
| Financial income | 75/76B | €413 | €0 | -€413 | -100.0% |
| Recurring financial income | 75 | €413 | €0 | -€413 | -100.0% |
| Financial charges | 65/66B | €4,330 | €4,629 | +€299 | +6.9% |
| Recurring financial charges | 65 | €4,330 | €4,629 | +€299 | +6.9% |
| Profit (loss) for the period before taxes | 9903 | €8,729 | €5,520 | -€3,209 | -36.8% |
| Income taxes | 67/77 | €3,443 | €3,053 | -€390 | -11.3% |
| Profit (loss) for the period | 9904 | €5,286 | €2,467 | -€2,819 | -53.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,286 | €2,467 | -€2,819 | -53.3% |
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 23 October 2026 via checked.be.