ALTES: 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.
ALTES
Largest movements
- Current investments +€310,127
up €310,127 (+1030.0%), from €30,108 to €340,235
- Stocks and contracts -€269,579
down €269,579 (-16.3%), from €1.7m to €1.4m
- Tangible fixed assets -€23,246
down €23,246 (-40.3%), from €57,634 to €34,387
of which Land and buildings: -€13,419
- Receivables within one year -€21,735
down €21,735 (-56.5%), from €38,472 to €16,737
of which Trade receivables: -€37,252
- Provisions -€106,547
down €106,547 (-83.8%), from €127,168 to €20,622
- Tax, wage and social debts +€72,019
up €72,019 (+1828.3%), from €3,939 to €75,958
of which Taxes: +€71,909
- Reserves -€44,484
down €44,484 (-9.7%), from €458,773 to €414,289
of which Tax-exempt reserves: -€319,640
- Other debts +€40,868
up €40,868 (+8.1%), from €504,787 to €545,655
- Gross operating margin +€455,863
up €455,863, from -€45,648 to €410,216
- Taxes +€73,720
up €73,720 (+13372.4%), from €551 to €74,271
- Financial charges +€14,055
up €14,055 (+339.3%), from €4,142 to €18,198
- Depreciation +€7,521
up €7,521 (+42.5%), from €17,687 to €25,208
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 | €1,817,848 | €1,794,871 | -€22,977 | -1.3% |
| Fixed assets | 21/28 | €67,718 | €35,007 | -€32,711 | -48.3% |
| Tangible fixed assets | 22/27 | €57,634 | €34,387 | -€23,246 | -40.3% |
| Land and buildings | 22 | €44,156 | €30,736 | -€13,419 | -30.4% |
| Plant, machinery and equipment | 23 | €863 | €1,156 | +€293 | +34.0% |
| Furniture and vehicles | 24 | €12,615 | €2,495 | -€10,120 | -80.2% |
| Financial fixed assets | 28 | €10,084 | €619 | -€9,465 | -93.9% |
| Current assets | 29/58 | €1,750,130 | €1,759,864 | +€9,734 | +0.6% |
| Stocks and contracts in progress | 3 | €1,653,273 | €1,383,694 | -€269,579 | -16.3% |
| Stocks | 30/36 | €1,653,273 | €1,383,694 | -€269,579 | -16.3% |
| Amounts receivable within one year | 40/41 | €38,472 | €16,737 | -€21,735 | -56.5% |
| Trade receivables | 40 | €37,252 | €0 | -€37,252 | -100.0% |
| Other amounts receivable | 41 | €1,220 | €16,737 | +€15,517 | +1271.9% |
| Current investments | 50/53 | €30,108 | €340,235 | +€310,127 | +1030.0% |
| Cash at bank and in hand | 54/58 | €26,543 | €18,095 | -€8,447 | -31.8% |
| Deferred charges and accrued income | 490/1 | €1,734 | €1,103 | -€632 | -36.4% |
| Total equity and liabilities | 10/49 | €1,817,848 | €1,794,871 | -€22,977 | -1.3% |
| Equity | 10/15 | €771,160 | €726,676 | -€44,484 | -5.8% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €458,773 | €414,289 | -€44,484 | -9.7% |
| Non-distributable reserves | 130/1 | €3,718 | €3,718 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,718 | €3,718 | = | 0.0% |
| Tax-exempt reserves | 132 | €381,505 | €61,865 | -€319,640 | -83.8% |
| Distributable reserves | 133 | €73,550 | €348,706 | +€275,156 | +374.1% |
| Profit (loss) carried forward | 14 | €275,203 | €275,203 | = | 0.0% |
| Provisions and deferred taxes | 16 | €127,168 | €20,622 | -€106,547 | -83.8% |
| Deferred taxes | 168 | €127,168 | €20,622 | -€106,547 | -83.8% |
| Amounts payable | 17/49 | €919,520 | €1,047,573 | +€128,053 | +13.9% |
| Amounts payable after more than one year | 17 | €382,000 | €382,000 | = | 0.0% |
| Financial debts | 170/4 | €382,000 | €382,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €537,520 | €665,573 | +€128,053 | +23.8% |
| Current portion of amounts payable after more than one year | 42 | €1,878 | €0 | -€1,878 | -100.0% |
| Financial debts | 43 | €3 | €0 | -€3 | -100.0% |
| Credit institutions | 430/8 | €3 | €0 | -€3 | -100.0% |
| Trade debts | 44 | €26,913 | €43,960 | +€17,048 | +63.3% |
| Suppliers | 440/4 | €26,913 | €43,960 | +€17,048 | +63.3% |
| Taxes, remuneration and social security | 45 | €3,939 | €75,958 | +€72,019 | +1828.3% |
| Taxes | 450/3 | €2,658 | €74,567 | +€71,909 | +2705.2% |
| Remuneration and social security | 454/9 | €1,281 | €1,391 | +€110 | +8.6% |
| Other amounts payable | 47/48 | €504,787 | €545,655 | +€40,868 | +8.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €414,403 | +€414,403 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,687 | €25,208 | +€7,521 | +42.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €7,898 | €9,422 | +€1,525 | +19.3% |
| Non-recurring operating charges | 66A | €10,000 | €20,000 | +€10,000 | +100.0% |
| Gross operating margin | 9900 | -€45,648 | €410,216 | +€455,863 | |
| Operating profit (loss) | 9901 | -€81,232 | €355,586 | +€436,818 | |
| Financial income | 75/76B | €2 | €255 | +€253 | +14900.0% |
| Recurring financial income | 75 | €2 | €255 | +€253 | +14900.0% |
| Financial charges | 65/66B | €4,142 | €18,198 | +€14,055 | +339.3% |
| Recurring financial charges | 65 | €4,142 | €18,198 | +€14,055 | +339.3% |
| Profit (loss) for the period before taxes | 9903 | -€85,373 | €337,643 | +€423,016 | |
| Transfer from deferred taxes | 780 | €2,946 | €2,946 | = | 0.0% |
| Income taxes | 67/77 | €551 | €74,271 | +€73,720 | +13372.4% |
| Profit (loss) for the period | 9904 | -€82,978 | €266,318 | +€349,296 | |
| Transfer from tax-exempt reserves | 789 | €8,838 | €8,838 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€74,140 | €275,156 | +€349,296 |
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 4 October 2026 via checked.be.