ALTEX: 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.
ALTEX
Largest movements
- Receivables within one year +€145,536
up €145,536 (+22.2%), from €655,631 to €801,167
of which Trade receivables: +€207,456
- Current investments +€100,000
new in 2025: €100,000
- Tangible fixed assets -€70,997
down €70,997 (-5.1%), from €1.4m to €1.3m
of which Land and buildings: -€103,334
- Reserves +€131,145
up €131,145 (+9.2%), from €1.4m to €1.6m
of which Distributable reserves: +€131,145
- Debts after one year -€86,230
down €86,230 (-13.7%), from €628,318 to €542,088
- Tax, wage and social debts +€37,152
up €37,152 (+20.4%), from €181,936 to €219,087
of which Remuneration and social security: +€25,533
- Other debts +€32,713
up €32,713 (+23.5%), from €139,062 to €171,775
- Gross operating margin +€213,166
up €213,166 (+11.2%), from €1.9m to €2.1m
- Staff costs +€156,692
up €156,692 (+12.3%), from €1.3m to €1.4m
- Depreciation +€29,102
up €29,102 (+18.0%), from €162,022 to €191,125
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 | €2,708,569 | €2,832,596 | +€124,027 | +4.6% |
| Fixed assets | 21/28 | €1,396,325 | €1,325,327 | -€70,997 | -5.1% |
| Tangible fixed assets | 22/27 | €1,389,449 | €1,318,452 | -€70,997 | -5.1% |
| Land and buildings | 22 | €1,113,274 | €1,009,940 | -€103,334 | -9.3% |
| Plant, machinery and equipment | 23 | €47,051 | €49,350 | +€2,300 | +4.9% |
| Furniture and vehicles | 24 | €229,125 | €259,162 | +€30,037 | +13.1% |
| Financial fixed assets | 28 | €6,875 | €6,875 | = | 0.0% |
| Current assets | 29/58 | €1,312,245 | €1,507,269 | +€195,024 | +14.9% |
| Stocks and contracts in progress | 3 | €412,642 | €386,166 | -€26,476 | -6.4% |
| Stocks | 30/36 | €412,642 | €386,166 | -€26,476 | -6.4% |
| Amounts receivable within one year | 40/41 | €655,631 | €801,167 | +€145,536 | +22.2% |
| Trade receivables | 40 | €451,418 | €658,874 | +€207,456 | +46.0% |
| Other amounts receivable | 41 | €204,213 | €142,293 | -€61,920 | -30.3% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €243,971 | €219,936 | -€24,035 | -9.9% |
| Total equity and liabilities | 10/49 | €2,708,569 | €2,832,596 | +€124,027 | +4.6% |
| Equity | 10/15 | €1,450,500 | €1,577,644 | +€127,145 | +8.8% |
| Contributions | 10/11 | €22,500 | €22,500 | = | 0.0% |
| Reserves | 13 | €1,423,625 | €1,554,769 | +€131,145 | +9.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €168,400 | €168,400 | = | 0.0% |
| Distributable reserves | 133 | €1,253,365 | €1,384,510 | +€131,145 | +10.5% |
| Profit (loss) carried forward | 14 | €4,375 | €375 | -€4,000 | -91.4% |
| Amounts payable | 17/49 | €1,258,070 | €1,254,952 | -€3,118 | -0.2% |
| Amounts payable after more than one year | 17 | €628,318 | €542,088 | -€86,230 | -13.7% |
| Financial debts | 170/4 | €628,318 | €542,088 | -€86,230 | -13.7% |
| Amounts payable within one year | 42/48 | €629,752 | €712,864 | +€83,112 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €85,986 | €86,230 | +€244 | +0.3% |
| Financial debts | 43 | €374 | €505 | +€130 | +34.7% |
| Credit institutions | 430/8 | €374 | €505 | +€130 | +34.7% |
| Trade debts | 44 | €222,394 | €235,267 | +€12,873 | +5.8% |
| Suppliers | 440/4 | €222,394 | €235,267 | +€12,873 | +5.8% |
| Taxes, remuneration and social security | 45 | €181,936 | €219,087 | +€37,152 | +20.4% |
| Taxes | 450/3 | €100,514 | €112,133 | +€11,619 | +11.6% |
| Remuneration and social security | 454/9 | €81,422 | €106,955 | +€25,533 | +31.4% |
| Other amounts payable | 47/48 | €139,062 | €171,775 | +€32,713 | +23.5% |
| Remuneration, social security and pensions | 62 | €1,278,344 | €1,435,036 | +€156,692 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162,022 | €191,125 | +€29,102 | +18.0% |
| Other operating charges | 640/8 | €19,202 | €19,309 | +€106 | +0.6% |
| Gross operating margin | 9900 | €1,895,424 | €2,108,590 | +€213,166 | +11.2% |
| Operating profit (loss) | 9901 | €435,855 | €463,120 | +€27,265 | +6.3% |
| Financial income | 75/76B | €24,411 | €32,785 | +€8,374 | +34.3% |
| Recurring financial income | 75 | €24,411 | €32,785 | +€8,374 | +34.3% |
| Financial charges | 65/66B | €13,163 | €11,393 | -€1,770 | -13.4% |
| Recurring financial charges | 65 | €13,163 | €11,393 | -€1,770 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €447,103 | €484,512 | +€37,409 | +8.4% |
| Income taxes | 67/77 | €169,732 | €185,731 | +€16,000 | +9.4% |
| Profit (loss) for the period | 9904 | €277,371 | €298,781 | +€21,410 | +7.7% |
| Transfer from tax-exempt reserves | 789 | €84,200 | - | -€84,200 | |
| Transfer to tax-exempt reserves | 689 | €84,200 | - | -€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €277,371 | €298,781 | +€21,410 | +7.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.