ALTF4: 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.
ALTF4
Largest movements
- Cash +€209,026
up €209,026 (+1505.7%), from €13,882 to €222,907
mainly Net result for the year (+€160,319) and Tax, wage and social debts (+€67,847)
- Tangible fixed assets -€64,684
down €64,684 (-73.7%), from €87,795 to €23,110
of which Land and buildings: -€60,957
- Receivables within one year +€14,457
up €14,457 (+154.2%), from €9,377 to €23,834
of which Trade receivables: +€14,731
- Profit (loss) carried forward +€85,819
up €85,819, from -€85,300 to €519
- Tax, wage and social debts +€67,847
up €67,847 (+11479.8%), from €591 to €68,438
- Reserves +€64,500
up €64,500 (+102.3%), from €63,040 to €127,540
- Debts after one year -€50,481
down €50,481 (-59.1%), from €85,481 to €35,000
- Current portion of long-term debt -€11,579
no longer reported in 2025 (was €11,579)
- Gross operating margin +€220,708
up €220,708 (+640.7%), from €34,449 to €255,156
- Taxes +€71,154
up €71,154 (+4369.9%), from €1,628 to €72,782
- Depreciation -€13,080
down €13,080 (-61.4%), from €21,309 to €8,229
- Staff costs +€3,617
new in 2025: €3,617
- Financial charges +€2,795
up €2,795 (+59.7%), from €4,681 to €7,476
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 | €114,395 | €271,904 | +€157,509 | +137.7% |
| Fixed assets | 21/28 | €87,869 | €23,185 | -€64,684 | -73.6% |
| Tangible fixed assets | 22/27 | €87,795 | €23,110 | -€64,684 | -73.7% |
| Land and buildings | 22 | €79,323 | €18,366 | -€60,957 | -76.8% |
| Furniture and vehicles | 24 | €4,837 | €2,179 | -€2,657 | -54.9% |
| Other tangible fixed assets | 26 | €3,635 | €2,565 | -€1,070 | -29.4% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €26,526 | €248,719 | +€222,193 | +837.6% |
| Amounts receivable within one year | 40/41 | €9,377 | €23,834 | +€14,457 | +154.2% |
| Trade receivables | 40 | €6,977 | €21,708 | +€14,731 | +211.1% |
| Other amounts receivable | 41 | €2,400 | €2,126 | -€275 | -11.4% |
| Cash at bank and in hand | 54/58 | €13,882 | €222,907 | +€209,026 | +1505.7% |
| Deferred charges and accrued income | 490/1 | €3,268 | €1,978 | -€1,290 | -39.5% |
| Total equity and liabilities | 10/49 | €114,395 | €271,904 | +€157,509 | +137.7% |
| Equity | 10/15 | -€11,060 | €139,259 | +€150,319 | |
| Contributions | 10/11 | €11,200 | €11,200 | = | 0.0% |
| Reserves | 13 | €63,040 | €127,540 | +€64,500 | +102.3% |
| Distributable reserves | 133 | €63,040 | €127,540 | +€64,500 | +102.3% |
| Profit (loss) carried forward | 14 | -€85,300 | €519 | +€85,819 | |
| Amounts payable | 17/49 | €125,455 | €132,645 | +€7,190 | +5.7% |
| Amounts payable after more than one year | 17 | €85,481 | €35,000 | -€50,481 | -59.1% |
| Financial debts | 170/4 | €85,481 | €35,000 | -€50,481 | -59.1% |
| Amounts payable within one year | 42/48 | €34,643 | €90,828 | +€56,186 | +162.2% |
| Current portion of amounts payable after more than one year | 42 | €11,579 | - | -€11,579 | |
| Trade debts | 44 | €2,463 | €9,140 | +€6,677 | +271.1% |
| Suppliers | 440/4 | €2,463 | €9,140 | +€6,677 | +271.1% |
| Advances received on contracts in progress | 46 | - | €618 | +€618 | |
| Taxes, remuneration and social security | 45 | €591 | €68,438 | +€67,847 | +11479.8% |
| Taxes | 450/3 | €591 | €68,438 | +€67,847 | +11479.8% |
| Other amounts payable | 47/48 | €20,010 | €12,632 | -€7,378 | -36.9% |
| Accrued charges and deferred income | 492/3 | €5,332 | €6,817 | +€1,485 | +27.9% |
| Non-recurring operating income | 76A | - | €216,458 | +€216,458 | |
| Remuneration, social security and pensions | 62 | - | €3,617 | +€3,617 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,309 | €8,229 | -€13,080 | -61.4% |
| Other operating charges | 640/8 | €3,259 | €2,741 | -€518 | -15.9% |
| Gross operating margin | 9900 | €34,449 | €255,156 | +€220,708 | +640.7% |
| Operating profit (loss) | 9901 | €9,880 | €240,570 | +€230,689 | +2334.8% |
| Financial income | 75/76B | €16 | €8 | -€8 | -51.0% |
| Recurring financial income | 75 | €16 | €8 | -€8 | -51.0% |
| Financial charges | 65/66B | €4,681 | €7,476 | +€2,795 | +59.7% |
| Recurring financial charges | 65 | €4,681 | €7,476 | +€2,795 | +59.7% |
| Profit (loss) for the period before taxes | 9903 | €5,215 | €233,101 | +€227,887 | +4370.2% |
| Income taxes | 67/77 | €1,628 | €72,782 | +€71,154 | +4369.9% |
| Profit (loss) for the period | 9904 | €3,586 | €160,319 | +€156,733 | +4370.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,586 | €160,319 | +€156,733 | +4370.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.