ALTHEAS: 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.
ALTHEAS
Largest movements
- Receivables within one year +€322,391
up €322,391 (+53.4%), from €603,913 to €926,305
of which Trade receivables: +€210,197
- Stocks and contracts +€283,288
up €283,288 (+843.4%), from €33,590 to €316,877
of which Contracts in progress: +€153,731
- Receivables after one year -€87,857
down €87,857 (-10.3%), from €853,787 to €765,930
- Cash -€67,939
down €67,939 (-48.4%), from €140,441 to €72,502
mainly Receivables within one year (-€322,391) and Stocks and contracts (-€283,288)
- Trade debts +€679,153
up €679,153 (+182.8%), from €371,528 to €1.1m
- Short-term financial debts -€211,689
down €211,689 (-32.2%), from €658,000 to €446,311
- Tax, wage and social debts +€92,897
up €92,897 (+60.8%), from €152,690 to €245,588
of which Taxes: +€104,347
- Other debts -€87,955
down €87,955 (-97.2%), from €90,496 to €2,541
- Profit (loss) carried forward -€56,618
down €56,618, from €11,093 to -€45,525
- Staff costs +€100,753
up €100,753 (+11.1%), from €911,379 to €1.0m
- Gross operating margin -€85,859
down €85,859 (-7.3%), from €1.2m to €1.1m
- Taxes -€41,292
down €41,292 (-89.2%), from €46,302 to €5,010
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 | €2,374,790 | €2,807,855 | +€433,066 | +18.2% |
| Fixed assets | 21/28 | €721,642 | €706,856 | -€14,786 | -2.0% |
| Tangible fixed assets | 22/27 | €641,608 | €626,822 | -€14,786 | -2.3% |
| Land and buildings | 22 | €589,728 | €552,728 | -€37,000 | -6.3% |
| Plant, machinery and equipment | 23 | €9,543 | €6,037 | -€3,506 | -36.7% |
| Furniture and vehicles | 24 | €42,337 | €68,057 | +€25,721 | +60.8% |
| Financial fixed assets | 28 | €80,034 | €80,034 | = | 0.0% |
| Current assets | 29/58 | €1,653,147 | €2,100,999 | +€447,852 | +27.1% |
| Amounts receivable after more than one year | 29 | €853,787 | €765,930 | -€87,857 | -10.3% |
| Other amounts receivable | 291 | €853,787 | €765,930 | -€87,857 | -10.3% |
| Stocks and contracts in progress | 3 | €33,590 | €316,877 | +€283,288 | +843.4% |
| Stocks | 30/36 | €22,577 | €152,134 | +€129,557 | +573.8% |
| Contracts in progress | 37 | €11,013 | €164,743 | +€153,731 | +1395.9% |
| Amounts receivable within one year | 40/41 | €603,913 | €926,305 | +€322,391 | +53.4% |
| Trade receivables | 40 | €603,913 | €814,110 | +€210,197 | +34.8% |
| Other amounts receivable | 41 | - | €112,195 | +€112,195 | |
| Cash at bank and in hand | 54/58 | €140,441 | €72,502 | -€67,939 | -48.4% |
| Deferred charges and accrued income | 490/1 | €21,417 | €19,385 | -€2,032 | -9.5% |
| Total equity and liabilities | 10/49 | €2,374,790 | €2,807,855 | +€433,066 | +18.2% |
| Equity | 10/15 | €885,081 | €821,646 | -€63,435 | -7.2% |
| Contributions | 10/11 | €68,171 | €68,171 | = | 0.0% |
| Revaluation surpluses | 12 | €481,000 | €444,000 | -€37,000 | -7.7% |
| Reserves | 13 | €324,817 | €355,000 | +€30,183 | +9.3% |
| Non-distributable reserves | 130/1 | €310,000 | €347,000 | +€37,000 | +11.9% |
| Reserves not available under the articles | 1311 | €310,000 | €347,000 | +€37,000 | +11.9% |
| Tax-exempt reserves | 132 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €6,817 | - | -€6,817 | |
| Profit (loss) carried forward | 14 | €11,093 | -€45,525 | -€56,618 | |
| Provisions and deferred taxes | 16 | €49,339 | €52,253 | +€2,915 | +5.9% |
| Provisions for liabilities and charges | 160/5 | €49,339 | €52,253 | +€2,915 | +5.9% |
| Other liabilities and charges | 164/5 | €49,339 | €52,253 | +€2,915 | +5.9% |
| Amounts payable | 17/49 | €1,440,370 | €1,933,956 | +€493,586 | +34.3% |
| Amounts payable after more than one year | 17 | €134,803 | €133,495 | -€1,309 | -1.0% |
| Financial debts | 170/4 | €134,803 | €133,495 | -€1,309 | -1.0% |
| Amounts payable within one year | 42/48 | €1,305,567 | €1,800,462 | +€494,895 | +37.9% |
| Current portion of amounts payable after more than one year | 42 | €32,853 | €31,421 | -€1,432 | -4.4% |
| Financial debts | 43 | €658,000 | €446,311 | -€211,689 | -32.2% |
| Credit institutions | 430/8 | €658,000 | €446,311 | -€211,689 | -32.2% |
| Trade debts | 44 | €371,528 | €1,050,681 | +€679,153 | +182.8% |
| Suppliers | 440/4 | €371,528 | €1,050,681 | +€679,153 | +182.8% |
| Advances received on contracts in progress | 46 | - | €23,920 | +€23,920 | |
| Taxes, remuneration and social security | 45 | €152,690 | €245,588 | +€92,897 | +60.8% |
| Taxes | 450/3 | €79,283 | €183,630 | +€104,347 | +131.6% |
| Remuneration and social security | 454/9 | €73,407 | €61,957 | -€11,450 | -15.6% |
| Other amounts payable | 47/48 | €90,496 | €2,541 | -€87,955 | -97.2% |
| Remuneration, social security and pensions | 62 | €911,379 | €1,012,132 | +€100,753 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,465 | €54,848 | +€1,383 | +2.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€236 | €2,915 | +€3,151 | |
| Other operating charges | 640/8 | €13,339 | €17,818 | +€4,480 | +33.6% |
| Gross operating margin | 9900 | €1,171,913 | €1,086,054 | -€85,859 | -7.3% |
| Operating profit (loss) | 9901 | €193,967 | -€1,658 | -€195,625 | |
| Financial income | 75/76B | €3,320 | €3,062 | -€258 | -7.8% |
| Recurring financial income | 75 | €3,320 | €3,062 | -€258 | -7.8% |
| Financial charges | 65/66B | €63,128 | €59,829 | -€3,299 | -5.2% |
| Recurring financial charges | 65 | €63,128 | €59,829 | -€3,299 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €134,159 | -€58,425 | -€192,584 | |
| Income taxes | 67/77 | €46,302 | €5,010 | -€41,292 | -89.2% |
| Profit (loss) for the period | 9904 | €87,857 | -€63,435 | -€151,292 | |
| Profit (loss) for the period to be appropriated | 9905 | €87,857 | -€63,435 | -€151,292 |
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 11 October 2026 via checked.be.