ALTHEO: 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.
ALTHEO
Largest movements
- Cash -€5,415
down €5,415 (-36.1%), from €14,983 to €9,568
mainly Investment in fixed assets (net) (-€55,074) and Debts after one year (-€15,151)
- Receivables within one year +€3,428
up €3,428 (+35.3%), from €9,704 to €13,132
- Debts after one year -€15,151
down €15,151 (-40.0%), from €37,878 to €22,727
- Other debts +€7,763
up €7,763 (+72.3%), from €10,741 to €18,504
- Profit (loss) carried forward +€5,545
up €5,545 (+5.8%), from €95,690 to €101,236
- Gross operating margin +€12,598
up €12,598 (+22.6%), from €55,692 to €68,290
- Taxes +€2,053
up €2,053 (+200.0%), from €1,026 to €3,079
- Financial charges -€722
down €722 (-26.9%), from €2,684 to €1,962
- Depreciation -€716
down €716 (-1.3%), from €56,079 to €55,363
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 | €183,078 | €179,926 | -€3,152 | -1.7% |
| Fixed assets | 21/28 | €155,506 | €155,216 | -€290 | -0.2% |
| Tangible fixed assets | 22/27 | €155,506 | €155,216 | -€290 | -0.2% |
| Plant, machinery and equipment | 23 | €38,986 | €45,747 | +€6,761 | +17.3% |
| Furniture and vehicles | 24 | €98,344 | €94,202 | -€4,141 | -4.2% |
| Other tangible fixed assets | 26 | €18,176 | €15,267 | -€2,910 | -16.0% |
| Current assets | 29/58 | €27,572 | €24,710 | -€2,862 | -10.4% |
| Amounts receivable within one year | 40/41 | €9,704 | €13,132 | +€3,428 | +35.3% |
| Trade receivables | 40 | €9,704 | €13,132 | +€3,428 | +35.3% |
| Cash at bank and in hand | 54/58 | €14,983 | €9,568 | -€5,415 | -36.1% |
| Deferred charges and accrued income | 490/1 | €2,885 | €2,010 | -€875 | -30.3% |
| Total equity and liabilities | 10/49 | €183,078 | €179,926 | -€3,152 | -1.7% |
| Equity | 10/15 | €103,750 | €109,296 | +€5,545 | +5.3% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | €95,690 | €101,236 | +€5,545 | +5.8% |
| Amounts payable | 17/49 | €79,328 | €70,631 | -€8,697 | -11.0% |
| Amounts payable after more than one year | 17 | €37,878 | €22,727 | -€15,151 | -40.0% |
| Financial debts | 170/4 | €37,878 | €22,727 | -€15,151 | -40.0% |
| Amounts payable within one year | 42/48 | €41,450 | €47,904 | +€6,454 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €15,802 | €15,151 | -€651 | -4.1% |
| Trade debts | 44 | €295 | €80 | -€215 | -72.9% |
| Suppliers | 440/4 | €295 | €80 | -€215 | -72.9% |
| Advances received on contracts in progress | 46 | €248 | €455 | +€207 | +83.3% |
| Taxes, remuneration and social security | 45 | €14,364 | €13,714 | -€649 | -4.5% |
| Taxes | 450/3 | €11,564 | €13,714 | +€2,151 | +18.6% |
| Remuneration and social security | 454/9 | €2,800 | - | -€2,800 | |
| Other amounts payable | 47/48 | €10,741 | €18,504 | +€7,763 | +72.3% |
| Accrued charges and deferred income | 492/3 | - | €0 | +€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,079 | €55,363 | -€716 | -1.3% |
| Other operating charges | 640/8 | €1,784 | €2,341 | +€557 | +31.2% |
| Gross operating margin | 9900 | €55,692 | €68,290 | +€12,598 | +22.6% |
| Operating profit (loss) | 9901 | -€2,170 | €10,586 | +€12,756 | |
| Financial charges | 65/66B | €2,684 | €1,962 | -€722 | -26.9% |
| Recurring financial charges | 65 | €2,684 | €1,962 | -€722 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | -€4,854 | €8,624 | +€13,478 | |
| Income taxes | 67/77 | €1,026 | €3,079 | +€2,053 | +200.0% |
| Profit (loss) for the period | 9904 | -€5,880 | €5,545 | +€11,425 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,880 | €5,545 | +€11,425 |
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.