ALTHIMAX: 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.
ALTHIMAX
Largest movements
- Receivables within one year -€14,379
down €14,379 (-38.5%), from €37,356 to €22,977
of which Trade receivables: -€16,781
- Cash +€10,930
up €10,930 (+578.7%), from €1,889 to €12,819
mainly Receivables within one year (+€14,379) and Depreciation (+€8,238)
- Tangible fixed assets -€8,238
down €8,238 (-35.3%), from €23,341 to €15,103
of which Leasing and similar rights: -€6,656
- Stocks and contracts +€3,882
up €3,882 (+1552.9%), from €250 to €4,132
of which Contracts in progress: +€3,857
- Deferred charges and accrued income +€2,302
up €2,302 (+12.8%), from €18,003 to €20,306
- Tax, wage and social debts -€8,511
down €8,511 (-63.2%), from €13,471 to €4,960
- Trade debts +€6,465
up €6,465 (+65.9%), from €9,806 to €16,271
- Debts after one year -€5,966
down €5,966 (-78.4%), from €7,607 to €1,641
- Reserves +€5,120
up €5,120 (+4.4%), from €116,050 to €121,170
- Current portion of long-term debt -€2,611
down €2,611 (-30.4%), from €8,577 to €5,966
- Gross operating margin +€1,983
up €1,983 (+11.2%), from €17,758 to €19,741
- Write-downs +€1,349
new in 2025: €1,349
- Depreciation +€408
up €408 (+5.2%), from €7,830 to €8,238
- Taxes +€309
up €309 (+5.5%), from €5,629 to €5,937
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 | €174,339 | €168,837 | -€5,502 | -3.2% |
| Fixed assets | 21/28 | €23,341 | €15,103 | -€8,238 | -35.3% |
| Tangible fixed assets | 22/27 | €23,341 | €15,103 | -€8,238 | -35.3% |
| Plant, machinery and equipment | 23 | €458 | €121 | -€337 | -73.6% |
| Furniture and vehicles | 24 | €5,649 | €4,405 | -€1,244 | -22.0% |
| Leasing and similar rights | 25 | €17,233 | €10,577 | -€6,656 | -38.6% |
| Current assets | 29/58 | €150,998 | €153,734 | +€2,736 | +1.8% |
| Amounts receivable after more than one year | 29 | €93,500 | €93,500 | = | 0.0% |
| Other amounts receivable | 291 | €93,500 | €93,500 | = | 0.0% |
| Stocks and contracts in progress | 3 | €250 | €4,132 | +€3,882 | +1552.9% |
| Stocks | 30/36 | €250 | €275 | +€25 | +10.0% |
| Contracts in progress | 37 | - | €3,857 | +€3,857 | |
| Amounts receivable within one year | 40/41 | €37,356 | €22,977 | -€14,379 | -38.5% |
| Trade receivables | 40 | €20,389 | €3,608 | -€16,781 | -82.3% |
| Other amounts receivable | 41 | €16,967 | €19,369 | +€2,402 | +14.2% |
| Cash at bank and in hand | 54/58 | €1,889 | €12,819 | +€10,930 | +578.7% |
| Deferred charges and accrued income | 490/1 | €18,003 | €20,306 | +€2,302 | +12.8% |
| Total equity and liabilities | 10/49 | €174,339 | €168,837 | -€5,502 | -3.2% |
| Equity | 10/15 | €134,879 | €140,000 | +€5,121 | +3.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €116,050 | €121,170 | +€5,120 | +4.4% |
| Distributable reserves | 133 | €116,050 | €121,170 | +€5,120 | +4.4% |
| Profit (loss) carried forward | 14 | €237 | €238 | +€1 | +0.3% |
| Amounts payable | 17/49 | €39,460 | €28,837 | -€10,623 | -26.9% |
| Amounts payable after more than one year | 17 | €7,607 | €1,641 | -€5,966 | -78.4% |
| Financial debts | 170/4 | €7,607 | €1,641 | -€5,966 | -78.4% |
| Amounts payable within one year | 42/48 | €31,853 | €27,196 | -€4,657 | -14.6% |
| Current portion of amounts payable after more than one year | 42 | €8,577 | €5,966 | -€2,611 | -30.4% |
| Trade debts | 44 | €9,806 | €16,271 | +€6,465 | +65.9% |
| Suppliers | 440/4 | €9,806 | €16,271 | +€6,465 | +65.9% |
| Taxes, remuneration and social security | 45 | €13,471 | €4,960 | -€8,511 | -63.2% |
| Taxes | 450/3 | €13,471 | €4,960 | -€8,511 | -63.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,830 | €8,238 | +€408 | +5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,349 | +€1,349 | |
| Other operating charges | 640/8 | €2,086 | €2,071 | -€15 | -0.7% |
| Gross operating margin | 9900 | €17,758 | €19,741 | +€1,983 | +11.2% |
| Operating profit (loss) | 9901 | €7,843 | €8,083 | +€240 | +3.1% |
| Financial income | 75/76B | €3,362 | €3,514 | +€151 | +4.5% |
| Recurring financial income | 75 | €3,362 | €3,514 | +€151 | +4.5% |
| Financial charges | 65/66B | €475 | €539 | +€64 | +13.5% |
| Recurring financial charges | 65 | €475 | €539 | +€64 | +13.5% |
| Profit (loss) for the period before taxes | 9903 | €10,730 | €11,058 | +€328 | +3.1% |
| Income taxes | 67/77 | €5,629 | €5,937 | +€309 | +5.5% |
| Profit (loss) for the period | 9904 | €5,102 | €5,121 | +€19 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €5,102 | €5,121 | +€19 | +0.4% |
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 9 October 2026 via checked.be.