ALTHIPAS II: 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.
What changed
ALTHIPAS II
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€13,722
2024 · -€16,870+€3,148
Equity
€1.2m
2024 · €1.2m-€13,698
Cash
€12,657
2024 · €2,907+€9,750
Balance sheet total
€1.8m
2024 · €1.9m-€67,006
Largest movements
Assets
- Tangible fixed assets -€75,383
down €75,383 (-4.1%), from €1.9m to €1.8m
of which Land and buildings: -€70,488
Equity and liabilities
- Debts after one year -€50,000
down €50,000 (-8.3%), from €600,000 to €550,000
Income statement
- Gross operating margin +€3,219
up €3,219 (+5.1%), from €63,193 to €66,412
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.
Result 2024
-€16,870
Gross operating margin
+€3,219
Depreciation
-€273
Other operating charges
+€215
Financial charges
+€10
Taxes
-€23
Result 2025
-€13,722
raises the resultlowers the result
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.
From operations
+€64,044
Investment
-€4,318
Financing
-€49,976
Cash 2024
€2,907
From operations (derived)
+€64,044
Net result for the year
-€13,722
Depreciation
+€79,701
Deferred charges and accrued income
+€1,373
Provisions
-€608
Trade debts
-€300
Tax, wage and social debts
-€121
Other debts
-€2,279
Investment (derived)
-€4,318
Investment in fixed assets (net)
-€4,318
Financing
-€49,976
Debts after one year
-€50,000
Contributions, distributions and other
+€24
Cash 2025
€12,657
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,862,506 | €1,795,500 | -€67,006 | -3.6% |
| Fixed assets | 21/28 | €1,858,227 | €1,782,844 | -€75,383 | -4.1% |
| Tangible fixed assets | 22/27 | €1,858,227 | €1,782,844 | -€75,383 | -4.1% |
| Land and buildings | 22 | €1,796,332 | €1,725,844 | -€70,488 | -3.9% |
| Plant, machinery and equipment | 23 | €61,895 | €57,000 | -€4,895 | -7.9% |
| Current assets | 29/58 | €4,280 | €12,657 | +€8,377 | +196% |
| Cash at bank and in hand | 54/58 | €2,907 | €12,657 | +€9,750 | +335% |
| Deferred charges and accrued income | 490/1 | €1,373 | - | -€1,373 | |
| Total equity and liabilities | 10/49 | €1,862,506 | €1,795,500 | -€67,006 | -3.6% |
| Equity | 10/15 | €1,164,659 | €1,150,961 | -€13,698 | -1.2% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €216,372 | €213,939 | -€2,434 | -1.1% |
| Tax-exempt reserves | 132 | €14,509 | €12,075 | -€2,434 | -16.8% |
| Distributable reserves | 133 | €201,864 | €201,864 | = | 0.0% |
| Profit (loss) carried forward | 14 | €448,287 | €437,023 | -€11,264 | -2.5% |
| Provisions and deferred taxes | 16 | €3,627 | €3,019 | -€608 | -16.8% |
| Deferred taxes | 168 | €3,627 | €3,019 | -€608 | -16.8% |
| Amounts payable | 17/49 | €694,220 | €641,520 | -€52,700 | -7.6% |
| Amounts payable after more than one year | 17 | €600,000 | €550,000 | -€50,000 | -8.3% |
| Other amounts payable | 178/9 | €600,000 | €550,000 | -€50,000 | -8.3% |
| Amounts payable within one year | 42/48 | €94,220 | €91,520 | -€2,700 | -2.9% |
| Trade debts | 44 | €1,300 | €1,000 | -€300 | -23.1% |
| Suppliers | 440/4 | €1,300 | €1,000 | -€300 | -23.1% |
| Taxes, remuneration and social security | 45 | €212 | €92 | -€121 | -56.9% |
| Taxes | 450/3 | €212 | €92 | -€121 | -56.9% |
| Other amounts payable | 47/48 | €92,708 | €90,429 | -€2,279 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,428 | €79,701 | +€273 | +0.3% |
| Other operating charges | 640/8 | €960 | €746 | -€215 | -22.3% |
| Gross operating margin | 9900 | €63,193 | €66,412 | +€3,219 | +5.1% |
| Operating profit (loss) | 9901 | -€17,196 | -€14,035 | +€3,161 | +18.4% |
| Financial charges | 65/66B | €163 | €153 | -€10 | -6.1% |
| Recurring financial charges | 65 | €163 | €153 | -€10 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | -€17,359 | -€14,188 | +€3,171 | +18.3% |
| Transfer from deferred taxes | 780 | €608 | €608 | = | 0.0% |
| Income taxes | 67/77 | €119 | €142 | +€23 | +19.1% |
| Profit (loss) for the period | 9904 | -€16,870 | -€13,722 | +€3,148 | +18.7% |
| Transfer from tax-exempt reserves | 789 | €2,434 | €2,434 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,436 | -€11,288 | +€3,148 | +21.8% |
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 30 October 2026 via checked.be.