ALTIMET: 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.
ALTIMET
Largest movements
- Stocks and contracts +€51,500
up €51,500 (+228%), from €22,605 to €74,105
of which Contracts in progress: +€38,500
- Receivables within one year +€41,563
up €41,563 (+63.1%), from €65,876 to €107,439
of which Trade receivables: +€36,469
- Cash -€28,354
no longer reported in 2025 (was €28,354)
mainly Stocks and contracts (-€51,500) and Receivables within one year (-€41,563)
- Accrued charges and deferred income +€40,524
new in 2025: €40,524
- Trade debts +€27,030
up €27,030 (+350%), from €7,717 to €34,747
- Debts after one year -€5,232
down €5,232 (-2.1%), from €254,346 to €249,115
- Gross operating margin -€31,557
down €31,557 (-38.6%), from €81,666 to €50,109
- Taxes -€3,522
down €3,522 (-64.9%), from €5,426 to €1,905
- Staff costs +€1,890
new in 2025: €1,890
- Depreciation +€1,181
up €1,181 (+5.0%), from €23,717 to €24,899
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €412,185 | €478,034 | +€65,849 | +16.0% |
| Fixed assets | 21/28 | €295,350 | €296,431 | +€1,082 | +0.4% |
| Tangible fixed assets | 22/27 | €295,350 | €296,431 | +€1,082 | +0.4% |
| Land and buildings | 22 | €280,084 | €279,279 | -€805 | -0.3% |
| Plant, machinery and equipment | 23 | €14,573 | €16,980 | +€2,407 | +16.5% |
| Furniture and vehicles | 24 | €693 | €173 | -€521 | -75.1% |
| Current assets | 29/58 | €116,835 | €181,603 | +€64,768 | +55.4% |
| Stocks and contracts in progress | 3 | €22,605 | €74,105 | +€51,500 | +228% |
| Stocks | 30/36 | €10,500 | €23,500 | +€13,000 | +124% |
| Contracts in progress | 37 | €12,105 | €50,605 | +€38,500 | +318% |
| Amounts receivable within one year | 40/41 | €65,876 | €107,439 | +€41,563 | +63.1% |
| Trade receivables | 40 | €65,876 | €102,346 | +€36,469 | +55.4% |
| Other amounts receivable | 41 | - | €5,094 | +€5,094 | |
| Cash at bank and in hand | 54/58 | €28,354 | - | -€28,354 | |
| Deferred charges and accrued income | 490/1 | - | €59 | +€59 | |
| Total equity and liabilities | 10/49 | €412,185 | €478,034 | +€65,849 | +16.0% |
| Equity | 10/15 | €86,782 | €90,512 | +€3,729 | +4.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €79,682 | €79,682 | = | 0.0% |
| Distributable reserves | 133 | €79,682 | €79,682 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,100 | €7,830 | +€3,729 | +91.0% |
| Amounts payable | 17/49 | €325,403 | €387,523 | +€62,120 | +19.1% |
| Amounts payable after more than one year | 17 | €254,346 | €249,115 | -€5,232 | -2.1% |
| Financial debts | 170/4 | €254,346 | €249,115 | -€5,232 | -2.1% |
| Amounts payable within one year | 42/48 | €71,056 | €97,884 | +€26,828 | +37.8% |
| Current portion of amounts payable after more than one year | 42 | €21,655 | €21,878 | +€223 | +1.0% |
| Trade debts | 44 | €7,717 | €34,747 | +€27,030 | +350% |
| Suppliers | 440/4 | €7,717 | €34,747 | +€27,030 | +350% |
| Taxes, remuneration and social security | 45 | €12,758 | €8,793 | -€3,965 | -31.1% |
| Taxes | 450/3 | €12,758 | €8,793 | -€3,965 | -31.1% |
| Other amounts payable | 47/48 | €28,926 | €32,466 | +€3,540 | +12.2% |
| Accrued charges and deferred income | 492/3 | - | €40,524 | +€40,524 | |
| Remuneration, social security and pensions | 62 | - | €1,890 | +€1,890 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,717 | €24,899 | +€1,181 | +5.0% |
| Other operating charges | 640/8 | €1,466 | €1,484 | +€19 | +1.3% |
| Gross operating margin | 9900 | €81,666 | €50,109 | -€31,557 | -38.6% |
| Operating profit (loss) | 9901 | €56,483 | €21,836 | -€34,647 | -61.3% |
| Financial income | 75/76B | €621 | €1 | -€620 | -99.8% |
| Recurring financial income | 75 | €621 | €1 | -€620 | -99.8% |
| Financial charges | 65/66B | €15,753 | €16,203 | +€450 | +2.9% |
| Recurring financial charges | 65 | €15,753 | €16,203 | +€450 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €41,351 | €5,634 | -€35,717 | -86.4% |
| Income taxes | 67/77 | €5,426 | €1,905 | -€3,522 | -64.9% |
| Profit (loss) for the period | 9904 | €35,925 | €3,729 | -€32,195 | -89.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,925 | €3,729 | -€32,195 | -89.6% |
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 19 October 2026 via checked.be.