ALTIPLANO: 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.
ALTIPLANO
Largest movements
- Receivables within one year +€24,882
up €24,882 (+166%), from €15,009 to €39,891
of which Trade receivables: +€25,365
- Tangible fixed assets -€14,970
down €14,970 (-7.4%), from €202,466 to €187,496
of which Furniture and vehicles: -€12,533
- Cash -€2,911
down €2,911 (-27.2%), from €10,701 to €7,790
mainly Receivables within one year (-€24,882) and Current portion of long-term debt (-€4,718)
- Reserves +€10,583
up €10,583 (+16.0%), from €66,200 to €76,783
of which Distributable reserves: +€10,583
- Current portion of long-term debt -€4,718
no longer reported in 2025 (was €4,718)
- Gross operating margin +€11,149
up €11,149 (+48.4%), from €23,036 to €34,185
- Taxes +€983
up €983 (+389%), from €253 to €1,235
- Depreciation +€528
up €528 (+2.8%), from €19,060 to €19,588
- Other operating charges -€487
down €487 (-16.0%), from €3,047 to €2,560
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 | €232,521 | €238,350 | +€5,829 | +2.5% |
| Fixed assets | 21/28 | €205,237 | €190,267 | -€14,970 | -7.3% |
| Tangible fixed assets | 22/27 | €202,466 | €187,496 | -€14,970 | -7.4% |
| Land and buildings | 22 | €139,779 | €134,578 | -€5,201 | -3.7% |
| Plant, machinery and equipment | 23 | €10,838 | €13,603 | +€2,765 | +25.5% |
| Furniture and vehicles | 24 | €51,850 | €39,316 | -€12,533 | -24.2% |
| Financial fixed assets | 28 | €2,771 | €2,771 | = | 0.0% |
| Current assets | 29/58 | €27,284 | €48,082 | +€20,798 | +76.2% |
| Amounts receivable within one year | 40/41 | €15,009 | €39,891 | +€24,882 | +166% |
| Trade receivables | 40 | €13,916 | €39,281 | +€25,365 | +182% |
| Other amounts receivable | 41 | €1,093 | €610 | -€483 | -44.2% |
| Cash at bank and in hand | 54/58 | €10,701 | €7,790 | -€2,911 | -27.2% |
| Deferred charges and accrued income | 490/1 | €1,574 | €402 | -€1,172 | -74.5% |
| Total equity and liabilities | 10/49 | €232,521 | €238,350 | +€5,829 | +2.5% |
| Equity | 10/15 | €156,045 | €166,628 | +€10,583 | +6.8% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €66,200 | €76,783 | +€10,583 | +16.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €64,300 | €74,883 | +€10,583 | +16.5% |
| Profit (loss) carried forward | 14 | €70,845 | €70,845 | = | 0.0% |
| Amounts payable | 17/49 | €76,476 | €71,722 | -€4,755 | -6.2% |
| Amounts payable after more than one year | 17 | €800 | €800 | = | 0.0% |
| Other amounts payable | 178/9 | €800 | €800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €75,676 | €70,922 | -€4,755 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €4,718 | - | -€4,718 | |
| Financial debts | 43 | - | €19 | +€19 | |
| Credit institutions | 430/8 | - | €19 | +€19 | |
| Trade debts | 44 | €3,831 | €2,359 | -€1,472 | -38.4% |
| Suppliers | 440/4 | €3,831 | €2,359 | -€1,472 | -38.4% |
| Taxes, remuneration and social security | 45 | €3,410 | €4,501 | +€1,090 | +32.0% |
| Taxes | 450/3 | €3,410 | €4,501 | +€1,090 | +32.0% |
| Other amounts payable | 47/48 | €63,717 | €64,043 | +€326 | +0.5% |
| Non-recurring operating income | 76A | €1,876 | - | -€1,876 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,060 | €19,588 | +€528 | +2.8% |
| Other operating charges | 640/8 | €3,047 | €2,560 | -€487 | -16.0% |
| Gross operating margin | 9900 | €23,036 | €34,185 | +€11,149 | +48.4% |
| Operating profit (loss) | 9901 | €928 | €12,037 | +€11,108 | +1,197% |
| Financial income | 75/76B | €1 | €176 | +€175 | +13,430% |
| Recurring financial income | 75 | €1 | €176 | +€175 | +13,430% |
| Financial charges | 65/66B | €566 | €394 | -€172 | -30.3% |
| Recurring financial charges | 65 | €566 | €394 | -€172 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €364 | €11,819 | +€11,455 | +3,147% |
| Income taxes | 67/77 | €253 | €1,235 | +€983 | +389% |
| Profit (loss) for the period | 9904 | €111 | €10,583 | +€10,472 | +9,394% |
| Profit (loss) for the period to be appropriated | 9905 | €111 | €10,583 | +€10,472 | +9,394% |
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 25 October 2026 via checked.be.