ALTIRO: 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.
ALTIRO
Largest movements
- Stocks and contracts +€330,713
new in 2025: €330,713
- Receivables within one year -€252,776
down €252,776 (-44.1%), from €573,040 to €320,264
of which Trade receivables: -€246,796
- Tangible fixed assets -€174,532
down €174,532 (-10.1%), from €1.7m to €1.6m
- Cash +€82,505
up €82,505 (+51.2%), from €161,101 to €243,605
mainly Depreciation (+€557,481) and Other debts (+€334,060)
- Deferred charges and accrued income -€52,232
down €52,232 (-67.4%), from €77,523 to €25,291
- Other debts +€334,060
up €334,060 (+177.7%), from €188,000 to €522,060
- Debts after one year -€306,680
down €306,680 (-15.6%), from €2.0m to €1.7m
- Trade debts -€247,741
down €247,741 (-68.5%), from €361,923 to €114,182
- Current portion of long-term debt -€152,283
down €152,283 (-26.5%), from €573,865 to €421,582
- Reserves +€133,057
up €133,057 (+23.7%), from €560,836 to €693,893
- Gross operating margin +€510,378
up €510,378 (+32.2%), from €1.6m to €2.1m
- Staff costs +€273,105
up €273,105 (+26.6%), from €1.0m to €1.3m
- Depreciation +€66,943
up €66,943 (+13.6%), from €490,538 to €557,481
- Financial charges -€26,983
down €26,983 (-22.6%), from €119,466 to €92,483
of which Financial charges: -€57,393
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 | €3,822,751 | €3,716,544 | -€106,206 | -2.8% |
| Fixed assets | 21/28 | €2,973,820 | €2,796,671 | -€177,149 | -6.0% |
| Intangible fixed assets | 21 | €10,561 | €8,129 | -€2,432 | -23.0% |
| Tangible fixed assets | 22/27 | €1,730,298 | €1,555,766 | -€174,532 | -10.1% |
| Plant, machinery and equipment | 23 | €986,292 | €982,583 | -€3,708 | -0.4% |
| Furniture and vehicles | 24 | €120,693 | €70,454 | -€50,239 | -41.6% |
| Leasing and similar rights | 25 | €127,572 | €70,016 | -€57,556 | -45.1% |
| Other tangible fixed assets | 26 | €495,742 | €432,713 | -€63,029 | -12.7% |
| Financial fixed assets | 28 | €1,232,961 | €1,232,776 | -€185 | 0.0% |
| Current assets | 29/58 | €848,931 | €919,873 | +€70,943 | +8.4% |
| Amounts receivable after more than one year | 29 | €37,268 | €0 | -€37,268 | -100.0% |
| Other amounts receivable | 291 | €37,268 | €0 | -€37,268 | -100.0% |
| Stocks and contracts in progress | 3 | - | €330,713 | +€330,713 | |
| Contracts in progress | 37 | - | €330,713 | +€330,713 | |
| Amounts receivable within one year | 40/41 | €573,040 | €320,264 | -€252,776 | -44.1% |
| Trade receivables | 40 | €481,143 | €234,347 | -€246,796 | -51.3% |
| Other amounts receivable | 41 | €91,897 | €85,917 | -€5,980 | -6.5% |
| Cash at bank and in hand | 54/58 | €161,101 | €243,605 | +€82,505 | +51.2% |
| Deferred charges and accrued income | 490/1 | €77,523 | €25,291 | -€52,232 | -67.4% |
| Total equity and liabilities | 10/49 | €3,822,751 | €3,716,544 | -€106,206 | -2.8% |
| Equity | 10/15 | €597,986 | €731,043 | +€133,057 | +22.3% |
| Contributions | 10/11 | €37,150 | €37,150 | = | 0.0% |
| Reserves | 13 | €560,836 | €693,893 | +€133,057 | +23.7% |
| Distributable reserves | 133 | €560,836 | €693,893 | +€133,057 | +23.7% |
| Amounts payable | 17/49 | €3,224,765 | €2,985,501 | -€239,264 | -7.4% |
| Amounts payable after more than one year | 17 | €1,963,835 | €1,657,154 | -€306,680 | -15.6% |
| Financial debts | 170/4 | €1,963,835 | €1,657,154 | -€306,680 | -15.6% |
| Amounts payable within one year | 42/48 | €1,260,930 | €1,202,690 | -€58,240 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €573,865 | €421,582 | -€152,283 | -26.5% |
| Financial debts | 43 | €13,715 | €2,968 | -€10,746 | -78.4% |
| Credit institutions | 430/8 | €13,715 | €2,968 | -€10,746 | -78.4% |
| Trade debts | 44 | €361,923 | €114,182 | -€247,741 | -68.5% |
| Suppliers | 440/4 | €361,923 | €114,182 | -€247,741 | -68.5% |
| Taxes, remuneration and social security | 45 | €123,428 | €141,899 | +€18,471 | +15.0% |
| Taxes | 450/3 | €8,363 | €5,678 | -€2,685 | -32.1% |
| Remuneration and social security | 454/9 | €115,065 | €136,221 | +€21,156 | +18.4% |
| Other amounts payable | 47/48 | €188,000 | €522,060 | +€334,060 | +177.7% |
| Accrued charges and deferred income | 492/3 | - | €125,657 | +€125,657 | |
| Non-recurring operating income | 76A | €87,403 | €14,473 | -€72,930 | -83.4% |
| Remuneration, social security and pensions | 62 | €1,024,785 | €1,297,890 | +€273,105 | +26.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €490,538 | €557,481 | +€66,943 | +13.6% |
| Other operating charges | 640/8 | €25,300 | €18,185 | -€7,115 | -28.1% |
| Gross operating margin | 9900 | €1,587,437 | €2,097,815 | +€510,378 | +32.2% |
| Operating profit (loss) | 9901 | €46,813 | €224,258 | +€177,445 | +379.1% |
| Financial income | 75/76B | €1,815 | €2,076 | +€261 | +14.4% |
| Recurring financial income | 75 | €1,815 | €2,076 | +€261 | +14.4% |
| Financial charges | 65/66B | €119,466 | €92,483 | -€26,983 | -22.6% |
| Recurring financial charges | 65 | €119,466 | €62,073 | -€57,393 | -48.0% |
| Non-recurring financial charges | 66B | - | €30,410 | +€30,410 | |
| Profit (loss) for the period before taxes | 9903 | -€70,838 | €133,851 | +€204,689 | |
| Income taxes | 67/77 | €380 | €794 | +€414 | +109.0% |
| Profit (loss) for the period | 9904 | -€71,218 | €133,057 | +€204,275 | |
| Profit (loss) for the period to be appropriated | 9905 | -€71,218 | €133,057 | +€204,275 |
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 11 October 2026 via checked.be.