ALTITUDE 354: 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.
ALTITUDE 354
Largest movements
- Tangible fixed assets -€43,739
down €43,739 (-10.9%), from €401,185 to €357,446
- Cash -€9,734
down €9,734 (-21.6%), from €45,050 to €35,317
mainly Trade debts (-€18,013) and Debts after one year (-€17,743)
- Receivables within one year +€4,669
up €4,669 (+169%), from €2,766 to €7,435
of which Trade receivables: +€5,527
- Trade debts -€18,013
down €18,013 (-50.5%), from €35,701 to €17,688
- Debts after one year -€17,743
down €17,743 (-6.6%), from €267,618 to €249,875
- Tax, wage and social debts -€16,093
down €16,093 (-43.9%), from €36,630 to €20,537
of which Remuneration and social security: -€14,163
- Profit (loss) carried forward +€5,197
up €5,197 (+45.8%), from -€11,348 to -€6,152
- Other operating charges +€13,355
up €13,355 (+623%), from €2,142 to €15,497
- Staff costs -€13,111
down €13,111 (-7.0%), from €187,094 to €173,983
- Gross operating margin +€5,136
up €5,136 (+2.1%), from €248,678 to €253,814
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 | €461,140 | €409,323 | -€51,817 | -11.2% |
| Fixed assets | 21/28 | €406,371 | €361,612 | -€44,758 | -11.0% |
| Intangible fixed assets | 21 | €4,160 | €2,940 | -€1,220 | -29.3% |
| Tangible fixed assets | 22/27 | €401,185 | €357,446 | -€43,739 | -10.9% |
| Land and buildings | 22 | €276,615 | €268,325 | -€8,290 | -3.0% |
| Furniture and vehicles | 24 | €32,094 | €11,891 | -€20,203 | -62.9% |
| Other tangible fixed assets | 26 | €92,475 | €77,230 | -€15,245 | -16.5% |
| Financial fixed assets | 28 | €1,026 | €1,226 | +€200 | +19.5% |
| Current assets | 29/58 | €54,770 | €47,711 | -€7,059 | -12.9% |
| Stocks and contracts in progress | 3 | €6,953 | €2,750 | -€4,203 | -60.5% |
| Stocks | 30/36 | €6,953 | €2,750 | -€4,203 | -60.5% |
| Amounts receivable within one year | 40/41 | €2,766 | €7,435 | +€4,669 | +169% |
| Trade receivables | 40 | €1,908 | €7,435 | +€5,527 | +290% |
| Other amounts receivable | 41 | €858 | - | -€858 | |
| Cash at bank and in hand | 54/58 | €45,050 | €35,317 | -€9,734 | -21.6% |
| Deferred charges and accrued income | 490/1 | - | €2,209 | +€2,209 | |
| Total equity and liabilities | 10/49 | €461,140 | €409,323 | -€51,817 | -11.2% |
| Equity | 10/15 | €61,190 | €62,631 | +€1,440 | +2.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Contributions outside capital | 11 | €50,000 | €50,000 | = | 0.0% |
| Other | 1109/19 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,348 | -€6,152 | +€5,197 | +45.8% |
| Investment grants | 15 | €22,539 | €18,782 | -€3,756 | -16.7% |
| Amounts payable | 17/49 | €399,950 | €346,693 | -€53,258 | -13.3% |
| Amounts payable after more than one year | 17 | €267,618 | €249,875 | -€17,743 | -6.6% |
| Financial debts | 170/4 | €267,618 | €249,875 | -€17,743 | -6.6% |
| Amounts payable within one year | 42/48 | €127,032 | €94,284 | -€32,749 | -25.8% |
| Current portion of amounts payable after more than one year | 42 | €22,633 | €27,107 | +€4,473 | +19.8% |
| Financial debts | 43 | - | €570 | +€570 | |
| Credit institutions | 430/8 | - | €570 | +€570 | |
| Trade debts | 44 | €35,701 | €17,688 | -€18,013 | -50.5% |
| Suppliers | 440/4 | €35,701 | €17,688 | -€18,013 | -50.5% |
| Taxes, remuneration and social security | 45 | €36,630 | €20,537 | -€16,093 | -43.9% |
| Taxes | 450/3 | €12,661 | €10,731 | -€1,930 | -15.2% |
| Remuneration and social security | 454/9 | €23,969 | €9,806 | -€14,163 | -59.1% |
| Other amounts payable | 47/48 | €32,068 | €28,382 | -€3,686 | -11.5% |
| Accrued charges and deferred income | 492/3 | €5,300 | €2,534 | -€2,766 | -52.2% |
| Remuneration, social security and pensions | 62 | €187,094 | €173,983 | -€13,111 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,310 | €43,791 | +€1,481 | +3.5% |
| Other operating charges | 640/8 | €2,142 | €15,497 | +€13,355 | +623% |
| Gross operating margin | 9900 | €248,678 | €253,814 | +€5,136 | +2.1% |
| Operating profit (loss) | 9901 | €17,131 | €20,542 | +€3,411 | +19.9% |
| Financial income | 75/76B | €80 | €3 | -€77 | -96.1% |
| Recurring financial income | 75 | €80 | €3 | -€77 | -96.1% |
| Financial charges | 65/66B | €14,423 | €15,348 | +€926 | +6.4% |
| Recurring financial charges | 65 | €14,423 | €15,348 | +€926 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | €2,789 | €5,197 | +€2,408 | +86.3% |
| Income taxes | 67/77 | €1,251 | - | -€1,251 | |
| Profit (loss) for the period | 9904 | €1,539 | €5,197 | +€3,658 | +238% |
| Profit (loss) for the period to be appropriated | 9905 | €1,539 | €5,197 | +€3,658 | +238% |
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 1 November 2026 via checked.be.