ALTITUDO: what changed
ALTITUDO
Largest movements
- Tangible fixed assets -€106,419
down €106,419 (-6.4%), from €1.7m to €1.6m
of which Land and buildings: -€100,800
- Current investments -€86,420
down €86,420 (-100%), from €86,420 to €0
- Receivables within one year +€28,229
up €28,229 (+18.1%), from €155,756 to €183,985
of which Other amounts receivable: +€20,637
- Cash -€28,047
down €28,047 (-55.2%), from €50,830 to €22,784
mainly Debts after one year (-€262,715) and Receivables within one year (-€28,229)
- Debts after one year -€262,715
down €262,715 (-25.4%), from €1.0m to €770,229
- Reserves +€48,897
up €48,897 (+6.2%), from €792,473 to €841,370
of which Distributable reserves: +€61,527
- Gross operating margin -€23,280
down €23,280 (-9.9%), from €235,900 to €212,620
- Financial charges +€17,466
up €17,466 (+160%), from €10,913 to €28,379
- Financial income +€4,099
up €4,099 (+95.7%), from €4,283 to €8,382
- Taxes -€2,395
down €2,395 (-10.4%), from €23,111 to €20,716
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,992,779 | €1,781,398 | -€211,381 | -10.6% |
| Fixed assets | 21/28 | €1,662,063 | €1,555,643 | -€106,419 | -6.4% |
| Tangible fixed assets | 22/27 | €1,662,063 | €1,555,643 | -€106,419 | -6.4% |
| Land and buildings | 22 | €1,634,360 | €1,533,560 | -€100,800 | -6.2% |
| Plant, machinery and equipment | 23 | €27,703 | €22,083 | -€5,620 | -20.3% |
| Current assets | 29/58 | €330,716 | €225,755 | -€104,962 | -31.7% |
| Stocks and contracts in progress | 3 | €36,273 | €17,983 | -€18,290 | -50.4% |
| Stocks | 30/36 | €36,273 | €17,983 | -€18,290 | -50.4% |
| Amounts receivable within one year | 40/41 | €155,756 | €183,985 | +€28,229 | +18.1% |
| Trade receivables | 40 | €19,054 | €26,646 | +€7,592 | +39.8% |
| Other amounts receivable | 41 | €136,702 | €157,339 | +€20,637 | +15.1% |
| Current investments | 50/53 | €86,420 | €0 | -€86,420 | -100% |
| Cash at bank and in hand | 54/58 | €50,830 | €22,784 | -€28,047 | -55.2% |
| Deferred charges and accrued income | 490/1 | €1,438 | €1,003 | -€435 | -30.2% |
| Total equity and liabilities | 10/49 | €1,992,779 | €1,781,398 | -€211,381 | -10.6% |
| Equity | 10/15 | €872,873 | €921,770 | +€48,897 | +5.6% |
| Contributions | 10/11 | €80,400 | €80,400 | = | 0.0% |
| Reserves | 13 | €792,473 | €841,370 | +€48,897 | +6.2% |
| Tax-exempt reserves | 132 | €103,145 | €90,515 | -€12,630 | -12.2% |
| Distributable reserves | 133 | €689,328 | €750,855 | +€61,527 | +8.9% |
| Amounts payable | 17/49 | €1,119,906 | €859,628 | -€260,279 | -23.2% |
| Amounts payable after more than one year | 17 | €1,032,944 | €770,229 | -€262,715 | -25.4% |
| Financial debts | 170/4 | €1,032,944 | €770,229 | -€262,715 | -25.4% |
| Amounts payable within one year | 42/48 | €86,962 | €79,424 | -€7,539 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €85,716 | €78,766 | -€6,950 | -8.1% |
| Trade debts | 44 | €1,246 | €657 | -€589 | -47.3% |
| Suppliers | 440/4 | €1,246 | €657 | -€589 | -47.3% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €9,975 | +€9,975 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,626 | €106,419 | -€207 | -0.2% |
| Other operating charges | 640/8 | €16,086 | €16,589 | +€504 | +3.1% |
| Gross operating margin | 9900 | €235,900 | €212,620 | -€23,280 | -9.9% |
| Operating profit (loss) | 9901 | €113,188 | €89,611 | -€23,577 | -20.8% |
| Financial income | 75/76B | €4,283 | €8,382 | +€4,099 | +95.7% |
| Recurring financial income | 75 | €4,283 | €8,382 | +€4,099 | +95.7% |
| Financial charges | 65/66B | €10,913 | €28,379 | +€17,466 | +160% |
| Recurring financial charges | 65 | €10,913 | €28,379 | +€17,466 | +160% |
| Profit (loss) for the period before taxes | 9903 | €106,558 | €69,614 | -€36,944 | -34.7% |
| Income taxes | 67/77 | €23,111 | €20,716 | -€2,395 | -10.4% |
| Profit (loss) for the period | 9904 | €83,447 | €48,897 | -€34,549 | -41.4% |
| Transfer from tax-exempt reserves | 789 | - | €33,680 | +€33,680 | |
| Transfer to tax-exempt reserves | 689 | €42,100 | €21,050 | -€21,050 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,347 | €61,527 | +€20,181 | +48.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.