ALTIVET: what changed
Two fiscal 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.
ALTIVET
Largest movements
- Stocks and contracts +€21,936
up €21,936 (+52.8%), from €41,557 to €63,493
- Tangible fixed assets -€19,625
down €19,625 (-2.9%), from €683,742 to €664,116
of which Land and buildings: -€34,006
- Cash -€17,890
down €17,890 (-15.6%), from €114,407 to €96,517
mainly Investment in fixed assets (net) (-€45,923) and Contributions, distributions and other (-€39,717)
- Receivables within one year +€10,003
up €10,003 (+30.0%), from €33,351 to €43,354
of which Other amounts receivable: +€10,600
- Other debts +€39,717
new in 2025: €39,717
- Trade debts -€25,695
down €25,695 (-32.5%), from €78,941 to €53,247
- Staff costs +€21,630
up €21,630 (+14.1%), from €153,125 to €174,754
- Gross operating margin +€11,021
up €11,021 (+3.5%), from €312,646 to €323,667
- Depreciation +€5,312
up €5,312 (+8.8%), from €60,236 to €65,548
- Taxes -€4,539
down €4,539 (-16.0%), from €28,355 to €23,816
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 | €873,945 | €867,937 | -€6,009 | -0.7% |
| Fixed assets | 21/28 | €684,180 | €664,555 | -€19,625 | -2.9% |
| Tangible fixed assets | 22/27 | €683,742 | €664,116 | -€19,625 | -2.9% |
| Land and buildings | 22 | €605,509 | €571,503 | -€34,006 | -5.6% |
| Plant, machinery and equipment | 23 | €854 | - | -€854 | |
| Furniture and vehicles | 24 | €37,523 | €59,878 | +€22,355 | +59.6% |
| Other tangible fixed assets | 26 | €39,856 | €32,736 | -€7,120 | -17.9% |
| Financial fixed assets | 28 | €439 | €439 | = | 0.0% |
| Current assets | 29/58 | €189,765 | €203,382 | +€13,617 | +7.2% |
| Stocks and contracts in progress | 3 | €41,557 | €63,493 | +€21,936 | +52.8% |
| Stocks | 30/36 | €41,557 | €63,493 | +€21,936 | +52.8% |
| Amounts receivable within one year | 40/41 | €33,351 | €43,354 | +€10,003 | +30.0% |
| Trade receivables | 40 | €26,732 | €26,135 | -€597 | -2.2% |
| Other amounts receivable | 41 | €6,619 | €17,218 | +€10,600 | +160.1% |
| Cash at bank and in hand | 54/58 | €114,407 | €96,517 | -€17,890 | -15.6% |
| Deferred charges and accrued income | 490/1 | €451 | €18 | -€433 | -96.0% |
| Total equity and liabilities | 10/49 | €873,945 | €867,937 | -€6,009 | -0.7% |
| Equity | 10/15 | €175,787 | €175,006 | -€781 | -0.4% |
| Reserves | 13 | €87,893 | €87,503 | -€390 | -0.4% |
| Distributable reserves | 133 | €87,893 | €87,503 | -€390 | -0.4% |
| Profit (loss) carried forward | 14 | €87,893 | €87,503 | -€390 | -0.4% |
| Amounts payable | 17/49 | €698,159 | €692,931 | -€5,228 | -0.7% |
| Amounts payable after more than one year | 17 | €539,669 | €533,832 | -€5,837 | -1.1% |
| Financial debts | 170/4 | €539,669 | €533,832 | -€5,837 | -1.1% |
| Amounts payable within one year | 42/48 | €156,825 | €159,099 | +€2,274 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €44,709 | €41,311 | -€3,399 | -7.6% |
| Trade debts | 44 | €78,941 | €53,247 | -€25,695 | -32.5% |
| Suppliers | 440/4 | €78,941 | €53,247 | -€25,695 | -32.5% |
| Taxes, remuneration and social security | 45 | €33,175 | €24,825 | -€8,350 | -25.2% |
| Taxes | 450/3 | €11,574 | €3,997 | -€7,577 | -65.5% |
| Remuneration and social security | 454/9 | €21,601 | €20,828 | -€773 | -3.6% |
| Other amounts payable | 47/48 | - | €39,717 | +€39,717 | |
| Accrued charges and deferred income | 492/3 | €1,665 | - | -€1,665 | |
| Non-recurring operating income | 76A | €7,604 | - | -€7,604 | |
| Remuneration, social security and pensions | 62 | €153,125 | €174,754 | +€21,630 | +14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,236 | €65,548 | +€5,312 | +8.8% |
| Other operating charges | 640/8 | €6,549 | €6,160 | -€389 | -5.9% |
| Gross operating margin | 9900 | €312,646 | €323,667 | +€11,021 | +3.5% |
| Operating profit (loss) | 9901 | €92,737 | €77,205 | -€15,532 | -16.7% |
| Financial income | 75/76B | €119 | €26 | -€93 | -78.1% |
| Recurring financial income | 75 | €119 | €26 | -€93 | -78.1% |
| Financial charges | 65/66B | €15,804 | €14,479 | -€1,324 | -8.4% |
| Recurring financial charges | 65 | €15,804 | €14,479 | -€1,324 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €77,053 | €62,752 | -€14,301 | -18.6% |
| Income taxes | 67/77 | €28,355 | €23,816 | -€4,539 | -16.0% |
| Profit (loss) for the period | 9904 | €48,698 | €38,936 | -€9,761 | -20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €48,698 | €38,936 | -€9,761 | -20.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.