ALTRO: 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.
ALTRO
Largest movements
- Cash -€52,831
down €52,831 (-44.3%), from €119,376 to €66,545
mainly Trade debts (-€95,827) and Investment in fixed assets (net) (-€78,432)
- Receivables within one year -€30,816
down €30,816 (-15.5%), from €199,195 to €168,379
of which Trade receivables: -€55,354
- Tangible fixed assets +€23,784
up €23,784 (+11.0%), from €215,643 to €239,427
of which Land and buildings: +€53,548
- Intangible fixed assets -€20,000
down €20,000 (-22.7%), from €88,142 to €68,142
- Stocks and contracts -€6,724
down €6,724 (-25.9%), from €25,988 to €19,264
- Trade debts -€95,827
down €95,827 (-70.3%), from €136,349 to €40,522
- Profit (loss) carried forward -€26,108
down €26,108 (-10.7%), from €243,735 to €217,627
- Debts after one year +€24,330
up €24,330 (+17.9%), from €135,724 to €160,054
- Accrued charges and deferred income +€11,591
up €11,591 (+191%), from €6,070 to €17,661
- Short-term financial debts +€7,939
new in 2025: €7,939
- Gross operating margin +€84,072
up €84,072 (+19.9%), from €421,994 to €506,066
- Staff costs +€73,480
up €73,480 (+22.3%), from €328,817 to €402,297
- Depreciation +€34,924
up €34,924 (+87.9%), from €39,724 to €74,648
- Other operating charges +€19,698
up €19,698 (+120%), from €16,385 to €36,084
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 | €652,459 | €566,653 | -€85,806 | -13.2% |
| Fixed assets | 21/28 | €304,470 | €308,254 | +€3,784 | +1.2% |
| Intangible fixed assets | 21 | €88,142 | €68,142 | -€20,000 | -22.7% |
| Tangible fixed assets | 22/27 | €215,643 | €239,427 | +€23,784 | +11.0% |
| Land and buildings | 22 | - | €53,548 | +€53,548 | |
| Plant, machinery and equipment | 23 | €20,055 | €12,877 | -€7,178 | -35.8% |
| Furniture and vehicles | 24 | €3,781 | €6,035 | +€2,254 | +59.6% |
| Other tangible fixed assets | 26 | €191,807 | €166,967 | -€24,841 | -13.0% |
| Financial fixed assets | 28 | €685 | €685 | = | 0.0% |
| Current assets | 29/58 | €347,989 | €258,398 | -€89,590 | -25.7% |
| Stocks and contracts in progress | 3 | €25,988 | €19,264 | -€6,724 | -25.9% |
| Stocks | 30/36 | €25,988 | €19,264 | -€6,724 | -25.9% |
| Amounts receivable within one year | 40/41 | €199,195 | €168,379 | -€30,816 | -15.5% |
| Trade receivables | 40 | €101,937 | €46,583 | -€55,354 | -54.3% |
| Other amounts receivable | 41 | €97,258 | €121,796 | +€24,538 | +25.2% |
| Cash at bank and in hand | 54/58 | €119,376 | €66,545 | -€52,831 | -44.3% |
| Deferred charges and accrued income | 490/1 | €3,429 | €4,211 | +€781 | +22.8% |
| Total equity and liabilities | 10/49 | €652,459 | €566,653 | -€85,806 | -13.2% |
| Equity | 10/15 | €264,195 | €238,087 | -€26,108 | -9.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €243,735 | €217,627 | -€26,108 | -10.7% |
| Amounts payable | 17/49 | €388,264 | €328,565 | -€59,699 | -15.4% |
| Amounts payable after more than one year | 17 | €135,724 | €160,054 | +€24,330 | +17.9% |
| Financial debts | 170/4 | €135,724 | €160,054 | +€24,330 | +17.9% |
| Amounts payable within one year | 42/48 | €246,470 | €150,850 | -€95,620 | -38.8% |
| Current portion of amounts payable after more than one year | 42 | €33,075 | €25,395 | -€7,680 | -23.2% |
| Financial debts | 43 | - | €7,939 | +€7,939 | |
| Credit institutions | 430/8 | - | €7,939 | +€7,939 | |
| Trade debts | 44 | €136,349 | €40,522 | -€95,827 | -70.3% |
| Suppliers | 440/4 | €136,349 | €40,522 | -€95,827 | -70.3% |
| Taxes, remuneration and social security | 45 | €65,266 | €69,991 | +€4,725 | +7.2% |
| Taxes | 450/3 | €25,247 | €27,431 | +€2,184 | +8.6% |
| Remuneration and social security | 454/9 | €40,019 | €42,560 | +€2,541 | +6.3% |
| Other amounts payable | 47/48 | €11,780 | €7,003 | -€4,776 | -40.5% |
| Accrued charges and deferred income | 492/3 | €6,070 | €17,661 | +€11,591 | +191% |
| Remuneration, social security and pensions | 62 | €328,817 | €402,297 | +€73,480 | +22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,724 | €74,648 | +€34,924 | +87.9% |
| Other operating charges | 640/8 | €16,385 | €36,084 | +€19,698 | +120% |
| Gross operating margin | 9900 | €421,994 | €506,066 | +€84,072 | +19.9% |
| Operating profit (loss) | 9901 | €37,068 | -€6,963 | -€44,030 | |
| Financial income | 75/76B | €0 | €9 | +€9 | +5,153% |
| Recurring financial income | 75 | €0 | €9 | +€9 | +5,153% |
| Financial charges | 65/66B | €11,850 | €12,301 | +€451 | +3.8% |
| Recurring financial charges | 65 | €11,850 | €12,301 | +€451 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €25,218 | -€19,254 | -€44,472 | |
| Income taxes | 67/77 | €10,973 | €6,854 | -€4,119 | -37.5% |
| Profit (loss) for the period | 9904 | €14,245 | -€26,108 | -€40,353 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,245 | -€26,108 | -€40,353 |
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 15 October 2026 via checked.be.