ALTUS: 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.
ALTUS
Largest movements
- Receivables after one year +€72,761
up €72,761 (+142%), from €51,196 to €123,957
- Stocks and contracts -€66,769
down €66,769 (-19.2%), from €348,205 to €281,436
- Receivables within one year -€21,577
down €21,577 (-40.5%), from €53,334 to €31,756
- Tangible fixed assets +€9,040
up €9,040 (+47.6%), from €19,002 to €28,042
of which Plant, machinery and equipment: +€11,163
- Trade debts -€100,566
down €100,566 (-58.1%), from €172,975 to €72,409
- Short-term financial debts +€93,313
up €93,313 (+88.4%), from €105,552 to €198,865
- Tax, wage and social debts +€11,252
up €11,252 (+171%), from €6,591 to €17,843
- Debts after one year -€8,234
down €8,234 (-41.3%), from €19,935 to €11,701
- Financial charges -€81,158
down €81,158 (-80.7%), from €100,557 to €19,399
of which Non-recurring financial charges: -€72,793
- Gross operating margin +€29,687
up €29,687, from -€3,766 to €25,921
- Financial income +€2,309
up €2,309 (+119%), from €1,936 to €4,245
- Depreciation -€1,277
down €1,277 (-12.5%), from €10,194 to €8,917
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 | €476,810 | €468,400 | -€8,410 | -1.8% |
| Fixed assets | 21/28 | €19,002 | €28,042 | +€9,040 | +47.6% |
| Tangible fixed assets | 22/27 | €19,002 | €28,042 | +€9,040 | +47.6% |
| Plant, machinery and equipment | 23 | €13,492 | €24,655 | +€11,163 | +82.7% |
| Furniture and vehicles | 24 | €5,510 | €3,387 | -€2,122 | -38.5% |
| Current assets | 29/58 | €457,808 | €440,358 | -€17,450 | -3.8% |
| Amounts receivable after more than one year | 29 | €51,196 | €123,957 | +€72,761 | +142% |
| Trade receivables | 290 | €51,196 | €123,957 | +€72,761 | +142% |
| Stocks and contracts in progress | 3 | €348,205 | €281,436 | -€66,769 | -19.2% |
| Stocks | 30/36 | €348,205 | €281,436 | -€66,769 | -19.2% |
| Amounts receivable within one year | 40/41 | €53,334 | €31,756 | -€21,577 | -40.5% |
| Other amounts receivable | 41 | €53,334 | €31,756 | -€21,577 | -40.5% |
| Cash at bank and in hand | 54/58 | €5 | €5 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €5,069 | €3,204 | -€1,865 | -36.8% |
| Total equity and liabilities | 10/49 | €476,810 | €468,400 | -€8,410 | -1.8% |
| Equity | 10/15 | €133,394 | €133,644 | +€250 | +0.2% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Capital | 10 | €55,000 | €55,000 | = | 0.0% |
| Issued capital | 100 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €12,421 | €12,421 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,500 | €5,500 | = | 0.0% |
| Legal reserve | 130 | €5,500 | €5,500 | = | 0.0% |
| Distributable reserves | 133 | €6,921 | €6,921 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,974 | €66,224 | +€250 | +0.4% |
| Amounts payable | 17/49 | €343,416 | €334,756 | -€8,660 | -2.5% |
| Amounts payable after more than one year | 17 | €19,935 | €11,701 | -€8,234 | -41.3% |
| Financial debts | 170/4 | €19,935 | €11,701 | -€8,234 | -41.3% |
| Amounts payable within one year | 42/48 | €285,118 | €289,117 | +€3,999 | +1.4% |
| Financial debts | 43 | €105,552 | €198,865 | +€93,313 | +88.4% |
| Credit institutions | 430/8 | €105,552 | €198,865 | +€93,313 | +88.4% |
| Trade debts | 44 | €172,975 | €72,409 | -€100,566 | -58.1% |
| Suppliers | 440/4 | €172,975 | €72,409 | -€100,566 | -58.1% |
| Taxes, remuneration and social security | 45 | €6,591 | €17,843 | +€11,252 | +171% |
| Taxes | 450/3 | €6,591 | €17,843 | +€11,252 | +171% |
| Accrued charges and deferred income | 492/3 | €38,363 | €33,938 | -€4,425 | -11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,194 | €8,917 | -€1,277 | -12.5% |
| Other operating charges | 640/8 | €1,393 | €1,369 | -€24 | -1.7% |
| Gross operating margin | 9900 | -€3,766 | €25,921 | +€29,687 | |
| Operating profit (loss) | 9901 | -€15,353 | €15,634 | +€30,988 | |
| Financial income | 75/76B | €1,936 | €4,245 | +€2,309 | +119% |
| Recurring financial income | 75 | €1,936 | €4,245 | +€2,309 | +119% |
| Financial charges | 65/66B | €100,557 | €19,399 | -€81,158 | -80.7% |
| Recurring financial charges | 65 | €27,764 | €19,399 | -€8,365 | -30.1% |
| Non-recurring financial charges | 66B | €72,793 | - | -€72,793 | |
| Profit (loss) for the period before taxes | 9903 | -€113,975 | €481 | +€114,455 | |
| Income taxes | 67/77 | €300 | €231 | -€69 | -23.1% |
| Profit (loss) for the period | 9904 | -€114,275 | €250 | +€114,525 | |
| Profit (loss) for the period to be appropriated | 9905 | -€114,275 | €250 | +€114,525 |
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 14 October 2026 via checked.be.