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
- Tangible fixed assets -€107,508
down €107,508 (-10.2%), from €1.0m to €942,255
of which Land and buildings: -€72,082
- Receivables within one year +€70,977
up €70,977 (+31.4%), from €225,923 to €296,899
of which Other amounts receivable: +€43,329
- Stocks and contracts +€68,078
up €68,078 (+13.7%), from €496,542 to €564,620
- Cash -€61,337
down €61,337 (-7.8%), from €786,137 to €724,801
mainly Contributions, distributions and other (-€152,677) and Receivables within one year (-€70,977)
- Debts after one year -€64,462
down €64,462 (-16.5%), from €389,783 to €325,321
- Trade debts +€30,488
up €30,488 (+25.2%), from €120,924 to €151,413
- Reserves +€29,707
up €29,707 (+2.5%), from €1.2m to €1.2m
of which Distributable reserves: +€59,149
- Gross operating margin -€110,719
down €110,719 (-13.6%), from €816,987 to €706,268
- Staff costs +€74,541
up €74,541 (+36.4%), from €205,017 to €279,558
- Taxes -€72,949
down €72,949 (-43.4%), from €168,210 to €95,261
- Financial income -€15,288
down €15,288 (-24.8%), from €61,584 to €46,296
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 | €2,569,981 | €2,536,570 | -€33,411 | -1.3% |
| Fixed assets | 21/28 | €1,055,383 | €947,875 | -€107,508 | -10.2% |
| Tangible fixed assets | 22/27 | €1,049,763 | €942,255 | -€107,508 | -10.2% |
| Land and buildings | 22 | €798,704 | €726,621 | -€72,082 | -9.0% |
| Plant, machinery and equipment | 23 | €12,452 | €18,910 | +€6,458 | +51.9% |
| Furniture and vehicles | 24 | €238,608 | €196,724 | -€41,883 | -17.6% |
| Financial fixed assets | 28 | €5,620 | €5,620 | = | 0.0% |
| Current assets | 29/58 | €1,514,598 | €1,588,695 | +€74,097 | +4.9% |
| Stocks and contracts in progress | 3 | €496,542 | €564,620 | +€68,078 | +13.7% |
| Stocks | 30/36 | €496,542 | €564,620 | +€68,078 | +13.7% |
| Amounts receivable within one year | 40/41 | €225,923 | €296,899 | +€70,977 | +31.4% |
| Trade receivables | 40 | €127,929 | €155,576 | +€27,647 | +21.6% |
| Other amounts receivable | 41 | €97,994 | €141,323 | +€43,329 | +44.2% |
| Cash at bank and in hand | 54/58 | €786,137 | €724,801 | -€61,337 | -7.8% |
| Deferred charges and accrued income | 490/1 | €5,996 | €2,375 | -€3,622 | -60.4% |
| Total equity and liabilities | 10/49 | €2,569,981 | €2,536,570 | -€33,411 | -1.3% |
| Equity | 10/15 | €1,591,615 | €1,621,321 | +€29,707 | +1.9% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €1,198,657 | €1,228,363 | +€29,707 | +2.5% |
| Non-distributable reserves | 130/1 | €17,075 | €9,375 | -€7,700 | -45.1% |
| Legal reserve | 130 | €17,075 | €9,375 | -€7,700 | -45.1% |
| Tax-exempt reserves | 132 | €195,907 | €174,165 | -€21,743 | -11.1% |
| Distributable reserves | 133 | €985,675 | €1,044,824 | +€59,149 | +6.0% |
| Profit (loss) carried forward | 14 | €92,958 | €92,958 | = | 0.0% |
| Provisions and deferred taxes | 16 | €82,291 | €73,158 | -€9,133 | -11.1% |
| Deferred taxes | 168 | €82,291 | €73,158 | -€9,133 | -11.1% |
| Amounts payable | 17/49 | €896,075 | €842,090 | -€53,985 | -6.0% |
| Amounts payable after more than one year | 17 | €389,783 | €325,321 | -€64,462 | -16.5% |
| Financial debts | 170/4 | €389,783 | €325,321 | -€64,462 | -16.5% |
| Amounts payable within one year | 42/48 | €475,632 | €486,528 | +€10,896 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €65,721 | €60,427 | -€5,293 | -8.1% |
| Trade debts | 44 | €120,924 | €151,413 | +€30,488 | +25.2% |
| Suppliers | 440/4 | €120,924 | €151,413 | +€30,488 | +25.2% |
| Taxes, remuneration and social security | 45 | €120,169 | €122,011 | +€1,842 | +1.5% |
| Taxes | 450/3 | €90,748 | €85,266 | -€5,482 | -6.0% |
| Remuneration and social security | 454/9 | €29,421 | €36,745 | +€7,323 | +24.9% |
| Other amounts payable | 47/48 | €168,818 | €152,677 | -€16,141 | -9.6% |
| Accrued charges and deferred income | 492/3 | €30,661 | €30,242 | -€419 | -1.4% |
| Non-recurring operating income | 76A | - | €16,176 | +€16,176 | |
| Remuneration, social security and pensions | 62 | €205,017 | €279,558 | +€74,541 | +36.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,335 | €138,249 | +€2,914 | +2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €261 | +€261 | |
| Other operating charges | 640/8 | €15,938 | €16,645 | +€707 | +4.4% |
| Non-recurring operating charges | 66A | - | €23,358 | +€23,358 | |
| Gross operating margin | 9900 | €816,987 | €706,268 | -€110,719 | -13.6% |
| Operating profit (loss) | 9901 | €460,697 | €248,196 | -€212,501 | -46.1% |
| Financial income | 75/76B | €61,584 | €46,296 | -€15,288 | -24.8% |
| Recurring financial income | 75 | €61,584 | €46,296 | -€15,288 | -24.8% |
| Financial charges | 65/66B | €28,897 | €25,980 | -€2,917 | -10.1% |
| Recurring financial charges | 65 | €28,897 | €25,980 | -€2,917 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €493,384 | €268,512 | -€224,872 | -45.6% |
| Transfer from deferred taxes | 780 | €9,978 | €9,133 | -€845 | -8.5% |
| Income taxes | 67/77 | €168,210 | €95,261 | -€72,949 | -43.4% |
| Profit (loss) for the period | 9904 | €335,152 | €182,384 | -€152,768 | -45.6% |
| Transfer from tax-exempt reserves | 789 | €23,754 | €21,743 | -€2,011 | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €358,906 | €204,126 | -€154,780 | -43.1% |
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 9 October 2026 via checked.be.