ALTUS: 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.
ALTUS
Largest movements
- Current investments +€47,500
up €47,500 (+23.5%), from €202,500 to €250,000
- Cash -€28,337
down €28,337 (-32.1%), from €88,335 to €59,998
mainly Current investments (-€47,500) and Current portion of long-term debt (-€14,114)
- Tangible fixed assets -€19,054
down €19,054 (-34.3%), from €55,629 to €36,575
of which Furniture and vehicles: -€12,679
- Receivables within one year +€12,132
up €12,132 (+238.0%), from €5,097 to €17,229
of which Trade receivables: +€8,695
- Reserves +€24,140
up €24,140 (+8.2%), from €292,860 to €317,000
of which Distributable reserves: +€26,000
- Current portion of long-term debt -€14,114
down €14,114 (-91.5%), from €15,420 to €1,306
- Gross operating margin +€17,871
up €17,871 (+43.4%), from €41,219 to €59,090
- Taxes +€5,535
up €5,535 (+75.9%), from €7,290 to €12,825
- Financial income -€1,018
down €1,018 (-16.3%), from €6,245 to €5,227
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 | €354,698 | €365,791 | +€11,093 | +3.1% |
| Fixed assets | 21/28 | €55,629 | €36,575 | -€19,054 | -34.3% |
| Tangible fixed assets | 22/27 | €55,629 | €36,575 | -€19,054 | -34.3% |
| Plant, machinery and equipment | 23 | €950 | €467 | -€483 | -50.8% |
| Furniture and vehicles | 24 | €26,860 | €14,181 | -€12,679 | -47.2% |
| Other tangible fixed assets | 26 | €27,819 | €21,927 | -€5,892 | -21.2% |
| Current assets | 29/58 | €299,069 | €329,216 | +€30,147 | +10.1% |
| Amounts receivable within one year | 40/41 | €5,097 | €17,229 | +€12,132 | +238.0% |
| Trade receivables | 40 | €3,694 | €12,389 | +€8,695 | +235.4% |
| Other amounts receivable | 41 | €1,403 | €4,840 | +€3,437 | +245.0% |
| Current investments | 50/53 | €202,500 | €250,000 | +€47,500 | +23.5% |
| Cash at bank and in hand | 54/58 | €88,335 | €59,998 | -€28,337 | -32.1% |
| Deferred charges and accrued income | 490/1 | €3,137 | €1,989 | -€1,148 | -36.6% |
| Total equity and liabilities | 10/49 | €354,698 | €365,791 | +€11,093 | +3.1% |
| Equity | 10/15 | €328,042 | €354,784 | +€26,742 | +8.2% |
| Contributions | 10/11 | €18,600 | €20,460 | +€1,860 | +10.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €292,860 | €317,000 | +€24,140 | +8.2% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €291,000 | €317,000 | +€26,000 | +8.9% |
| Profit (loss) carried forward | 14 | €16,582 | €17,324 | +€742 | +4.5% |
| Amounts payable | 17/49 | €26,656 | €11,007 | -€15,649 | -58.7% |
| Amounts payable after more than one year | 17 | €1,306 | - | -€1,306 | |
| Financial debts | 170/4 | €1,306 | - | -€1,306 | |
| Amounts payable within one year | 42/48 | €25,350 | €11,007 | -€14,343 | -56.6% |
| Current portion of amounts payable after more than one year | 42 | €15,420 | €1,306 | -€14,114 | -91.5% |
| Trade debts | 44 | €3,145 | €2,912 | -€233 | -7.4% |
| Suppliers | 440/4 | €3,145 | €2,912 | -€233 | -7.4% |
| Taxes, remuneration and social security | 45 | €1,324 | €1,171 | -€153 | -11.6% |
| Taxes | 450/3 | €1,324 | €1,171 | -€153 | -11.6% |
| Other amounts payable | 47/48 | €5,461 | €5,618 | +€157 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,324 | €23,895 | -€429 | -1.8% |
| Other operating charges | 640/8 | €360 | €370 | +€10 | +2.8% |
| Gross operating margin | 9900 | €41,219 | €59,090 | +€17,871 | +43.4% |
| Operating profit (loss) | 9901 | €16,535 | €34,825 | +€18,290 | +110.6% |
| Financial income | 75/76B | €6,245 | €5,227 | -€1,018 | -16.3% |
| Recurring financial income | 75 | €6,245 | €5,227 | -€1,018 | -16.3% |
| Financial charges | 65/66B | €808 | €485 | -€323 | -40.0% |
| Recurring financial charges | 65 | €808 | €485 | -€323 | -40.0% |
| Profit (loss) for the period before taxes | 9903 | €21,972 | €39,567 | +€17,595 | +80.1% |
| Income taxes | 67/77 | €7,290 | €12,825 | +€5,535 | +75.9% |
| Profit (loss) for the period | 9904 | €14,682 | €26,742 | +€12,060 | +82.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,682 | €26,742 | +€12,060 | +82.1% |
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 7 October 2026 via checked.be.