Alu-Vs: 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.
Alu-Vs
Largest movements
- Receivables within one year +€36,474
up €36,474 (+56.5%), from €64,587 to €101,061
of which Trade receivables: +€26,516
- Tangible fixed assets -€25,280
down €25,280 (-22.2%), from €114,104 to €88,824
of which Leasing and similar rights: -€17,000
- Stocks and contracts +€18,034
up €18,034 (+19.0%), from €94,993 to €113,027
of which Contracts in progress: +€18,486
- Cash -€6,326
down €6,326 (-89.1%), from €7,104 to €778
mainly Receivables within one year (-€36,474) and Debts after one year (-€29,784)
- Trade debts +€50,215
up €50,215 (+127%), from €39,441 to €89,656
- Debts after one year -€29,784
down €29,784 (-17.9%), from €166,450 to €136,666
of which Financial debts: -€23,347
- Tax, wage and social debts -€5,190
down €5,190 (-87.3%), from €5,942 to €752
of which Taxes: -€5,896
- Accrued charges and deferred income +€4,966
up €4,966 (+51.7%), from €9,608 to €14,575
- Depreciation +€30,930
new in 2025: €30,930
- Gross operating margin +€8,445
up €8,445 (+23.0%), from €36,759 to €45,204
- Financial income -€4,175
down €4,175 (-69.9%), from €5,974 to €1,799
- Staff costs +€3,104
new in 2025: €3,104
- Taxes -€3,012
down €3,012 (-98.5%), from €3,058 to €46
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 | €283,646 | €305,750 | +€22,104 | +7.8% |
| Fixed assets | 21/28 | €114,104 | €88,824 | -€25,280 | -22.2% |
| Tangible fixed assets | 22/27 | €114,104 | €88,824 | -€25,280 | -22.2% |
| Plant, machinery and equipment | 23 | €39,314 | €31,607 | -€7,706 | -19.6% |
| Furniture and vehicles | 24 | €1,387 | €814 | -€573 | -41.3% |
| Leasing and similar rights | 25 | €73,403 | €56,403 | -€17,000 | -23.2% |
| Current assets | 29/58 | €169,543 | €216,926 | +€47,384 | +27.9% |
| Stocks and contracts in progress | 3 | €94,993 | €113,027 | +€18,034 | +19.0% |
| Stocks | 30/36 | €62,783 | €62,331 | -€452 | -0.7% |
| Contracts in progress | 37 | €32,211 | €50,697 | +€18,486 | +57.4% |
| Amounts receivable within one year | 40/41 | €64,587 | €101,061 | +€36,474 | +56.5% |
| Trade receivables | 40 | €64,462 | €90,978 | +€26,516 | +41.1% |
| Other amounts receivable | 41 | €125 | €10,083 | +€9,958 | +7,966% |
| Cash at bank and in hand | 54/58 | €7,104 | €778 | -€6,326 | -89.1% |
| Deferred charges and accrued income | 490/1 | €2,858 | €2,060 | -€798 | -27.9% |
| Total equity and liabilities | 10/49 | €283,646 | €305,750 | +€22,104 | +7.8% |
| Equity | 10/15 | €33,473 | €33,512 | +€39 | +0.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €32,473 | €32,512 | +€39 | +0.1% |
| Distributable reserves | 133 | €32,473 | €32,512 | +€39 | +0.1% |
| Amounts payable | 17/49 | €250,173 | €272,238 | +€22,065 | +8.8% |
| Amounts payable after more than one year | 17 | €166,450 | €136,666 | -€29,784 | -17.9% |
| Financial debts | 170/4 | €125,754 | €102,407 | -€23,347 | -18.6% |
| Other amounts payable | 178/9 | €40,696 | €34,258 | -€6,437 | -15.8% |
| Amounts payable within one year | 42/48 | €74,115 | €120,998 | +€46,883 | +63.3% |
| Current portion of amounts payable after more than one year | 42 | €28,458 | €29,784 | +€1,326 | +4.7% |
| Trade debts | 44 | €39,441 | €89,656 | +€50,215 | +127% |
| Suppliers | 440/4 | €39,441 | €89,656 | +€50,215 | +127% |
| Taxes, remuneration and social security | 45 | €5,942 | €752 | -€5,190 | -87.3% |
| Taxes | 450/3 | €5,942 | €46 | -€5,896 | -99.2% |
| Remuneration and social security | 454/9 | - | €707 | +€707 | |
| Other amounts payable | 47/48 | €274 | €806 | +€532 | +194% |
| Accrued charges and deferred income | 492/3 | €9,608 | €14,575 | +€4,966 | +51.7% |
| Remuneration, social security and pensions | 62 | - | €3,104 | +€3,104 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €30,930 | +€30,930 | |
| Other operating charges | 640/8 | €217 | €875 | +€658 | +304% |
| Gross operating margin | 9900 | €36,759 | €45,204 | +€8,445 | +23.0% |
| Operating profit (loss) | 9901 | €36,542 | €10,294 | -€26,248 | -71.8% |
| Financial income | 75/76B | €5,974 | €1,799 | -€4,175 | -69.9% |
| Recurring financial income | 75 | €5,974 | €1,799 | -€4,175 | -69.9% |
| Financial charges | 65/66B | €9,618 | €12,008 | +€2,391 | +24.9% |
| Recurring financial charges | 65 | €9,618 | €12,008 | +€2,391 | +24.9% |
| Profit (loss) for the period before taxes | 9903 | €32,898 | €85 | -€32,814 | -99.7% |
| Income taxes | 67/77 | €3,058 | €46 | -€3,012 | -98.5% |
| Profit (loss) for the period | 9904 | €29,840 | €39 | -€29,802 | -99.9% |
| Profit (loss) for the period to be appropriated | 9905 | €29,840 | €39 | -€29,802 | -99.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.