ALU - WETS: 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 - WETS
Largest movements
- Stocks and contracts -€68,370
down €68,370 (-42.8%), from €159,567 to €91,197
of which Stocks: -€46,070
- Receivables within one year -€63,894
down €63,894 (-71.4%), from €89,501 to €25,607
of which Trade receivables: -€43,826
- Current investments -€24,808
down €24,808 (-52.9%), from €46,878 to €22,070
- Cash -€17,586
down €17,586 (-26.6%), from €66,233 to €48,647
mainly Net result for the year (-€109,570) and Trade debts (-€32,006)
- Deferred charges and accrued income -€4,222
down €4,222 (-38.6%), from €10,936 to €6,714
- Reserves -€109,570
down €109,570 (-61.6%), from €177,912 to €68,342
of which Distributable reserves: -€109,570
- Trade debts -€32,006
down €32,006 (-47.6%), from €67,219 to €35,213
- Other debts -€24,926
down €24,926 (-100%), from €24,926 to €0
- Short-term financial debts -€5,746
down €5,746 (-100%), from €5,746 to €0
- Accrued charges and deferred income -€5,500
down €5,500 (-100%), from €5,500 to €0
- Gross operating margin -€103,948
down €103,948 (-62.4%), from €166,612 to €62,664
- Staff costs -€40,520
down €40,520 (-19.7%), from €206,016 to €165,497
- Other operating charges +€3,290
up €3,290 (+144%), from €2,283 to €5,573
- Financial income -€2,282
down €2,282 (-86.8%), from €2,628 to €346
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 | €373,249 | €197,970 | -€175,279 | -47.0% |
| Fixed assets | 21/28 | €135 | €3,735 | +€3,600 | +2,667% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €135 | €3,735 | +€3,600 | +2,667% |
| Current assets | 29/58 | €373,114 | €194,235 | -€178,879 | -47.9% |
| Stocks and contracts in progress | 3 | €159,567 | €91,197 | -€68,370 | -42.8% |
| Stocks | 30/36 | €137,267 | €91,197 | -€46,070 | -33.6% |
| Contracts in progress | 37 | €22,300 | €0 | -€22,300 | -100% |
| Amounts receivable within one year | 40/41 | €89,501 | €25,607 | -€63,894 | -71.4% |
| Trade receivables | 40 | €68,949 | €25,123 | -€43,826 | -63.6% |
| Other amounts receivable | 41 | €20,552 | €484 | -€20,068 | -97.6% |
| Current investments | 50/53 | €46,878 | €22,070 | -€24,808 | -52.9% |
| Cash at bank and in hand | 54/58 | €66,233 | €48,647 | -€17,586 | -26.6% |
| Deferred charges and accrued income | 490/1 | €10,936 | €6,714 | -€4,222 | -38.6% |
| Total equity and liabilities | 10/49 | €373,249 | €197,970 | -€175,279 | -47.0% |
| Equity | 10/15 | €252,280 | €142,710 | -€109,570 | -43.4% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €177,912 | €68,342 | -€109,570 | -61.6% |
| Non-distributable reserves | 130/1 | €29,937 | €29,937 | = | 0.0% |
| Legal reserve | 130 | €29,937 | €29,937 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,814 | €34,814 | = | 0.0% |
| Distributable reserves | 133 | €113,160 | €3,591 | -€109,570 | -96.8% |
| Amounts payable | 17/49 | €120,969 | €55,260 | -€65,709 | -54.3% |
| Amounts payable within one year | 42/48 | €115,469 | €55,260 | -€60,209 | -52.1% |
| Financial debts | 43 | €5,746 | €0 | -€5,746 | -100% |
| Credit institutions | 430/8 | €5,746 | €0 | -€5,746 | -100% |
| Trade debts | 44 | €67,219 | €35,213 | -€32,006 | -47.6% |
| Suppliers | 440/4 | €67,219 | €35,213 | -€32,006 | -47.6% |
| Taxes, remuneration and social security | 45 | €17,579 | €20,047 | +€2,468 | +14.0% |
| Taxes | 450/3 | €51 | €126 | +€75 | +146% |
| Remuneration and social security | 454/9 | €17,528 | €19,921 | +€2,393 | +13.7% |
| Other amounts payable | 47/48 | €24,926 | €0 | -€24,926 | -100% |
| Accrued charges and deferred income | 492/3 | €5,500 | €0 | -€5,500 | -100% |
| Non-recurring operating income | 76A | - | €4,132 | +€4,132 | |
| Remuneration, social security and pensions | 62 | €206,016 | €165,497 | -€40,520 | -19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €2,283 | €5,573 | +€3,290 | +144% |
| Non-recurring operating charges | 66A | €285 | €0 | -€285 | -100% |
| Gross operating margin | 9900 | €166,612 | €62,664 | -€103,948 | -62.4% |
| Operating profit (loss) | 9901 | -€41,973 | -€108,406 | -€66,434 | -158% |
| Financial income | 75/76B | €2,628 | €346 | -€2,282 | -86.8% |
| Recurring financial income | 75 | €2,628 | €346 | -€2,282 | -86.8% |
| Financial charges | 65/66B | €1,460 | €1,333 | -€126 | -8.7% |
| Recurring financial charges | 65 | €1,460 | €1,333 | -€126 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | -€40,804 | -€109,394 | -€68,590 | -168% |
| Income taxes | 67/77 | €149 | €176 | +€27 | +18.2% |
| Profit (loss) for the period | 9904 | -€40,953 | -€109,570 | -€68,617 | -168% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,953 | -€109,570 | -€68,617 | -168% |
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 26 October 2026 via checked.be.