ALUTHERMO: 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.
ALUTHERMO
Largest movements
- Tangible fixed assets +€345,080
up €345,080 (+35.8%), from €963,996 to €1.3m
of which Land and buildings: +€360,370
- Cash -€145,621
down €145,621 (-27.0%), from €539,220 to €393,598
mainly Investment in fixed assets (net) (-€417,020) and Tax, wage and social debts (-€7,438)
- Stocks and contracts -€32,608
down €32,608 (-19.2%), from €169,958 to €137,350
- Profit (loss) carried forward +€127,721
up €127,721 (+7.1%), from €1.8m to €1.9m
- Trade debts +€41,615
up €41,615 (+94.3%), from €44,130 to €85,745
- Depreciation +€29,353
up €29,353 (+68.9%), from €42,587 to €71,940
- Gross operating margin -€19,105
down €19,105 (-6.8%), from €280,494 to €261,389
- Financial income -€16,506
down €16,506 (-59.1%), from €27,917 to €11,411
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 | €1,920,288 | €2,078,553 | +€158,265 | +8.2% |
| Fixed assets | 21/28 | €963,996 | €1,309,076 | +€345,080 | +35.8% |
| Tangible fixed assets | 22/27 | €963,996 | €1,309,076 | +€345,080 | +35.8% |
| Land and buildings | 22 | €941,750 | €1,302,120 | +€360,370 | +38.3% |
| Plant, machinery and equipment | 23 | €4,078 | €1,664 | -€2,414 | -59.2% |
| Furniture and vehicles | 24 | €18,168 | €5,292 | -€12,877 | -70.9% |
| Current assets | 29/58 | €956,292 | €769,478 | -€186,814 | -19.5% |
| Stocks and contracts in progress | 3 | €169,958 | €137,350 | -€32,608 | -19.2% |
| Stocks | 30/36 | €169,958 | €137,350 | -€32,608 | -19.2% |
| Amounts receivable within one year | 40/41 | €38,040 | €19,957 | -€18,083 | -47.5% |
| Trade receivables | 40 | €19,753 | €8,233 | -€11,520 | -58.3% |
| Other amounts receivable | 41 | €18,287 | €11,724 | -€6,563 | -35.9% |
| Current investments | 50/53 | €205,849 | €208,019 | +€2,170 | +1.1% |
| Cash at bank and in hand | 54/58 | €539,220 | €393,598 | -€145,621 | -27.0% |
| Deferred charges and accrued income | 490/1 | €3,226 | €10,553 | +€7,328 | +227.2% |
| Total equity and liabilities | 10/49 | €1,920,288 | €2,078,553 | +€158,265 | +8.2% |
| Equity | 10/15 | €1,862,186 | €1,989,907 | +€127,721 | +6.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,793,986 | €1,921,707 | +€127,721 | +7.1% |
| Amounts payable | 17/49 | €58,102 | €88,646 | +€30,544 | +52.6% |
| Amounts payable within one year | 42/48 | €58,102 | €88,646 | +€30,544 | +52.6% |
| Trade debts | 44 | €44,130 | €85,745 | +€41,615 | +94.3% |
| Suppliers | 440/4 | €44,130 | €85,745 | +€41,615 | +94.3% |
| Taxes, remuneration and social security | 45 | €8,569 | €1,131 | -€7,438 | -86.8% |
| Taxes | 450/3 | €8,569 | €1,131 | -€7,438 | -86.8% |
| Other amounts payable | 47/48 | €5,403 | €1,770 | -€3,632 | -67.2% |
| Non-recurring operating income | 76A | €72,441 | - | -€72,441 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,587 | €71,940 | +€29,353 | +68.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,095 | +€2,095 | |
| Other operating charges | 640/8 | €8,903 | €9,422 | +€518 | +5.8% |
| Gross operating margin | 9900 | €280,494 | €261,389 | -€19,105 | -6.8% |
| Operating profit (loss) | 9901 | €229,004 | €177,933 | -€51,071 | -22.3% |
| Financial income | 75/76B | €27,917 | €11,411 | -€16,506 | -59.1% |
| Recurring financial income | 75 | €27,917 | €11,411 | -€16,506 | -59.1% |
| Financial charges | 65/66B | €18,060 | €19,531 | +€1,470 | +8.1% |
| Recurring financial charges | 65 | €18,060 | €19,531 | +€1,470 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €238,860 | €169,813 | -€69,047 | -28.9% |
| Income taxes | 67/77 | €40,961 | €42,092 | +€1,131 | +2.8% |
| Profit (loss) for the period | 9904 | €197,899 | €127,721 | -€70,178 | -35.5% |
| Profit (loss) for the period to be appropriated | 9905 | €197,899 | €127,721 | -€70,178 | -35.5% |
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.