ALUWIN: 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.
ALUWIN
Largest movements
- Cash -€210,456
down €210,456 (-30.4%), from €691,172 to €480,716
mainly Investment in fixed assets (net) (-€303,392) and Provisions (-€270,000)
- Stocks and contracts +€207,556
up €207,556 (+41.7%), from €497,659 to €705,215
of which Contracts in progress: +€365,000
- Receivables within one year +€151,343
up €151,343 (+16.5%), from €916,838 to €1.1m
of which Trade receivables: +€155,441
- Tangible fixed assets +€148,015
up €148,015 (+39.6%), from €373,777 to €521,792
of which Furniture and vehicles: +€189,081
- Provisions -€270,000
no longer reported in 2025 (was €270,000)
- Trade debts +€265,474
up €265,474 (+34.7%), from €764,693 to €1.0m
- Short-term financial debts +€88,838
up €88,838 (+274.7%), from €32,338 to €121,176
- Debts after one year +€87,416
up €87,416 (+50.6%), from €172,620 to €260,036
- Current portion of long-term debt +€65,273
up €65,273 (+80.9%), from €80,694 to €145,967
- Provisions -€405,000
down €405,000, from €135,000 to -€270,000
- Staff costs +€266,121
up €266,121 (+16.0%), from €1.7m to €1.9m
- Write-downs -€63,238
down €63,238 (-70.3%), from €89,946 to €26,708
- Gross operating margin +€48,576
up €48,576 (+2.2%), from €2.2m to €2.2m
- Depreciation +€39,736
up €39,736 (+34.4%), from €115,642 to €155,378
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 | €2,504,270 | €2,795,092 | +€290,822 | +11.6% |
| Fixed assets | 21/28 | €374,881 | €522,895 | +€148,014 | +39.5% |
| Tangible fixed assets | 22/27 | €373,777 | €521,792 | +€148,015 | +39.6% |
| Land and buildings | 22 | €39,019 | - | -€39,019 | |
| Plant, machinery and equipment | 23 | €124,119 | €97,557 | -€26,562 | -21.4% |
| Furniture and vehicles | 24 | €177,164 | €366,245 | +€189,081 | +106.7% |
| Other tangible fixed assets | 26 | €33,475 | €57,990 | +€24,515 | +73.2% |
| Financial fixed assets | 28 | €1,104 | €1,104 | -€0 | 0.0% |
| Current assets | 29/58 | €2,129,389 | €2,272,196 | +€142,807 | +6.7% |
| Stocks and contracts in progress | 3 | €497,659 | €705,215 | +€207,556 | +41.7% |
| Stocks | 30/36 | €497,659 | €340,215 | -€157,444 | -31.6% |
| Contracts in progress | 37 | - | €365,000 | +€365,000 | |
| Amounts receivable within one year | 40/41 | €916,838 | €1,068,181 | +€151,343 | +16.5% |
| Trade receivables | 40 | €906,194 | €1,061,635 | +€155,441 | +17.2% |
| Other amounts receivable | 41 | €10,644 | €6,547 | -€4,097 | -38.5% |
| Cash at bank and in hand | 54/58 | €691,172 | €480,716 | -€210,456 | -30.4% |
| Deferred charges and accrued income | 490/1 | €23,720 | €18,085 | -€5,635 | -23.8% |
| Total equity and liabilities | 10/49 | €2,504,270 | €2,795,092 | +€290,822 | +11.6% |
| Equity | 10/15 | €870,800 | €848,768 | -€22,032 | -2.5% |
| Contributions | 10/11 | €496,000 | €496,000 | = | 0.0% |
| Capital | 10 | €496,000 | €496,000 | = | 0.0% |
| Issued capital | 100 | €496,000 | €496,000 | = | 0.0% |
| Reserves | 13 | €50,600 | €49,600 | -€1,000 | -2.0% |
| Non-distributable reserves | 130/1 | €50,600 | €49,600 | -€1,000 | -2.0% |
| Legal reserve | 130 | €50,600 | €49,600 | -€1,000 | -2.0% |
| Profit (loss) carried forward | 14 | €324,200 | €303,168 | -€21,032 | -6.5% |
| Provisions and deferred taxes | 16 | €270,000 | - | -€270,000 | |
| Provisions for liabilities and charges | 160/5 | €270,000 | - | -€270,000 | |
| Other liabilities and charges | 164/5 | €270,000 | - | -€270,000 | |
| Amounts payable | 17/49 | €1,363,470 | €1,946,324 | +€582,854 | +42.7% |
| Amounts payable after more than one year | 17 | €172,620 | €260,036 | +€87,416 | +50.6% |
| Financial debts | 170/4 | €172,620 | €260,036 | +€87,416 | +50.6% |
| Amounts payable within one year | 42/48 | €1,096,616 | €1,566,508 | +€469,892 | +42.8% |
| Current portion of amounts payable after more than one year | 42 | €80,694 | €145,967 | +€65,273 | +80.9% |
| Financial debts | 43 | €32,338 | €121,176 | +€88,838 | +274.7% |
| Credit institutions | 430/8 | €32,338 | €121,176 | +€88,838 | +274.7% |
| Trade debts | 44 | €764,693 | €1,030,167 | +€265,474 | +34.7% |
| Suppliers | 440/4 | €764,693 | €1,030,167 | +€265,474 | +34.7% |
| Advances received on contracts in progress | 46 | €34,219 | €58,968 | +€24,749 | +72.3% |
| Taxes, remuneration and social security | 45 | €184,672 | €210,230 | +€25,558 | +13.8% |
| Taxes | 450/3 | €28,872 | €6,202 | -€22,670 | -78.5% |
| Remuneration and social security | 454/9 | €155,800 | €204,028 | +€48,228 | +31.0% |
| Accrued charges and deferred income | 492/3 | €94,234 | €119,780 | +€25,546 | +27.1% |
| Remuneration, social security and pensions | 62 | €1,665,819 | €1,931,940 | +€266,121 | +16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,642 | €155,378 | +€39,736 | +34.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €89,946 | €26,708 | -€63,238 | -70.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €135,000 | -€270,000 | -€405,000 | |
| Other operating charges | 640/8 | €23,911 | €26,153 | +€2,242 | +9.4% |
| Non-recurring operating charges | 66A | €30,610 | €308,549 | +€277,939 | +908.0% |
| Gross operating margin | 9900 | €2,197,925 | €2,246,501 | +€48,576 | +2.2% |
| Operating profit (loss) | 9901 | €136,997 | €67,772 | -€69,225 | -50.5% |
| Financial income | 75/76B | €13,170 | €24,613 | +€11,443 | +86.9% |
| Recurring financial income | 75 | €13,170 | €24,613 | +€11,443 | +86.9% |
| Financial charges | 65/66B | €98,043 | €91,890 | -€6,153 | -6.3% |
| Recurring financial charges | 65 | €98,043 | €91,890 | -€6,153 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €52,124 | €495 | -€51,629 | -99.0% |
| Income taxes | 67/77 | €34,036 | €22,528 | -€11,508 | -33.8% |
| Profit (loss) for the period | 9904 | €18,088 | -€22,032 | -€40,120 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,088 | -€22,032 | -€40,120 |
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 30 September 2026 via checked.be.