ALV: 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.
ALV
Largest movements
- Cash +€323,823
up €323,823 (+575.0%), from €56,317 to €380,141
mainly Other debts (+€403,698) and Depreciation (+€253,562)
- Tangible fixed assets -€206,046
down €206,046 (-16.4%), from €1.3m to €1.1m
of which Furniture and vehicles: -€191,817
- Receivables within one year -€124,589
down €124,589 (-29.3%), from €425,092 to €300,503
of which Trade receivables: -€79,288
- Current investments +€60,417
up €60,417 (+49.7%), from €121,538 to €181,955
- Stocks and contracts +€26,831
up €26,831 (+83.5%), from €32,132 to €58,963
- Other debts +€403,698
new in 2025: €403,698
- Reserves -€171,779
down €171,779 (-35.7%), from €480,580 to €308,802
of which Distributable reserves: -€171,779
- Debts after one year -€169,067
down €169,067 (-16.9%), from €1.0m to €833,337
- Advances received +€42,581
new in 2025: €42,581
- Current portion of long-term debt -€31,439
down €31,439 (-15.7%), from €200,506 to €169,067
- Gross operating margin +€552,613
up €552,613 (+61.4%), from €900,344 to €1.5m
- Staff costs +€114,253
up €114,253 (+15.4%), from €742,667 to €856,920
- Taxes +€46,386
up €46,386 (+295.9%), from €15,677 to €62,063
- Other operating charges -€15,975
down €15,975 (-29.7%), from €53,851 to €37,876
- Write-downs +€15,316
up €15,316 (+39.7%), from -€38,544 to -€23,229
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 | €2,085,671 | €2,138,412 | +€52,742 | +2.5% |
| Fixed assets | 21/28 | €1,410,785 | €1,188,489 | -€222,296 | -15.8% |
| Intangible fixed assets | 21 | €151,711 | €135,461 | -€16,250 | -10.7% |
| Tangible fixed assets | 22/27 | €1,258,534 | €1,052,488 | -€206,046 | -16.4% |
| Land and buildings | 22 | €828,579 | €795,797 | -€32,782 | -4.0% |
| Plant, machinery and equipment | 23 | €29,169 | €47,722 | +€18,553 | +63.6% |
| Furniture and vehicles | 24 | €400,787 | €208,970 | -€191,817 | -47.9% |
| Financial fixed assets | 28 | €540 | €540 | = | 0.0% |
| Current assets | 29/58 | €674,886 | €949,924 | +€275,038 | +40.8% |
| Stocks and contracts in progress | 3 | €32,132 | €58,963 | +€26,831 | +83.5% |
| Stocks | 30/36 | €32,132 | €58,963 | +€26,831 | +83.5% |
| Amounts receivable within one year | 40/41 | €425,092 | €300,503 | -€124,589 | -29.3% |
| Trade receivables | 40 | €378,007 | €298,720 | -€79,288 | -21.0% |
| Other amounts receivable | 41 | €47,085 | €1,784 | -€45,302 | -96.2% |
| Current investments | 50/53 | €121,538 | €181,955 | +€60,417 | +49.7% |
| Cash at bank and in hand | 54/58 | €56,317 | €380,141 | +€323,823 | +575.0% |
| Deferred charges and accrued income | 490/1 | €39,807 | €28,362 | -€11,445 | -28.8% |
| Total equity and liabilities | 10/49 | €2,085,671 | €2,138,412 | +€52,742 | +2.5% |
| Equity | 10/15 | €550,580 | €378,802 | -€171,779 | -31.2% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €480,580 | €308,802 | -€171,779 | -35.7% |
| Tax-exempt reserves | 132 | €28,000 | €28,000 | = | 0.0% |
| Distributable reserves | 133 | €452,580 | €280,802 | -€171,779 | -38.0% |
| Amounts payable | 17/49 | €1,535,091 | €1,759,611 | +€224,520 | +14.6% |
| Amounts payable after more than one year | 17 | €1,002,405 | €833,337 | -€169,067 | -16.9% |
| Financial debts | 170/4 | €1,002,405 | €833,337 | -€169,067 | -16.9% |
| Amounts payable within one year | 42/48 | €530,511 | €924,129 | +€393,618 | +74.2% |
| Current portion of amounts payable after more than one year | 42 | €200,506 | €169,067 | -€31,439 | -15.7% |
| Financial debts | 43 | €23,430 | €8,359 | -€15,071 | -64.3% |
| Credit institutions | 430/8 | €23,430 | €8,359 | -€15,071 | -64.3% |
| Trade debts | 44 | €213,926 | €185,058 | -€28,867 | -13.5% |
| Suppliers | 440/4 | €213,926 | €185,058 | -€28,867 | -13.5% |
| Advances received on contracts in progress | 46 | - | €42,581 | +€42,581 | |
| Taxes, remuneration and social security | 45 | €92,649 | €115,365 | +€22,716 | +24.5% |
| Taxes | 450/3 | €25,817 | €51,155 | +€25,338 | +98.1% |
| Remuneration and social security | 454/9 | €66,832 | €64,210 | -€2,622 | -3.9% |
| Other amounts payable | 47/48 | - | €403,698 | +€403,698 | |
| Accrued charges and deferred income | 492/3 | €2,175 | €2,144 | -€31 | -1.4% |
| Non-recurring operating income | 76A | €6,628 | €1,356 | -€5,272 | -79.5% |
| Remuneration, social security and pensions | 62 | €742,667 | €856,920 | +€114,253 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €250,265 | €253,562 | +€3,297 | +1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€38,544 | -€23,229 | +€15,316 | +39.7% |
| Other operating charges | 640/8 | €53,851 | €37,876 | -€15,975 | -29.7% |
| Gross operating margin | 9900 | €900,344 | €1,452,957 | +€552,613 | +61.4% |
| Operating profit (loss) | 9901 | -€107,895 | €327,828 | +€435,722 | |
| Financial income | 75/76B | €8,974 | €7,068 | -€1,905 | -21.2% |
| Recurring financial income | 75 | €8,974 | €7,068 | -€1,905 | -21.2% |
| Financial charges | 65/66B | €39,893 | €40,914 | +€1,020 | +2.6% |
| Recurring financial charges | 65 | €39,893 | €40,914 | +€1,020 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | -€138,814 | €293,982 | +€432,797 | |
| Income taxes | 67/77 | €15,677 | €62,063 | +€46,386 | +295.9% |
| Profit (loss) for the period | 9904 | -€154,491 | €231,920 | +€386,411 | |
| Profit (loss) for the period to be appropriated | 9905 | -€154,491 | €231,920 | +€386,411 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.