ET ALORS: 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.
ET ALORS
Largest movements
- Tangible fixed assets -€141,061
down €141,061 (-37.8%), from €373,524 to €232,463
of which Land and buildings: -€218,713
- Deferred charges and accrued income +€56,808
up €56,808 (+2,348%), from €2,420 to €59,228
- Cash +€10,075
up €10,075 (+40.4%), from €24,957 to €35,032
mainly Investment in fixed assets (net) (+€103,775) and Contributions, distributions and other (+€80,000)
- Stocks and contracts -€8,756
down €8,756 (-54.2%), from €16,141 to €7,385
- Debts after one year -€154,203
down €154,203 (-61.8%), from €249,418 to €95,215
- Other debts +€37,252
up €37,252 (+125%), from €29,865 to €67,117
- Trade debts +€19,489
up €19,489 (+22.2%), from €87,864 to €107,353
- Current portion of long-term debt +€11,407
up €11,407 (+34.7%), from €32,841 to €44,248
- Short-term financial debts +€7,125
up €7,125, from €0 to €7,125
of which Credit institutions: +€7,125
- Gross operating margin -€79,673
down €79,673 (-42.9%), from €185,682 to €106,009
- Staff costs -€11,260
down €11,260 (-8.5%), from €131,796 to €120,536
- Depreciation -€5,365
down €5,365 (-12.4%), from €43,330 to €37,965
- Financial charges +€2,304
up €2,304 (+14.2%), from €16,199 to €18,503
- Other operating charges -€2,184
down €2,184 (-23.4%), from €9,315 to €7,130
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 | €434,982 | €348,015 | -€86,967 | -20.0% |
| Formation expenses | 20 | €297 | €149 | -€149 | -50.0% |
| Fixed assets | 21/28 | €375,002 | €233,411 | -€141,591 | -37.8% |
| Intangible fixed assets | 21 | €1,192 | €662 | -€530 | -44.5% |
| Tangible fixed assets | 22/27 | €373,524 | €232,463 | -€141,061 | -37.8% |
| Land and buildings | 22 | €218,713 | €0 | -€218,713 | -100% |
| Plant, machinery and equipment | 23 | €34,618 | €29,272 | -€5,346 | -15.4% |
| Furniture and vehicles | 24 | €15,783 | €25,575 | +€9,792 | +62.0% |
| Other tangible fixed assets | 26 | €104,410 | €177,616 | +€73,205 | +70.1% |
| Financial fixed assets | 28 | €285 | €285 | = | 0.0% |
| Current assets | 29/58 | €59,683 | €114,456 | +€54,773 | +91.8% |
| Stocks and contracts in progress | 3 | €16,141 | €7,385 | -€8,756 | -54.2% |
| Stocks | 30/36 | €16,141 | €7,385 | -€8,756 | -54.2% |
| Amounts receivable within one year | 40/41 | €16,165 | €12,810 | -€3,355 | -20.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €16,165 | €12,810 | -€3,355 | -20.8% |
| Cash at bank and in hand | 54/58 | €24,957 | €35,032 | +€10,075 | +40.4% |
| Deferred charges and accrued income | 490/1 | €2,420 | €59,228 | +€56,808 | +2,348% |
| Total equity and liabilities | 10/49 | €434,982 | €348,015 | -€86,967 | -20.0% |
| Equity | 10/15 | €1,847 | €3,720 | +€1,873 | +101% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€8,153 | -€6,280 | +€1,873 | +23.0% |
| Amounts payable | 17/49 | €433,135 | €344,295 | -€88,840 | -20.5% |
| Amounts payable after more than one year | 17 | €249,418 | €95,215 | -€154,203 | -61.8% |
| Financial debts | 170/4 | €249,418 | €95,215 | -€154,203 | -61.8% |
| Amounts payable within one year | 42/48 | €182,626 | €248,622 | +€65,996 | +36.1% |
| Current portion of amounts payable after more than one year | 42 | €32,841 | €44,248 | +€11,407 | +34.7% |
| Financial debts | 43 | €0 | €7,125 | +€7,125 | |
| Credit institutions | 430/8 | - | €7,125 | +€7,125 | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €87,864 | €107,353 | +€19,489 | +22.2% |
| Suppliers | 440/4 | €87,864 | €107,353 | +€19,489 | +22.2% |
| Advances received on contracts in progress | 46 | €10,175 | €7,294 | -€2,881 | -28.3% |
| Taxes, remuneration and social security | 45 | €21,881 | €15,484 | -€6,397 | -29.2% |
| Taxes | 450/3 | €12,418 | €676 | -€11,742 | -94.6% |
| Remuneration and social security | 454/9 | €9,463 | €14,808 | +€5,345 | +56.5% |
| Other amounts payable | 47/48 | €29,865 | €67,117 | +€37,252 | +125% |
| Accrued charges and deferred income | 492/3 | €1,091 | €459 | -€633 | -58.0% |
| Remuneration, social security and pensions | 62 | €131,796 | €120,536 | -€11,260 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,330 | €37,965 | -€5,365 | -12.4% |
| Other operating charges | 640/8 | €9,315 | €7,130 | -€2,184 | -23.4% |
| Gross operating margin | 9900 | €185,682 | €106,009 | -€79,673 | -42.9% |
| Operating profit (loss) | 9901 | €1,242 | -€59,622 | -€60,863 | |
| Financial income | 75/76B | €537 | €0 | -€537 | -100.0% |
| Recurring financial income | 75 | €537 | €0 | -€537 | -100.0% |
| Financial charges | 65/66B | €16,199 | €18,503 | +€2,304 | +14.2% |
| Recurring financial charges | 65 | €16,199 | €18,503 | +€2,304 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | -€14,420 | -€78,124 | -€63,704 | -442% |
| Income taxes | 67/77 | - | €3 | +€3 | |
| Profit (loss) for the period | 9904 | -€14,420 | -€78,127 | -€63,707 | -442% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,420 | -€78,127 | -€63,707 | -442% |
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 15 October 2026 via checked.be.