HET ALTERNATIEF: 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.
HET ALTERNATIEF
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€32,241
down €32,241 (-27.6%), from €116,792 to €84,551
- Other debts +€14,283
up €14,283 (+8.7%), from €163,937 to €178,220
- Current portion of long-term debt +€11,360
up €11,360 (+38.9%), from €29,220 to €40,580
- Profit (loss) carried forward +€5,181
up €5,181 (+9.9%), from €52,131 to €57,312
- Financial income +€33,719
up €33,719 (+33,385%), from €101 to €33,820
of which Non-recurring financial income: +€33,806
- Depreciation +€13,358
up €13,358 (+24.4%), from €54,801 to €68,159
- Other operating charges +€12,006
up €12,006 (+440%), from €2,727 to €14,733
- Financial charges +€8,131
up €8,131 (+117%), from €6,958 to €15,089
- Staff costs -€3,480
no longer reported in 2025 (was €3,480)
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 | €481,257 | €484,205 | +€2,948 | +0.6% |
| Fixed assets | 21/28 | €434,562 | €433,273 | -€1,289 | -0.3% |
| Tangible fixed assets | 22/27 | €434,562 | €433,273 | -€1,289 | -0.3% |
| Land and buildings | 22 | €387,777 | €351,982 | -€35,795 | -9.2% |
| Plant, machinery and equipment | 23 | €17,416 | €42,412 | +€24,996 | +144% |
| Furniture and vehicles | 24 | €29,369 | €38,879 | +€9,510 | +32.4% |
| Current assets | 29/58 | €46,695 | €50,932 | +€4,237 | +9.1% |
| Stocks and contracts in progress | 3 | - | €3,075 | +€3,075 | |
| Stocks | 30/36 | - | €3,075 | +€3,075 | |
| Amounts receivable within one year | 40/41 | €19,760 | €20,184 | +€424 | +2.1% |
| Other amounts receivable | 41 | €19,760 | €20,184 | +€424 | +2.1% |
| Cash at bank and in hand | 54/58 | €26,582 | €27,673 | +€1,091 | +4.1% |
| Deferred charges and accrued income | 490/1 | €353 | - | -€353 | |
| Total equity and liabilities | 10/49 | €481,257 | €484,205 | +€2,948 | +0.6% |
| Equity | 10/15 | €167,741 | €172,922 | +€5,181 | +3.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €109,410 | €109,410 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,310 | €11,310 | = | 0.0% |
| Distributable reserves | 133 | €98,100 | €98,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,131 | €57,312 | +€5,181 | +9.9% |
| Amounts payable | 17/49 | €313,516 | €311,283 | -€2,233 | -0.7% |
| Amounts payable after more than one year | 17 | €116,792 | €84,551 | -€32,241 | -27.6% |
| Financial debts | 170/4 | €116,792 | €84,551 | -€32,241 | -27.6% |
| Amounts payable within one year | 42/48 | €196,724 | €226,732 | +€30,008 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €29,220 | €40,580 | +€11,360 | +38.9% |
| Trade debts | 44 | €2,239 | €6,348 | +€4,109 | +184% |
| Suppliers | 440/4 | €2,239 | €6,348 | +€4,109 | +184% |
| Taxes, remuneration and social security | 45 | €1,328 | €1,584 | +€256 | +19.3% |
| Taxes | 450/3 | €1,175 | €1,584 | +€409 | +34.8% |
| Remuneration and social security | 454/9 | €153 | - | -€153 | |
| Other amounts payable | 47/48 | €163,937 | €178,220 | +€14,283 | +8.7% |
| Remuneration, social security and pensions | 62 | €3,480 | - | -€3,480 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,801 | €68,159 | +€13,358 | +24.4% |
| Other operating charges | 640/8 | €2,727 | €14,733 | +€12,006 | +440% |
| Gross operating margin | 9900 | €68,092 | €69,598 | +€1,506 | +2.2% |
| Operating profit (loss) | 9901 | €7,084 | -€13,294 | -€20,378 | |
| Financial income | 75/76B | €101 | €33,820 | +€33,719 | +33,385% |
| Recurring financial income | 75 | €101 | €14 | -€87 | -86.1% |
| Non-recurring financial income | 76B | - | €33,806 | +€33,806 | |
| Financial charges | 65/66B | €6,958 | €15,089 | +€8,131 | +117% |
| Recurring financial charges | 65 | €6,958 | €15,089 | +€8,131 | +117% |
| Profit (loss) for the period before taxes | 9903 | €227 | €5,437 | +€5,210 | +2,295% |
| Income taxes | 67/77 | €134 | €256 | +€122 | +91.0% |
| Profit (loss) for the period | 9904 | €93 | €5,181 | +€5,088 | +5,471% |
| Profit (loss) for the period to be appropriated | 9905 | €93 | €5,181 | +€5,088 | +5,471% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.