MD ALARMES: 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.
MD ALARMES
Largest movements
- Tangible fixed assets +€40,212
up €40,212 (+58.6%), from €68,575 to €108,787
of which Furniture and vehicles: +€39,325
- Cash +€24,942
up €24,942 (+119%), from €20,940 to €45,883
mainly Depreciation (+€33,915) and Debts after one year (+€24,389)
- Intangible fixed assets -€7,916
down €7,916 (-27.1%), from €29,227 to €21,311
- Stocks and contracts +€5,152
up €5,152 (+10.5%), from €49,080 to €54,231
- Deferred charges and accrued income +€4,540
up €4,540 (+379%), from €1,198 to €5,738
- Debts after one year +€24,389
up €24,389 (+54.3%), from €44,910 to €69,299
- Trade debts +€21,511
up €21,511 (+123%), from €17,419 to €38,930
- Current portion of long-term debt +€11,048
up €11,048 (+47.4%), from €23,309 to €34,357
- Reserves +€10,776
up €10,776 (+15.2%), from €70,997 to €81,773
- Tax, wage and social debts +€4,015
up €4,015 (+19.6%), from €20,519 to €24,534
of which Remuneration and social security: +€4,099
- Gross operating margin +€41,061
up €41,061 (+26.9%), from €152,914 to €193,975
- Staff costs +€22,741
up €22,741 (+20.8%), from €109,158 to €131,899
- Depreciation +€10,592
up €10,592 (+45.4%), from €23,324 to €33,915
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 | €227,866 | €296,456 | +€68,591 | +30.1% |
| Fixed assets | 21/28 | €97,802 | €130,098 | +€32,296 | +33.0% |
| Intangible fixed assets | 21 | €29,227 | €21,311 | -€7,916 | -27.1% |
| Tangible fixed assets | 22/27 | €68,575 | €108,787 | +€40,212 | +58.6% |
| Plant, machinery and equipment | 23 | €3,153 | €4,040 | +€887 | +28.1% |
| Furniture and vehicles | 24 | €65,422 | €104,747 | +€39,325 | +60.1% |
| Current assets | 29/58 | €130,064 | €166,358 | +€36,295 | +27.9% |
| Stocks and contracts in progress | 3 | €49,080 | €54,231 | +€5,152 | +10.5% |
| Stocks | 30/36 | €49,080 | €54,231 | +€5,152 | +10.5% |
| Amounts receivable within one year | 40/41 | €58,846 | €60,506 | +€1,661 | +2.8% |
| Trade receivables | 40 | €41,575 | €46,149 | +€4,574 | +11.0% |
| Other amounts receivable | 41 | €17,271 | €14,357 | -€2,914 | -16.9% |
| Cash at bank and in hand | 54/58 | €20,940 | €45,883 | +€24,942 | +119% |
| Deferred charges and accrued income | 490/1 | €1,198 | €5,738 | +€4,540 | +379% |
| Total equity and liabilities | 10/49 | €227,866 | €296,456 | +€68,591 | +30.1% |
| Equity | 10/15 | €112,143 | €120,269 | +€8,127 | +7.2% |
| Contributions | 10/11 | €20,177 | €20,177 | = | 0.0% |
| Reserves | 13 | €70,997 | €81,773 | +€10,776 | +15.2% |
| Distributable reserves | 133 | €70,997 | €81,773 | +€10,776 | +15.2% |
| Profit (loss) carried forward | 14 | €12,131 | €12,131 | = | 0.0% |
| Investment grants | 15 | €8,838 | €6,189 | -€2,649 | -30.0% |
| Amounts payable | 17/49 | €115,723 | €176,187 | +€60,464 | +52.2% |
| Amounts payable after more than one year | 17 | €44,910 | €69,299 | +€24,389 | +54.3% |
| Financial debts | 170/4 | €44,910 | €69,299 | +€24,389 | +54.3% |
| Amounts payable within one year | 42/48 | €70,813 | €106,888 | +€36,075 | +50.9% |
| Current portion of amounts payable after more than one year | 42 | €23,309 | €34,357 | +€11,048 | +47.4% |
| Trade debts | 44 | €17,419 | €38,930 | +€21,511 | +123% |
| Suppliers | 440/4 | €17,419 | €38,930 | +€21,511 | +123% |
| Taxes, remuneration and social security | 45 | €20,519 | €24,534 | +€4,015 | +19.6% |
| Taxes | 450/3 | €2,480 | €2,396 | -€84 | -3.4% |
| Remuneration and social security | 454/9 | €18,039 | €22,138 | +€4,099 | +22.7% |
| Other amounts payable | 47/48 | €9,566 | €9,067 | -€499 | -5.2% |
| Remuneration, social security and pensions | 62 | €109,158 | €131,899 | +€22,741 | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,324 | €33,915 | +€10,592 | +45.4% |
| Other operating charges | 640/8 | €1,494 | €1,846 | +€352 | +23.6% |
| Non-recurring operating charges | 66A | €157 | - | -€157 | |
| Gross operating margin | 9900 | €152,914 | €193,975 | +€41,061 | +26.9% |
| Operating profit (loss) | 9901 | €18,782 | €26,314 | +€7,532 | +40.1% |
| Financial income | 75/76B | €2,831 | €2,703 | -€128 | -4.5% |
| Recurring financial income | 75 | €2,831 | €2,703 | -€128 | -4.5% |
| Financial charges | 65/66B | €1,932 | €3,309 | +€1,377 | +71.3% |
| Recurring financial charges | 65 | €1,932 | €3,309 | +€1,377 | +71.3% |
| Profit (loss) for the period before taxes | 9903 | €19,681 | €25,708 | +€6,027 | +30.6% |
| Income taxes | 67/77 | €5,448 | €6,632 | +€1,184 | +21.7% |
| Profit (loss) for the period | 9904 | €14,233 | €19,076 | +€4,843 | +34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,233 | €19,076 | +€4,843 | +34.0% |
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 24 October 2026 via checked.be.