S.ALEX: 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.
S.ALEX
Largest movements
- Receivables within one year +€49,353
up €49,353 (+49.9%), from €98,976 to €148,328
of which Other amounts receivable: +€64,063
- Cash -€15,496
down €15,496 (-19.0%), from €81,342 to €65,847
mainly Receivables within one year (-€49,353) and Trade debts (-€10,194)
- Tangible fixed assets -€6,324
down €6,324 (-27.5%), from €22,972 to €16,648
of which Plant, machinery and equipment: -€4,567
- Deferred charges and accrued income +€2,689
up €2,689 (+111%), from €2,418 to €5,107
- Profit (loss) carried forward +€32,893
up €32,893 (+71.8%), from €45,828 to €78,722
- Trade debts -€10,194
down €10,194 (-31.2%), from €32,704 to €22,510
- Tax, wage and social debts +€6,871
up €6,871 (+22.0%), from €31,230 to €38,101
of which Taxes: +€10,011
- Gross operating margin -€50,339
down €50,339 (-23.1%), from €217,549 to €167,210
- Staff costs -€20,398
down €20,398 (-20.3%), from €100,587 to €80,189
- Taxes +€9,339
up €9,339 (+64.2%), from €14,541 to €23,881
- Other operating charges +€5,884
up €5,884 (+185%), from €3,188 to €9,072
- Financial income -€2,765
down €2,765 (-98.7%), from €2,800 to €35
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 | €212,132 | €241,655 | +€29,523 | +13.9% |
| Fixed assets | 21/28 | €23,097 | €16,773 | -€6,324 | -27.4% |
| Tangible fixed assets | 22/27 | €22,972 | €16,648 | -€6,324 | -27.5% |
| Plant, machinery and equipment | 23 | €7,833 | €3,266 | -€4,567 | -58.3% |
| Furniture and vehicles | 24 | €6,578 | €4,938 | -€1,640 | -24.9% |
| Other tangible fixed assets | 26 | €8,561 | €8,444 | -€116 | -1.4% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €189,036 | €224,882 | +€35,846 | +19.0% |
| Stocks and contracts in progress | 3 | €6,300 | €5,600 | -€700 | -11.1% |
| Stocks | 30/36 | €6,300 | €5,600 | -€700 | -11.1% |
| Amounts receivable within one year | 40/41 | €98,976 | €148,328 | +€49,353 | +49.9% |
| Trade receivables | 40 | €44,577 | €29,867 | -€14,710 | -33.0% |
| Other amounts receivable | 41 | €54,398 | €118,461 | +€64,063 | +118% |
| Cash at bank and in hand | 54/58 | €81,342 | €65,847 | -€15,496 | -19.0% |
| Deferred charges and accrued income | 490/1 | €2,418 | €5,107 | +€2,689 | +111% |
| Total equity and liabilities | 10/49 | €212,132 | €241,655 | +€29,523 | +13.9% |
| Equity | 10/15 | €144,145 | €177,039 | +€32,893 | +22.8% |
| Contributions | 10/11 | €18,600 | €20,460 | +€1,860 | +10.0% |
| Reserves | 13 | €79,717 | €77,857 | -€1,860 | -2.3% |
| Non-distributable reserves | 130/1 | €79,717 | €77,857 | -€1,860 | -2.3% |
| Reserves not available under the articles | 1311 | €79,717 | €77,857 | -€1,860 | -2.3% |
| Profit (loss) carried forward | 14 | €45,828 | €78,722 | +€32,893 | +71.8% |
| Amounts payable | 17/49 | €67,987 | €64,617 | -€3,371 | -5.0% |
| Amounts payable within one year | 42/48 | €67,987 | €64,617 | -€3,371 | -5.0% |
| Financial debts | 43 | €4,054 | €4,006 | -€47 | -1.2% |
| Credit institutions | 430/8 | €4,054 | €4,006 | -€47 | -1.2% |
| Trade debts | 44 | €32,704 | €22,510 | -€10,194 | -31.2% |
| Suppliers | 440/4 | €32,704 | €22,510 | -€10,194 | -31.2% |
| Taxes, remuneration and social security | 45 | €31,230 | €38,101 | +€6,871 | +22.0% |
| Taxes | 450/3 | €20,835 | €30,847 | +€10,011 | +48.1% |
| Remuneration and social security | 454/9 | €10,395 | €7,254 | -€3,141 | -30.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €100,587 | €80,189 | -€20,398 | -20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,143 | €8,830 | -€313 | -3.4% |
| Other operating charges | 640/8 | €3,188 | €9,072 | +€5,884 | +185% |
| Non-recurring operating charges | 66A | - | €9,379 | +€9,379 | |
| Gross operating margin | 9900 | €217,549 | €167,210 | -€50,339 | -23.1% |
| Operating profit (loss) | 9901 | €104,631 | €59,740 | -€44,890 | -42.9% |
| Financial income | 75/76B | €2,800 | €35 | -€2,765 | -98.7% |
| Recurring financial income | 75 | €2,800 | €35 | -€2,765 | -98.7% |
| Financial charges | 65/66B | €3,700 | €3,002 | -€699 | -18.9% |
| Recurring financial charges | 65 | €3,700 | €3,002 | -€699 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €103,731 | €56,774 | -€46,957 | -45.3% |
| Income taxes | 67/77 | €14,541 | €23,881 | +€9,339 | +64.2% |
| Profit (loss) for the period | 9904 | €89,190 | €32,893 | -€56,296 | -63.1% |
| Profit (loss) for the period to be appropriated | 9905 | €89,190 | €32,893 | -€56,296 | -63.1% |
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 21 October 2026 via checked.be.