W.ALTER: what changed
Two fiscal 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.
W.ALTER
Largest movements
- Cash -€4.7m
down €4.7m (-36.1%), from €12.9m to €8.3m
mainly Investment in fixed assets (net) (-€3.1m) and Other debts (-€1.6m)
- Financial fixed assets +€3.1m
up €3.1m (+20.9%), from €15.0m to €18.2m
- Receivables within one year +€459,159
up €459,159 (+215.7%), from €212,900 to €672,059
of which Other amounts receivable: +€458,549
- Other debts -€1.6m
down €1.6m (-98.8%), from €1.6m to €20,000
- Profit (loss) carried forward +€495,230
up €495,230 (+200.5%), from €247,022 to €742,252
- Debts after one year -€301,128
down €301,128 (-4.9%), from €6.2m to €5.9m
of which Financial debts: -€301,128
- Gross operating margin +€867,228
up €867,228 (+99.2%), from €873,929 to €1.7m
- Financial charges +€302,895
up €302,895 (+398.1%), from €76,077 to €378,973
of which Non-recurring financial charges: +€295,261
- Taxes +€164,382
up €164,382 (+501.7%), from €32,766 to €197,148
- Purchases and services -€159,899
no longer reported in 2025 (was €159,899)
- Financial income +€90,115
up €90,115 (+14.1%), from €638,548 to €728,663
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 | €28,537,945 | €27,640,903 | -€897,042 | -3.1% |
| Fixed assets | 21/28 | €15,045,802 | €18,185,388 | +€3.1m | +20.9% |
| Tangible fixed assets | 22/27 | €1,755 | €1,782 | +€27 | +1.5% |
| Furniture and vehicles | 24 | €1,755 | €1,782 | +€27 | +1.5% |
| Financial fixed assets | 28 | €15,044,047 | €18,183,607 | +€3.1m | +20.9% |
| Current assets | 29/58 | €13,492,143 | €9,455,515 | -€4.0m | -29.9% |
| Amounts receivable within one year | 40/41 | €212,900 | €672,059 | +€459,159 | +215.7% |
| Trade receivables | 40 | - | €610 | +€610 | |
| Other amounts receivable | 41 | €212,900 | €671,449 | +€458,549 | +215.4% |
| Cash at bank and in hand | 54/58 | €12,912,989 | €8,257,796 | -€4.7m | -36.1% |
| Deferred charges and accrued income | 490/1 | €366,255 | €525,660 | +€159,406 | +43.5% |
| Total equity and liabilities | 10/49 | €28,537,945 | €27,640,903 | -€897,042 | -3.1% |
| Equity | 10/15 | €20,469,296 | €20,991,026 | +€521,730 | +2.5% |
| Contributions | 10/11 | €20,179,725 | €20,179,725 | = | 0.0% |
| Capital | 10 | €20,179,725 | €20,179,725 | = | 0.0% |
| Issued capital | 100 | €20,179,725 | €20,179,725 | = | 0.0% |
| Reserves | 13 | €42,550 | €69,050 | +€26,500 | +62.3% |
| Non-distributable reserves | 130/1 | €42,550 | €69,050 | +€26,500 | +62.3% |
| Legal reserve | 130 | €42,550 | €69,050 | +€26,500 | +62.3% |
| Profit (loss) carried forward | 14 | €247,022 | €742,252 | +€495,230 | +200.5% |
| Amounts payable | 17/49 | €8,068,649 | €6,649,877 | -€1.4m | -17.6% |
| Amounts payable after more than one year | 17 | €6,193,868 | €5,892,740 | -€301,128 | -4.9% |
| Financial debts | 170/4 | €3,193,868 | €2,892,740 | -€301,128 | -9.4% |
| Other amounts payable | 178/9 | €3,000,000 | €3,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,865,704 | €747,082 | -€1.1m | -60.0% |
| Trade debts | 44 | €56,302 | €336,297 | +€279,996 | +497.3% |
| Suppliers | 440/4 | €56,302 | €336,297 | +€279,996 | +497.3% |
| Taxes, remuneration and social security | 45 | €209,403 | €390,785 | +€181,382 | +86.6% |
| Taxes | 450/3 | €45,659 | €230,333 | +€184,674 | +404.5% |
| Remuneration and social security | 454/9 | €163,743 | €160,452 | -€3,292 | -2.0% |
| Other amounts payable | 47/48 | €1,600,000 | €20,000 | -€1.6m | -98.8% |
| Accrued charges and deferred income | 492/3 | €9,077 | €10,055 | +€978 | +10.8% |
| Non-recurring operating income | 76A | - | €301,190 | +€301,190 | |
| Goods, raw materials, services and sundry goods | 60/61 | €159,899 | - | -€159,899 | |
| Remuneration, social security and pensions | 62 | €1,328,347 | €1,370,275 | +€41,929 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,392 | €1,391 | -€1,001 | -41.8% |
| Other operating charges | 640/8 | €471 | €304 | -€168 | -35.6% |
| Gross operating margin | 9900 | €873,929 | €1,741,158 | +€867,228 | +99.2% |
| Operating profit (loss) | 9901 | -€457,280 | €369,188 | +€826,468 | |
| Financial income | 75/76B | €638,548 | €728,663 | +€90,115 | +14.1% |
| Recurring financial income | 75 | €638,548 | €728,663 | +€90,115 | +14.1% |
| Financial charges | 65/66B | €76,077 | €378,973 | +€302,895 | +398.1% |
| Recurring financial charges | 65 | €76,077 | €83,711 | +€7,634 | +10.0% |
| Non-recurring financial charges | 66B | - | €295,261 | +€295,261 | |
| Profit (loss) for the period before taxes | 9903 | €105,190 | €718,878 | +€613,688 | +583.4% |
| Income taxes | 67/77 | €32,766 | €197,148 | +€164,382 | +501.7% |
| Profit (loss) for the period | 9904 | €72,424 | €521,730 | +€449,306 | +620.4% |
| Profit (loss) for the period to be appropriated | 9905 | €72,424 | €521,730 | +€449,306 | +620.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.