ALTER: 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.
ALTER
Largest movements
- Cash +€86,616
up €86,616 (+64.3%), from €134,772 to €221,388
mainly Other debts (+€59,821) and Net result for the year (+€37,789)
- Tangible fixed assets -€27,112
down €27,112 (-10.7%), from €252,546 to €225,434
of which Furniture and vehicles: -€20,738
- Receivables within one year -€17,610
down €17,610 (-43.4%), from €40,600 to €22,990
of which Trade receivables: -€10,378
- Other debts +€59,821
up €59,821 (+1,034%), from €5,784 to €65,605
- Profit (loss) carried forward -€27,211
down €27,211 (-37.2%), from €73,081 to €45,869
- Tax, wage and social debts +€22,951
up €22,951 (+1,113%), from €2,061 to €25,012
of which Taxes: +€22,951
- Debts after one year -€20,703
down €20,703 (-7.2%), from €285,710 to €265,006
- Trade debts +€5,649
up €5,649 (+118%), from €4,804 to €10,453
- Gross operating margin +€27,747
up €27,747 (+42.0%), from €66,125 to €93,872
- Depreciation -€22,357
down €22,357 (-48.1%), from €46,451 to €24,094
- Taxes +€10,636
up €10,636 (+353%), from €3,010 to €13,646
- Financial charges +€1,847
up €1,847 (+14.9%), from €12,407 to €14,254
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €429,229 | €472,154 | +€42,925 | +10.0% |
| Fixed assets | 21/28 | €252,546 | €225,434 | -€27,112 | -10.7% |
| Tangible fixed assets | 22/27 | €252,546 | €225,434 | -€27,112 | -10.7% |
| Land and buildings | 22 | €226,116 | €219,999 | -€6,117 | -2.7% |
| Plant, machinery and equipment | 23 | €2,462 | €2,614 | +€152 | +6.2% |
| Furniture and vehicles | 24 | €22,735 | €1,997 | -€20,738 | -91.2% |
| Other tangible fixed assets | 26 | €1,234 | €824 | -€410 | -33.2% |
| Current assets | 29/58 | €176,683 | €246,720 | +€70,037 | +39.6% |
| Amounts receivable within one year | 40/41 | €40,600 | €22,990 | -€17,610 | -43.4% |
| Trade receivables | 40 | €33,368 | €22,990 | -€10,378 | -31.1% |
| Other amounts receivable | 41 | €7,232 | €0 | -€7,232 | -100% |
| Cash at bank and in hand | 54/58 | €134,772 | €221,388 | +€86,616 | +64.3% |
| Deferred charges and accrued income | 490/1 | €1,311 | €2,342 | +€1,031 | +78.7% |
| Total equity and liabilities | 10/49 | €429,229 | €472,154 | +€42,925 | +10.0% |
| Equity | 10/15 | €100,895 | €73,369 | -€27,526 | -27.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,081 | €45,869 | -€27,211 | -37.2% |
| Investment grants | 15 | €7,354 | €7,040 | -€314 | -4.3% |
| Amounts payable | 17/49 | €328,335 | €398,785 | +€70,451 | +21.5% |
| Amounts payable after more than one year | 17 | €285,710 | €265,006 | -€20,703 | -7.2% |
| Financial debts | 170/4 | €285,710 | €265,006 | -€20,703 | -7.2% |
| Amounts payable within one year | 42/48 | €33,063 | €121,774 | +€88,712 | +268% |
| Current portion of amounts payable after more than one year | 42 | €20,414 | €20,703 | +€290 | +1.4% |
| Trade debts | 44 | €4,804 | €10,453 | +€5,649 | +118% |
| Suppliers | 440/4 | €4,804 | €10,453 | +€5,649 | +118% |
| Taxes, remuneration and social security | 45 | €2,061 | €25,012 | +€22,951 | +1,113% |
| Taxes | 450/3 | €2,061 | €25,012 | +€22,951 | +1,113% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €5,784 | €65,605 | +€59,821 | +1,034% |
| Accrued charges and deferred income | 492/3 | €9,562 | €12,005 | +€2,442 | +25.5% |
| Non-recurring operating income | 76A | €968 | €2,926 | +€1,958 | +202% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,451 | €24,094 | -€22,357 | -48.1% |
| Other operating charges | 640/8 | €4,771 | €4,920 | +€149 | +3.1% |
| Gross operating margin | 9900 | €66,125 | €93,872 | +€27,747 | +42.0% |
| Operating profit (loss) | 9901 | €14,902 | €64,858 | +€49,956 | +335% |
| Financial income | 75/76B | €1,258 | €831 | -€428 | -34.0% |
| Recurring financial income | 75 | €1,258 | €831 | -€428 | -34.0% |
| Financial charges | 65/66B | €12,407 | €14,254 | +€1,847 | +14.9% |
| Recurring financial charges | 65 | €12,407 | €14,254 | +€1,847 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | €3,754 | €51,435 | +€47,681 | +1,270% |
| Income taxes | 67/77 | €3,010 | €13,646 | +€10,636 | +353% |
| Profit (loss) for the period | 9904 | €744 | €37,789 | +€37,045 | +4,983% |
| Profit (loss) for the period to be appropriated | 9905 | €744 | €37,789 | +€37,045 | +4,983% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.