Alter-M: 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-M
Largest movements
- Cash -€110,358
down €110,358 (-30.4%), from €363,277 to €252,919
mainly Investment in fixed assets (net) (-€119,987) and Contributions, distributions and other (-€83,000)
- Intangible fixed assets +€89,202
new in 2025: €89,202
- Receivables within one year -€17,770
down €17,770 (-34.1%), from €52,149 to €34,379
of which Trade receivables: -€23,002
- Tangible fixed assets +€8,770
up €8,770 (+72.3%), from €12,132 to €20,902
- Reserves -€66,900
down €66,900 (-24.8%), from €270,060 to €203,160
- Other debts +€42,197
up €42,197 (+66.8%), from €63,132 to €105,329
- Tax, wage and social debts -€11,046
down €11,046 (-42.8%), from €25,787 to €14,741
of which Taxes: -€9,732
- Debts after one year +€6,319
up €6,319 (+127%), from €4,977 to €11,296
- Gross operating margin -€15,002
down €15,002 (-13.0%), from €115,407 to €100,404
- Depreciation +€13,978
up €13,978 (+174%), from €8,036 to €22,015
- Taxes -€8,513
down €8,513 (-46.3%), from €18,405 to €9,892
- Other operating charges +€4,481
up €4,481 (+427%), from €1,049 to €5,531
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 | €427,707 | €397,551 | -€30,156 | -7.1% |
| Fixed assets | 21/28 | €12,132 | €110,103 | +€97,972 | +808% |
| Intangible fixed assets | 21 | - | €89,202 | +€89,202 | |
| Tangible fixed assets | 22/27 | €12,132 | €20,902 | +€8,770 | +72.3% |
| Furniture and vehicles | 24 | €12,132 | €20,902 | +€8,770 | +72.3% |
| Current assets | 29/58 | €415,575 | €287,448 | -€128,128 | -30.8% |
| Amounts receivable within one year | 40/41 | €52,149 | €34,379 | -€17,770 | -34.1% |
| Trade receivables | 40 | €52,118 | €29,116 | -€23,002 | -44.1% |
| Other amounts receivable | 41 | €31 | €5,263 | +€5,233 | +17,105% |
| Cash at bank and in hand | 54/58 | €363,277 | €252,919 | -€110,358 | -30.4% |
| Deferred charges and accrued income | 490/1 | €150 | €150 | = | 0.0% |
| Total equity and liabilities | 10/49 | €427,707 | €397,551 | -€30,156 | -7.1% |
| Equity | 10/15 | €323,908 | €257,010 | -€66,898 | -20.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €270,060 | €203,160 | -€66,900 | -24.8% |
| Distributable reserves | 133 | €270,060 | €203,160 | -€66,900 | -24.8% |
| Profit (loss) carried forward | 14 | €47,648 | €47,650 | +€2 | 0.0% |
| Amounts payable | 17/49 | €103,799 | €140,541 | +€36,742 | +35.4% |
| Amounts payable after more than one year | 17 | €4,977 | €11,296 | +€6,319 | +127% |
| Financial debts | 170/4 | €4,977 | €11,296 | +€6,319 | +127% |
| Amounts payable within one year | 42/48 | €98,822 | €128,707 | +€29,884 | +30.2% |
| Current portion of amounts payable after more than one year | 42 | €8,484 | €8,134 | -€350 | -4.1% |
| Trade debts | 44 | €1,419 | €503 | -€916 | -64.6% |
| Suppliers | 440/4 | €1,419 | €503 | -€916 | -64.6% |
| Taxes, remuneration and social security | 45 | €25,787 | €14,741 | -€11,046 | -42.8% |
| Taxes | 450/3 | €19,488 | €9,756 | -€9,732 | -49.9% |
| Remuneration and social security | 454/9 | €6,299 | €4,985 | -€1,314 | -20.9% |
| Other amounts payable | 47/48 | €63,132 | €105,329 | +€42,197 | +66.8% |
| Accrued charges and deferred income | 492/3 | - | €539 | +€539 | |
| Remuneration, social security and pensions | 62 | €43,592 | €44,466 | +€874 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,036 | €22,015 | +€13,978 | +174% |
| Other operating charges | 640/8 | €1,049 | €5,531 | +€4,481 | +427% |
| Gross operating margin | 9900 | €115,407 | €100,404 | -€15,002 | -13.0% |
| Operating profit (loss) | 9901 | €62,729 | €28,393 | -€34,336 | -54.7% |
| Financial income | 75/76B | €51 | €272 | +€221 | +429% |
| Recurring financial income | 75 | €51 | €272 | +€221 | +429% |
| Financial charges | 65/66B | €2,659 | €2,671 | +€12 | +0.4% |
| Recurring financial charges | 65 | €2,659 | €2,671 | +€12 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €60,121 | €25,994 | -€34,127 | -56.8% |
| Income taxes | 67/77 | €18,405 | €9,892 | -€8,513 | -46.3% |
| Profit (loss) for the period | 9904 | €41,716 | €16,102 | -€25,614 | -61.4% |
| Profit (loss) for the period to be appropriated | 9905 | €41,716 | €16,102 | -€25,614 | -61.4% |
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 22 October 2026 via checked.be.