ALERCE: what changed
ALERCE
Largest movements
- Receivables within one year +€28,544
new in 2025: €28,544
- Cash +€8,514
up €8,514 (+15.3%), from €55,519 to €64,032
mainly Net result for the year (+€26,713) and Accrued charges and deferred income (+€12,920)
- Tangible fixed assets +€2,617
new in 2025: €2,617
- Reserves +€26,713
up €26,713 (+78.6%), from €33,979 to €60,692
of which Distributable reserves: +€26,713
- Accrued charges and deferred income +€12,920
new in 2025: €12,920
- Other debts +€1,000
up €1,000 (+49.0%), from €2,041 to €3,041
- Gross operating margin -€7,980
down €7,980 (-18.7%), from €42,732 to €34,752
- Taxes -€1,524
down €1,524 (-17.9%), from €8,500 to €6,976
- Other operating charges +€805
up €805 (+313%), from €257 to €1,062
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €55,519 | €95,193 | +€39,674 | +71.5% |
| Fixed assets | 21/28 | - | €2,617 | +€2,617 | |
| Tangible fixed assets | 22/27 | - | €2,617 | +€2,617 | |
| Plant, machinery and equipment | 23 | - | €2,617 | +€2,617 | |
| Current assets | 29/58 | €55,519 | €92,576 | +€37,057 | +66.7% |
| Amounts receivable within one year | 40/41 | - | €28,544 | +€28,544 | |
| Trade receivables | 40 | - | €28,544 | +€28,544 | |
| Cash at bank and in hand | 54/58 | €55,519 | €64,032 | +€8,514 | +15.3% |
| Total equity and liabilities | 10/49 | €55,519 | €95,193 | +€39,674 | +71.5% |
| Equity | 10/15 | €36,479 | €63,192 | +€26,713 | +73.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Capital | 10 | €2,500 | - | -€2,500 | |
| Issued capital | 100 | €2,500 | - | -€2,500 | |
| Reserves | 13 | €33,979 | €60,692 | +€26,713 | +78.6% |
| Non-distributable reserves | 130/1 | €250 | €250 | = | 0.0% |
| Legal reserve | 130 | €250 | - | -€250 | |
| Reserves not available under the articles | 1311 | - | €250 | +€250 | |
| Distributable reserves | 133 | €33,729 | €60,442 | +€26,713 | +79.2% |
| Amounts payable | 17/49 | €19,039 | €32,001 | +€12,961 | +68.1% |
| Amounts payable within one year | 42/48 | €19,039 | €19,081 | +€42 | +0.2% |
| Trade debts | 44 | €20 | - | -€20 | |
| Suppliers | 440/4 | €20 | - | -€20 | |
| Taxes, remuneration and social security | 45 | €16,978 | €16,040 | -€938 | -5.5% |
| Taxes | 450/3 | €16,978 | €16,040 | -€938 | -5.5% |
| Other amounts payable | 47/48 | €2,041 | €3,041 | +€1,000 | +49.0% |
| Accrued charges and deferred income | 492/3 | - | €12,920 | +€12,920 | |
| Other operating charges | 640/8 | €257 | €1,062 | +€805 | +313% |
| Gross operating margin | 9900 | €42,732 | €34,752 | -€7,980 | -18.7% |
| Operating profit (loss) | 9901 | €42,475 | €33,689 | -€8,785 | -20.7% |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Non-recurring financial income | 76B | €4 | - | -€4 | |
| Financial charges | 65/66B | - | €0 | +€0 | |
| Recurring financial charges | 65 | - | €0 | +€0 | |
| Profit (loss) for the period before taxes | 9903 | €42,479 | €33,689 | -€8,790 | -20.7% |
| Income taxes | 67/77 | €8,500 | €6,976 | -€1,524 | -17.9% |
| Profit (loss) for the period | 9904 | €33,979 | €26,713 | -€7,266 | -21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €33,979 | €26,713 | -€7,266 | -21.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.