ALPA
ActiveSummary
ALPA has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.1m and a net result of -€94,741. Equity is shrinking by ~8.3% per year across the filed fiscal years. Its solvency ranks better than 33% of 542 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability34▼-8
Solvency50▼-1
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €120,000 at 30 days acceptable
Liquidity ample (current ratio 1.63 against 1.88 in 2024; short-term debt: 1.8% and cash: 0.3% of total assets), but 75.2% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 90
Relative position
BE, all sectors
reference
Arts creation and performing arts activities (NACE 90)
about 58% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
24.8%
Return on assets
-1.1%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€94,741
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 20-08-2026, 20 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
20 d late
2024
4 d late
2023
8 d early
2022
11 d late
2021
58 d early
2020
32 d early
2019
23 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 12 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 4 August (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€2.1m▼ 4.4%
2024 · €2.2m
Total assets
€8.3m▼ 1.7%
2024 · €8.4m
Net result
-€94,741▼ 117%
2024 · -€43,650
Working capital
€92,513▼ 18.4%
2024 · €113,434
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 90, Arts creation and performing arts activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€501,913-€416,670▲ 17.0%€13,662-€20,420-€72,769▼ 256%
Net result-€639,389below the sector's middle half▼ 1,983%-€580,567below the sector's middle half▲ 9.2%-€18,145below the sector's middle half▲ 96.9%-€43,650below the sector's middle half▼ 141%-€94,741below the sector's middle half▼ 117%
Equity€2.8mabove the sector's middle half▼ 18.6%€2.2mabove the sector's middle half▼ 20.8%€2.2mabove the sector's middle half▼ 0.8%€2.2mabove the sector's middle half▼ 2.0%€2.1mabove the sector's middle half▼ 4.4%
Total assets€9.2mabove the sector's middle half▼ 13.7%€8.5mabove the sector's middle half▼ 7.3%€8.4mabove the sector's middle half▼ 0.7%€8.4mabove the sector's middle half=€8.3mabove the sector's middle half▼ 1.7%
Debt€6.2m▼ 11.3%€6.2m▼ 1.0%€6.1m▼ 0.3%€6.2m▲ 1.1%€6.2m▼ 0.3%
Working capital-€1.1mbelow the sector's middle half€2,129within the sector's middle half€41,646within the sector's middle half▲ 1,856%€113,434above the sector's middle half▲ 172%€92,513within the sector's middle half▼ 18.4%
Solvency30.5%within the sector's middle half▼ 1.9pp26.1%within the sector's middle half▼ 4.4pp26.0%within the sector's middle half=25.5%within the sector's middle half▼ 0.5pp24.8%within the sector's middle half▼ 0.7pp
Current ratio0.26below the sector's middle half▼ 0.851.02within the sector's middle half▲ 0.751.33within the sector's middle half▲ 0.311.88within the sector's middle half▲ 0.551.63within the sector's middle half▼ 0.25
Return on assets (ROA)-7.0%below the sector's middle half▼ 6.7pp-6.8%below the sector's middle half▲ 0.1pp-0.2%within the sector's middle half▲ 6.6pp-0.5%within the sector's middle half▼ 0.3pp-1.1%within the sector's middle half▼ 0.6pp
Staff (FTE)1below the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 90, Arts creation and performing arts activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €72,769 in 2025 against €20,420 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.3m
Fixed assets
€8.1m ▼ 1.7%
Current assets
€239,892 ▼ 0.8%
Equity and liabilities €8.3m
Equity
€2.1m ▼ 4.4%
Provisions
€55,877 ▼ 30.5%
Debt
€6.2m ▼ 0.3%
Debt's share of the balance-sheet total rises from 73.5% to 74.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€92,904▼
2024 · €138,599
Cash flow
€70,932▼
2024 · €115,369
Debt to equity
3.00▲
2024 · 2.88
ROE
-4.6%▼
2024 · -2.0%
Interest coverage
1.99▼
2024 · 2.91
Debt ≤ 1 year
€147,379▲
2024 · €128,515
Debt > 1 year
€6.0m▼
2024 · €6.1m
Income taxes
€188▼
2024 · €193
Staff costs
€531▲
2024 · -€3,457
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €8,802 | - | €2,700 | €6,849 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | €11,129 | €32,635 | -€3,160 | -€3,457 | €531 | ▲ 115% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €269,058 | €269,369 | €153,916 | €159,019 | €165,673 | ▲ 4.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €144,784 | €4,000 | - | - | - |
| Other operating charges640/8 | €8,072 | €12,641 | €10,632 | €11,090 | €8,422 | ▼ 24.1% |
| Non-recurring operating charges66A | €15,451 | €41,751 | - | - | - | - |
| Gross operating margin9900 | -€198,203 | €84,509 | €179,050 | €146,233 | €101,857 | ▼ 30.3% |
| Operating profit (loss)9901 | -€501,913 | -€416,670 | €13,662 | -€20,420 | -€72,769 | ▼ 256% |
| Financial income75/76B | - | - | - | - | €257 | - |
| Recurring financial income75 | - | - | - | - | €257 | - |
| Financial charges65/66B | €161,511 | €187,922 | €56,164 | €47,587 | €46,591 | ▼ 2.1% |
| Recurring financial charges65 | €161,511 | €187,922 | €56,164 | €47,587 | €46,591 | ▼ 2.1% |
| Profit (loss) for the period before taxes9903 | -€663,423 | -€604,593 | -€42,502 | -€68,007 | -€119,102 | ▼ 75.1% |
| Transfer from deferred taxes780 | €24,550 | €24,550 | €24,550 | €24,550 | €24,550 | = |
| Income taxes67/77 | €515 | €524 | €193 | €193 | €188 | ▼ 2.3% |
| Profit (loss) for the period9904 | -€639,389 | -€580,567 | -€18,145 | -€43,650 | -€94,741 | ▼ 117% |
| Transfer from tax-exempt reserves789 | €47,677 | €47,677 | €47,677 | €47,677 | €47,677 | = |
| Profit (loss) for the period to be appropriated9905 | -€591,712 | -€532,890 | €29,531 | €4,027 | -€47,064 | ▼ 1,269% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €9.2m | €8.5m | €8.4m | €8.4m | €8.3m | ▼ 1.7% |
| Formation expenses20 | - | - | €0 | €0 | - | - |
| Fixed assets21/28 | €8.7m | €8.4m | €8.3m | €8.2m | €8.1m | ▼ 1.7% |
| Intangible fixed assets21 | - | - | €0 | €0 | - | - |
| Tangible fixed assets22/27 | €2.3m | €2.1m | €2.1m | €2.0m | €1.8m | ▼ 7.0% |
| Land and buildings22 | €1.6m | €1.6m | €1.6m | €1.5m | €1.5m | ▼ 2.9% |
| Plant, machinery and equipment23 | €122,313 | €2,313 | €19,072 | €19,099 | €23,769 | ▲ 24.5% |
| Furniture and vehicles24 | €12,817 | €12,127 | €7,510 | €79,368 | €65,115 | ▼ 18.0% |
| Leasing and similar rights25 | €619,396 | €522,867 | €426,337 | €329,808 | €233,279 | ▼ 29.3% |
| Other tangible fixed assets26 | - | €27,975 | €33,099 | €32,031 | €43,349 | ▲ 35.3% |
| Financial fixed assets28 | €6.4m | €6.2m | €6.2m | €6.2m | €6.2m | = |
| Current assets29/58 | €410,214 | €138,313 | €168,116 | €241,949 | €239,892 | ▼ 0.8% |
| Amounts receivable after more than one year29 | €39,999 | €39,999 | €39,999 | €39,999 | €39,999 | = |
| Trade receivables290 | €39,999 | €39,999 | €39,999 | €39,999 | €39,999 | = |
| Amounts receivable within one year40/41 | €349,228 | €70,624 | €93,804 | €171,038 | €174,724 | ▲ 2.2% |
| Trade receivables40 | €316,612 | €58,124 | €81,304 | €58,538 | €62,224 | ▲ 6.3% |
| Other amounts receivable41 | €32,616 | €12,500 | €12,500 | €112,500 | €112,500 | = |
| Cash at bank and in hand54/58 | €19,255 | €25,254 | €32,521 | €27,546 | €22,575 | ▼ 18.0% |
| Deferred charges and accrued income490/1 | €1,732 | €2,436 | €1,792 | €3,366 | €2,594 | ▼ 22.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €9.2m | €8.5m | €8.4m | €8.4m | €8.3m | ▼ 1.7% |
| Equity10/15 | €2.8m | €2.2m | €2.2m | €2.2m | €2.1m | ▼ 4.4% |
| Contributions10/11 | €247,894 | €247,894 | €247,894 | €247,894 | €247,894 | = |
| Capital10 | €217,651 | €217,651 | €217,651 | €217,651 | €217,651 | = |
| Issued capital100 | €217,651 | €217,651 | €217,651 | €217,651 | €217,651 | = |
| Outside capital11 | €30,243 | €30,243 | €30,243 | €30,243 | €30,243 | = |
| Share premium1100/10 | €30,243 | €30,243 | €30,243 | €30,243 | €30,243 | = |
| Revaluation surpluses12 | €853,617 | €853,617 | €853,617 | €853,617 | €853,617 | = |
| Reserves13 | €2.3m | €2.2m | €2.2m | €2.1m | €2.1m | ▼ 2.2% |
| Non-distributable reserves130/1 | €21,765 | €21,765 | €21,765 | €21,765 | €21,765 | = |
| Legal reserve130 | €21,765 | €21,765 | €21,765 | €21,765 | €21,765 | = |
| Tax-exempt reserves132 | €317,972 | €270,296 | €222,619 | €174,942 | €127,265 | ▼ 27.3% |
| Distributable reserves133 | €1.9m | €1.9m | €1.9m | €1.9m | €1.9m | = |
| Profit (loss) carried forward14 | -€596,111 | -€1.1m | -€1.1m | -€1.1m | -€1.1m | ▼ 4.3% |
| Provisions and deferred taxes16 | €154,076 | €129,526 | €104,977 | €80,427 | €55,877 | ▼ 30.5% |
| Deferred taxes168 | €154,076 | €129,526 | €104,977 | €80,427 | €55,877 | ▼ 30.5% |
| Amounts payable17/49 | €6.2m | €6.2m | €6.1m | €6.2m | €6.2m | ▼ 0.3% |
| Amounts payable after more than one year17 | €4.4m | €6.0m | €6.0m | €6.1m | €6.0m | ▼ 0.7% |
| Financial debts170/4 | €4.4m | €6.0m | €6.0m | €6.1m | €6.0m | ▼ 0.7% |
| Amounts payable within one year42/48 | €1.6m | €136,184 | €126,470 | €128,515 | €147,379 | ▲ 14.7% |
| Current portion of amounts payable after more than one year42 | €92,381 | €94,413 | €96,328 | €98,282 | €100,276 | ▲ 2.0% |
| Trade debts44 | €2,614 | €15,919 | €7,327 | €12,028 | €24,949 | ▲ 107% |
| Suppliers440/4 | €2,614 | €15,919 | €7,327 | €12,028 | €24,949 | ▲ 107% |
| Taxes, remuneration and social security45 | €886 | €25,852 | €22,815 | €18,205 | €22,154 | ▲ 21.7% |
| Taxes450/3 | €515 | €22,692 | €19,593 | €14,982 | €18,932 | ▲ 26.4% |
| Remuneration and social security454/9 | €371 | €3,160 | €3,222 | €3,222 | €3,222 | = |
| Other amounts payable47/48 | €1.5m | - | - | - | - | - |
| Accrued charges and deferred income492/3 | €245,000 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€639,389 | -€580,567 | -€18,145 | -€43,650 | -€94,741 | ▼ 117% |
| + Depreciation and write-downs630 | €269,058 | €269,369 | €153,916 | €159,019 | €165,673 | ▲ 4.2% |
| Operating cash flow (approximation) | -€370,331 | -€311,198 | €135,771 | €115,369 | €70,932 | ▼ 38.5% |
| Investment in fixed assets (approximation) | - | €122,862 | -€60,732 | -€86,229 | -€26,765 | ▲ 69.0% |
| Change in cash | - | €5,999 | €7,267 | -€4,976 | -€4,970 | ▲ 0.1% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
20-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 20 days late
2025
04-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 4 days late
2024
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
11-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 11 days late
2022
31-12
Financial
Liquidity quadruplescurrent ratio 1.02
Current ratio from 0.26 to 1.02; short-term debt falls from €1.6m to €136,184.
03-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Weakest financial yearnet -€639,389
Net result drops to -€639,389, the lowest in the series; recovery starts the following year.
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
08-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 27 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 31 days late
2017
19-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Gent · 2 establishment units since 1994
Ground area
9,002 m²
Building footprint
868 m²
Volume, LiDAR
6,287 m³
2 parcels, Flanders · tallest building 21.5 m, ±2 floors. Linked by address, not a title deed.
9
companies at this address
See who is registered here
2 establishment units
ALPA
since 19942.221.755.306
ALPA
since 19982.040.805.170
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34372C0254/00N000 | Flanders | 8,589 m² | 1 · 583 m² | 10.1 m · 2 fl. |
| 44804D2538/00F002 ProtectedMonument · Townscape or village viewNeoclassicistisch huizenblok: burgerhuis (gevel en dak)Source ↗ |
Flanders | 413 m² | 1 · 285 m² | 21.5 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Owners and holdings
1 holding · 8 subsidiaries in the treeOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
- Music Hall GroupsubsidiaryEquity €4.3mResult -€199,24580.3%
All subsidiaries, including indirect ones 8
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
Music Hall Group 80.3%7 subsidiaries
VORST NATIONAAL - FOREST NATIONAL 99.99%2 subsidiaries
- STADSSCHOUWBURG ANTWERPEN NV 100%
- CAPITOLE 99.99%
MUSIC HALL PRODUCTIONS 99.97%1 subsidiary
- Music Hall Classics 99.46%
- CONNECT 99.82%
- Music Hall TS 97.01%
According to the 2025 annual accounts of ALPA and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 1,258 companies in sector 90399 we hold annual accounts for 200. 62 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded29-09-1988
Fiscal year end31-12
Activities, NACEBEL 2025
90399Other support activities for arts and performing arts
70200Business and other management consultancy
82100Office administrative and support services
90311Arts creation and performing arts activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0435494564
Also
9925:BE0435494564
Registered
16-09-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.