ALAIN PYPE: 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.
ALAIN PYPE
Largest movements
- Receivables within one year +€95,945
up €95,945 (+76.4%), from €125,521 to €221,466
of which Trade receivables: +€102,970
- Cash -€75,438
down €75,438 (-72.4%), from €104,165 to €28,727
mainly Receivables within one year (-€95,945) and Stocks and contracts (-€72,355)
- Stocks and contracts +€72,355
up €72,355 (+29.4%), from €245,772 to €318,127
- Tangible fixed assets +€10,543
up €10,543 (+267%), from €3,943 to €14,486
of which Furniture and vehicles: +€11,493
- Trade debts +€80,017
up €80,017 (+97.5%), from €82,086 to €162,103
- Reserves +€18,365
up €18,365 (+36.3%), from €50,641 to €69,006
of which Distributable reserves: +€18,365
- Current portion of long-term debt +€6,083
new in 2025: €6,083
- Gross operating margin -€4,732
down €4,732 (-11.6%), from €40,635 to €35,903
- Taxes +€1,944
up €1,944 (+34.2%), from €5,691 to €7,635
- Financial charges -€1,149
down €1,149 (-13.8%), from €8,308 to €7,159
- Depreciation +€739
up €739 (+60.6%), from €1,219 to €1,958
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 | €479,451 | €582,856 | +€103,405 | +21.6% |
| Fixed assets | 21/28 | €3,993 | €14,536 | +€10,543 | +264% |
| Tangible fixed assets | 22/27 | €3,943 | €14,486 | +€10,543 | +267% |
| Plant, machinery and equipment | 23 | €2,418 | €1,783 | -€635 | -26.2% |
| Furniture and vehicles | 24 | - | €11,493 | +€11,493 | |
| Other tangible fixed assets | 26 | €1,525 | €1,209 | -€316 | -20.7% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €475,458 | €568,320 | +€92,862 | +19.5% |
| Stocks and contracts in progress | 3 | €245,772 | €318,127 | +€72,355 | +29.4% |
| Stocks | 30/36 | €245,772 | €318,127 | +€72,355 | +29.4% |
| Amounts receivable within one year | 40/41 | €125,521 | €221,466 | +€95,945 | +76.4% |
| Trade receivables | 40 | €101,900 | €204,870 | +€102,970 | +101% |
| Other amounts receivable | 41 | €23,621 | €16,596 | -€7,025 | -29.7% |
| Cash at bank and in hand | 54/58 | €104,165 | €28,727 | -€75,438 | -72.4% |
| Total equity and liabilities | 10/49 | €479,451 | €582,856 | +€103,405 | +21.6% |
| Equity | 10/15 | €57,502 | €75,868 | +€18,366 | +31.9% |
| Contributions | 10/11 | €6,197 | €6,197 | +€0 | 0.0% |
| Reserves | 13 | €50,641 | €69,006 | +€18,365 | +36.3% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | +€0 | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | +€0 | 0.0% |
| Distributable reserves | 133 | €48,782 | €67,147 | +€18,365 | +37.6% |
| Profit (loss) carried forward | 14 | €664 | €664 | +€0 | 0.0% |
| Amounts payable | 17/49 | €421,949 | €506,988 | +€85,039 | +20.2% |
| Amounts payable after more than one year | 17 | €170,000 | €170,000 | = | 0.0% |
| Financial debts | 170/4 | €170,000 | €170,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €251,949 | €336,988 | +€85,039 | +33.8% |
| Current portion of amounts payable after more than one year | 42 | - | €6,083 | +€6,083 | |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €82,086 | €162,103 | +€80,017 | +97.5% |
| Suppliers | 440/4 | €82,086 | €162,103 | +€80,017 | +97.5% |
| Taxes, remuneration and social security | 45 | €36,647 | €35,286 | -€1,361 | -3.7% |
| Taxes | 450/3 | €35,047 | €35,286 | +€239 | +0.7% |
| Remuneration and social security | 454/9 | €1,600 | - | -€1,600 | |
| Other amounts payable | 47/48 | €33,216 | €33,516 | +€300 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,219 | €1,958 | +€739 | +60.6% |
| Other operating charges | 640/8 | €778 | €791 | +€13 | +1.6% |
| Gross operating margin | 9900 | €40,635 | €35,903 | -€4,732 | -11.6% |
| Operating profit (loss) | 9901 | €38,638 | €33,155 | -€5,483 | -14.2% |
| Financial income | 75/76B | €15 | €5 | -€10 | -67.4% |
| Recurring financial income | 75 | €15 | €5 | -€10 | -67.4% |
| Financial charges | 65/66B | €8,308 | €7,159 | -€1,149 | -13.8% |
| Recurring financial charges | 65 | €8,308 | €7,159 | -€1,149 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €30,345 | €26,001 | -€4,344 | -14.3% |
| Income taxes | 67/77 | €5,691 | €7,635 | +€1,944 | +34.2% |
| Profit (loss) for the period | 9904 | €24,654 | €18,366 | -€6,288 | -25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €24,654 | €18,366 | -€6,288 | -25.5% |
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 19 October 2026 via checked.be.