ALCOPA: 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.
What changed
ALCOPA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.0m
2024 · €32.0m-€30.9m
Equity
€372.9m
2024 · €371.9m+€1.0m
Cash
€18.8m
2024 · €5.7m+€13.1m
Balance sheet total
€373.7m
2024 · €375.4m-€1.7m
Largest movements
Assets
- Current investments -€18.6m
down €18.6m (-93.2%), from €20.0m to €1.4m
- Cash +€13.1m
up €13.1m (+228%), from €5.7m to €18.8m
mainly Current investments (+€18.6m) and Net result for the year (+€1.0m)
- Tangible fixed assets +€4.6m
up €4.6m (+200%), from €2.3m to €6.9m
of which Assets under construction and advance payments: +€3.2m
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income -€75.1m
down €75.1m (-97.7%), from €76.9m to €1.8m
of which Non-recurring financial income: -€43.2m
- Financial charges -€43.2m
down €43.2m (-100.0%), from €43.2m to €8,536
of which Non-recurring financial charges: -€43.2m
- Services and other goods -€509,550
down €509,550 (-27.4%), from €1.9m to €1.3m
- Depreciation +€130,433
up €130,433 (+98.8%), from €131,959 to €262,392
- Turnover -€70,834
down €70,834 (-17.2%), from €411,562 to €340,728
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.
Result 2024
€32.0m
Turnover
-€70,834
Other operating income
-€2,109
Services and other goods
+€509,550
Staff costs
-€560
Depreciation
-€130,433
Write-downs
+€63,100
Other operating charges
-€2,654
Other operating items
+€593,023
Financial income
-€75.1m
Financial charges
+€43.2m
Taxes
+€40,666
Result 2025
€1.0m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€1.3m
Investment
+€14.4m
Financing
€0
Cash 2024
€5.7m
From operations (derived)
-€1.3m
Net result for the year
+€1.0m
Depreciation
+€262,392
Receivables within one year
+€311,932
Deferred charges and accrued income
-€135,594
Trade debts
+€161,384
Tax, wage and social debts
-€1.6m
Other debts
-€1.3m
Investment (derived)
+€14.4m
Investment in fixed assets (net)
-€4.3m
Current investments
+€18.6m
Cash 2025
€18.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €375,359,234 | €373,650,878 | -€1.7m | -0.5% |
| Fixed assets | 21/28 | €319,376,974 | €323,371,434 | +€4.0m | +1.3% |
| Tangible fixed assets | 22/27 | €2,300,500 | €6,909,231 | +€4.6m | +200% |
| Land and buildings | 22 | €866,874 | €2,225,775 | +€1.4m | +157% |
| Furniture and vehicles | 24 | €39,022 | €55,387 | +€16,365 | +41.9% |
| Assets under construction and advance payments | 27 | €1,394,605 | €4,628,069 | +€3.2m | +232% |
| Financial fixed assets | 28 | €317,076,474 | €316,462,204 | -€614,270 | -0.2% |
| Affiliated companies | 280/1 | €312,547,557 | €312,547,557 | = | 0.0% |
| Participating interests | 280 | €312,547,557 | €312,547,557 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €9,900 | €9,900 | = | 0.0% |
| Participating interests | 282 | €9,900 | €9,900 | = | 0.0% |
| Other financial fixed assets | 284/8 | €4,519,017 | €3,904,746 | -€614,270 | -13.6% |
| Shares | 284 | €4,519,017 | €3,904,746 | -€614,270 | -13.6% |
| Current assets | 29/58 | €55,982,260 | €50,279,444 | -€5.7m | -10.2% |
| Amounts receivable after more than one year | 29 | €29,000,000 | €29,000,000 | = | 0.0% |
| Other amounts receivable | 291 | €29,000,000 | €29,000,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €466,779 | €154,846 | -€311,932 | -66.8% |
| Trade receivables | 40 | €47,105 | €47,643 | +€538 | +1.1% |
| Other amounts receivable | 41 | €419,674 | €107,203 | -€312,471 | -74.5% |
| Current investments | 50/53 | €20,000,000 | €1,365,614 | -€18.6m | -93.2% |
| Other investments | 51/53 | €20,000,000 | €1,365,614 | -€18.6m | -93.2% |
| Cash at bank and in hand | 54/58 | €5,738,189 | €18,846,097 | +€13.1m | +228% |
| Deferred charges and accrued income | 490/1 | €777,292 | €912,887 | +€135,594 | +17.4% |
| Total equity and liabilities | 10/49 | €375,359,234 | €373,650,878 | -€1.7m | -0.5% |
| Equity | 10/15 | €371,864,229 | €372,908,952 | +€1.0m | +0.3% |
| Contributions | 10/11 | €24,347,360 | €24,347,360 | = | 0.0% |
| Capital | 10 | €24,347,360 | €24,347,360 | = | 0.0% |
| Issued capital | 100 | €24,347,360 | €24,347,360 | = | 0.0% |
| Reserves | 13 | €341,740,349 | €341,740,349 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,435,000 | €2,435,000 | = | 0.0% |
| Legal reserve | 130 | €2,435,000 | €2,435,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,739 | €30,739 | = | 0.0% |
| Distributable reserves | 133 | €339,274,610 | €339,274,610 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,776,521 | €6,821,243 | +€1.0m | +18.1% |
| Amounts payable | 17/49 | €3,495,005 | €741,926 | -€2.8m | -78.8% |
| Amounts payable within one year | 42/48 | €3,495,005 | €741,926 | -€2.8m | -78.8% |
| Trade debts | 44 | €572,101 | €733,485 | +€161,384 | +28.2% |
| Suppliers | 440/4 | €572,101 | €733,485 | +€161,384 | +28.2% |
| Taxes, remuneration and social security | 45 | €1,632,435 | €8,441 | -€1.6m | -99.5% |
| Taxes | 450/3 | €1,624,444 | €164 | -€1.6m | -100.0% |
| Remuneration and social security | 454/9 | €7,990 | €8,276 | +€286 | +3.6% |
| Other amounts payable | 47/48 | €1,290,469 | - | -€1.3m | |
| Operating income | 70/76A | €498,669 | €1,018,749 | +€520,080 | +104% |
| Turnover | 70 | €411,562 | €340,728 | -€70,834 | -17.2% |
| Other operating income | 74 | €87,108 | €84,999 | -€2,109 | -2.4% |
| Non-recurring operating income | 76A | - | €593,023 | +€593,023 | |
| Operating charges | 60/66A | €2,155,339 | €1,716,337 | -€439,002 | -20.4% |
| Services and other goods | 61 | €1,858,121 | €1,348,572 | -€509,550 | -27.4% |
| Remuneration, social security and pensions | 62 | €66,159 | €66,718 | +€560 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,959 | €262,392 | +€130,433 | +98.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €31,550 | -€31,550 | -€63,100 | |
| Other operating charges | 640/8 | €67,551 | €70,205 | +€2,654 | +3.9% |
| Operating profit (loss) | 9901 | -€1,656,670 | -€697,588 | +€959,083 | +57.9% |
| Financial income | 75/76B | €76,878,292 | €1,751,221 | -€75.1m | -97.7% |
| Recurring financial income | 75 | €33,678,272 | €1,751,221 | -€31.9m | -94.8% |
| Income from financial fixed assets | 750 | €31,000,000 | - | -€31.0m | |
| Income from current assets | 751 | €2,579,641 | €1,746,721 | -€832,920 | -32.3% |
| Other financial income | 752/9 | €98,630 | €4,500 | -€94,131 | -95.4% |
| Non-recurring financial income | 76B | €43,200,020 | - | -€43.2m | |
| Financial charges | 65/66B | €43,202,221 | €8,536 | -€43.2m | -100.0% |
| Recurring financial charges | 65 | €2,201 | €8,536 | +€6,335 | +288% |
| Debt charges | 650 | €59 | €30 | -€28 | -48.5% |
| Other financial charges | 652/9 | €2,142 | €8,506 | +€6,363 | +297% |
| Non-recurring financial charges | 66B | €43,200,020 | - | -€43.2m | |
| Profit (loss) for the period before taxes | 9903 | €32,019,400 | €1,045,097 | -€31.0m | -96.7% |
| Income taxes | 67/77 | €41,040 | €375 | -€40,666 | -99.1% |
| Taxes | 670/3 | €41,040 | €375 | -€40,666 | -99.1% |
| Profit (loss) for the period | 9904 | €31,978,360 | €1,044,723 | -€30.9m | -96.7% |
| Profit (loss) for the period to be appropriated | 9905 | €31,978,360 | €1,044,723 | -€30.9m | -96.7% |
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 15 October 2026 via checked.be.