Alcopa Capital Development: what changed
Two fiscal 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 Capital Development
NACE 70.100, Activities of head offices
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€18.0m
2024 · €46.6m-€28.6m
Equity
€445.5m
2024 · €444.6m+€924,222
Cash
€451,399
2024 · €131,044+€320,355
Balance sheet total
€502.1m
2024 · €532.3m-€30.3m
Largest movements
Assets
- Financial fixed assets -€74.5m
down €74.5m (-14.9%), from €499.4m to €424.8m
- Current investments +€70.9m
up €70.9m (+14182.1%), from €500,000 to €71.4m
- Receivables within one year -€26.8m
down €26.8m (-88.9%), from €30.2m to €3.3m
of which Other amounts receivable: -€27.2m
Equity and liabilities
- Short-term financial debts -€43.2m
down €43.2m (-65.2%), from €66.2m to €23.0m
of which Other loans: -€39.2m
- Other debts +€17.1m
new in 2025: €17.1m
Income statement
- Financial charges +€31.7m
up €31.7m (+1554.1%), from €2.0m to €33.7m
of which Non-recurring financial charges: +€32.5m
- Financial income +€11.9m
up €11.9m (+26.3%), from €45.2m to €57.1m
of which Non-recurring financial income: +€28.9m
- Taxes +€620,574
up €620,574 (+1121.7%), from €55,324 to €675,898
- Other operating charges +€531,699
up €531,699 (+6978.2%), from €7,619 to €539,319
- Provisions -€339,212
down €339,212 (-231.9%), from -€146,287 to -€485,499
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
€46.6m
Turnover
+€37,555
Other operating income
+€24,327
Services and other goods
-€196,829
Staff costs
-€11,620
Depreciation
+€138,823
Provisions
+€339,212
Other operating charges
-€531,699
Other operating items
-€8.0m
Financial income
+€11.9m
Financial charges
-€31.7m
Taxes
-€620,574
Result 2025
€18.0m
Cash bridge derived
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
+€61.2m
Investment
+€3.6m
Financing
-€64.5m
Cash 2024
€131,044
From operations (derived)
+€61.2m
Net result for the year
+€18.0m
Depreciation
+€155,526
Receivables within one year
+€26.8m
Smaller working-capital items
+€70,569
Provisions
-€485,499
Trade debts
-€454,376
Other debts
+€17.1m
Investment (derived)
+€3.6m
Investment in fixed assets (net)
+€74.5m
Current investments
-€70.9m
Financing
-€64.5m
Debts after one year
-€4.3m
Short-term financial debts
-€43.2m
Contributions, distributions and other
-€17.1m
Cash 2025
€451,399
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €532,338,560 | €502,051,125 | -€30.3m | -5.7% |
| Fixed assets | 21/28 | €499,861,239 | €425,161,372 | -€74.7m | -14.9% |
| Intangible fixed assets | 21 | €40,044 | €12,933 | -€27,111 | -67.7% |
| Tangible fixed assets | 22/27 | €449,154 | €326,349 | -€122,805 | -27.3% |
| Land and buildings | 22 | €243,074 | - | -€243,074 | |
| Plant, machinery and equipment | 23 | €10,850 | €3,500 | -€7,351 | -67.7% |
| Furniture and vehicles | 24 | €35,104 | €214,818 | +€179,714 | +511.9% |
| Other tangible fixed assets | 26 | €160,126 | €108,031 | -€52,095 | -32.5% |
| Financial fixed assets | 28 | €499,372,041 | €424,822,090 | -€74.5m | -14.9% |
| Affiliated companies | 280/1 | €499,372,041 | €424,822,090 | -€74.5m | -14.9% |
| Participating interests | 280 | €398,559,874 | €311,727,127 | -€86.8m | -21.8% |
| Amounts receivable | 281 | €100,812,167 | €113,094,964 | +€12.3m | +12.2% |
| Current assets | 29/58 | €32,477,321 | €76,889,752 | +€44.4m | +136.7% |
| Amounts receivable within one year | 40/41 | €30,165,580 | €3,343,522 | -€26.8m | -88.9% |
| Trade receivables | 40 | €230,123 | €575,020 | +€344,897 | +149.9% |
| Other amounts receivable | 41 | €29,935,458 | €2,768,502 | -€27.2m | -90.8% |
| Current investments | 50/53 | €500,000 | €71,410,297 | +€70.9m | +14182.1% |
| Other investments | 51/53 | €500,000 | €71,410,297 | +€70.9m | +14182.1% |
| Cash at bank and in hand | 54/58 | €131,044 | €451,399 | +€320,355 | +244.5% |
| Deferred charges and accrued income | 490/1 | €1,680,697 | €1,684,535 | +€3,838 | +0.2% |
| Total equity and liabilities | 10/49 | €532,338,560 | €502,051,125 | -€30.3m | -5.7% |
| Equity | 10/15 | €444,606,472 | €445,530,694 | +€924,222 | +0.2% |
| Contributions | 10/11 | €288,361,210 | €288,361,210 | = | 0.0% |
| Capital | 10 | €286,800,000 | €286,800,000 | = | 0.0% |
| Issued capital | 100 | €286,800,000 | €286,800,000 | = | 0.0% |
| Outside capital | 11 | €1,561,210 | €1,561,210 | = | 0.0% |
| Share premium | 1100/10 | €1,561,210 | €1,561,210 | = | 0.0% |
| Reserves | 13 | €156,245,262 | €157,169,483 | +€924,222 | +0.6% |
| Non-distributable reserves | 130/1 | €18,117,612 | €19,018,823 | +€901,211 | +5.0% |
| Legal reserve | 130 | €18,117,612 | €19,018,823 | +€901,211 | +5.0% |
| Tax-exempt reserves | 132 | €12,890 | €12,890 | = | 0.0% |
| Distributable reserves | 133 | €138,114,760 | €138,137,770 | +€23,010 | 0.0% |
| Provisions and deferred taxes | 16 | €1,141,164 | €655,666 | -€485,499 | -42.5% |
| Provisions for liabilities and charges | 160/5 | €1,141,164 | €655,666 | -€485,499 | -42.5% |
| Other liabilities and charges | 164/5 | €1,141,164 | €655,666 | -€485,499 | -42.5% |
| Amounts payable | 17/49 | €86,590,924 | €55,864,765 | -€30.7m | -35.5% |
| Amounts payable after more than one year | 17 | €13,720,296 | €9,436,299 | -€4.3m | -31.2% |
| Financial debts | 170/4 | €13,720,296 | €9,436,299 | -€4.3m | -31.2% |
| Credit institutions | 173 | €13,720,296 | €9,436,299 | -€4.3m | -31.2% |
| Amounts payable within one year | 42/48 | €72,774,932 | €46,346,958 | -€26.4m | -36.3% |
| Current portion of amounts payable after more than one year | 42 | €4,283,997 | €4,283,997 | = | 0.0% |
| Financial debts | 43 | €66,201,550 | €23,039,358 | -€43.2m | -65.2% |
| Credit institutions | 430/8 | €4,000,000 | - | -€4.0m | |
| Other loans | 439 | €62,201,550 | €23,039,358 | -€39.2m | -63.0% |
| Trade debts | 44 | €1,628,756 | €1,174,380 | -€454,376 | -27.9% |
| Suppliers | 440/4 | €1,628,756 | €1,174,380 | -€454,376 | -27.9% |
| Taxes, remuneration and social security | 45 | €660,628 | €749,222 | +€88,594 | +13.4% |
| Taxes | 450/3 | - | €109,362 | +€109,362 | |
| Remuneration and social security | 454/9 | €660,628 | €639,860 | -€20,768 | -3.1% |
| Other amounts payable | 47/48 | - | €17,100,000 | +€17.1m | |
| Accrued charges and deferred income | 492/3 | €95,696 | €81,508 | -€14,188 | -14.8% |
| Operating income | 70/76A | €11,192,106 | €3,420,584 | -€7.8m | -69.4% |
| Turnover | 70 | €1,655,565 | €1,693,120 | +€37,555 | +2.3% |
| Other operating income | 74 | €1,703,136 | €1,727,464 | +€24,327 | +1.4% |
| Non-recurring operating income | 76A | €7,833,404 | - | -€7.8m | |
| Operating charges | 60/66A | €7,688,149 | €8,143,627 | +€455,479 | +5.9% |
| Services and other goods | 61 | €5,278,783 | €5,475,612 | +€196,829 | +3.7% |
| Remuneration, social security and pensions | 62 | €2,253,685 | €2,265,305 | +€11,620 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €294,348 | €155,526 | -€138,823 | -47.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€146,287 | -€485,499 | -€339,212 | -231.9% |
| Other operating charges | 640/8 | €7,619 | €539,319 | +€531,699 | +6978.2% |
| Non-recurring operating charges | 66A | - | €193,365 | +€193,365 | |
| Operating profit (loss) | 9901 | €3,503,958 | -€4,723,044 | -€8.2m | |
| Financial income | 75/76B | €45,225,669 | €57,112,071 | +€11.9m | +26.3% |
| Recurring financial income | 75 | €44,497,198 | €27,520,584 | -€17.0m | -38.2% |
| Income from financial fixed assets | 750 | €40,805,475 | €25,495,580 | -€15.3m | -37.5% |
| Income from current assets | 751 | €3,686,211 | €2,016,846 | -€1.7m | -45.3% |
| Other financial income | 752/9 | €5,513 | €8,159 | +€2,646 | +48.0% |
| Non-recurring financial income | 76B | €728,470 | €29,591,487 | +€28.9m | +3962.1% |
| Financial charges | 65/66B | €2,036,728 | €33,688,908 | +€31.7m | +1554.1% |
| Recurring financial charges | 65 | €2,036,728 | €1,216,768 | -€819,959 | -40.3% |
| Debt charges | 650 | €1,998,490 | €1,146,233 | -€852,257 | -42.6% |
| Other financial charges | 652/9 | €38,238 | €70,535 | +€32,298 | +84.5% |
| Non-recurring financial charges | 66B | - | €32,472,139 | +€32.5m | |
| Profit (loss) for the period before taxes | 9903 | €46,692,899 | €18,700,120 | -€28.0m | -60.0% |
| Income taxes | 67/77 | €55,324 | €675,898 | +€620,574 | +1121.7% |
| Taxes | 670/3 | €55,324 | €675,898 | +€620,574 | +1121.7% |
| Profit (loss) for the period | 9904 | €46,637,574 | €18,024,222 | -€28.6m | -61.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,637,574 | €18,024,222 | -€28.6m | -61.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.