ALERAPHA: 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.
ALERAPHA
Largest movements
- Stocks and contracts +€67,770
up €67,770 (+2.2%), from €3.1m to €3.2m
- Current investments -€46,017
down €46,017 (-7.2%), from €643,546 to €597,529
- Receivables within one year +€43,607
up €43,607 (+236.4%), from €18,445 to €62,052
of which Trade receivables: +€58,000
- Debts after one year -€500,000
no longer reported in 2025 (was €500,000)
- Short-term financial debts +€500,000
up €500,000 (+20.4%), from €2.5m to €3.0m
- Other debts +€142,081
up €142,081 (+6.2%), from €2.3m to €2.4m
- Trade debts -€41,670
down €41,670 (-65.2%), from €63,914 to €22,243
- Financial income +€71,483
new in 2025: €71,483
- Gross operating margin +€51,690
up €51,690 (+139.0%), from €37,195 to €88,885
- Financial charges +€35,905
up €35,905 (+23.8%), from €150,658 to €186,563
- Other operating charges +€8,696
up €8,696 (+924.0%), from €941 to €9,638
- Depreciation -€1,218
down €1,218 (-45.0%), from €2,707 to €1,489
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,844,486 | €3,891,438 | +€46,952 | +1.2% |
| Fixed assets | 21/28 | €21,597 | €20,108 | -€1,489 | -6.9% |
| Tangible fixed assets | 22/27 | €21,597 | €20,108 | -€1,489 | -6.9% |
| Furniture and vehicles | 24 | €21,597 | €20,108 | -€1,489 | -6.9% |
| Current assets | 29/58 | €3,822,889 | €3,871,330 | +€48,441 | +1.3% |
| Stocks and contracts in progress | 3 | €3,141,229 | €3,209,000 | +€67,770 | +2.2% |
| Stocks | 30/36 | €3,141,229 | €3,209,000 | +€67,770 | +2.2% |
| Amounts receivable within one year | 40/41 | €18,445 | €62,052 | +€43,607 | +236.4% |
| Trade receivables | 40 | €1,074 | €59,074 | +€58,000 | +5401.6% |
| Other amounts receivable | 41 | €17,371 | €2,978 | -€14,393 | -82.9% |
| Current investments | 50/53 | €643,546 | €597,529 | -€46,017 | -7.2% |
| Cash at bank and in hand | 54/58 | €17,517 | €1,623 | -€15,894 | -90.7% |
| Deferred charges and accrued income | 490/1 | €2,152 | €1,127 | -€1,025 | -47.6% |
| Total equity and liabilities | 10/49 | €3,844,486 | €3,891,438 | +€46,952 | +1.2% |
| Equity | 10/15 | -€1,485,524 | -€1,522,846 | -€37,322 | -2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €64 | €64 | = | 0.0% |
| Non-distributable reserves | 130/1 | €64 | €64 | = | 0.0% |
| Reserves not available under the articles | 1311 | €64 | €64 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,504,188 | -€1,541,510 | -€37,322 | -2.5% |
| Amounts payable | 17/49 | €5,330,010 | €5,414,284 | +€84,274 | +1.6% |
| Amounts payable after more than one year | 17 | €500,000 | - | -€500,000 | |
| Financial debts | 170/4 | €500,000 | - | -€500,000 | |
| Amounts payable within one year | 42/48 | €4,830,010 | €5,414,284 | +€584,274 | +12.1% |
| Financial debts | 43 | €2,450,000 | €2,950,000 | +€500,000 | +20.4% |
| Credit institutions | 430/8 | €2,450,000 | €2,950,000 | +€500,000 | +20.4% |
| Trade debts | 44 | €63,914 | €22,243 | -€41,670 | -65.2% |
| Suppliers | 440/4 | €63,914 | €22,243 | -€41,670 | -65.2% |
| Taxes, remuneration and social security | 45 | €16,137 | - | -€16,137 | |
| Taxes | 450/3 | €5,624 | - | -€5,624 | |
| Remuneration and social security | 454/9 | €10,513 | - | -€10,513 | |
| Other amounts payable | 47/48 | €2,299,960 | €2,442,041 | +€142,081 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,707 | €1,489 | -€1,218 | -45.0% |
| Other operating charges | 640/8 | €941 | €9,638 | +€8,696 | +924.0% |
| Gross operating margin | 9900 | €37,195 | €88,885 | +€51,690 | +139.0% |
| Operating profit (loss) | 9901 | €33,547 | €77,758 | +€44,211 | +131.8% |
| Financial income | 75/76B | - | €71,483 | +€71,483 | |
| Recurring financial income | 75 | - | €71,483 | +€71,483 | |
| Financial charges | 65/66B | €150,658 | €186,563 | +€35,905 | +23.8% |
| Recurring financial charges | 65 | €150,658 | €186,563 | +€35,905 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | -€117,111 | -€37,322 | +€79,789 | +68.1% |
| Profit (loss) for the period | 9904 | -€117,111 | -€37,322 | +€79,789 | +68.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€117,111 | -€37,322 | +€79,789 | +68.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.