ALPA: 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
ALPA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €495,539+€1.0m
Equity
€7.9m
2024 · €6.5m+€1.4m
Cash
€906,888
2024 · €369,280+€537,608
Balance sheet total
€10.7m
2024 · €10.0m+€707,324
Largest movements
Assets
- Cash +€537,608
up €537,608 (+146%), from €369,280 to €906,888
mainly Net result for the year (+€1.5m) and Depreciation (+€22,633)
- Current investments +€124,208
up €124,208 (+24.8%), from €500,000 to €624,208
Equity and liabilities
- Reserves +€1.4m
up €1.4m (+21.8%), from €6.4m to €7.8m
of which Distributable reserves: +€1.4m
- Debts after one year -€587,616
down €587,616 (-20.7%), from €2.8m to €2.3m
of which Other amounts payable: -€300,000
Income statement
- Financial income +€989,207
up €989,207 (+266%), from €371,267 to €1.4m
- Staff costs -€24,773
down €24,773 (-100%), from €24,773 to €0
- Gross operating margin -€7,100
down €7,100 (-1.8%), from €398,079 to €390,978
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
€495,539
Gross operating margin
-€7,100
Staff costs
+€24,773
Depreciation
+€598
Other operating charges
+€97
Financial income
+€989,207
Financial charges
+€2,914
Taxes
-€2,647
Result 2025
€1.5m
raises the resultlowers the result
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
-€124,208
Financing
-€684,947
Cash 2024
€369,280
From operations (derived)
+€1.3m
Net result for the year
+€1.5m
Depreciation
+€22,633
Receivables within one year
-€15,521
Deferred charges and accrued income
-€52,621
Trade debts
+€19,398
Tax, wage and social debts
-€24,412
Other debts
-€106,200
Accrued charges and deferred income
+€105
Investment (derived)
-€124,208
Current investments
-€124,208
Financing
-€684,947
Debts after one year
-€587,616
Current portion of long-term debt
+€2,669
Contributions, distributions and other
-€100,000
Cash 2025
€906,888
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,028,707 | €10,736,031 | +€707,324 | +7.1% |
| Fixed assets | 21/28 | €7,648,486 | €7,625,853 | -€22,633 | -0.3% |
| Tangible fixed assets | 22/27 | €173,812 | €151,179 | -€22,633 | -13.0% |
| Furniture and vehicles | 24 | €160,674 | €140,817 | -€19,857 | -12.4% |
| Other tangible fixed assets | 26 | €13,138 | €10,362 | -€2,776 | -21.1% |
| Financial fixed assets | 28 | €7,474,674 | €7,474,674 | = | 0.0% |
| Current assets | 29/58 | €2,380,221 | €3,110,179 | +€729,957 | +30.7% |
| Amounts receivable after more than one year | 29 | €1,120,000 | €1,120,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,120,000 | €1,120,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €329,583 | €345,103 | +€15,521 | +4.7% |
| Trade receivables | 40 | €48,882 | €51,585 | +€2,703 | +5.5% |
| Other amounts receivable | 41 | €280,701 | €293,519 | +€12,818 | +4.6% |
| Current investments | 50/53 | €500,000 | €624,208 | +€124,208 | +24.8% |
| Cash at bank and in hand | 54/58 | €369,280 | €906,888 | +€537,608 | +146% |
| Deferred charges and accrued income | 490/1 | €61,359 | €113,979 | +€52,621 | +85.8% |
| Total equity and liabilities | 10/49 | €10,028,707 | €10,736,031 | +€707,324 | +7.1% |
| Equity | 10/15 | €6,514,382 | €7,917,762 | +€1.4m | +21.5% |
| Contributions | 10/11 | €69,410 | €69,410 | = | 0.0% |
| Capital | 10 | €69,410 | €69,410 | = | 0.0% |
| Issued capital | 100 | €69,410 | €69,410 | = | 0.0% |
| Reserves | 13 | €6,444,972 | €7,848,352 | +€1.4m | +21.8% |
| Non-distributable reserves | 130/1 | €36,688 | €36,688 | = | 0.0% |
| Legal reserve | 130 | €36,688 | €36,688 | = | 0.0% |
| Distributable reserves | 133 | €6,408,284 | €7,811,663 | +€1.4m | +21.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,514,325 | €2,818,269 | -€696,055 | -19.8% |
| Amounts payable after more than one year | 17 | €2,841,029 | €2,253,413 | -€587,616 | -20.7% |
| Financial debts | 170/4 | €748,529 | €460,913 | -€287,616 | -38.4% |
| Other amounts payable | 178/9 | €2,092,500 | €1,792,500 | -€300,000 | -14.3% |
| Amounts payable within one year | 42/48 | €619,037 | €510,493 | -€108,545 | -17.5% |
| Current portion of amounts payable after more than one year | 42 | €284,947 | €287,616 | +€2,669 | +0.9% |
| Trade debts | 44 | €77,877 | €97,276 | +€19,398 | +24.9% |
| Suppliers | 440/4 | €77,877 | €97,276 | +€19,398 | +24.9% |
| Taxes, remuneration and social security | 45 | €48,305 | €23,892 | -€24,412 | -50.5% |
| Taxes | 450/3 | €48,305 | €23,892 | -€24,412 | -50.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €207,909 | €101,709 | -€106,200 | -51.1% |
| Accrued charges and deferred income | 492/3 | €54,259 | €54,364 | +€105 | +0.2% |
| Remuneration, social security and pensions | 62 | €24,773 | €0 | -€24,773 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,231 | €22,633 | -€598 | -2.6% |
| Other operating charges | 640/8 | €1,763 | €1,666 | -€97 | -5.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €398,079 | €390,978 | -€7,100 | -1.8% |
| Operating profit (loss) | 9901 | €348,312 | €366,679 | +€18,367 | +5.3% |
| Financial income | 75/76B | €371,267 | €1,360,474 | +€989,207 | +266% |
| Recurring financial income | 75 | €371,267 | €1,360,474 | +€989,207 | +266% |
| Financial charges | 65/66B | €90,148 | €87,234 | -€2,914 | -3.2% |
| Recurring financial charges | 65 | €90,148 | €87,234 | -€2,914 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €629,431 | €1,639,919 | +€1.0m | +161% |
| Income taxes | 67/77 | €133,892 | €136,539 | +€2,647 | +2.0% |
| Profit (loss) for the period | 9904 | €495,539 | €1,503,380 | +€1.0m | +203% |
| Profit (loss) for the period to be appropriated | 9905 | €495,539 | €1,503,380 | +€1.0m | +203% |
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 18 October 2026 via checked.be.