Alpaco: 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
Alpaco
NACE 46.140, Agents in the wholesale of industrial machinery, ships and aircraft
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€99,009
2024 · €340,902-€241,894
Equity
€2.1m
2024 · €2.0m+€99,009
Cash
€124,427
2024 · €108,567+€15,860
Balance sheet total
€2.6m
2024 · €2.5m+€50,288
Largest movements
Assets
- Receivables within one year +€28,495
up €28,495 (+15.8%), from €180,158 to €208,653
of which Other amounts receivable: +€40,555
Equity and liabilities
- Reserves +€99,009
up €99,009 (+5.1%), from €1.9m to €2.0m
of which Distributable reserves: +€123,098
- Debts after one year -€29,201
down €29,201 (-13.5%), from €216,269 to €187,068
of which Financial debts: -€48,875
Income statement
- Gross operating margin -€295,695
down €295,695 (-43.3%), from €682,222 to €386,526
- Taxes -€27,475
down €27,475 (-36.5%), from €75,374 to €47,899
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
€340,902
Gross operating margin
-€295,695
Staff costs
-€1,172
Depreciation
-€6,690
Write-downs
-€5,261
Other operating charges
-€673
Financial income
-€601
Financial charges
-€2,960
Taxes
+€27,475
Deferred taxes and other
+€43,682
Result 2025
€99,009
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
+€216,975
Investment
-€171,914
Financing
-€29,201
Cash 2024
€108,567
From operations (derived)
+€216,975
Net result for the year
+€99,009
Depreciation
+€166,299
Smaller working-capital items
-€394
Receivables within one year
-€28,495
Provisions
-€7,404
Trade debts
-€18,471
Accrued charges and deferred income
+€6,431
Investment (derived)
-€171,914
Investment in fixed assets (net)
-€171,914
Financing
-€29,201
Debts after one year
-€29,201
Cash 2025
€124,427
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,541,653 | €2,591,941 | +€50,288 | +2.0% |
| Fixed assets | 21/28 | €2,244,113 | €2,249,728 | +€5,615 | +0.3% |
| Tangible fixed assets | 22/27 | €2,244,088 | €2,249,703 | +€5,615 | +0.3% |
| Land and buildings | 22 | €1,450,208 | €1,537,651 | +€87,443 | +6.0% |
| Plant, machinery and equipment | 23 | €27,567 | €32,951 | +€5,383 | +19.5% |
| Furniture and vehicles | 24 | €72,667 | €33,651 | -€39,016 | -53.7% |
| Other tangible fixed assets | 26 | €693,646 | €645,451 | -€48,195 | -6.9% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €297,540 | €342,213 | +€44,673 | +15.0% |
| Stocks and contracts in progress | 3 | €7,072 | €7,301 | +€229 | +3.2% |
| Stocks | 30/36 | €7,072 | €7,301 | +€229 | +3.2% |
| Amounts receivable within one year | 40/41 | €180,158 | €208,653 | +€28,495 | +15.8% |
| Trade receivables | 40 | €166,712 | €154,651 | -€12,061 | -7.2% |
| Other amounts receivable | 41 | €13,446 | €54,002 | +€40,555 | +302% |
| Cash at bank and in hand | 54/58 | €108,567 | €124,427 | +€15,860 | +14.6% |
| Deferred charges and accrued income | 490/1 | €1,743 | €1,832 | +€89 | +5.1% |
| Total equity and liabilities | 10/49 | €2,541,653 | €2,591,941 | +€50,288 | +2.0% |
| Equity | 10/15 | €1,990,768 | €2,089,777 | +€99,009 | +5.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,928,768 | €2,027,777 | +€99,009 | +5.1% |
| Tax-exempt reserves | 132 | €622,364 | €598,274 | -€24,090 | -3.9% |
| Distributable reserves | 133 | €1,306,404 | €1,429,502 | +€123,098 | +9.4% |
| Provisions and deferred taxes | 16 | €149,544 | €142,140 | -€7,404 | -5.0% |
| Deferred taxes | 168 | €149,544 | €142,140 | -€7,404 | -5.0% |
| Amounts payable | 17/49 | €401,341 | €360,024 | -€41,317 | -10.3% |
| Amounts payable after more than one year | 17 | €216,269 | €187,068 | -€29,201 | -13.5% |
| Financial debts | 170/4 | €146,625 | €97,750 | -€48,875 | -33.3% |
| Other amounts payable | 178/9 | €69,644 | €89,318 | +€19,674 | +28.3% |
| Amounts payable within one year | 42/48 | €182,623 | €164,076 | -€18,547 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €48,875 | €48,875 | = | 0.0% |
| Trade debts | 44 | €114,232 | €95,761 | -€18,471 | -16.2% |
| Suppliers | 440/4 | €114,232 | €95,761 | -€18,471 | -16.2% |
| Taxes, remuneration and social security | 45 | €19,416 | €19,440 | +€24 | +0.1% |
| Taxes | 450/3 | €12,192 | €11,922 | -€270 | -2.2% |
| Remuneration and social security | 454/9 | €7,224 | €7,518 | +€294 | +4.1% |
| Other amounts payable | 47/48 | €100 | €0 | -€100 | -100% |
| Accrued charges and deferred income | 492/3 | €2,449 | €8,880 | +€6,431 | +263% |
| Non-recurring operating income | 76A | €0 | €11,122 | +€11,122 | |
| Remuneration, social security and pensions | 62 | €48,054 | €49,225 | +€1,172 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,610 | €166,299 | +€6,690 | +4.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,261 | +€5,261 | |
| Other operating charges | 640/8 | €9,160 | €9,833 | +€673 | +7.3% |
| Gross operating margin | 9900 | €682,222 | €386,526 | -€295,695 | -43.3% |
| Operating profit (loss) | 9901 | €465,398 | €155,908 | -€309,490 | -66.5% |
| Financial income | 75/76B | €2,684 | €2,084 | -€601 | -22.4% |
| Recurring financial income | 75 | €2,684 | €2,084 | -€601 | -22.4% |
| Financial charges | 65/66B | €15,529 | €18,489 | +€2,960 | +19.1% |
| Recurring financial charges | 65 | €15,529 | €18,489 | +€2,960 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €452,554 | €139,503 | -€313,051 | -69.2% |
| Transfer from deferred taxes | 780 | €6,169 | €7,404 | +€1,235 | +20.0% |
| Transfer to deferred taxes | 680 | €42,446 | €0 | -€42,446 | -100% |
| Income taxes | 67/77 | €75,374 | €47,899 | -€27,475 | -36.5% |
| Profit (loss) for the period | 9904 | €340,902 | €99,009 | -€241,894 | -71.0% |
| Transfer from tax-exempt reserves | 789 | €24,102 | €24,090 | -€13 | -0.1% |
| Transfer to tax-exempt reserves | 689 | €127,339 | €0 | -€127,339 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €237,666 | €123,098 | -€114,568 | -48.2% |
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 13 October 2026 via checked.be.