Alpacore: 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.
Alpacore
Largest movements
- Cash +€204,045
up €204,045 (+260.6%), from €78,313 to €282,358
mainly Current investments (+€125,000) and Net result for the year (+€122,719)
- Current investments -€125,000
down €125,000 (-100.0%), from €125,000 to €0
- Receivables within one year +€48,443
up €48,443 (+1453.1%), from €3,334 to €51,776
of which Trade receivables: +€44,477
- Stocks and contracts +€5,446
up €5,446 (+12.3%), from €44,292 to €49,738
- Other debts +€109,256
new in 2025: €109,256
- Reserves +€13,480
up €13,480 (+5.3%), from €252,818 to €266,298
- Tax, wage and social debts +€12,237
up €12,237 (+1555.6%), from €787 to €13,023
- Gross operating margin +€75,873
up €75,873 (+78.7%), from €96,460 to €172,332
- Taxes +€24,995
up €24,995 (+95.4%), from €26,199 to €51,194
- Financial income +€3,138
new in 2025: €3,138
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 | €257,687 | €390,084 | +€132,397 | +51.4% |
| Fixed assets | 21/28 | €1,130 | €593 | -€537 | -47.5% |
| Tangible fixed assets | 22/27 | €1,130 | €593 | -€537 | -47.5% |
| Furniture and vehicles | 24 | €1,130 | €593 | -€537 | -47.5% |
| Current assets | 29/58 | €256,557 | €389,491 | +€132,934 | +51.8% |
| Stocks and contracts in progress | 3 | €44,292 | €49,738 | +€5,446 | +12.3% |
| Stocks | 30/36 | €44,292 | €49,738 | +€5,446 | +12.3% |
| Amounts receivable within one year | 40/41 | €3,334 | €51,776 | +€48,443 | +1453.1% |
| Trade receivables | 40 | €0 | €44,477 | +€44,477 | |
| Other amounts receivable | 41 | €3,334 | €7,300 | +€3,966 | +119.0% |
| Current investments | 50/53 | €125,000 | €0 | -€125,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €78,313 | €282,358 | +€204,045 | +260.6% |
| Deferred charges and accrued income | 490/1 | €5,619 | €5,619 | = | 0.0% |
| Total equity and liabilities | 10/49 | €257,687 | €390,084 | +€132,397 | +51.4% |
| Equity | 10/15 | €253,818 | €267,298 | +€13,480 | +5.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €252,818 | €266,298 | +€13,480 | +5.3% |
| Distributable reserves | 133 | €252,818 | €266,298 | +€13,480 | +5.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €3,869 | €122,787 | +€118,917 | +3073.5% |
| Amounts payable within one year | 42/48 | €3,869 | €122,787 | +€118,917 | +3073.5% |
| Trade debts | 44 | €3,083 | €507 | -€2,575 | -83.5% |
| Suppliers | 440/4 | €3,083 | €507 | -€2,575 | -83.5% |
| Taxes, remuneration and social security | 45 | €787 | €13,023 | +€12,237 | +1555.6% |
| Taxes | 450/3 | €787 | €13,023 | +€12,237 | +1555.6% |
| Other amounts payable | 47/48 | - | €109,256 | +€109,256 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €480 | €537 | +€57 | +11.8% |
| Other operating charges | 640/8 | €535 | €600 | +€64 | +12.0% |
| Gross operating margin | 9900 | €96,460 | €172,332 | +€75,873 | +78.7% |
| Operating profit (loss) | 9901 | €95,444 | €171,196 | +€75,752 | +79.4% |
| Financial income | 75/76B | - | €3,138 | +€3,138 | |
| Recurring financial income | 75 | - | €3,138 | +€3,138 | |
| Financial charges | 65/66B | €416 | €420 | +€4 | +1.1% |
| Recurring financial charges | 65 | €416 | €420 | +€4 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €95,028 | €173,913 | +€78,885 | +83.0% |
| Income taxes | 67/77 | €26,199 | €51,194 | +€24,995 | +95.4% |
| Profit (loss) for the period | 9904 | €68,829 | €122,719 | +€53,890 | +78.3% |
| Profit (loss) for the period to be appropriated | 9905 | €68,829 | €122,719 | +€53,890 | +78.3% |
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 9 October 2026 via checked.be.