Alpaga MDB: 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.
Alpaga MDB
Largest movements
- Tangible fixed assets +€5.2m
up €5.2m (+83,140%), from €6,203 to €5.2m
of which Land and buildings: +€5.1m
- Receivables after one year -€99,775
down €99,775 (-39.9%), from €250,355 to €150,580
- Debts after one year +€4.0m
new in 2025: €4.0m
of which Financial debts: +€3.4m
- Other debts +€908,922
up €908,922 (+363,569%), from €250 to €909,172
- Current portion of long-term debt +€253,332
new in 2025: €253,332
- Trade debts -€87,172
down €87,172 (-45.4%), from €192,014 to €104,842
- Profit (loss) carried forward -€83,044
down €83,044, from €0 to -€83,044
- Financial charges +€112,567
up €112,567 (+3,233%), from €3,482 to €116,049
of which Financial charges: +€110,295
- Gross operating margin +€83,201
up €83,201, from -€24,822 to €58,380
- Depreciation +€23,996
up €23,996 (+5,027%), from €477 to €24,474
- Other operating charges +€1,146
up €1,146 (+197%), from €580 to €1,726
- Financial income -€698
down €698 (-45.8%), from €1,522 to €825
of which Financial income: -€1,261
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €301,458 | €5,320,627 | +€5.0m | +1,665% |
| Fixed assets | 21/28 | €6,203 | €5,163,562 | +€5.2m | +83,140% |
| Tangible fixed assets | 22/27 | €6,203 | €5,163,562 | +€5.2m | +83,140% |
| Land and buildings | 22 | - | €5,062,284 | +€5.1m | |
| Plant, machinery and equipment | 23 | €6,203 | €3,817 | -€2,387 | -38.5% |
| Furniture and vehicles | 24 | - | €97,461 | +€97,461 | |
| Current assets | 29/58 | €295,255 | €157,065 | -€138,189 | -46.8% |
| Amounts receivable after more than one year | 29 | €250,355 | €150,580 | -€99,775 | -39.9% |
| Other amounts receivable | 291 | €250,355 | €150,580 | -€99,775 | -39.9% |
| Amounts receivable within one year | 40/41 | €43,571 | €615 | -€42,956 | -98.6% |
| Trade receivables | 40 | €5,590 | €0 | -€5,590 | -100% |
| Other amounts receivable | 41 | €37,982 | €615 | -€37,367 | -98.4% |
| Cash at bank and in hand | 54/58 | €1,328 | €4,954 | +€3,625 | +273% |
| Deferred charges and accrued income | 490/1 | - | €917 | +€917 | |
| Total equity and liabilities | 10/49 | €301,458 | €5,320,627 | +€5.0m | +1,665% |
| Equity | 10/15 | €108,369 | €25,325 | -€83,044 | -76.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €46,369 | €46,369 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €40,169 | €40,169 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€83,044 | -€83,044 | |
| Amounts payable | 17/49 | €193,089 | €5,295,303 | +€5.1m | +2,642% |
| Amounts payable after more than one year | 17 | - | €4,027,780 | +€4.0m | |
| Financial debts | 170/4 | - | €3,377,780 | +€3.4m | |
| Other amounts payable | 178/9 | - | €650,000 | +€650,000 | |
| Amounts payable within one year | 42/48 | €193,089 | €1,267,523 | +€1.1m | +556% |
| Current portion of amounts payable after more than one year | 42 | - | €253,332 | +€253,332 | |
| Trade debts | 44 | €192,014 | €104,842 | -€87,172 | -45.4% |
| Suppliers | 440/4 | €192,014 | €104,842 | -€87,172 | -45.4% |
| Taxes, remuneration and social security | 45 | €825 | €176 | -€649 | -78.6% |
| Taxes | 450/3 | €825 | €176 | -€649 | -78.6% |
| Other amounts payable | 47/48 | €250 | €909,172 | +€908,922 | +363,569% |
| Non-recurring operating income | 76A | - | €24,000 | +€24,000 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €477 | €24,474 | +€23,996 | +5,027% |
| Other operating charges | 640/8 | €580 | €1,726 | +€1,146 | +197% |
| Gross operating margin | 9900 | -€24,822 | €58,380 | +€83,201 | |
| Operating profit (loss) | 9901 | -€25,879 | €32,180 | +€58,059 | |
| Financial income | 75/76B | €1,522 | €825 | -€698 | -45.8% |
| Recurring financial income | 75 | €1,261 | €0 | -€1,261 | -100% |
| Non-recurring financial income | 76B | €261 | €825 | +€564 | +216% |
| Financial charges | 65/66B | €3,482 | €116,049 | +€112,567 | +3,233% |
| Recurring financial charges | 65 | €25 | €110,320 | +€110,295 | +434,916% |
| Non-recurring financial charges | 66B | €3,457 | €5,729 | +€2,272 | +65.7% |
| Profit (loss) for the period before taxes | 9903 | -€27,839 | -€83,044 | -€55,205 | -198% |
| Profit (loss) for the period | 9904 | -€27,839 | -€83,044 | -€55,205 | -198% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,839 | -€83,044 | -€55,205 | -198% |
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 24 October 2026 via checked.be.