ALPAGES: 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.
ALPAGES
Largest movements
- Stocks and contracts -€1.2m
down €1.2m (-39.3%), from €3.0m to €1.8m
- Cash +€190,102
up €190,102 (+2045.0%), from €9,296 to €199,398
mainly Stocks and contracts (+€1.2m) and Net result for the year (+€136,252)
- Receivables within one year -€73,523
down €73,523 (-3.8%), from €1.9m to €1.8m
of which Trade receivables: -€110,304
- Current portion of long-term debt -€972,835
down €972,835 (-45.8%), from €2.1m to €1.2m
- Other debts -€83,306
down €83,306 (-3.0%), from €2.8m to €2.7m
- Gross operating margin +€170,723
up €170,723 (+99.5%), from €171,548 to €342,270
- Financial charges -€55,471
down €55,471 (-23.5%), from €236,264 to €180,793
- Taxes +€44,602
up €44,602 (+3436.5%), from €1,298 to €45,900
- Financial income -€7,962
down €7,962 (-10.5%), from €75,930 to €67,969
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 | €4,935,179 | €3,887,594 | -€1.0m | -21.2% |
| Fixed assets | 21/28 | €45,100 | €45,100 | = | 0.0% |
| Financial fixed assets | 28 | €45,100 | €45,100 | = | 0.0% |
| Current assets | 29/58 | €4,890,079 | €3,842,494 | -€1.0m | -21.4% |
| Stocks and contracts in progress | 3 | €2,959,687 | €1,796,078 | -€1.2m | -39.3% |
| Stocks | 30/36 | €2,959,687 | €1,796,078 | -€1.2m | -39.3% |
| Amounts receivable within one year | 40/41 | €1,920,541 | €1,847,018 | -€73,523 | -3.8% |
| Trade receivables | 40 | €110,304 | - | -€110,304 | |
| Other amounts receivable | 41 | €1,810,237 | €1,847,018 | +€36,781 | +2.0% |
| Cash at bank and in hand | 54/58 | €9,296 | €199,398 | +€190,102 | +2045.0% |
| Deferred charges and accrued income | 490/1 | €554 | - | -€554 | |
| Total equity and liabilities | 10/49 | €4,935,179 | €3,887,594 | -€1.0m | -21.2% |
| Equity | 10/15 | €21,852 | €38,104 | +€16,252 | +74.4% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €13,000 | €28,000 | +€15,000 | +115.4% |
| Distributable reserves | 133 | €13,000 | €28,000 | +€15,000 | +115.4% |
| Profit (loss) carried forward | 14 | €792 | €2,044 | +€1,252 | +158.0% |
| Amounts payable | 17/49 | €4,913,326 | €3,849,490 | -€1.1m | -21.7% |
| Amounts payable within one year | 42/48 | €4,913,326 | €3,849,490 | -€1.1m | -21.7% |
| Current portion of amounts payable after more than one year | 42 | €2,124,000 | €1,151,165 | -€972,835 | -45.8% |
| Trade debts | 44 | €8,316 | €1,731 | -€6,585 | -79.2% |
| Suppliers | 440/4 | €8,316 | €1,731 | -€6,585 | -79.2% |
| Taxes, remuneration and social security | 45 | €1,110 | - | -€1,110 | |
| Taxes | 450/3 | €1,110 | - | -€1,110 | |
| Other amounts payable | 47/48 | €2,779,900 | €2,696,594 | -€83,306 | -3.0% |
| Other operating charges | 640/8 | €6,007 | €5,295 | -€712 | -11.9% |
| Non-recurring operating charges | 66A | - | €42,000 | +€42,000 | |
| Gross operating margin | 9900 | €171,548 | €342,270 | +€170,723 | +99.5% |
| Operating profit (loss) | 9901 | €165,541 | €294,976 | +€129,435 | +78.2% |
| Financial income | 75/76B | €75,930 | €67,969 | -€7,962 | -10.5% |
| Recurring financial income | 75 | €75,930 | €67,969 | -€7,962 | -10.5% |
| Financial charges | 65/66B | €236,264 | €180,793 | -€55,471 | -23.5% |
| Recurring financial charges | 65 | €236,264 | €180,793 | -€55,471 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €5,208 | €182,152 | +€176,944 | +3397.7% |
| Income taxes | 67/77 | €1,298 | €45,900 | +€44,602 | +3436.5% |
| Profit (loss) for the period | 9904 | €3,910 | €136,252 | +€132,342 | +3384.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,910 | €136,252 | +€132,342 | +3384.8% |
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 3 October 2026 via checked.be.