ALPAGUN: 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.
ALPAGUN
Largest movements
- Tangible fixed assets -€4,952
down €4,952 (-2.9%), from €171,391 to €166,439
of which Land and buildings: -€5,242
- Debts after one year -€4,280
down €4,280 (-36.4%), from €11,748 to €7,468
- Gross operating margin +€766
up €766 (+7.8%), from €9,850 to €10,616
- Taxes -€250
new in 2025: -€250
- Depreciation +€177
up €177 (+2.2%), from €8,206 to €8,383
- Financial charges -€148
down €148 (-16.6%), from €889 to €741
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 | €183,268 | €178,243 | -€5,025 | -2.7% |
| Fixed assets | 21/28 | €171,391 | €166,439 | -€4,952 | -2.9% |
| Tangible fixed assets | 22/27 | €171,391 | €166,439 | -€4,952 | -2.9% |
| Land and buildings | 22 | €148,728 | €143,486 | -€5,242 | -3.5% |
| Plant, machinery and equipment | 23 | €22,662 | €22,953 | +€290 | +1.3% |
| Current assets | 29/58 | €11,878 | €11,804 | -€73 | -0.6% |
| Amounts receivable within one year | 40/41 | €3,250 | €2,250 | -€1,000 | -30.8% |
| Other amounts receivable | 41 | €3,250 | €2,250 | -€1,000 | -30.8% |
| Cash at bank and in hand | 54/58 | €8,628 | €9,554 | +€927 | +10.7% |
| Total equity and liabilities | 10/49 | €183,268 | €178,243 | -€5,025 | -2.7% |
| Equity | 10/15 | €23,425 | €24,035 | +€610 | +2.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,965 | €3,575 | +€610 | +20.6% |
| Amounts payable | 17/49 | €159,844 | €154,208 | -€5,636 | -3.5% |
| Amounts payable after more than one year | 17 | €11,748 | €7,468 | -€4,280 | -36.4% |
| Financial debts | 170/4 | €11,748 | €7,468 | -€4,280 | -36.4% |
| Amounts payable within one year | 42/48 | €148,095 | €146,740 | -€1,356 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €4,136 | €4,280 | +€144 | +3.5% |
| Trade debts | 44 | €365 | €365 | = | 0.0% |
| Suppliers | 440/4 | €365 | €365 | = | 0.0% |
| Other amounts payable | 47/48 | €143,595 | €142,095 | -€1,500 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,206 | €8,383 | +€177 | +2.2% |
| Other operating charges | 640/8 | €1,097 | €1,131 | +€35 | +3.2% |
| Gross operating margin | 9900 | €9,850 | €10,616 | +€766 | +7.8% |
| Operating profit (loss) | 9901 | €547 | €1,102 | +€554 | +101% |
| Financial charges | 65/66B | €889 | €741 | -€148 | -16.6% |
| Recurring financial charges | 65 | €889 | €741 | -€148 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | -€342 | €360 | +€702 | |
| Income taxes | 67/77 | - | -€250 | -€250 | |
| Profit (loss) for the period | 9904 | -€342 | €610 | +€952 | |
| Profit (loss) for the period to be appropriated | 9905 | -€342 | €610 | +€952 |
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 19 October 2026 via checked.be.