ALPAJURO: 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.
ALPAJURO
Largest movements
- Receivables within one year +€78,064
up €78,064 (+40.9%), from €191,060 to €269,124
of which Trade receivables: +€75,165
- Tangible fixed assets -€24,866
down €24,866 (-21.2%), from €117,127 to €92,260
of which Other tangible fixed assets: -€12,578
- Financial fixed assets -€19,027
down €19,027 (-90.1%), from €21,115 to €2,088
- Stocks and contracts -€14,974
down €14,974 (-46.3%), from €32,372 to €17,399
- Current investments -€9,279
no longer reported in 2025 (was €9,279)
- Tax, wage and social debts -€27,456
down €27,456 (-38.0%), from €72,192 to €44,736
of which Remuneration and social security: -€19,148
- Trade debts +€20,844
up €20,844 (+13.4%), from €155,934 to €176,777
- Other debts +€6,182
up €6,182 (+18.8%), from €32,838 to €39,020
- Staff costs -€154,508
down €154,508 (-54.8%), from €281,978 to €127,470
- Gross operating margin -€92,138
down €92,138 (-34.5%), from €267,303 to €175,166
- Depreciation +€5,350
up €5,350 (+18.5%), from €28,916 to €34,266
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 | €387,110 | €389,079 | +€1,969 | +0.5% |
| Fixed assets | 21/28 | €138,242 | €94,348 | -€43,893 | -31.8% |
| Tangible fixed assets | 22/27 | €117,127 | €92,260 | -€24,866 | -21.2% |
| Land and buildings | 22 | €6,770 | €4,840 | -€1,930 | -28.5% |
| Plant, machinery and equipment | 23 | €10,138 | €7,684 | -€2,454 | -24.2% |
| Furniture and vehicles | 24 | €26,597 | €18,694 | -€7,904 | -29.7% |
| Other tangible fixed assets | 26 | €73,621 | €61,043 | -€12,578 | -17.1% |
| Financial fixed assets | 28 | €21,115 | €2,088 | -€19,027 | -90.1% |
| Current assets | 29/58 | €248,868 | €294,731 | +€45,862 | +18.4% |
| Stocks and contracts in progress | 3 | €32,372 | €17,399 | -€14,974 | -46.3% |
| Stocks | 30/36 | €32,372 | €17,399 | -€14,974 | -46.3% |
| Amounts receivable within one year | 40/41 | €191,060 | €269,124 | +€78,064 | +40.9% |
| Trade receivables | 40 | €123,630 | €198,795 | +€75,165 | +60.8% |
| Other amounts receivable | 41 | €67,430 | €70,329 | +€2,899 | +4.3% |
| Current investments | 50/53 | €9,279 | - | -€9,279 | |
| Cash at bank and in hand | 54/58 | €16,158 | €8,208 | -€7,949 | -49.2% |
| Total equity and liabilities | 10/49 | €387,110 | €389,079 | +€1,969 | +0.5% |
| Equity | 10/15 | €126,147 | €128,547 | +€2,399 | +1.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €37,384 | €37,384 | = | 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% |
| Distributable reserves | 133 | €35,524 | €35,524 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,363 | €78,762 | +€2,399 | +3.1% |
| Amounts payable | 17/49 | €260,963 | €260,533 | -€430 | -0.2% |
| Amounts payable within one year | 42/48 | €260,963 | €260,533 | -€430 | -0.2% |
| Trade debts | 44 | €155,934 | €176,777 | +€20,844 | +13.4% |
| Suppliers | 440/4 | €155,934 | €176,777 | +€20,844 | +13.4% |
| Taxes, remuneration and social security | 45 | €72,192 | €44,736 | -€27,456 | -38.0% |
| Taxes | 450/3 | €22,783 | €14,476 | -€8,308 | -36.5% |
| Remuneration and social security | 454/9 | €49,408 | €30,260 | -€19,148 | -38.8% |
| Other amounts payable | 47/48 | €32,838 | €39,020 | +€6,182 | +18.8% |
| Remuneration, social security and pensions | 62 | €281,978 | €127,470 | -€154,508 | -54.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,916 | €34,266 | +€5,350 | +18.5% |
| Other operating charges | 640/8 | €7,321 | €9,262 | +€1,940 | +26.5% |
| Gross operating margin | 9900 | €267,303 | €175,166 | -€92,138 | -34.5% |
| Operating profit (loss) | 9901 | -€50,912 | €4,168 | +€55,080 | |
| Financial income | 75/76B | €371 | €796 | +€425 | +115% |
| Recurring financial income | 75 | €371 | €796 | +€425 | +115% |
| Financial charges | 65/66B | €5,139 | €2,565 | -€2,574 | -50.1% |
| Recurring financial charges | 65 | €5,139 | €2,565 | -€2,574 | -50.1% |
| Profit (loss) for the period before taxes | 9903 | -€55,680 | €2,399 | +€58,079 | |
| Profit (loss) for the period | 9904 | -€55,680 | €2,399 | +€58,079 | |
| Profit (loss) for the period to be appropriated | 9905 | -€55,680 | €2,399 | +€58,079 |
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 27 October 2026 via checked.be.