ALPEAU: 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.
ALPEAU
Largest movements
- Stocks and contracts -€1.1m
down €1.1m (-57.2%), from €2.0m to €838,012
- Receivables within one year -€361,915
down €361,915 (-61.1%), from €592,752 to €230,837
of which Other amounts receivable: -€403,248
- Receivables after one year -€77,800
no longer reported in 2025 (was €77,800)
- Cash -€69,025
down €69,025 (-72.6%), from €95,109 to €26,085
mainly Other debts (-€1.2m) and Debts after one year (-€485,154)
- Other debts -€1.2m
down €1.2m (-80.8%), from €1.5m to €294,360
- Debts after one year -€485,154
down €485,154 (-45.1%), from €1.1m to €591,124
- Profit (loss) carried forward +€75,238
up €75,238 (+11.1%), from -€676,343 to -€601,106
- Gross operating margin +€52,114
up €52,114 (+183%), from €28,499 to €80,613
- Depreciation -€19,343
down €19,343 (-47.7%), from €40,547 to €21,203
- Other operating charges +€5,058
up €5,058 (+72.3%), from €6,999 to €12,058
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 | €3,133,466 | €1,469,584 | -€1.7m | -53.1% |
| Fixed assets | 21/28 | €366,655 | €345,385 | -€21,270 | -5.8% |
| Tangible fixed assets | 22/27 | €366,654 | €345,385 | -€21,269 | -5.8% |
| Land and buildings | 22 | €358,289 | €337,085 | -€21,203 | -5.9% |
| Furniture and vehicles | 24 | €8,300 | €8,300 | = | 0.0% |
| Other tangible fixed assets | 26 | €65 | €0 | -€65 | -100% |
| Financial fixed assets | 28 | €1 | €0 | -€1 | -100% |
| Current assets | 29/58 | €2,766,811 | €1,124,199 | -€1.6m | -59.4% |
| Amounts receivable after more than one year | 29 | €77,800 | - | -€77,800 | |
| Other amounts receivable | 291 | €77,800 | - | -€77,800 | |
| Stocks and contracts in progress | 3 | €1,956,716 | €838,012 | -€1.1m | -57.2% |
| Stocks | 30/36 | €1,956,716 | €838,012 | -€1.1m | -57.2% |
| Amounts receivable within one year | 40/41 | €592,752 | €230,837 | -€361,915 | -61.1% |
| Trade receivables | 40 | €174,770 | €216,103 | +€41,333 | +23.7% |
| Other amounts receivable | 41 | €417,983 | €14,735 | -€403,248 | -96.5% |
| Cash at bank and in hand | 54/58 | €95,109 | €26,085 | -€69,025 | -72.6% |
| Deferred charges and accrued income | 490/1 | €44,433 | €29,265 | -€15,168 | -34.1% |
| Total equity and liabilities | 10/49 | €3,133,466 | €1,469,584 | -€1.7m | -53.1% |
| Equity | 10/15 | €477,158 | €552,395 | +€75,238 | +15.8% |
| Contributions | 10/11 | €1,016,346 | €1,016,346 | = | 0.0% |
| Reserves | 13 | €137,155 | €137,155 | = | 0.0% |
| Distributable reserves | 133 | €137,155 | €137,155 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€676,343 | -€601,106 | +€75,238 | +11.1% |
| Amounts payable | 17/49 | €2,656,308 | €917,189 | -€1.7m | -65.5% |
| Amounts payable after more than one year | 17 | €1,076,278 | €591,124 | -€485,154 | -45.1% |
| Financial debts | 170/4 | €1,076,278 | €591,124 | -€485,154 | -45.1% |
| Amounts payable within one year | 42/48 | €1,580,030 | €326,065 | -€1.3m | -79.4% |
| Current portion of amounts payable after more than one year | 42 | €18,000 | €11,332 | -€6,668 | -37.0% |
| Financial debts | 43 | - | €21 | +€21 | |
| Credit institutions | 430/8 | - | €21 | +€21 | |
| Trade debts | 44 | €23,307 | €20,156 | -€3,151 | -13.5% |
| Suppliers | 440/4 | €23,307 | €20,156 | -€3,151 | -13.5% |
| Taxes, remuneration and social security | 45 | €3,738 | €196 | -€3,542 | -94.8% |
| Taxes | 450/3 | €3,738 | €196 | -€3,542 | -94.8% |
| Other amounts payable | 47/48 | €1,534,985 | €294,360 | -€1.2m | -80.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €3,909 | €275,942 | +€272,033 | +6,960% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,547 | €21,203 | -€19,343 | -47.7% |
| Other operating charges | 640/8 | €6,999 | €12,058 | +€5,058 | +72.3% |
| Non-recurring operating charges | 66A | €0 | €3,974 | +€3,974 | |
| Gross operating margin | 9900 | €28,499 | €80,613 | +€52,114 | +183% |
| Operating profit (loss) | 9901 | -€19,047 | €43,377 | +€62,425 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €3,483 | €3,076 | -€406 | -11.7% |
| Recurring financial charges | 65 | €3,483 | €3,076 | -€406 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | -€22,530 | €40,301 | +€62,831 | |
| Income taxes | 67/77 | - | €196 | +€196 | |
| Profit (loss) for the period | 9904 | -€22,530 | €40,105 | +€62,635 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,530 | €40,105 | +€62,635 |
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.