ALPEHO: 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.
ALPEHO
Largest movements
- Tangible fixed assets -€133,847
down €133,847 (-29.3%), from €456,312 to €322,465
- Cash +€22,637
up €22,637 (+44.1%), from €51,364 to €74,000
mainly Depreciation (+€129,687) and Net result for the year (+€23,670)
- Receivables within one year -€14,373
down €14,373 (-52.4%), from €27,416 to €13,042
of which Other amounts receivable: -€9,207
- Deferred charges and accrued income +€11,110
new in 2025: €11,110
- Current portion of long-term debt -€68,574
down €68,574 (-51.2%), from €133,837 to €65,263
- Debts after one year -€65,263
down €65,263 (-20.4%), from €320,107 to €254,844
- Profit (loss) carried forward +€23,670
up €23,670, from -€7,110 to €16,560
- Investment grants -€8,175
down €8,175 (-100%), from €8,175 to €0
- Depreciation -€35,427
down €35,427 (-21.5%), from €165,114 to €129,687
- Gross operating margin -€4,879
down €4,879 (-3.0%), from €160,523 to €155,644
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 | €544,069 | €427,833 | -€116,236 | -21.4% |
| Fixed assets | 21/28 | €456,312 | €322,465 | -€133,847 | -29.3% |
| Tangible fixed assets | 22/27 | €456,312 | €322,465 | -€133,847 | -29.3% |
| Plant, machinery and equipment | 23 | €456,312 | €322,465 | -€133,847 | -29.3% |
| Current assets | 29/58 | €87,757 | €105,368 | +€17,611 | +20.1% |
| Stocks and contracts in progress | 3 | €8,978 | €7,216 | -€1,762 | -19.6% |
| Stocks | 30/36 | €8,978 | €7,216 | -€1,762 | -19.6% |
| Amounts receivable within one year | 40/41 | €27,416 | €13,042 | -€14,373 | -52.4% |
| Trade receivables | 40 | €17,142 | €11,976 | -€5,166 | -30.1% |
| Other amounts receivable | 41 | €10,274 | €1,067 | -€9,207 | -89.6% |
| Cash at bank and in hand | 54/58 | €51,364 | €74,000 | +€22,637 | +44.1% |
| Deferred charges and accrued income | 490/1 | - | €11,110 | +€11,110 | |
| Total equity and liabilities | 10/49 | €544,069 | €427,833 | -€116,236 | -21.4% |
| Equity | 10/15 | €46,244 | €61,739 | +€15,494 | +33.5% |
| Contributions | 10/11 | €4,968 | €4,968 | = | 0.0% |
| Reserves | 13 | €40,210 | €40,210 | = | 0.0% |
| Non-distributable reserves | 130/1 | €480 | €480 | = | 0.0% |
| Reserves not available under the articles | 1311 | €480 | €480 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,730 | €3,730 | = | 0.0% |
| Distributable reserves | 133 | €36,000 | €36,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,110 | €16,560 | +€23,670 | |
| Investment grants | 15 | €8,175 | €0 | -€8,175 | -100% |
| Amounts payable | 17/49 | €497,825 | €366,095 | -€131,730 | -26.5% |
| Amounts payable after more than one year | 17 | €320,107 | €254,844 | -€65,263 | -20.4% |
| Financial debts | 170/4 | €320,107 | €254,844 | -€65,263 | -20.4% |
| Amounts payable within one year | 42/48 | €174,897 | €109,248 | -€65,648 | -37.5% |
| Current portion of amounts payable after more than one year | 42 | €133,837 | €65,263 | -€68,574 | -51.2% |
| Trade debts | 44 | €11,011 | €11,351 | +€340 | +3.1% |
| Suppliers | 440/4 | €11,011 | €11,351 | +€340 | +3.1% |
| Taxes, remuneration and social security | 45 | €0 | €2,481 | +€2,481 | |
| Taxes | 450/3 | €0 | €2,481 | +€2,481 | |
| Other amounts payable | 47/48 | €30,048 | €30,153 | +€105 | +0.3% |
| Accrued charges and deferred income | 492/3 | €2,821 | €2,003 | -€819 | -29.0% |
| Non-recurring operating income | 76A | - | €20,011 | +€20,011 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165,114 | €129,687 | -€35,427 | -21.5% |
| Other operating charges | 640/8 | €451 | €465 | +€14 | +3.2% |
| Gross operating margin | 9900 | €160,523 | €155,644 | -€4,879 | -3.0% |
| Operating profit (loss) | 9901 | -€5,042 | €25,491 | +€30,533 | |
| Financial income | 75/76B | €8,480 | €8,299 | -€181 | -2.1% |
| Recurring financial income | 75 | €8,480 | €8,299 | -€181 | -2.1% |
| Financial charges | 65/66B | €11,018 | €10,119 | -€899 | -8.2% |
| Recurring financial charges | 65 | €11,018 | €10,119 | -€899 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | -€7,580 | €23,671 | +€31,251 | |
| Income taxes | 67/77 | €0 | €1 | +€1 | |
| Profit (loss) for the period | 9904 | -€7,580 | €23,670 | +€31,250 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,580 | €23,670 | +€31,250 |
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 16 October 2026 via checked.be.