ALPEL: 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.
ALPEL
Largest movements
- Tangible fixed assets -€11,004
down €11,004 (-15.1%), from €72,878 to €61,875
of which Land and buildings: -€7,588
- Cash +€5,647
up €5,647 (+4.5%), from €124,615 to €130,263
mainly Net result for the year (+€28,949) and Depreciation (+€11,004)
- Reserves +€28,949
up €28,949 (+21.2%), from €136,254 to €165,204
of which Distributable reserves: +€28,949
- Other debts -€13,412
down €13,412 (-87.9%), from €15,262 to €1,850
- Tax, wage and social debts -€7,444
down €7,444 (-53.3%), from €13,968 to €6,524
of which Remuneration and social security: -€4,757
- Debts after one year -€6,505
no longer reported in 2025 (was €6,505)
- Current portion of long-term debt -€6,038
down €6,038 (-48.1%), from €12,542 to €6,505
- Staff costs -€15,920
down €15,920 (-34.4%), from €46,257 to €30,337
- Gross operating margin -€6,788
down €6,788 (-7.1%), from €95,887 to €89,099
- Depreciation -€5,502
down €5,502 (-33.3%), from €16,506 to €11,004
- Taxes +€4,467
up €4,467 (+38.6%), from €11,585 to €16,052
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 | €205,556 | €199,315 | -€6,241 | -3.0% |
| Fixed assets | 21/28 | €72,878 | €61,875 | -€11,004 | -15.1% |
| Tangible fixed assets | 22/27 | €72,878 | €61,875 | -€11,004 | -15.1% |
| Land and buildings | 22 | €68,390 | €60,802 | -€7,588 | -11.1% |
| Plant, machinery and equipment | 23 | €1,771 | €1,073 | -€698 | -39.4% |
| Furniture and vehicles | 24 | €2,717 | - | -€2,717 | |
| Current assets | 29/58 | €132,677 | €137,440 | +€4,763 | +3.6% |
| Stocks and contracts in progress | 3 | €3,015 | €3,561 | +€546 | +18.1% |
| Stocks | 30/36 | €3,015 | €3,561 | +€546 | +18.1% |
| Amounts receivable within one year | 40/41 | €1,209 | - | -€1,209 | |
| Trade receivables | 40 | €278 | - | -€278 | |
| Other amounts receivable | 41 | €931 | - | -€931 | |
| Cash at bank and in hand | 54/58 | €124,615 | €130,263 | +€5,647 | +4.5% |
| Deferred charges and accrued income | 490/1 | €3,838 | €3,616 | -€222 | -5.8% |
| Total equity and liabilities | 10/49 | €205,556 | €199,315 | -€6,241 | -3.0% |
| Equity | 10/15 | €154,854 | €183,804 | +€28,949 | +18.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €136,254 | €165,204 | +€28,949 | +21.2% |
| Tax-exempt reserves | 132 | €3,820 | €3,820 | = | 0.0% |
| Distributable reserves | 133 | €132,434 | €161,384 | +€28,949 | +21.9% |
| Amounts payable | 17/49 | €50,702 | €15,511 | -€35,191 | -69.4% |
| Amounts payable after more than one year | 17 | €6,505 | - | -€6,505 | |
| Financial debts | 170/4 | €6,505 | - | -€6,505 | |
| Amounts payable within one year | 42/48 | €44,197 | €15,511 | -€28,686 | -64.9% |
| Current portion of amounts payable after more than one year | 42 | €12,542 | €6,505 | -€6,038 | -48.1% |
| Trade debts | 44 | €2,424 | €633 | -€1,792 | -73.9% |
| Suppliers | 440/4 | €2,424 | €633 | -€1,792 | -73.9% |
| Taxes, remuneration and social security | 45 | €13,968 | €6,524 | -€7,444 | -53.3% |
| Taxes | 450/3 | €5,432 | €2,744 | -€2,688 | -49.5% |
| Remuneration and social security | 454/9 | €8,536 | €3,780 | -€4,757 | -55.7% |
| Other amounts payable | 47/48 | €15,262 | €1,850 | -€13,412 | -87.9% |
| Remuneration, social security and pensions | 62 | €46,257 | €30,337 | -€15,920 | -34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,506 | €11,004 | -€5,502 | -33.3% |
| Other operating charges | 640/8 | €1,828 | €1,886 | +€58 | +3.2% |
| Gross operating margin | 9900 | €95,887 | €89,099 | -€6,788 | -7.1% |
| Operating profit (loss) | 9901 | €31,296 | €45,872 | +€14,576 | +46.6% |
| Financial income | 75/76B | €104 | €93 | -€12 | -11.2% |
| Recurring financial income | 75 | €104 | €93 | -€12 | -11.2% |
| Financial charges | 65/66B | €1,424 | €964 | -€460 | -32.3% |
| Recurring financial charges | 65 | €1,424 | €964 | -€460 | -32.3% |
| Profit (loss) for the period before taxes | 9903 | €29,977 | €45,001 | +€15,025 | +50.1% |
| Income taxes | 67/77 | €11,585 | €16,052 | +€4,467 | +38.6% |
| Profit (loss) for the period | 9904 | €18,392 | €28,949 | +€10,558 | +57.4% |
| Profit (loss) for the period to be appropriated | 9905 | €18,392 | €28,949 | +€10,558 | +57.4% |
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 9 October 2026 via checked.be.