ALPHA: 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.
ALPHA
Largest movements
- Cash -€40,254
down €40,254 (-42.4%), from €94,958 to €54,704
mainly Investment in fixed assets (net) (-€37,289) and Receivables within one year (-€10,083)
- Tangible fixed assets +€26,959
up €26,959 (+185.8%), from €14,513 to €41,473
of which Furniture and vehicles: +€27,579
- Receivables within one year +€10,083
up €10,083 (+348.0%), from €2,897 to €12,980
of which Other amounts receivable: +€10,083
- Stocks and contracts +€4,960
new in 2025: €4,960
of which Stocks: +€2,564
- Deferred charges and accrued income +€2,002
up €2,002 (+159.4%), from €1,256 to €3,258
- Debts after one year +€9,604
up €9,604, from €0 to €9,604
- Profit (loss) carried forward -€6,109
down €6,109, from €0 to -€6,109
- Trade debts +€1,256
up €1,256 (+20.6%), from €6,082 to €7,338
- Gross operating margin -€52,042
down €52,042 (-90.1%), from €57,752 to €5,710
- Taxes -€13,206
down €13,206 (-100.0%), from €13,206 to €0
- Depreciation +€3,895
up €3,895 (+60.5%), from €6,434 to €10,330
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 | €113,624 | €117,374 | +€3,749 | +3.3% |
| Fixed assets | 21/28 | €14,513 | €41,473 | +€26,959 | +185.8% |
| Tangible fixed assets | 22/27 | €14,513 | €41,473 | +€26,959 | +185.8% |
| Plant, machinery and equipment | 23 | €372 | €186 | -€186 | -50.0% |
| Furniture and vehicles | 24 | €11,326 | €38,905 | +€27,579 | +243.5% |
| Other tangible fixed assets | 26 | €2,815 | €2,381 | -€434 | -15.4% |
| Current assets | 29/58 | €99,111 | €75,901 | -€23,210 | -23.4% |
| Stocks and contracts in progress | 3 | - | €4,960 | +€4,960 | |
| Stocks | 30/36 | - | €2,564 | +€2,564 | |
| Contracts in progress | 37 | - | €2,396 | +€2,396 | |
| Amounts receivable within one year | 40/41 | €2,897 | €12,980 | +€10,083 | +348.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €2,897 | €12,980 | +€10,083 | +348.0% |
| Cash at bank and in hand | 54/58 | €94,958 | €54,704 | -€40,254 | -42.4% |
| Deferred charges and accrued income | 490/1 | €1,256 | €3,258 | +€2,002 | +159.4% |
| Total equity and liabilities | 10/49 | €113,624 | €117,374 | +€3,749 | +3.3% |
| Equity | 10/15 | €90,743 | €84,634 | -€6,109 | -6.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €72,151 | €72,151 | = | 0.0% |
| Distributable reserves | 133 | €72,151 | €72,151 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€6,109 | -€6,109 | |
| Amounts payable | 17/49 | €22,881 | €32,740 | +€9,859 | +43.1% |
| Amounts payable after more than one year | 17 | €0 | €9,604 | +€9,604 | |
| Financial debts | 170/4 | €0 | €9,604 | +€9,604 | |
| Amounts payable within one year | 42/48 | €22,881 | €23,136 | +€254 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €3,828 | €3,627 | -€201 | -5.3% |
| Trade debts | 44 | €6,082 | €7,338 | +€1,256 | +20.6% |
| Suppliers | 440/4 | €6,082 | €7,338 | +€1,256 | +20.6% |
| Taxes, remuneration and social security | 45 | €11,940 | €11,865 | -€75 | -0.6% |
| Taxes | 450/3 | €11,940 | €11,865 | -€75 | -0.6% |
| Other amounts payable | 47/48 | €1,031 | €306 | -€725 | -70.3% |
| Non-recurring operating income | 76A | - | €5,650 | +€5,650 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,434 | €10,330 | +€3,895 | +60.5% |
| Other operating charges | 640/8 | €1,282 | €1,167 | -€114 | -8.9% |
| Gross operating margin | 9900 | €57,752 | €5,710 | -€52,042 | -90.1% |
| Operating profit (loss) | 9901 | €50,036 | -€5,787 | -€55,823 | |
| Financial income | 75/76B | €761 | €257 | -€504 | -66.2% |
| Recurring financial income | 75 | €761 | €257 | -€504 | -66.2% |
| Financial charges | 65/66B | €283 | €579 | +€297 | +104.9% |
| Recurring financial charges | 65 | €283 | €579 | +€297 | +104.9% |
| Profit (loss) for the period before taxes | 9903 | €50,514 | -€6,109 | -€56,623 | |
| Income taxes | 67/77 | €13,206 | €0 | -€13,206 | -100.0% |
| Profit (loss) for the period | 9904 | €37,308 | -€6,109 | -€43,417 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,308 | -€6,109 | -€43,417 |
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 10 October 2026 via checked.be.