ALPHA: what changed
Two fiscal 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
- Tangible fixed assets +€1.8m
up €1.8m (+289.2%), from €615,428 to €2.4m
of which Land and buildings: +€1.8m
- Cash +€717,944
up €717,944 (+26.2%), from €2.7m to €3.5m
mainly Contributions, distributions and other (+€1.8m) and Receivables within one year (+€579,202)
- Receivables within one year -€579,202
down €579,202 (-40.3%), from €1.4m to €857,037
of which Other amounts receivable: -€487,580
- Revaluation surpluses +€1.8m
new in 2025: €1.8m
- Reserves +€264,306
up €264,306 (+6.4%), from €4.2m to €4.4m
of which Distributable reserves: +€513,776
- Trade debts -€140,051
down €140,051 (-43.2%), from €324,174 to €184,123
- Financial income -€881,379
down €881,379 (-81.3%), from €1.1m to €202,689
- Taxes -€140,904
down €140,904 (-54.5%), from €258,662 to €117,758
- Gross operating margin -€94,726
down €94,726 (-9.8%), from €962,873 to €868,146
- Staff costs +€55,727
up €55,727 (+12.2%), from €458,030 to €513,757
- Provisions +€21,850
up €21,850, from -€20,766 to €1,084
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 | €5,477,175 | €7,387,118 | +€1.9m | +34.9% |
| Fixed assets | 21/28 | €1,035,442 | €2,815,315 | +€1.8m | +171.9% |
| Tangible fixed assets | 22/27 | €615,428 | €2,395,301 | +€1.8m | +289.2% |
| Land and buildings | 22 | €381,120 | €2,175,000 | +€1.8m | +470.7% |
| Plant, machinery and equipment | 23 | €148,033 | €136,859 | -€11,174 | -7.5% |
| Furniture and vehicles | 24 | €86,276 | €83,442 | -€2,833 | -3.3% |
| Financial fixed assets | 28 | €420,014 | €420,014 | = | 0.0% |
| Current assets | 29/58 | €4,441,732 | €4,571,802 | +€130,070 | +2.9% |
| Stocks and contracts in progress | 3 | €203,850 | €202,977 | -€873 | -0.4% |
| Stocks | 30/36 | €203,850 | €202,977 | -€873 | -0.4% |
| Amounts receivable within one year | 40/41 | €1,436,239 | €857,037 | -€579,202 | -40.3% |
| Trade receivables | 40 | €452,067 | €360,445 | -€91,622 | -20.3% |
| Other amounts receivable | 41 | €984,172 | €496,592 | -€487,580 | -49.5% |
| Cash at bank and in hand | 54/58 | €2,740,046 | €3,457,990 | +€717,944 | +26.2% |
| Deferred charges and accrued income | 490/1 | €61,598 | €53,798 | -€7,799 | -12.7% |
| Total equity and liabilities | 10/49 | €5,477,175 | €7,387,118 | +€1.9m | +34.9% |
| Equity | 10/15 | €4,737,901 | €6,816,369 | +€2.1m | +43.9% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,814,162 | +€1.8m | |
| Reserves | 13 | €4,153,825 | €4,418,131 | +€264,306 | +6.4% |
| Tax-exempt reserves | 132 | €249,470 | €0 | -€249,470 | -100.0% |
| Distributable reserves | 133 | €3,904,355 | €4,418,131 | +€513,776 | +13.2% |
| Profit (loss) carried forward | 14 | €514,076 | €514,076 | = | 0.0% |
| Provisions and deferred taxes | 16 | €23,989 | €25,074 | +€1,084 | +4.5% |
| Provisions for liabilities and charges | 160/5 | €23,989 | €25,074 | +€1,084 | +4.5% |
| Environmental obligations | 163 | €23,989 | €0 | -€23,989 | -100.0% |
| Other liabilities and charges | 164/5 | - | €25,074 | +€25,074 | |
| Amounts payable | 17/49 | €715,285 | €545,675 | -€169,609 | -23.7% |
| Amounts payable within one year | 42/48 | €633,080 | €427,250 | -€205,830 | -32.5% |
| Trade debts | 44 | €324,174 | €184,123 | -€140,051 | -43.2% |
| Suppliers | 440/4 | €324,174 | €184,123 | -€140,051 | -43.2% |
| Taxes, remuneration and social security | 45 | €264,778 | €207,735 | -€57,043 | -21.5% |
| Taxes | 450/3 | €212,236 | €153,191 | -€59,045 | -27.8% |
| Remuneration and social security | 454/9 | €52,542 | €54,544 | +€2,002 | +3.8% |
| Other amounts payable | 47/48 | €44,127 | €35,392 | -€8,736 | -19.8% |
| Accrued charges and deferred income | 492/3 | €82,205 | €118,425 | +€36,221 | +44.1% |
| Remuneration, social security and pensions | 62 | €458,030 | €513,757 | +€55,727 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,305 | €121,957 | +€19,652 | +19.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,984 | €16,574 | +€20,557 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€20,766 | €1,084 | +€21,850 | |
| Other operating charges | 640/8 | €11,581 | €15,809 | +€4,228 | +36.5% |
| Gross operating margin | 9900 | €962,873 | €868,146 | -€94,726 | -9.8% |
| Operating profit (loss) | 9901 | €415,707 | €198,966 | -€216,741 | -52.1% |
| Financial income | 75/76B | €1,084,068 | €202,689 | -€881,379 | -81.3% |
| Recurring financial income | 75 | €1,084,068 | €202,689 | -€881,379 | -81.3% |
| Financial charges | 65/66B | €7,529 | €10,813 | +€3,284 | +43.6% |
| Recurring financial charges | 65 | €7,529 | €10,813 | +€3,284 | +43.6% |
| Profit (loss) for the period before taxes | 9903 | €1,492,247 | €390,842 | -€1.1m | -73.8% |
| Income taxes | 67/77 | €258,662 | €117,758 | -€140,904 | -54.5% |
| Profit (loss) for the period | 9904 | €1,233,585 | €273,084 | -€960,500 | -77.9% |
| Transfer from tax-exempt reserves | 789 | €135,720 | €249,470 | +€113,750 | +83.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,369,305 | €522,554 | -€846,750 | -61.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.