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
- Stocks and contracts +€39,432
up €39,432 (+2.4%), from €1.6m to €1.7m
- Tangible fixed assets +€38,807
up €38,807 (+18.9%), from €205,857 to €244,664
of which Other tangible fixed assets: +€23,241
- Cash -€25,849
down €25,849 (-29.0%), from €89,198 to €63,349
mainly Other debts (-€281,217) and Investment in fixed assets (net) (-€90,824)
- Other debts -€281,217
down €281,217 (-54.3%), from €517,453 to €236,235
- Profit (loss) carried forward +€263,062
up €263,062 (+36.8%), from €713,967 to €977,028
- Trade debts +€30,155
up €30,155 (+7.5%), from €404,323 to €434,478
- Tax, wage and social debts +€28,942
up €28,942 (+20.4%), from €142,053 to €170,996
of which Taxes: +€20,539
- Gross operating margin -€43,057
down €43,057 (-3.4%), from €1.3m to €1.2m
- Depreciation -€25,574
down €25,574 (-33.0%), from €77,592 to €52,018
- Financial charges -€21,252
down €21,252 (-48.2%), from €44,127 to €22,875
of which Financial charges: -€21,302
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 | €1,962,811 | €2,017,391 | +€54,581 | +2.8% |
| Fixed assets | 21/28 | €208,266 | €247,072 | +€38,807 | +18.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €205,857 | €244,664 | +€38,807 | +18.9% |
| Plant, machinery and equipment | 23 | €25,269 | €31,717 | +€6,448 | +25.5% |
| Furniture and vehicles | 24 | €12,642 | €21,760 | +€9,118 | +72.1% |
| Other tangible fixed assets | 26 | €167,947 | €191,188 | +€23,241 | +13.8% |
| Financial fixed assets | 28 | €2,408 | €2,408 | = | 0.0% |
| Current assets | 29/58 | €1,754,545 | €1,770,319 | +€15,774 | +0.9% |
| Stocks and contracts in progress | 3 | €1,624,310 | €1,663,742 | +€39,432 | +2.4% |
| Stocks | 30/36 | €1,624,310 | €1,663,742 | +€39,432 | +2.4% |
| Amounts receivable within one year | 40/41 | €28,513 | €19,232 | -€9,281 | -32.5% |
| Trade receivables | 40 | €28,513 | €19,232 | -€9,281 | -32.5% |
| Cash at bank and in hand | 54/58 | €89,198 | €63,349 | -€25,849 | -29.0% |
| Deferred charges and accrued income | 490/1 | €12,525 | €23,996 | +€11,471 | +91.6% |
| Total equity and liabilities | 10/49 | €1,962,811 | €2,017,391 | +€54,581 | +2.8% |
| Equity | 10/15 | €850,308 | €1,113,370 | +€263,062 | +30.9% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €12,395 | €12,395 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Profit (loss) carried forward | 14 | €713,967 | €977,028 | +€263,062 | +36.8% |
| Amounts payable | 17/49 | €1,112,503 | €904,022 | -€208,481 | -18.7% |
| Amounts payable within one year | 42/48 | €1,085,997 | €878,895 | -€207,102 | -19.1% |
| Trade debts | 44 | €404,323 | €434,478 | +€30,155 | +7.5% |
| Suppliers | 440/4 | €404,323 | €434,478 | +€30,155 | +7.5% |
| Advances received on contracts in progress | 46 | €22,167 | €37,186 | +€15,018 | +67.8% |
| Taxes, remuneration and social security | 45 | €142,053 | €170,996 | +€28,942 | +20.4% |
| Taxes | 450/3 | €9,509 | €30,048 | +€20,539 | +216.0% |
| Remuneration and social security | 454/9 | €132,544 | €140,948 | +€8,403 | +6.3% |
| Other amounts payable | 47/48 | €517,453 | €236,235 | -€281,217 | -54.3% |
| Accrued charges and deferred income | 492/3 | €26,506 | €25,127 | -€1,379 | -5.2% |
| Remuneration, social security and pensions | 62 | €853,687 | €843,055 | -€10,632 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,592 | €52,018 | -€25,574 | -33.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,067 | -€3,892 | -€6,960 | |
| Other operating charges | 640/8 | €36,681 | €27,563 | -€9,118 | -24.9% |
| Gross operating margin | 9900 | €1,270,426 | €1,227,369 | -€43,057 | -3.4% |
| Operating profit (loss) | 9901 | €299,400 | €308,626 | +€9,226 | +3.1% |
| Financial income | 75/76B | €64,800 | €64,225 | -€575 | -0.9% |
| Recurring financial income | 75 | €64,800 | €64,225 | -€575 | -0.9% |
| Financial charges | 65/66B | €44,127 | €22,875 | -€21,252 | -48.2% |
| Recurring financial charges | 65 | €44,127 | €22,825 | -€21,302 | -48.3% |
| Non-recurring financial charges | 66B | - | €50 | +€50 | |
| Profit (loss) for the period before taxes | 9903 | €320,073 | €349,975 | +€29,903 | +9.3% |
| Income taxes | 67/77 | €82,803 | €86,914 | +€4,111 | +5.0% |
| Profit (loss) for the period | 9904 | €237,270 | €263,062 | +€25,792 | +10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €237,270 | €263,062 | +€25,792 | +10.9% |
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 8 October 2026 via checked.be.