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 +€203,267
up €203,267 (+133.9%), from €151,827 to €355,094
mainly Net result for the year (+€121,892) and Stocks and contracts (+€88,948)
- Stocks and contracts -€88,948
down €88,948 (-60.9%), from €146,103 to €57,155
- Tangible fixed assets -€33,628
down €33,628 (-29.6%), from €113,720 to €80,092
of which Furniture and vehicles: -€34,970
- Receivables within one year +€15,991
up €15,991 (+76.1%), from €21,018 to €37,009
- Reserves +€121,892
new in 2025: €121,892
- Tax, wage and social debts +€45,036
up €45,036 (+611.1%), from €7,370 to €52,406
of which Taxes: +€47,124
- Other debts -€36,384
down €36,384 (-49.5%), from €73,431 to €37,047
- Debts after one year -€23,933
down €23,933 (-42.6%), from €56,189 to €32,256
- Accrued charges and deferred income -€5,760
no longer reported in 2025 (was €5,760)
- Gross operating margin +€179,030
up €179,030 (+158.7%), from €112,836 to €291,866
- Taxes +€58,714
up €58,714 (+2626.2%), from €2,236 to €60,949
- Staff costs +€4,278
up €4,278 (+7.8%), from €55,075 to €59,354
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 | €432,814 | €529,484 | +€96,670 | +22.3% |
| Fixed assets | 21/28 | €113,850 | €80,222 | -€33,628 | -29.5% |
| Tangible fixed assets | 22/27 | €113,720 | €80,092 | -€33,628 | -29.6% |
| Plant, machinery and equipment | 23 | €2,372 | €3,714 | +€1,342 | +56.6% |
| Furniture and vehicles | 24 | €111,348 | €76,378 | -€34,970 | -31.4% |
| Financial fixed assets | 28 | €130 | €130 | = | 0.0% |
| Current assets | 29/58 | €318,964 | €449,262 | +€130,298 | +40.9% |
| Stocks and contracts in progress | 3 | €146,103 | €57,155 | -€88,948 | -60.9% |
| Stocks | 30/36 | €146,103 | €57,155 | -€88,948 | -60.9% |
| Amounts receivable within one year | 40/41 | €21,018 | €37,009 | +€15,991 | +76.1% |
| Trade receivables | 40 | €21,018 | €37,009 | +€15,991 | +76.1% |
| Cash at bank and in hand | 54/58 | €151,827 | €355,094 | +€203,267 | +133.9% |
| Deferred charges and accrued income | 490/1 | €17 | €4 | -€12 | -73.9% |
| Total equity and liabilities | 10/49 | €432,814 | €529,484 | +€96,670 | +22.3% |
| Equity | 10/15 | €225,882 | €347,774 | +€121,892 | +54.0% |
| Contributions | 10/11 | €220,000 | €220,000 | = | 0.0% |
| Contributions outside capital | 11 | €220,000 | €220,000 | = | 0.0% |
| Other | 1109/19 | €220,000 | €220,000 | = | 0.0% |
| Reserves | 13 | - | €121,892 | +€121,892 | |
| Distributable reserves | 133 | - | €121,892 | +€121,892 | |
| Profit (loss) carried forward | 14 | €5,882 | €5,882 | = | 0.0% |
| Amounts payable | 17/49 | €206,932 | €181,711 | -€25,222 | -12.2% |
| Amounts payable after more than one year | 17 | €56,189 | €32,256 | -€23,933 | -42.6% |
| Financial debts | 170/4 | €56,189 | €32,256 | -€23,933 | -42.6% |
| Amounts payable within one year | 42/48 | €144,984 | €149,455 | +€4,471 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €23,041 | €23,933 | +€892 | +3.9% |
| Financial debts | 43 | €2,914 | - | -€2,914 | |
| Credit institutions | 430/8 | €2,914 | - | -€2,914 | |
| Trade debts | 44 | €38,228 | €36,069 | -€2,158 | -5.6% |
| Suppliers | 440/4 | €38,228 | €36,069 | -€2,158 | -5.6% |
| Taxes, remuneration and social security | 45 | €7,370 | €52,406 | +€45,036 | +611.1% |
| Taxes | 450/3 | €5,281 | €52,406 | +€47,124 | +892.3% |
| Remuneration and social security | 454/9 | €2,088 | - | -€2,088 | |
| Other amounts payable | 47/48 | €73,431 | €37,047 | -€36,384 | -49.5% |
| Accrued charges and deferred income | 492/3 | €5,760 | - | -€5,760 | |
| Remuneration, social security and pensions | 62 | €55,075 | €59,354 | +€4,278 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,663 | €35,780 | +€118 | +0.3% |
| Other operating charges | 640/8 | €11,620 | €10,300 | -€1,320 | -11.4% |
| Gross operating margin | 9900 | €112,836 | €291,866 | +€179,030 | +158.7% |
| Operating profit (loss) | 9901 | €10,478 | €186,432 | +€175,954 | +1679.3% |
| Financial income | 75/76B | €51 | €1 | -€50 | -98.9% |
| Recurring financial income | 75 | €51 | €1 | -€50 | -98.9% |
| Financial charges | 65/66B | €6,370 | €3,591 | -€2,778 | -43.6% |
| Recurring financial charges | 65 | €6,370 | €3,591 | -€2,778 | -43.6% |
| Profit (loss) for the period before taxes | 9903 | €4,159 | €182,841 | +€178,682 | +4295.8% |
| Income taxes | 67/77 | €2,236 | €60,949 | +€58,714 | +2626.2% |
| Profit (loss) for the period | 9904 | €1,924 | €121,892 | +€119,968 | +6236.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,924 | €121,892 | +€119,968 | +6236.2% |
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.