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
- Cash -€53,237
down €53,237 (-60.2%), from €88,499 to €35,262
mainly Net result for the year (-€36,841) and Tax, wage and social debts (-€23,038)
- Receivables within one year -€9,007
down €9,007 (-93.0%), from €9,680 to €673
of which Trade receivables: -€9,470
- Tangible fixed assets +€2,979
up €2,979 (+147.5%), from €2,020 to €4,999
- Profit (loss) carried forward -€36,841
new in 2025: -€36,841
- Tax, wage and social debts -€23,038
down €23,038 (-67.4%), from €34,160 to €11,122
of which Taxes: -€23,167
- Gross operating margin -€61,351
down €61,351, from €33,577 to -€27,774
- Taxes -€11,169
down €11,169, from €11,165 to -€4
- Write-downs +€8,000
new in 2025: €8,000
- Depreciation +€512
up €512 (+5774.3%), from €9 to €521
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 | €100,199 | €40,934 | -€59,265 | -59.1% |
| Fixed assets | 21/28 | €2,020 | €4,999 | +€2,979 | +147.5% |
| Tangible fixed assets | 22/27 | €2,020 | €4,999 | +€2,979 | +147.5% |
| Other tangible fixed assets | 26 | €2,020 | €4,999 | +€2,979 | +147.5% |
| Current assets | 29/58 | €98,179 | €35,935 | -€62,244 | -63.4% |
| Amounts receivable within one year | 40/41 | €9,680 | €673 | -€9,007 | -93.0% |
| Trade receivables | 40 | €9,680 | €210 | -€9,470 | -97.8% |
| Other amounts receivable | 41 | - | €463 | +€463 | |
| Cash at bank and in hand | 54/58 | €88,499 | €35,262 | -€53,237 | -60.2% |
| Total equity and liabilities | 10/49 | €100,199 | €40,934 | -€59,265 | -59.1% |
| Equity | 10/15 | €65,687 | €28,846 | -€36,841 | -56.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €63,187 | €63,187 | = | 0.0% |
| Distributable reserves | 133 | €63,187 | €63,187 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€36,841 | -€36,841 | |
| Amounts payable | 17/49 | €34,513 | €12,089 | -€22,424 | -65.0% |
| Amounts payable within one year | 42/48 | €34,513 | €12,089 | -€22,424 | -65.0% |
| Trade debts | 44 | €295 | €543 | +€249 | +84.4% |
| Suppliers | 440/4 | €295 | €543 | +€249 | +84.4% |
| Taxes, remuneration and social security | 45 | €34,160 | €11,122 | -€23,038 | -67.4% |
| Taxes | 450/3 | €32,657 | €9,490 | -€23,167 | -70.9% |
| Remuneration and social security | 454/9 | €1,503 | €1,632 | +€129 | +8.6% |
| Other amounts payable | 47/48 | €58 | €423 | +€366 | +634.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9 | €521 | +€512 | +5774.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,000 | +€8,000 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €33,577 | -€27,774 | -€61,351 | |
| Operating profit (loss) | 9901 | €33,181 | -€36,695 | -€69,876 | |
| Financial charges | 65/66B | €90 | €150 | +€60 | +66.7% |
| Recurring financial charges | 65 | €90 | €150 | +€60 | +66.7% |
| Profit (loss) for the period before taxes | 9903 | €33,091 | -€36,845 | -€69,936 | |
| Income taxes | 67/77 | €11,165 | -€4 | -€11,169 | |
| Profit (loss) for the period | 9904 | €21,926 | -€36,841 | -€58,767 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,926 | -€36,841 | -€58,767 |
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.