ALPHA - 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 - ALPHA
Largest movements
- Receivables within one year +€322,312
new in 2025: €322,312
of which Other amounts receivable: +€301,515
- Cash -€154,328
down €154,328 (-61.6%), from €250,451 to €96,123
mainly Receivables within one year (-€322,312) and Current investments (-€100,000)
- Current investments +€100,000
new in 2025: €100,000
- Debts after one year +€262,500
up €262,500 (+19.1%), from €1.4m to €1.6m
of which Other amounts payable: +€275,000
- Gross operating margin +€4,176
up €4,176 (+16.0%), from €26,057 to €30,233
- Depreciation +€1,390
up €1,390 (+10.0%), from €13,961 to €15,351
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 | €708,975 | €975,290 | +€266,315 | +37.6% |
| Fixed assets | 21/28 | €454,306 | €448,308 | -€5,999 | -1.3% |
| Tangible fixed assets | 22/27 | €454,306 | €448,308 | -€5,999 | -1.3% |
| Land and buildings | 22 | €447,543 | €440,788 | -€6,755 | -1.5% |
| Plant, machinery and equipment | 23 | €172 | €3,157 | +€2,985 | +1735.4% |
| Furniture and vehicles | 24 | €6,591 | €4,363 | -€2,229 | -33.8% |
| Current assets | 29/58 | €254,669 | €526,982 | +€272,313 | +106.9% |
| Amounts receivable within one year | 40/41 | - | €322,312 | +€322,312 | |
| Trade receivables | 40 | - | €20,796 | +€20,796 | |
| Other amounts receivable | 41 | - | €301,515 | +€301,515 | |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €250,451 | €96,123 | -€154,328 | -61.6% |
| Deferred charges and accrued income | 490/1 | €4,218 | €8,547 | +€4,329 | +102.7% |
| Total equity and liabilities | 10/49 | €708,975 | €975,290 | +€266,315 | +37.6% |
| Equity | 10/15 | -€669,163 | -€661,072 | +€8,091 | +1.2% |
| Contributions | 10/11 | €1,487,361 | €1,487,361 | = | 0.0% |
| Capital | 10 | €1,487,361 | €1,487,361 | = | 0.0% |
| Issued capital | 100 | €1,487,361 | €1,487,361 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,156,524 | -€2,148,433 | +€8,091 | +0.4% |
| Amounts payable | 17/49 | €1,378,137 | €1,636,362 | +€258,224 | +18.7% |
| Amounts payable after more than one year | 17 | €1,372,500 | €1,635,000 | +€262,500 | +19.1% |
| Financial debts | 170/4 | €1,017,500 | €1,005,000 | -€12,500 | -1.2% |
| Other amounts payable | 178/9 | €355,000 | €630,000 | +€275,000 | +77.5% |
| Amounts payable within one year | 42/48 | €5,637 | €1,362 | -€4,276 | -75.8% |
| Trade debts | 44 | €5,637 | - | -€5,637 | |
| Suppliers | 440/4 | €5,637 | - | -€5,637 | |
| Taxes, remuneration and social security | 45 | - | €1,181 | +€1,181 | |
| Taxes | 450/3 | - | €1,181 | +€1,181 | |
| Other amounts payable | 47/48 | - | €180 | +€180 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,961 | €15,351 | +€1,390 | +10.0% |
| Other operating charges | 640/8 | €2,712 | €2,764 | +€52 | +1.9% |
| Gross operating margin | 9900 | €26,057 | €30,233 | +€4,176 | +16.0% |
| Operating profit (loss) | 9901 | €9,385 | €12,118 | +€2,733 | +29.1% |
| Financial charges | 65/66B | €4,032 | €4,028 | -€5 | -0.1% |
| Recurring financial charges | 65 | €4,032 | €4,028 | -€5 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €5,352 | €8,091 | +€2,738 | +51.2% |
| Profit (loss) for the period | 9904 | €5,352 | €8,091 | +€2,738 | +51.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,352 | €8,091 | +€2,738 | +51.2% |
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 28 September 2026 via checked.be.