ALPHA-BUSINESS: 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-BUSINESS
Largest movements
- Financial fixed assets +€2.7m
up €2.7m (+53.1%), from €5.1m to €7.9m
- Receivables within one year +€1.2m
up €1.2m (+959%), from €122,146 to €1.3m
of which Other amounts receivable: +€1.2m
- Stocks and contracts -€309,838
down €309,838 (-76.4%), from €405,773 to €95,936
- Tangible fixed assets -€184,638
down €184,638 (-6.0%), from €3.1m to €2.9m
of which Land and buildings: -€167,457
- Intangible fixed assets -€181,564
down €181,564 (-20.0%), from €907,821 to €726,256
- Reserves +€2.8m
up €2.8m (+41.3%), from €6.7m to €9.5m
of which Distributable reserves: +€2.8m
- Tax, wage and social debts +€287,961
up €287,961 (+7,063%), from €4,077 to €292,038
- Other debts +€144,331
up €144,331 (+19.5%), from €741,009 to €885,340
- Financial income +€3.1m
up €3.1m (+2,310%), from €135,751 to €3.3m
of which Non-recurring financial income: +€3.0m
- Taxes +€281,075
up €281,075 (+198,094%), from €142 to €281,217
- Financial charges -€267,886
down €267,886 (-74.0%), from €361,848 to €93,963
- Gross operating margin +€123,499
up €123,499 (+80.5%), from €153,328 to €276,827
- Other operating charges -€7,150
down €7,150 (-14.8%), from €48,475 to €41,325
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.
Derived cash bridge
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 | €9,714,308 | €12,890,845 | +€3.2m | +32.7% |
| Fixed assets | 21/28 | €9,126,714 | €11,488,372 | +€2.4m | +25.9% |
| Intangible fixed assets | 21 | €907,821 | €726,256 | -€181,564 | -20.0% |
| Tangible fixed assets | 22/27 | €3,084,011 | €2,899,373 | -€184,638 | -6.0% |
| Land and buildings | 22 | €3,022,799 | €2,855,341 | -€167,457 | -5.5% |
| Plant, machinery and equipment | 23 | €14,612 | €9,741 | -€4,871 | -33.3% |
| Furniture and vehicles | 24 | €46,601 | €34,290 | -€12,310 | -26.4% |
| Financial fixed assets | 28 | €5,134,882 | €7,862,742 | +€2.7m | +53.1% |
| Current assets | 29/58 | €587,594 | €1,402,474 | +€814,880 | +139% |
| Stocks and contracts in progress | 3 | €405,773 | €95,936 | -€309,838 | -76.4% |
| Stocks | 30/36 | €405,773 | €95,936 | -€309,838 | -76.4% |
| Amounts receivable within one year | 40/41 | €122,146 | €1,293,256 | +€1.2m | +959% |
| Trade receivables | 40 | €17,146 | €19,119 | +€1,973 | +11.5% |
| Other amounts receivable | 41 | €105,000 | €1,274,137 | +€1.2m | +1,113% |
| Cash at bank and in hand | 54/58 | €53,217 | €9,314 | -€43,903 | -82.5% |
| Deferred charges and accrued income | 490/1 | €6,458 | €3,968 | -€2,490 | -38.6% |
| Total equity and liabilities | 10/49 | €9,714,308 | €12,890,845 | +€3.2m | +32.7% |
| Equity | 10/15 | €6,798,887 | €9,573,839 | +€2.8m | +40.8% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €6,723,887 | €9,498,839 | +€2.8m | +41.3% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €514,760 | €478,842 | -€35,918 | -7.0% |
| Distributable reserves | 133 | €6,201,628 | €9,012,498 | +€2.8m | +45.3% |
| Provisions and deferred taxes | 16 | €128,690 | €119,710 | -€8,980 | -7.0% |
| Deferred taxes | 168 | €128,690 | €119,710 | -€8,980 | -7.0% |
| Amounts payable | 17/49 | €2,786,731 | €3,197,296 | +€410,565 | +14.7% |
| Amounts payable after more than one year | 17 | €69,190 | €5,339 | -€63,851 | -92.3% |
| Financial debts | 170/4 | €69,190 | €5,339 | -€63,851 | -92.3% |
| Amounts payable within one year | 42/48 | €2,714,969 | €3,188,725 | +€473,756 | +17.4% |
| Current portion of amounts payable after more than one year | 42 | €63,451 | €63,851 | +€400 | +0.6% |
| Financial debts | 43 | €1,891,739 | €1,945,375 | +€53,636 | +2.8% |
| Credit institutions | 430/8 | €1,891,739 | €1,945,375 | +€53,636 | +2.8% |
| Trade debts | 44 | €14,358 | €2,121 | -€12,238 | -85.2% |
| Suppliers | 440/4 | €14,358 | €2,121 | -€12,238 | -85.2% |
| Advances received on contracts in progress | 46 | €335 | €0 | -€335 | -100% |
| Taxes, remuneration and social security | 45 | €4,077 | €292,038 | +€287,961 | +7,063% |
| Taxes | 450/3 | €4,077 | €292,038 | +€287,961 | +7,063% |
| Other amounts payable | 47/48 | €741,009 | €885,340 | +€144,331 | +19.5% |
| Accrued charges and deferred income | 492/3 | €2,573 | €3,232 | +€659 | +25.6% |
| Non-recurring operating income | 76A | - | €15,165 | +€15,165 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €370,413 | €366,202 | -€4,210 | -1.1% |
| Other operating charges | 640/8 | €48,475 | €41,325 | -€7,150 | -14.8% |
| Gross operating margin | 9900 | €153,328 | €276,827 | +€123,499 | +80.5% |
| Operating profit (loss) | 9901 | -€265,560 | -€130,700 | +€134,859 | +50.8% |
| Financial income | 75/76B | €135,751 | €3,271,853 | +€3.1m | +2,310% |
| Recurring financial income | 75 | €135,751 | €297,793 | +€162,043 | +119% |
| Non-recurring financial income | 76B | - | €2,974,060 | +€3.0m | |
| Financial charges | 65/66B | €361,848 | €93,963 | -€267,886 | -74.0% |
| Recurring financial charges | 65 | €361,848 | €93,963 | -€267,886 | -74.0% |
| Profit (loss) for the period before taxes | 9903 | -€491,658 | €3,047,190 | +€3.5m | |
| Transfer from deferred taxes | 780 | €8,980 | €8,980 | = | 0.0% |
| Income taxes | 67/77 | €142 | €281,217 | +€281,075 | +198,094% |
| Profit (loss) for the period | 9904 | -€482,820 | €2,774,952 | +€3.3m | |
| Transfer from tax-exempt reserves | 789 | €35,918 | €35,918 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€446,902 | €2,810,870 | +€3.3m |
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 22 October 2026 via checked.be.