ALPHA FINANCIALS: 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 FINANCIALS
Largest movements
- Cash -€311,224
down €311,224 (-86.1%), from €361,621 to €50,397
mainly Other debts (-€200,185) and Current investments (-€150,000)
- Current investments +€150,000
new in 2025: €150,000
- Receivables within one year +€45,151
up €45,151 (+202%), from €22,385 to €67,536
of which Trade receivables: +€42,919
- Tangible fixed assets -€12,464
down €12,464 (-1.9%), from €642,728 to €630,264
of which Land and buildings: -€11,823
- Other debts -€200,185
down €200,185 (-63.6%), from €314,875 to €114,690
- Reserves +€78,577
up €78,577 (+9.9%), from €795,876 to €874,453
of which Distributable reserves: +€78,577
- Debts after one year -€12,429
down €12,429 (-62.5%), from €19,886 to €7,458
- Tax, wage and social debts +€12,405
up €12,405 (+361%), from €3,437 to €15,843
of which Taxes: +€11,352
- Gross operating margin +€24,206
up €24,206 (+14.5%), from €167,234 to €191,440
- Taxes +€5,476
up €5,476 (+13.8%), from €39,796 to €45,272
- Depreciation +€2,437
up €2,437 (+8.9%), from €27,515 to €29,952
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 | €1,170,689 | €1,043,473 | -€127,216 | -10.9% |
| Fixed assets | 21/28 | €783,929 | €771,465 | -€12,464 | -1.6% |
| Tangible fixed assets | 22/27 | €642,728 | €630,264 | -€12,464 | -1.9% |
| Land and buildings | 22 | €591,204 | €579,381 | -€11,823 | -2.0% |
| Plant, machinery and equipment | 23 | €6,147 | €4,823 | -€1,323 | -21.5% |
| Furniture and vehicles | 24 | €45,377 | €46,060 | +€683 | +1.5% |
| Financial fixed assets | 28 | €141,201 | €141,201 | = | 0.0% |
| Current assets | 29/58 | €386,760 | €272,007 | -€114,752 | -29.7% |
| Amounts receivable within one year | 40/41 | €22,385 | €67,536 | +€45,151 | +202% |
| Trade receivables | 40 | €22,385 | €65,304 | +€42,919 | +192% |
| Other amounts receivable | 41 | - | €2,233 | +€2,233 | |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €361,621 | €50,397 | -€311,224 | -86.1% |
| Deferred charges and accrued income | 490/1 | €2,754 | €4,074 | +€1,320 | +47.9% |
| Total equity and liabilities | 10/49 | €1,170,689 | €1,043,473 | -€127,216 | -10.9% |
| Equity | 10/15 | €814,476 | €893,053 | +€78,577 | +9.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €795,876 | €874,453 | +€78,577 | +9.9% |
| Tax-exempt reserves | 132 | €21,050 | €21,050 | = | 0.0% |
| Distributable reserves | 133 | €774,826 | €853,403 | +€78,577 | +10.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €356,213 | €150,420 | -€205,793 | -57.8% |
| Amounts payable after more than one year | 17 | €19,886 | €7,458 | -€12,429 | -62.5% |
| Financial debts | 170/4 | €19,886 | €7,458 | -€12,429 | -62.5% |
| Amounts payable within one year | 42/48 | €336,326 | €142,962 | -€193,364 | -57.5% |
| Current portion of amounts payable after more than one year | 42 | €11,992 | €12,429 | +€436 | +3.6% |
| Trade debts | 44 | €6,021 | €0 | -€6,021 | -100% |
| Suppliers | 440/4 | €6,021 | €0 | -€6,021 | -100% |
| Taxes, remuneration and social security | 45 | €3,437 | €15,843 | +€12,405 | +361% |
| Taxes | 450/3 | €3,437 | €14,790 | +€11,352 | +330% |
| Remuneration and social security | 454/9 | €0 | €1,053 | +€1,053 | |
| Other amounts payable | 47/48 | €314,875 | €114,690 | -€200,185 | -63.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,515 | €29,952 | +€2,437 | +8.9% |
| Other operating charges | 640/8 | €4,447 | €4,514 | +€67 | +1.5% |
| Non-recurring operating charges | 66A | - | €11,226 | +€11,226 | |
| Gross operating margin | 9900 | €167,234 | €191,440 | +€24,206 | +14.5% |
| Operating profit (loss) | 9901 | €135,272 | €145,748 | +€10,476 | +7.7% |
| Financial income | 75/76B | €1,007 | €299 | -€708 | -70.3% |
| Recurring financial income | 75 | €1,007 | €299 | -€708 | -70.3% |
| Financial charges | 65/66B | €1,553 | €1,137 | -€417 | -26.8% |
| Recurring financial charges | 65 | €1,553 | €1,137 | -€417 | -26.8% |
| Profit (loss) for the period before taxes | 9903 | €134,726 | €144,910 | +€10,184 | +7.6% |
| Income taxes | 67/77 | €39,796 | €45,272 | +€5,476 | +13.8% |
| Profit (loss) for the period | 9904 | €94,930 | €99,638 | +€4,708 | +5.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €94,930 | €99,638 | +€4,708 | +5.0% |
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 18 October 2026 via checked.be.