ALPHA FREEZE: 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 FREEZE
Largest movements
- Receivables within one year +€568,317
up €568,317 (+177%), from €320,329 to €888,646
of which Trade receivables: +€565,895
- Cash -€273,454
down €273,454 (-73.2%), from €373,817 to €100,362
mainly Receivables within one year (-€568,317) and Stocks and contracts (-€181,909)
- Stocks and contracts +€181,909
up €181,909 (+150%), from €121,245 to €303,154
- Tangible fixed assets -€46,688
down €46,688 (-12.8%), from €363,658 to €316,971
- Trade debts +€312,209
up €312,209 (+124%), from €252,116 to €564,326
- Reserves +€143,847
up €143,847 (+27.1%), from €531,085 to €674,931
- Debts after one year -€70,648
down €70,648 (-33.9%), from €208,645 to €137,997
- Tax, wage and social debts +€43,709
up €43,709 (+46.0%), from €94,987 to €138,696
of which Taxes: +€36,817
- Staff costs -€120,800
down €120,800 (-44.2%), from €273,057 to €152,257
- Gross operating margin -€51,990
down €51,990 (-10.5%), from €494,934 to €442,944
- Taxes +€19,063
up €19,063 (+39.6%), from €48,168 to €67,231
- Financial charges -€9,415
down €9,415 (-32.7%), from €28,813 to €19,398
of which Financial charges: -€6,853
- Write-downs +€8,336
up €8,336 (+436%), from €1,910 to €10,246
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 | €1,179,230 | €1,609,313 | +€430,083 | +36.5% |
| Fixed assets | 21/28 | €363,838 | €317,151 | -€46,688 | -12.8% |
| Tangible fixed assets | 22/27 | €363,658 | €316,971 | -€46,688 | -12.8% |
| Land and buildings | 22 | €222,883 | €200,595 | -€22,288 | -10.0% |
| Plant, machinery and equipment | 23 | €90,208 | €79,178 | -€11,030 | -12.2% |
| Furniture and vehicles | 24 | €50,568 | €37,198 | -€13,370 | -26.4% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €815,391 | €1,292,162 | +€476,771 | +58.5% |
| Stocks and contracts in progress | 3 | €121,245 | €303,154 | +€181,909 | +150% |
| Stocks | 30/36 | €121,245 | €303,154 | +€181,909 | +150% |
| Amounts receivable within one year | 40/41 | €320,329 | €888,646 | +€568,317 | +177% |
| Trade receivables | 40 | €288,152 | €854,047 | +€565,895 | +196% |
| Other amounts receivable | 41 | €32,177 | €34,599 | +€2,421 | +7.5% |
| Cash at bank and in hand | 54/58 | €373,817 | €100,362 | -€273,454 | -73.2% |
| Total equity and liabilities | 10/49 | €1,179,230 | €1,609,313 | +€430,083 | +36.5% |
| Equity | 10/15 | €549,685 | €693,531 | +€143,847 | +26.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €531,085 | €674,931 | +€143,847 | +27.1% |
| Distributable reserves | 133 | €531,085 | €674,931 | +€143,847 | +27.1% |
| Amounts payable | 17/49 | €629,545 | €915,782 | +€286,237 | +45.5% |
| Amounts payable after more than one year | 17 | €208,645 | €137,997 | -€70,648 | -33.9% |
| Financial debts | 170/4 | €208,645 | €137,997 | -€70,648 | -33.9% |
| Amounts payable within one year | 42/48 | €420,900 | €777,785 | +€356,885 | +84.8% |
| Current portion of amounts payable after more than one year | 42 | €73,796 | €74,764 | +€967 | +1.3% |
| Trade debts | 44 | €252,116 | €564,326 | +€312,209 | +124% |
| Suppliers | 440/4 | €252,116 | €564,326 | +€312,209 | +124% |
| Taxes, remuneration and social security | 45 | €94,987 | €138,696 | +€43,709 | +46.0% |
| Taxes | 450/3 | €75,620 | €112,437 | +€36,817 | +48.7% |
| Remuneration and social security | 454/9 | €19,367 | €26,258 | +€6,891 | +35.6% |
| Remuneration, social security and pensions | 62 | €273,057 | €152,257 | -€120,800 | -44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,311 | €52,568 | +€5,257 | +11.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,910 | €10,246 | +€8,336 | +436% |
| Other operating charges | 640/8 | €5,460 | €4,245 | -€1,215 | -22.3% |
| Gross operating margin | 9900 | €494,934 | €442,944 | -€51,990 | -10.5% |
| Operating profit (loss) | 9901 | €167,196 | €223,629 | +€56,433 | +33.8% |
| Financial income | 75/76B | €8,152 | €6,847 | -€1,305 | -16.0% |
| Recurring financial income | 75 | €8,152 | €6,847 | -€1,305 | -16.0% |
| Non-recurring financial income | 76B | €8,152 | €6,847 | -€1,305 | -16.0% |
| Financial charges | 65/66B | €28,813 | €19,398 | -€9,415 | -32.7% |
| Recurring financial charges | 65 | €26,250 | €19,398 | -€6,853 | -26.1% |
| Non-recurring financial charges | 66B | €2,562 | - | -€2,562 | |
| Profit (loss) for the period before taxes | 9903 | €146,536 | €211,078 | +€64,542 | +44.0% |
| Income taxes | 67/77 | €48,168 | €67,231 | +€19,063 | +39.6% |
| Profit (loss) for the period | 9904 | €98,368 | €143,847 | +€45,479 | +46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €98,368 | €143,847 | +€45,479 | +46.2% |
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 21 October 2026 via checked.be.