ALPHA GARDEN: 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 GARDEN
Largest movements
- Receivables within one year -€62,825
down €62,825 (-18.8%), from €334,874 to €272,049
of which Trade receivables: -€63,449
- Stocks and contracts +€53,000
new in 2025: €53,000
- Tangible fixed assets -€34,228
down €34,228 (-15.9%), from €215,221 to €180,993
of which Plant, machinery and equipment: -€21,950
- Cash -€25,887
down €25,887 (-48.6%), from €53,264 to €27,377
mainly Trade debts (-€60,715) and Stocks and contracts (-€53,000)
- Trade debts -€60,715
down €60,715 (-38.1%), from €159,384 to €98,670
- Other debts +€27,945
up €27,945 (+16.4%), from €169,945 to €197,890
- Tax, wage and social debts -€12,933
down €12,933 (-43.2%), from €29,931 to €16,999
of which Taxes: -€13,502
- Debts after one year -€10,809
down €10,809 (-21.2%), from €50,994 to €40,185
- Reserves -€9,994
down €9,994 (-10.1%), from €99,048 to €89,055
- Gross operating margin -€21,842
down €21,842 (-8.7%), from €251,524 to €229,683
- Provisions +€17,075
up €17,075, from -€15,348 to €1,727
- Staff costs +€16,052
up €16,052 (+20.5%), from €78,124 to €94,175
- Depreciation -€10,839
down €10,839 (-15.3%), from €70,749 to €59,909
- Taxes -€5,219
down €5,219 (-100.0%), from €5,219 to €0
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 | €612,036 | €542,405 | -€69,632 | -11.4% |
| Fixed assets | 21/28 | €217,921 | €183,693 | -€34,228 | -15.7% |
| Tangible fixed assets | 22/27 | €215,221 | €180,993 | -€34,228 | -15.9% |
| Land and buildings | 22 | €67,352 | €58,672 | -€8,679 | -12.9% |
| Plant, machinery and equipment | 23 | €70,097 | €48,147 | -€21,950 | -31.3% |
| Furniture and vehicles | 24 | €21,171 | €10,708 | -€10,463 | -49.4% |
| Leasing and similar rights | 25 | €56,602 | €63,466 | +€6,864 | +12.1% |
| Financial fixed assets | 28 | €2,700 | €2,700 | = | 0.0% |
| Current assets | 29/58 | €394,115 | €358,711 | -€35,404 | -9.0% |
| Stocks and contracts in progress | 3 | - | €53,000 | +€53,000 | |
| Stocks | 30/36 | - | €53,000 | +€53,000 | |
| Amounts receivable within one year | 40/41 | €334,874 | €272,049 | -€62,825 | -18.8% |
| Trade receivables | 40 | €328,665 | €265,215 | -€63,449 | -19.3% |
| Other amounts receivable | 41 | €6,209 | €6,834 | +€625 | +10.1% |
| Cash at bank and in hand | 54/58 | €53,264 | €27,377 | -€25,887 | -48.6% |
| Deferred charges and accrued income | 490/1 | €5,978 | €6,285 | +€308 | +5.1% |
| Total equity and liabilities | 10/49 | €612,036 | €542,405 | -€69,632 | -11.4% |
| Equity | 10/15 | €104,048 | €94,055 | -€9,994 | -9.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €99,048 | €89,055 | -€9,994 | -10.1% |
| Distributable reserves | 133 | €99,048 | €89,055 | -€9,994 | -10.1% |
| Provisions and deferred taxes | 16 | €54,027 | €55,754 | +€1,727 | +3.2% |
| Provisions for liabilities and charges | 160/5 | €54,027 | €55,754 | +€1,727 | +3.2% |
| Other liabilities and charges | 164/5 | €54,027 | €55,754 | +€1,727 | +3.2% |
| Amounts payable | 17/49 | €453,961 | €392,596 | -€61,365 | -13.5% |
| Amounts payable after more than one year | 17 | €50,994 | €40,185 | -€10,809 | -21.2% |
| Financial debts | 170/4 | €50,994 | €40,185 | -€10,809 | -21.2% |
| Amounts payable within one year | 42/48 | €402,889 | €352,411 | -€50,479 | -12.5% |
| Current portion of amounts payable after more than one year | 42 | €43,629 | €38,853 | -€4,776 | -10.9% |
| Trade debts | 44 | €159,384 | €98,670 | -€60,715 | -38.1% |
| Suppliers | 440/4 | €159,384 | €98,670 | -€60,715 | -38.1% |
| Taxes, remuneration and social security | 45 | €29,931 | €16,999 | -€12,933 | -43.2% |
| Taxes | 450/3 | €17,008 | €3,506 | -€13,502 | -79.4% |
| Remuneration and social security | 454/9 | €12,923 | €13,493 | +€569 | +4.4% |
| Other amounts payable | 47/48 | €169,945 | €197,890 | +€27,945 | +16.4% |
| Accrued charges and deferred income | 492/3 | €78 | - | -€78 | |
| Remuneration, social security and pensions | 62 | €78,124 | €94,175 | +€16,052 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,749 | €59,909 | -€10,839 | -15.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€15,348 | €1,727 | +€17,075 | |
| Other operating charges | 640/8 | €2,289 | €4,596 | +€2,307 | +100.8% |
| Gross operating margin | 9900 | €251,524 | €229,683 | -€21,842 | -8.7% |
| Operating profit (loss) | 9901 | €115,711 | €69,275 | -€46,436 | -40.1% |
| Financial income | 75/76B | €77 | €2,262 | +€2,185 | +2820.4% |
| Recurring financial income | 75 | €77 | €91 | +€13 | +16.9% |
| Non-recurring financial income | 76B | - | €2,172 | +€2,172 | |
| Financial charges | 65/66B | €77,981 | €81,531 | +€3,550 | +4.6% |
| Recurring financial charges | 65 | €14,669 | €5,133 | -€9,536 | -65.0% |
| Non-recurring financial charges | 66B | €63,312 | €76,397 | +€13,086 | +20.7% |
| Profit (loss) for the period before taxes | 9903 | €37,807 | -€9,994 | -€47,801 | |
| Income taxes | 67/77 | €5,219 | €0 | -€5,219 | -100.0% |
| Profit (loss) for the period | 9904 | €32,588 | -€9,994 | -€42,582 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,588 | -€9,994 | -€42,582 |
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 6 October 2026 via checked.be.