ALPHA RED BELGIUM: 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 RED BELGIUM
Largest movements
- Receivables within one year +€88,522
up €88,522 (+90.0%), from €98,323 to €186,845
of which Trade receivables: +€77,186
- Stocks and contracts -€58,783
down €58,783 (-38.4%), from €153,031 to €94,248
- Tangible fixed assets +€52,635
up €52,635 (+264%), from €19,957 to €72,592
of which Furniture and vehicles: +€52,344
- Cash -€28,371
down €28,371 (-11.8%), from €240,943 to €212,572
mainly Receivables within one year (-€88,522) and Investment in fixed assets (net) (-€64,039)
- Reserves +€74,396
up €74,396 (+18.8%), from €395,970 to €470,365
- Trade debts -€24,041
down €24,041 (-46.9%), from €51,300 to €27,258
- Tax, wage and social debts +€10,353
new in 2025: €10,353
- Other operating charges -€20,509
down €20,509 (-42.0%), from €48,802 to €28,293
- Gross operating margin -€18,276
down €18,276 (-11.7%), from €156,501 to €138,226
- Financial income -€4,248
down €4,248 (-52.9%), from €8,029 to €3,781
- Depreciation +€4,008
up €4,008 (+54.2%), from €7,396 to €11,404
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 | €515,990 | €570,820 | +€54,830 | +10.6% |
| Fixed assets | 21/28 | €19,957 | €72,592 | +€52,635 | +264% |
| Tangible fixed assets | 22/27 | €19,957 | €72,592 | +€52,635 | +264% |
| Plant, machinery and equipment | 23 | €1,205 | €767 | -€438 | -36.4% |
| Furniture and vehicles | 24 | €12,886 | €65,230 | +€52,344 | +406% |
| Other tangible fixed assets | 26 | €5,867 | €6,595 | +€728 | +12.4% |
| Current assets | 29/58 | €496,033 | €498,228 | +€2,195 | +0.4% |
| Stocks and contracts in progress | 3 | €153,031 | €94,248 | -€58,783 | -38.4% |
| Stocks | 30/36 | €153,031 | €94,248 | -€58,783 | -38.4% |
| Amounts receivable within one year | 40/41 | €98,323 | €186,845 | +€88,522 | +90.0% |
| Trade receivables | 40 | €26,938 | €104,124 | +€77,186 | +287% |
| Other amounts receivable | 41 | €71,385 | €82,721 | +€11,336 | +15.9% |
| Cash at bank and in hand | 54/58 | €240,943 | €212,572 | -€28,371 | -11.8% |
| Deferred charges and accrued income | 490/1 | €3,736 | €4,563 | +€827 | +22.1% |
| Total equity and liabilities | 10/49 | €515,990 | €570,820 | +€54,830 | +10.6% |
| Equity | 10/15 | €455,970 | €530,365 | +€74,396 | +16.3% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €395,970 | €470,365 | +€74,396 | +18.8% |
| Distributable reserves | 133 | €395,970 | €470,365 | +€74,396 | +18.8% |
| Amounts payable | 17/49 | €60,020 | €40,455 | -€19,565 | -32.6% |
| Amounts payable within one year | 42/48 | €60,020 | €40,455 | -€19,565 | -32.6% |
| Trade debts | 44 | €51,300 | €27,258 | -€24,041 | -46.9% |
| Suppliers | 440/4 | €51,300 | €27,258 | -€24,041 | -46.9% |
| Advances received on contracts in progress | 46 | €3,721 | €2,680 | -€1,041 | -28.0% |
| Taxes, remuneration and social security | 45 | - | €10,353 | +€10,353 | |
| Taxes | 450/3 | - | €10,353 | +€10,353 | |
| Other amounts payable | 47/48 | €5,000 | €164 | -€4,836 | -96.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,396 | €11,404 | +€4,008 | +54.2% |
| Other operating charges | 640/8 | €48,802 | €28,293 | -€20,509 | -42.0% |
| Gross operating margin | 9900 | €156,501 | €138,226 | -€18,276 | -11.7% |
| Operating profit (loss) | 9901 | €100,303 | €98,529 | -€1,774 | -1.8% |
| Financial income | 75/76B | €8,029 | €3,781 | -€4,248 | -52.9% |
| Recurring financial income | 75 | €8,029 | €3,781 | -€4,248 | -52.9% |
| Financial charges | 65/66B | €926 | €818 | -€109 | -11.7% |
| Recurring financial charges | 65 | €926 | €818 | -€109 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €107,405 | €101,492 | -€5,914 | -5.5% |
| Income taxes | 67/77 | €27,495 | €27,096 | -€399 | -1.5% |
| Profit (loss) for the period | 9904 | €79,910 | €74,396 | -€5,515 | -6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €79,910 | €74,396 | -€5,515 | -6.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.