Alpha Reel: 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 Reel
Largest movements
- Cash -€95,530
down €95,530 (-44.3%), from €215,827 to €120,297
mainly Stocks and contracts (-€90,224) and Receivables within one year (-€57,620)
- Stocks and contracts +€90,224
up €90,224 (+43.8%), from €206,000 to €296,224
- Receivables within one year +€57,620
up €57,620 (+137%), from €42,160 to €99,780
of which Trade receivables: +€57,533
- Profit (loss) carried forward +€116,711
up €116,711 (+244%), from €47,738 to €164,449
- Trade debts -€32,683
down €32,683 (-44.0%), from €74,256 to €41,572
- Debts after one year -€25,050
down €25,050 (-16.2%), from €154,816 to €129,766
- Reserves -€19,028
down €19,028 (-5.5%), from €342,868 to €323,840
of which Distributable reserves: -€19,028
- Other debts +€17,767
up €17,767 (+60.2%), from €29,513 to €47,279
- Gross operating margin +€114,712
up €114,712 (+57.5%), from €199,646 to €314,358
- Staff costs +€40,116
up €40,116 (+51.0%), from €78,662 to €118,778
- Taxes +€14,857
up €14,857 (+70.8%), from €20,987 to €35,844
- Financial charges -€9,352
down €9,352 (-48.1%), from €19,458 to €10,107
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 | €722,067 | €779,103 | +€57,036 | +7.9% |
| Fixed assets | 21/28 | €255,797 | €257,274 | +€1,477 | +0.6% |
| Intangible fixed assets | 21 | €3,420 | €1,156 | -€2,265 | -66.2% |
| Tangible fixed assets | 22/27 | €248,626 | €252,369 | +€3,742 | +1.5% |
| Land and buildings | 22 | €216,313 | €205,290 | -€11,023 | -5.1% |
| Plant, machinery and equipment | 23 | €19,425 | €17,543 | -€1,882 | -9.7% |
| Furniture and vehicles | 24 | €12,888 | €29,535 | +€16,647 | +129% |
| Financial fixed assets | 28 | €3,750 | €3,750 | = | 0.0% |
| Current assets | 29/58 | €466,271 | €521,829 | +€55,558 | +11.9% |
| Stocks and contracts in progress | 3 | €206,000 | €296,224 | +€90,224 | +43.8% |
| Stocks | 30/36 | €206,000 | €296,224 | +€90,224 | +43.8% |
| Amounts receivable within one year | 40/41 | €42,160 | €99,780 | +€57,620 | +137% |
| Trade receivables | 40 | €42,070 | €99,603 | +€57,533 | +137% |
| Other amounts receivable | 41 | €90 | €177 | +€87 | +96.7% |
| Cash at bank and in hand | 54/58 | €215,827 | €120,297 | -€95,530 | -44.3% |
| Deferred charges and accrued income | 490/1 | €2,283 | €5,528 | +€3,245 | +142% |
| Total equity and liabilities | 10/49 | €722,067 | €779,103 | +€57,036 | +7.9% |
| Equity | 10/15 | €409,206 | €506,889 | +€97,683 | +23.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €342,868 | €323,840 | -€19,028 | -5.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €1,045 | €1,045 | = | 0.0% |
| Distributable reserves | 133 | €341,823 | €322,795 | -€19,028 | -5.6% |
| Profit (loss) carried forward | 14 | €47,738 | €164,449 | +€116,711 | +244% |
| Amounts payable | 17/49 | €312,861 | €272,214 | -€40,647 | -13.0% |
| Amounts payable after more than one year | 17 | €154,816 | €129,766 | -€25,050 | -16.2% |
| Financial debts | 170/4 | €154,816 | €129,766 | -€25,050 | -16.2% |
| Amounts payable within one year | 42/48 | €155,949 | €140,260 | -€15,689 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €26,427 | €25,050 | -€1,377 | -5.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €74,256 | €41,572 | -€32,683 | -44.0% |
| Suppliers | 440/4 | €74,256 | €41,572 | -€32,683 | -44.0% |
| Taxes, remuneration and social security | 45 | €25,753 | €26,358 | +€605 | +2.3% |
| Taxes | 450/3 | €9,923 | €5,302 | -€4,621 | -46.6% |
| Remuneration and social security | 454/9 | €15,830 | €21,056 | +€5,225 | +33.0% |
| Other amounts payable | 47/48 | €29,513 | €47,279 | +€17,767 | +60.2% |
| Accrued charges and deferred income | 492/3 | €2,096 | €2,188 | +€92 | +4.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €78,662 | €118,778 | +€40,116 | +51.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,010 | €28,502 | +€2,492 | +9.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €4,190 | €6,201 | +€2,011 | +48.0% |
| Gross operating margin | 9900 | €199,646 | €314,358 | +€114,712 | +57.5% |
| Operating profit (loss) | 9901 | €90,784 | €160,876 | +€70,092 | +77.2% |
| Financial income | 75/76B | €969 | €1,786 | +€816 | +84.2% |
| Recurring financial income | 75 | €969 | €1,786 | +€816 | +84.2% |
| Financial charges | 65/66B | €19,458 | €10,107 | -€9,352 | -48.1% |
| Recurring financial charges | 65 | €19,458 | €10,107 | -€9,352 | -48.1% |
| Profit (loss) for the period before taxes | 9903 | €72,295 | €152,555 | +€80,261 | +111% |
| Income taxes | 67/77 | €20,987 | €35,844 | +€14,857 | +70.8% |
| Profit (loss) for the period | 9904 | €51,308 | €116,711 | +€65,404 | +127% |
| Profit (loss) for the period to be appropriated | 9905 | €51,308 | €116,711 | +€65,404 | +127% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.