ALPHA-TRACE: 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-TRACE
Largest movements
- Cash +€286,174
up €286,174 (+265%), from €108,190 to €394,364
mainly Current investments (+€146,188) and Net result for the year (+€108,591)
- Current investments -€146,188
down €146,188 (-76.6%), from €190,850 to €44,662
- Receivables within one year -€67,956
down €67,956 (-50.0%), from €136,041 to €68,085
of which Other amounts receivable: -€70,648
- Tangible fixed assets -€7,544
down €7,544 (-38.1%), from €19,823 to €12,279
of which Furniture and vehicles: -€12,067
- Reserves +€62,623
up €62,623 (+14.5%), from €431,922 to €494,546
- Tax, wage and social debts +€11,467
up €11,467 (+99.0%), from €11,584 to €23,051
- Provisions -€7,500
down €7,500 (-100%), from €7,500 to €0
- Gross operating margin -€12,218
down €12,218 (-7.2%), from €169,075 to €156,856
- Financial income +€9,923
up €9,923 (+245%), from €4,053 to €13,976
- Provisions -€7,500
new in 2025: -€7,500
- Taxes +€4,918
up €4,918 (+9.9%), from €49,777 to €54,695
- Financial charges -€3,160
down €3,160 (-99.1%), from €3,190 to €30
of which Non-recurring financial charges: -€3,071
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 | €471,473 | €538,138 | +€66,664 | +14.1% |
| Fixed assets | 21/28 | €36,324 | €28,779 | -€7,544 | -20.8% |
| Tangible fixed assets | 22/27 | €19,823 | €12,279 | -€7,544 | -38.1% |
| Land and buildings | 22 | €6,140 | €10,663 | +€4,523 | +73.7% |
| Furniture and vehicles | 24 | €13,683 | €1,616 | -€12,067 | -88.2% |
| Financial fixed assets | 28 | €16,500 | €16,500 | = | 0.0% |
| Current assets | 29/58 | €435,150 | €509,359 | +€74,209 | +17.1% |
| Amounts receivable within one year | 40/41 | €136,041 | €68,085 | -€67,956 | -50.0% |
| Trade receivables | 40 | €50,875 | €53,567 | +€2,692 | +5.3% |
| Other amounts receivable | 41 | €85,166 | €14,518 | -€70,648 | -83.0% |
| Current investments | 50/53 | €190,850 | €44,662 | -€146,188 | -76.6% |
| Cash at bank and in hand | 54/58 | €108,190 | €394,364 | +€286,174 | +265% |
| Deferred charges and accrued income | 490/1 | €69 | €2,247 | +€2,179 | +3,174% |
| Total equity and liabilities | 10/49 | €471,473 | €538,138 | +€66,664 | +14.1% |
| Equity | 10/15 | €450,472 | €513,096 | +€62,623 | +13.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €431,922 | €494,546 | +€62,623 | +14.5% |
| Distributable reserves | 133 | €431,922 | €494,546 | +€62,623 | +14.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €7,500 | €0 | -€7,500 | -100% |
| Provisions for liabilities and charges | 160/5 | €7,500 | €0 | -€7,500 | -100% |
| Other liabilities and charges | 164/5 | €7,500 | €0 | -€7,500 | -100% |
| Amounts payable | 17/49 | €13,501 | €25,042 | +€11,541 | +85.5% |
| Amounts payable within one year | 42/48 | €13,501 | €25,042 | +€11,541 | +85.5% |
| Trade debts | 44 | €1,917 | €1,991 | +€74 | +3.9% |
| Suppliers | 440/4 | €1,917 | €1,991 | +€74 | +3.9% |
| Taxes, remuneration and social security | 45 | €11,584 | €23,051 | +€11,467 | +99.0% |
| Taxes | 450/3 | €11,584 | €23,051 | +€11,467 | +99.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,484 | €13,384 | -€1,100 | -7.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€7,500 | -€7,500 | |
| Other operating charges | 640/8 | €2,618 | €1,632 | -€986 | -37.7% |
| Gross operating margin | 9900 | €169,075 | €156,856 | -€12,218 | -7.2% |
| Operating profit (loss) | 9901 | €151,972 | €149,340 | -€2,633 | -1.7% |
| Financial income | 75/76B | €4,053 | €13,976 | +€9,923 | +245% |
| Recurring financial income | 75 | €4,053 | €13,976 | +€9,923 | +245% |
| Financial charges | 65/66B | €3,190 | €30 | -€3,160 | -99.1% |
| Recurring financial charges | 65 | €119 | €30 | -€89 | -75.0% |
| Non-recurring financial charges | 66B | €3,071 | €0 | -€3,071 | -100% |
| Profit (loss) for the period before taxes | 9903 | €152,835 | €163,286 | +€10,451 | +6.8% |
| Income taxes | 67/77 | €49,777 | €54,695 | +€4,918 | +9.9% |
| Profit (loss) for the period | 9904 | €103,058 | €108,591 | +€5,533 | +5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €103,058 | €108,591 | +€5,533 | +5.4% |
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 16 October 2026 via checked.be.