ALPHA-ZETA: 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-ZETA
Largest movements
- Current investments +€152,734
up €152,734 (+44.9%), from €340,443 to €493,177
- Cash -€21,753
down €21,753 (-3.4%), from €646,790 to €625,037
mainly Current investments (-€152,734) and Contributions, distributions and other (-€36,022)
- Reserves +€123,200
up €123,200 (+15.7%), from €783,701 to €906,901
- Trade debts +€37,492
up €37,492 (+13.4%), from €279,826 to €317,318
- Tax, wage and social debts -€16,163
down €16,163 (-53.4%), from €30,278 to €14,115
- Financial income -€13,690
down €13,690 (-60.1%), from €22,787 to €9,097
- Financial charges +€9,042
up €9,042 (+603%), from €1,499 to €10,541
- Gross operating margin +€5,938
up €5,938 (+2.5%), from €234,195 to €240,133
- Taxes -€5,718
down €5,718 (-7.0%), from €81,636 to €75,919
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 | €1,187,520 | €1,331,184 | +€143,663 | +12.1% |
| Fixed assets | 21/28 | €8,681 | €14,729 | +€6,048 | +69.7% |
| Tangible fixed assets | 22/27 | €8,681 | €14,729 | +€6,048 | +69.7% |
| Plant, machinery and equipment | 23 | €8,681 | €14,729 | +€6,048 | +69.7% |
| Current assets | 29/58 | €1,178,839 | €1,316,455 | +€137,616 | +11.7% |
| Amounts receivable within one year | 40/41 | €190,675 | €197,225 | +€6,550 | +3.4% |
| Trade receivables | 40 | €169,606 | €188,930 | +€19,324 | +11.4% |
| Other amounts receivable | 41 | €21,069 | €8,295 | -€12,774 | -60.6% |
| Current investments | 50/53 | €340,443 | €493,177 | +€152,734 | +44.9% |
| Cash at bank and in hand | 54/58 | €646,790 | €625,037 | -€21,753 | -3.4% |
| Deferred charges and accrued income | 490/1 | €931 | €1,016 | +€85 | +9.1% |
| Total equity and liabilities | 10/49 | €1,187,520 | €1,331,184 | +€143,663 | +12.1% |
| Equity | 10/15 | €869,701 | €992,901 | +€123,200 | +14.2% |
| Contributions | 10/11 | €86,000 | €86,000 | = | 0.0% |
| Reserves | 13 | €783,701 | €906,901 | +€123,200 | +15.7% |
| Distributable reserves | 133 | €783,701 | €906,901 | +€123,200 | +15.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €317,819 | €338,283 | +€20,464 | +6.4% |
| Amounts payable within one year | 42/48 | €317,819 | €338,283 | +€20,464 | +6.4% |
| Trade debts | 44 | €279,826 | €317,318 | +€37,492 | +13.4% |
| Suppliers | 440/4 | €279,826 | €317,318 | +€37,492 | +13.4% |
| Advances received on contracts in progress | 46 | €7,221 | €6,192 | -€1,029 | -14.3% |
| Taxes, remuneration and social security | 45 | €30,278 | €14,115 | -€16,163 | -53.4% |
| Taxes | 450/3 | €30,278 | €14,115 | -€16,163 | -53.4% |
| Other amounts payable | 47/48 | €494 | €658 | +€164 | +33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,509 | €2,194 | +€685 | +45.4% |
| Other operating charges | 640/8 | €1,991 | €1,355 | -€635 | -31.9% |
| Gross operating margin | 9900 | €234,195 | €240,133 | +€5,938 | +2.5% |
| Operating profit (loss) | 9901 | €230,696 | €236,584 | +€5,888 | +2.6% |
| Financial income | 75/76B | €22,787 | €9,097 | -€13,690 | -60.1% |
| Recurring financial income | 75 | €22,787 | €9,097 | -€13,690 | -60.1% |
| Financial charges | 65/66B | €1,499 | €10,541 | +€9,042 | +603% |
| Recurring financial charges | 65 | €1,499 | €10,541 | +€9,042 | +603% |
| Profit (loss) for the period before taxes | 9903 | €251,984 | €235,140 | -€16,844 | -6.7% |
| Income taxes | 67/77 | €81,636 | €75,919 | -€5,718 | -7.0% |
| Profit (loss) for the period | 9904 | €170,348 | €159,222 | -€11,126 | -6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €170,348 | €159,222 | -€11,126 | -6.5% |
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 22 October 2026 via checked.be.