ALPHAR: 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.
ALPHAR
Largest movements
- Receivables within one year -€516,906
down €516,906 (-54.3%), from €951,106 to €434,200
of which Trade receivables: -€543,338
- Cash -€424,428
down €424,428 (-74.7%), from €568,516 to €144,088
mainly Other debts (-€755,153) and Trade debts (-€142,118)
- Tangible fixed assets -€44,022
down €44,022 (-81.8%), from €53,796 to €9,775
of which Furniture and vehicles: -€42,399
- Stocks and contracts -€27,321
down €27,321 (-28.5%), from €95,821 to €68,500
- Other debts -€755,153
down €755,153 (-81.7%), from €924,158 to €169,004
- Trade debts -€142,118
down €142,118 (-86.3%), from €164,629 to €22,511
- Profit (loss) carried forward -€101,511
down €101,511 (-26.1%), from €389,103 to €287,591
- Current portion of long-term debt -€19,847
no longer reported in 2025 (was €19,847)
- Gross operating margin -€332,980
down €332,980 (-99.5%), from €334,742 to €1,763
- Provisions +€62,700
no longer reported in 2025 (was -€62,700)
- Financial charges -€54,414
down €54,414 (-93.2%), from €58,377 to €3,963
- Taxes -€37,786
down €37,786 (-98.3%), from €38,441 to €655
- Depreciation -€27,111
down €27,111 (-87.4%), from €31,013 to €3,903
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 | €1,669,239 | €658,779 | -€1.0m | -60.5% |
| Fixed assets | 21/28 | €53,796 | €9,775 | -€44,022 | -81.8% |
| Tangible fixed assets | 22/27 | €53,796 | €9,775 | -€44,022 | -81.8% |
| Land and buildings | 22 | €4,462 | €4,462 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,190 | €1,567 | -€1,623 | -50.9% |
| Furniture and vehicles | 24 | €46,145 | €3,746 | -€42,399 | -91.9% |
| Current assets | 29/58 | €1,615,443 | €649,005 | -€966,438 | -59.8% |
| Stocks and contracts in progress | 3 | €95,821 | €68,500 | -€27,321 | -28.5% |
| Stocks | 30/36 | €95,821 | €68,500 | -€27,321 | -28.5% |
| Amounts receivable within one year | 40/41 | €951,106 | €434,200 | -€516,906 | -54.3% |
| Trade receivables | 40 | €938,741 | €395,403 | -€543,338 | -57.9% |
| Other amounts receivable | 41 | €12,365 | €38,797 | +€26,431 | +213.8% |
| Cash at bank and in hand | 54/58 | €568,516 | €144,088 | -€424,428 | -74.7% |
| Deferred charges and accrued income | 490/1 | - | €2,217 | +€2,217 | |
| Total equity and liabilities | 10/49 | €1,669,239 | €658,779 | -€1.0m | -60.5% |
| Equity | 10/15 | €554,800 | €453,289 | -€101,511 | -18.3% |
| Contributions | 10/11 | €165,679 | €165,679 | = | 0.0% |
| Reserves | 13 | €19 | €19 | = | 0.0% |
| Distributable reserves | 133 | €19 | €19 | = | 0.0% |
| Profit (loss) carried forward | 14 | €389,103 | €287,591 | -€101,511 | -26.1% |
| Amounts payable | 17/49 | €1,114,439 | €205,490 | -€908,949 | -81.6% |
| Amounts payable within one year | 42/48 | €1,114,439 | €205,490 | -€908,949 | -81.6% |
| Current portion of amounts payable after more than one year | 42 | €19,847 | - | -€19,847 | |
| Trade debts | 44 | €164,629 | €22,511 | -€142,118 | -86.3% |
| Suppliers | 440/4 | €164,629 | €22,511 | -€142,118 | -86.3% |
| Taxes, remuneration and social security | 45 | €5,805 | €13,975 | +€8,170 | +140.7% |
| Taxes | 450/3 | - | €875 | +€875 | |
| Remuneration and social security | 454/9 | €5,805 | €13,099 | +€7,294 | +125.7% |
| Other amounts payable | 47/48 | €924,158 | €169,004 | -€755,153 | -81.7% |
| Remuneration, social security and pensions | 62 | €70,573 | €83,129 | +€12,556 | +17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,013 | €3,903 | -€27,111 | -87.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€62,700 | - | +€62,700 | |
| Other operating charges | 640/8 | €5,976 | €11,894 | +€5,919 | +99.0% |
| Gross operating margin | 9900 | €334,742 | €1,763 | -€332,980 | -99.5% |
| Operating profit (loss) | 9901 | €289,880 | -€97,163 | -€387,043 | |
| Financial income | 75/76B | €412 | €270 | -€142 | -34.4% |
| Recurring financial income | 75 | €412 | €270 | -€142 | -34.4% |
| Financial charges | 65/66B | €58,377 | €3,963 | -€54,414 | -93.2% |
| Recurring financial charges | 65 | €58,377 | €3,963 | -€54,414 | -93.2% |
| Profit (loss) for the period before taxes | 9903 | €231,915 | -€100,856 | -€332,771 | |
| Income taxes | 67/77 | €38,441 | €655 | -€37,786 | -98.3% |
| Profit (loss) for the period | 9904 | €193,474 | -€101,511 | -€294,985 | |
| Profit (loss) for the period to be appropriated | 9905 | €193,474 | -€101,511 | -€294,985 |
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 11 October 2026 via checked.be.