ALPHAR ESNEUX: 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.
What changed
ALPHAR ESNEUX
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€24,984
2024 · €88,180-€63,196
Equity
€747,749
2024 · €722,765+€24,984
Cash
€8,731
2024 · €7,720+€1,011
Balance sheet total
€2.5m
2024 · €2.6m-€35,488
Largest movements
Assets
- Tangible fixed assets -€39,567
down €39,567 (-6.3%), from €628,830 to €589,263
of which Land and buildings: -€21,630
Equity and liabilities
- Debts after one year -€48,311
down €48,311 (-3.0%), from €1.6m to €1.6m
of which Other amounts payable: -€83,626
Income statement
- Financial income -€45,052
down €45,052 (-45.0%), from €100,006 to €54,954
- Gross operating margin -€24,910
down €24,910 (-28.2%), from €88,179 to €63,269
- Taxes -€9,255
down €9,255 (-72.6%), from €12,755 to €3,500
- Depreciation +€1,846
up €1,846 (+3.9%), from €47,086 to €48,932
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.
Result 2024
€88,180
Gross operating margin
-€24,910
Depreciation
-€1,846
Other operating charges
-€438
Financial income
-€45,052
Financial charges
-€204
Taxes
+€9,255
Result 2025
€24,984
raises the resultlowers the result
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.
From operations
+€58,615
Investment
-€9,365
Financing
-€48,239
Cash 2024
€7,720
From operations (derived)
+€58,615
Net result for the year
+€24,984
Depreciation
+€48,932
Receivables within one year
-€4,120
Deferred charges and accrued income
+€1,052
Provisions
-€3,031
Trade debts
+€12,498
Tax, wage and social debts
-€21,200
Accrued charges and deferred income
-€500
Investment (derived)
-€9,365
Investment in fixed assets (net)
-€9,365
Financing
-€48,239
Debts after one year
-€48,311
Current portion of long-term debt
+€72
Cash 2025
€8,731
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,559,579 | €2,524,091 | -€35,488 | -1.4% |
| Fixed assets | 21/28 | €2,545,431 | €2,505,863 | -€39,567 | -1.6% |
| Tangible fixed assets | 22/27 | €628,830 | €589,263 | -€39,567 | -6.3% |
| Land and buildings | 22 | €578,899 | €557,269 | -€21,630 | -3.7% |
| Furniture and vehicles | 24 | €49,932 | €31,994 | -€17,938 | -35.9% |
| Financial fixed assets | 28 | €1,916,600 | €1,916,600 | = | 0.0% |
| Current assets | 29/58 | €14,148 | €18,228 | +€4,080 | +28.8% |
| Amounts receivable within one year | 40/41 | €2,433 | €6,553 | +€4,120 | +169% |
| Trade receivables | 40 | €0 | €53 | +€53 | |
| Other amounts receivable | 41 | €2,433 | €6,500 | +€4,067 | +167% |
| Cash at bank and in hand | 54/58 | €7,720 | €8,731 | +€1,011 | +13.1% |
| Deferred charges and accrued income | 490/1 | €3,995 | €2,944 | -€1,052 | -26.3% |
| Total equity and liabilities | 10/49 | €2,559,579 | €2,524,091 | -€35,488 | -1.4% |
| Equity | 10/15 | €722,765 | €747,749 | +€24,984 | +3.5% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Capital | 10 | €170,000 | €170,000 | = | 0.0% |
| Issued capital | 100 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €552,765 | €577,749 | +€24,984 | +4.5% |
| Non-distributable reserves | 130/1 | €17,000 | €17,000 | = | 0.0% |
| Legal reserve | 130 | €17,000 | €17,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €107,815 | €98,722 | -€9,093 | -8.4% |
| Distributable reserves | 133 | €427,950 | €462,027 | +€34,077 | +8.0% |
| Provisions and deferred taxes | 16 | €35,938 | €32,907 | -€3,031 | -8.4% |
| Deferred taxes | 168 | €35,938 | €32,907 | -€3,031 | -8.4% |
| Amounts payable | 17/49 | €1,800,876 | €1,743,435 | -€57,441 | -3.2% |
| Amounts payable after more than one year | 17 | €1,612,628 | €1,564,317 | -€48,311 | -3.0% |
| Financial debts | 170/4 | €1,029,299 | €1,064,614 | +€35,315 | +3.4% |
| Other amounts payable | 178/9 | €583,329 | €499,703 | -€83,626 | -14.3% |
| Amounts payable within one year | 42/48 | €187,749 | €179,118 | -€8,630 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €164,623 | €164,695 | +€72 | 0.0% |
| Trade debts | 44 | €1,051 | €13,549 | +€12,498 | +1,189% |
| Suppliers | 440/4 | €1,051 | €13,549 | +€12,498 | +1,189% |
| Taxes, remuneration and social security | 45 | €22,075 | €875 | -€21,200 | -96.0% |
| Taxes | 450/3 | €22,075 | €875 | -€21,200 | -96.0% |
| Accrued charges and deferred income | 492/3 | €500 | €0 | -€500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,086 | €48,932 | +€1,846 | +3.9% |
| Other operating charges | 640/8 | €5,587 | €6,025 | +€438 | +7.8% |
| Gross operating margin | 9900 | €88,179 | €63,269 | -€24,910 | -28.2% |
| Operating profit (loss) | 9901 | €35,505 | €8,311 | -€27,194 | -76.6% |
| Financial income | 75/76B | €100,006 | €54,954 | -€45,052 | -45.0% |
| Recurring financial income | 75 | €100,006 | €54,954 | -€45,052 | -45.0% |
| Financial charges | 65/66B | €37,607 | €37,812 | +€204 | +0.5% |
| Recurring financial charges | 65 | €37,607 | €37,812 | +€204 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €97,904 | €25,453 | -€72,450 | -74.0% |
| Transfer from deferred taxes | 780 | €3,031 | €3,031 | -€0 | 0.0% |
| Income taxes | 67/77 | €12,755 | €3,500 | -€9,255 | -72.6% |
| Profit (loss) for the period | 9904 | €88,180 | €24,984 | -€63,196 | -71.7% |
| Transfer from tax-exempt reserves | 789 | €9,093 | €9,093 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €97,273 | €34,077 | -€63,196 | -65.0% |
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 19 October 2026 via checked.be.