ALPHAR HEUSY: 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 HEUSY
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€539,358
2024 · -€16,699+€556,056
Equity
€4.5m
2024 · €4.0m+€539,358
Cash
€1.1m
2024 · €1.4m-€377,586
Balance sheet total
€4.9m
2024 · €4.2m+€693,177
Largest movements
Assets
- Tangible fixed assets +€1.1m
up €1.1m (+290%), from €370,912 to €1.4m
of which Land and buildings: +€1.1m
- Cash -€377,586
down €377,586 (-26.3%), from €1.4m to €1.1m
mainly Investment in fixed assets (net) (-€1.1m) and Debts after one year (-€29,708)
Equity and liabilities
- Reserves +€502,536
up €502,536 (+13.3%), from €3.8m to €4.3m
of which Tax-exempt reserves: +€502,536
- Provisions +€167,512
new in 2025: €167,512
Income statement
- Gross operating margin +€751,628
up €751,628 (+1,472%), from €51,071 to €802,700
- Financial charges +€15,070
up €15,070 (+144%), from €10,440 to €25,510
- Depreciation +€9,919
up €9,919 (+21.4%), from €46,411 to €56,330
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
-€16,699
Gross operating margin
+€751,628
Depreciation
-€9,919
Other operating charges
+€1,293
Financial income
-€4,572
Financial charges
-€15,070
Taxes
+€208
Deferred taxes and other
-€167,512
Result 2025
€539,358
raises the resultlowers the resultnot broken down further in the accounts
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
+€791,341
Investment
-€1.1m
Financing
-€29,171
Cash 2024
€1.4m
From operations (derived)
+€791,341
Net result for the year
+€539,358
Depreciation
+€56,330
Smaller working-capital items
+€497
Deferred charges and accrued income
+€11,881
Provisions
+€167,512
Trade debts
+€12,052
Other debts
+€3,711
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Current investments
-€6,000
Financing
-€29,171
Debts after one year
-€29,708
Current portion of long-term debt
+€537
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,170,732 | €4,863,909 | +€693,177 | +16.6% |
| Fixed assets | 21/28 | €2,676,506 | €3,753,932 | +€1.1m | +40.3% |
| Tangible fixed assets | 22/27 | €370,912 | €1,448,338 | +€1.1m | +290% |
| Land and buildings | 22 | €342,716 | €1,431,750 | +€1.1m | +318% |
| Plant, machinery and equipment | 23 | €6,141 | €2,113 | -€4,028 | -65.6% |
| Furniture and vehicles | 24 | €22,054 | €14,474 | -€7,580 | -34.4% |
| Financial fixed assets | 28 | €2,305,594 | €2,305,594 | = | 0.0% |
| Current assets | 29/58 | €1,494,226 | €1,109,977 | -€384,249 | -25.7% |
| Stocks and contracts in progress | 3 | €10,783 | €10,783 | = | 0.0% |
| Stocks | 30/36 | €10,783 | €10,783 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,594 | €3,812 | -€782 | -17.0% |
| Trade receivables | 40 | €4,434 | €2,049 | -€2,385 | -53.8% |
| Other amounts receivable | 41 | €160 | €1,763 | +€1,603 | +1,004% |
| Current investments | 50/53 | €28,000 | €34,000 | +€6,000 | +21.4% |
| Cash at bank and in hand | 54/58 | €1,434,869 | €1,057,283 | -€377,586 | -26.3% |
| Deferred charges and accrued income | 490/1 | €15,979 | €4,098 | -€11,881 | -74.4% |
| Total equity and liabilities | 10/49 | €4,170,732 | €4,863,909 | +€693,177 | +16.6% |
| Equity | 10/15 | €3,968,742 | €4,508,100 | +€539,358 | +13.6% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €3,777,780 | €4,280,316 | +€502,536 | +13.3% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €502,536 | +€502,536 | |
| Distributable reserves | 133 | €3,752,780 | €3,752,780 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,038 | -€22,216 | +€36,822 | +62.4% |
| Provisions and deferred taxes | 16 | - | €167,512 | +€167,512 | |
| Deferred taxes | 168 | - | €167,512 | +€167,512 | |
| Amounts payable | 17/49 | €201,990 | €188,297 | -€13,693 | -6.8% |
| Amounts payable after more than one year | 17 | €154,057 | €124,349 | -€29,708 | -19.3% |
| Financial debts | 170/4 | €154,057 | €124,349 | -€29,708 | -19.3% |
| Amounts payable within one year | 42/48 | €47,912 | €63,194 | +€15,282 | +31.9% |
| Current portion of amounts payable after more than one year | 42 | €29,171 | €29,708 | +€537 | +1.8% |
| Trade debts | 44 | €1,206 | €13,257 | +€12,052 | +1,000% |
| Suppliers | 440/4 | €1,206 | €13,257 | +€12,052 | +1,000% |
| Taxes, remuneration and social security | 45 | €13,438 | €12,420 | -€1,018 | -7.6% |
| Taxes | 450/3 | €13,438 | €12,420 | -€1,018 | -7.6% |
| Other amounts payable | 47/48 | €4,098 | €7,809 | +€3,711 | +90.6% |
| Accrued charges and deferred income | 492/3 | €20 | €753 | +€733 | +3,638% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,411 | €56,330 | +€9,919 | +21.4% |
| Other operating charges | 640/8 | €16,653 | €15,360 | -€1,293 | -7.8% |
| Gross operating margin | 9900 | €51,071 | €802,700 | +€751,628 | +1,472% |
| Operating profit (loss) | 9901 | -€11,993 | €731,009 | +€743,002 | |
| Financial income | 75/76B | €6,406 | €1,834 | -€4,572 | -71.4% |
| Recurring financial income | 75 | €6,406 | €1,834 | -€4,572 | -71.4% |
| Financial charges | 65/66B | €10,440 | €25,510 | +€15,070 | +144% |
| Recurring financial charges | 65 | €10,440 | €25,510 | +€15,070 | +144% |
| Profit (loss) for the period before taxes | 9903 | -€16,027 | €707,334 | +€723,360 | |
| Transfer from deferred taxes | 780 | - | €5,023 | +€5,023 | |
| Transfer to deferred taxes | 680 | - | €172,535 | +€172,535 | |
| Income taxes | 67/77 | €672 | €464 | -€208 | -31.0% |
| Profit (loss) for the period | 9904 | -€16,699 | €539,358 | +€556,056 | |
| Transfer from tax-exempt reserves | 789 | - | €15,069 | +€15,069 | |
| Transfer to tax-exempt reserves | 689 | - | €517,605 | +€517,605 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,699 | €36,822 | +€53,521 |
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.