ALPHAR NAAST: 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 NAAST
Largest movements
- Receivables within one year -€136,615
down €136,615 (-70.3%), from €194,295 to €57,680
of which Other amounts receivable: -€138,174
- Debts after one year -€143,546
down €143,546 (-13.8%), from €1.0m to €900,410
of which Other amounts payable: -€80,693
- Reserves +€80,422
up €80,422 (+5.6%), from €1.4m to €1.5m
- Other debts -€52,310
down €52,310 (-31.7%), from €165,000 to €112,690
- Gross operating margin +€36,042
up €36,042 (+24.9%), from €144,669 to €180,711
- Depreciation +€14,370
up €14,370 (+105%), from €13,649 to €28,019
- Taxes +€3,944
up €3,944 (+9.9%), from €40,003 to €43,947
- Other operating charges -€2,711
down €2,711 (-39.7%), from €6,828 to €4,117
- Financial income +€1,834
up €1,834 (+1.7%), from €110,524 to €112,357
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 | €2,777,771 | €2,650,469 | -€127,302 | -4.6% |
| Fixed assets | 21/28 | €2,577,619 | €2,569,194 | -€8,424 | -0.3% |
| Tangible fixed assets | 22/27 | €902,325 | €893,900 | -€8,424 | -0.9% |
| Land and buildings | 22 | €902,325 | €893,900 | -€8,424 | -0.9% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €1,675,294 | €1,675,294 | = | 0.0% |
| Current assets | 29/58 | €200,153 | €81,275 | -€118,878 | -59.4% |
| Amounts receivable within one year | 40/41 | €194,295 | €57,680 | -€136,615 | -70.3% |
| Trade receivables | 40 | €56,121 | €57,680 | +€1,559 | +2.8% |
| Other amounts receivable | 41 | €138,174 | €0 | -€138,174 | -100% |
| Cash at bank and in hand | 54/58 | €379 | €19,723 | +€19,344 | +5,105% |
| Deferred charges and accrued income | 490/1 | €5,479 | €3,871 | -€1,608 | -29.3% |
| Total equity and liabilities | 10/49 | €2,777,771 | €2,650,469 | -€127,302 | -4.6% |
| Equity | 10/15 | €1,443,638 | €1,524,060 | +€80,422 | +5.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,425,038 | €1,505,460 | +€80,422 | +5.6% |
| Distributable reserves | 133 | €1,425,038 | €1,505,460 | +€80,422 | +5.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,334,133 | €1,126,410 | -€207,724 | -15.6% |
| Amounts payable after more than one year | 17 | €1,043,957 | €900,410 | -€143,546 | -13.8% |
| Financial debts | 170/4 | €938,429 | €875,575 | -€62,854 | -6.7% |
| Other amounts payable | 178/9 | €105,528 | €24,835 | -€80,693 | -76.5% |
| Amounts payable within one year | 42/48 | €286,895 | €221,957 | -€64,938 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €65,891 | €68,003 | +€2,112 | +3.2% |
| Financial debts | 43 | €10,183 | €10,111 | -€73 | -0.7% |
| Credit institutions | 430/8 | €10,183 | €10,111 | -€73 | -0.7% |
| Trade debts | 44 | €23,220 | €4,605 | -€18,615 | -80.2% |
| Suppliers | 440/4 | €23,220 | €4,605 | -€18,615 | -80.2% |
| Taxes, remuneration and social security | 45 | €22,600 | €26,547 | +€3,947 | +17.5% |
| Taxes | 450/3 | €19,000 | €22,947 | +€3,947 | +20.8% |
| Remuneration and social security | 454/9 | €3,600 | €3,600 | = | 0.0% |
| Other amounts payable | 47/48 | €165,000 | €112,690 | -€52,310 | -31.7% |
| Accrued charges and deferred income | 492/3 | €3,282 | €4,043 | +€761 | +23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,649 | €28,019 | +€14,370 | +105% |
| Other operating charges | 640/8 | €6,828 | €4,117 | -€2,711 | -39.7% |
| Gross operating margin | 9900 | €144,669 | €180,711 | +€36,042 | +24.9% |
| Operating profit (loss) | 9901 | €124,192 | €148,575 | +€24,383 | +19.6% |
| Financial income | 75/76B | €110,524 | €112,357 | +€1,834 | +1.7% |
| Recurring financial income | 75 | €110,524 | €112,357 | +€1,834 | +1.7% |
| Financial charges | 65/66B | €37,302 | €36,563 | -€739 | -2.0% |
| Recurring financial charges | 65 | €37,302 | €36,563 | -€739 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €197,413 | €224,369 | +€26,956 | +13.7% |
| Income taxes | 67/77 | €40,003 | €43,947 | +€3,944 | +9.9% |
| Profit (loss) for the period | 9904 | €157,410 | €180,422 | +€23,011 | +14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €157,410 | €180,422 | +€23,011 | +14.6% |
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.