ALPHAR ON: what changed
Two fiscal 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 ON
Largest movements
- Tangible fixed assets +€342,775
up €342,775 (+81.7%), from €419,622 to €762,397
- Receivables within one year +€255,843
up €255,843 (+213.7%), from €119,748 to €375,591
of which Trade receivables: +€137,496
- Debts after one year +€336,606
up €336,606 (+43.9%), from €766,514 to €1.1m
of which Other amounts payable: +€191,717
- Other debts +€176,911
up €176,911 (+86.3%), from €205,040 to €381,951
- Trade debts +€52,310
up €52,310 (+2665.5%), from €1,962 to €54,273
- Reserves +€51,198
up €51,198 (+36.3%), from €141,094 to €192,292
- Current portion of long-term debt -€33,568
down €33,568 (-55.4%), from €60,632 to €27,064
- Gross operating margin +€29,463
up €29,463 (+34.8%), from €84,697 to €114,161
- Financial charges +€10,056
up €10,056 (+42.6%), from €23,582 to €33,638
- Depreciation +€7,754
up €7,754 (+85.0%), from €9,125 to €16,878
- Taxes +€3,245
up €3,245 (+27.6%), from €11,755 to €15,000
- Financial income +€3,017
up €3,017 (+129.4%), from €2,331 to €5,349
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 | €1,202,811 | €1,801,463 | +€598,652 | +49.8% |
| Fixed assets | 21/28 | €1,079,621 | €1,422,396 | +€342,775 | +31.7% |
| Tangible fixed assets | 22/27 | €419,622 | €762,397 | +€342,775 | +81.7% |
| Land and buildings | 22 | €419,622 | €762,397 | +€342,775 | +81.7% |
| Financial fixed assets | 28 | €659,999 | €659,999 | = | 0.0% |
| Current assets | 29/58 | €123,190 | €379,067 | +€255,877 | +207.7% |
| Amounts receivable within one year | 40/41 | €119,748 | €375,591 | +€255,843 | +213.7% |
| Trade receivables | 40 | €78,594 | €216,090 | +€137,496 | +174.9% |
| Other amounts receivable | 41 | €41,154 | €159,500 | +€118,347 | +287.6% |
| Cash at bank and in hand | 54/58 | €845 | €987 | +€142 | +16.8% |
| Deferred charges and accrued income | 490/1 | €2,597 | €2,489 | -€108 | -4.1% |
| Total equity and liabilities | 10/49 | €1,202,811 | €1,801,463 | +€598,652 | +49.8% |
| Equity | 10/15 | €159,644 | €210,842 | +€51,198 | +32.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €141,094 | €192,292 | +€51,198 | +36.3% |
| Distributable reserves | 133 | €141,094 | €192,292 | +€51,198 | +36.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,043,167 | €1,590,621 | +€547,454 | +52.5% |
| Amounts payable after more than one year | 17 | €766,514 | €1,103,120 | +€336,606 | +43.9% |
| Financial debts | 170/4 | €148,868 | €293,757 | +€144,889 | +97.3% |
| Other amounts payable | 178/9 | €617,646 | €809,363 | +€191,717 | +31.0% |
| Amounts payable within one year | 42/48 | €276,292 | €487,501 | +€211,209 | +76.4% |
| Current portion of amounts payable after more than one year | 42 | €60,632 | €27,064 | -€33,568 | -55.4% |
| Financial debts | 43 | €5,794 | €9,662 | +€3,869 | +66.8% |
| Credit institutions | 430/8 | €5,794 | €9,662 | +€3,869 | +66.8% |
| Trade debts | 44 | €1,962 | €54,273 | +€52,310 | +2665.5% |
| Suppliers | 440/4 | €1,962 | €54,273 | +€52,310 | +2665.5% |
| Taxes, remuneration and social security | 45 | €2,864 | €14,550 | +€11,686 | +408.0% |
| Taxes | 450/3 | €1,314 | €13,000 | +€11,686 | +889.2% |
| Remuneration and social security | 454/9 | €1,550 | €1,550 | = | 0.0% |
| Other amounts payable | 47/48 | €205,040 | €381,951 | +€176,911 | +86.3% |
| Accrued charges and deferred income | 492/3 | €361 | €0 | -€361 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,125 | €16,878 | +€7,754 | +85.0% |
| Other operating charges | 640/8 | €3,348 | €2,795 | -€552 | -16.5% |
| Gross operating margin | 9900 | €84,697 | €114,161 | +€29,463 | +34.8% |
| Operating profit (loss) | 9901 | €72,225 | €94,487 | +€22,262 | +30.8% |
| Financial income | 75/76B | €2,331 | €5,349 | +€3,017 | +129.4% |
| Recurring financial income | 75 | €2,331 | €5,349 | +€3,017 | +129.4% |
| Financial charges | 65/66B | €23,582 | €33,638 | +€10,056 | +42.6% |
| Recurring financial charges | 65 | €23,582 | €33,638 | +€10,056 | +42.6% |
| Profit (loss) for the period before taxes | 9903 | €50,974 | €66,198 | +€15,224 | +29.9% |
| Income taxes | 67/77 | €11,755 | €15,000 | +€3,245 | +27.6% |
| Profit (loss) for the period | 9904 | €39,219 | €51,198 | +€11,979 | +30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €39,219 | €51,198 | +€11,979 | +30.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.