ALPHARAY: 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.
ALPHARAY
Largest movements
- Receivables within one year -€21,769
down €21,769 (-97.8%), from €22,264 to €495
of which Trade receivables: -€22,264
- Cash -€9,625
down €9,625 (-11.8%), from €81,378 to €71,754
mainly Tax, wage and social debts (-€22,023) and Net result for the year (-€19,617)
- Receivables after one year -€5,907
down €5,907 (-24.0%), from €24,659 to €18,753
- Tangible fixed assets -€4,336
down €4,336 (-47.2%), from €9,182 to €4,846
- Tax, wage and social debts -€22,023
down €22,023 (-59.8%), from €36,802 to €14,779
- Reserves -€19,617
down €19,617 (-19.8%), from €98,932 to €79,315
- Gross operating margin -€70,733
down €70,733, from €55,577 to -€15,156
- Taxes -€14,688
down €14,688 (-99.1%), from €14,820 to €132
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 | €138,234 | €96,628 | -€41,606 | -30.1% |
| Fixed assets | 21/28 | €9,582 | €5,246 | -€4,336 | -45.2% |
| Tangible fixed assets | 22/27 | €9,182 | €4,846 | -€4,336 | -47.2% |
| Furniture and vehicles | 24 | €9,182 | €4,846 | -€4,336 | -47.2% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €128,652 | €91,382 | -€37,270 | -29.0% |
| Amounts receivable after more than one year | 29 | €24,659 | €18,753 | -€5,907 | -24.0% |
| Other amounts receivable | 291 | €24,659 | €18,753 | -€5,907 | -24.0% |
| Amounts receivable within one year | 40/41 | €22,264 | €495 | -€21,769 | -97.8% |
| Trade receivables | 40 | €22,264 | - | -€22,264 | |
| Other amounts receivable | 41 | - | €495 | +€495 | |
| Cash at bank and in hand | 54/58 | €81,378 | €71,754 | -€9,625 | -11.8% |
| Deferred charges and accrued income | 490/1 | €350 | €380 | +€30 | +8.7% |
| Total equity and liabilities | 10/49 | €138,234 | €96,628 | -€41,606 | -30.1% |
| Equity | 10/15 | €101,432 | €81,815 | -€19,617 | -19.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €98,932 | €79,315 | -€19,617 | -19.8% |
| Distributable reserves | 133 | €98,932 | €79,315 | -€19,617 | -19.8% |
| Amounts payable | 17/49 | €36,802 | €14,813 | -€21,989 | -59.7% |
| Amounts payable within one year | 42/48 | €36,802 | €14,813 | -€21,989 | -59.7% |
| Trade debts | 44 | - | €34 | +€34 | |
| Suppliers | 440/4 | - | €34 | +€34 | |
| Taxes, remuneration and social security | 45 | €36,802 | €14,779 | -€22,023 | -59.8% |
| Taxes | 450/3 | €36,802 | €14,779 | -€22,023 | -59.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,825 | €4,336 | +€511 | +13.4% |
| Other operating charges | 640/8 | €703 | €700 | -€3 | -0.4% |
| Gross operating margin | 9900 | €55,577 | -€15,156 | -€70,733 | |
| Operating profit (loss) | 9901 | €51,050 | -€20,192 | -€71,241 | |
| Financial income | 75/76B | €547 | €748 | +€201 | +36.7% |
| Recurring financial income | 75 | €547 | €748 | +€201 | +36.7% |
| Financial charges | 65/66B | €49 | €40 | -€9 | -18.0% |
| Recurring financial charges | 65 | €49 | €40 | -€9 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €51,547 | -€19,485 | -€71,032 | |
| Income taxes | 67/77 | €14,820 | €132 | -€14,688 | -99.1% |
| Profit (loss) for the period | 9904 | €36,727 | -€19,617 | -€56,344 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,727 | -€19,617 | -€56,344 |
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 3 October 2026 via checked.be.