Alphastone: 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
Alphastone
NACE 64.210, Activities of holding companies
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€417,529
2025 · €780,030-€362,500
Equity
€785,785
2025 · €868,256-€82,471
Cash
€974,991
2025 · €4.7m-€3.7m
Balance sheet total
€34.1m
2025 · €30.5m+€3.6m
Largest movements
Assets
- Financial fixed assets +€7.3m
up €7.3m (+28.6%), from €25.6m to €32.9m
- Cash -€3.7m
down €3.7m (-79.3%), from €4.7m to €974,991
mainly Investment in fixed assets (net) (-€7.3m) and Other debts (-€750,020)
Equity and liabilities
- Debts after one year +€4.6m
up €4.6m (+17.4%), from €26.7m to €31.4m
- Other debts -€750,020
down €750,020 (-30.6%), from €2.5m to €1.7m
Income statement
- Financial income -€351,476
down €351,476 (-21.8%), from €1.6m to €1.3m
- Taxes -€96,148
down €96,148, from €69,159 to -€26,989
- Financial charges +€68,328
up €68,328 (+18.5%), from €368,450 to €436,778
- Gross operating margin +€27,542
up €27,542 (+7.6%), from -€364,198 to -€336,657
- Other operating charges +€6,147
up €6,147 (+547%), from €1,123 to €7,270
From the 2025 result to the 2026 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 2025
€780,030
Gross operating margin
+€27,542
Staff costs
+€3,923
Depreciation
-€61
Other operating charges
-€6,147
Other operating items
-€64,100
Financial income
-€351,476
Financial charges
-€68,328
Taxes
+€96,148
Result 2026
€417,529
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€514,717
Investment
-€7.3m
Financing
+€4.1m
Cash 2025
€4.7m
From operations (derived)
-€514,717
Net result for the year
+€417,529
Depreciation
+€6,460
Smaller working-capital items
-€9,216
Deferred charges and accrued income
-€58,517
Trade debts
-€19,536
Tax, wage and social debts
+€28,266
Other debts
-€750,020
Accrued charges and deferred income
-€129,683
Investment (derived)
-€7.3m
Investment in fixed assets (net)
-€7.3m
Financing
+€4.1m
Debts after one year
+€4.6m
Short-term financial debts
-€50,000
Contributions, distributions and other
-€500,000
Cash 2026
€974,991
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,482,964 | €34,132,512 | +€3.6m | +12.0% |
| Fixed assets | 21/28 | €25,600,773 | €32,921,929 | +€7.3m | +28.6% |
| Tangible fixed assets | 22/27 | €10,940 | €4,480 | -€6,460 | -59.1% |
| Plant, machinery and equipment | 23 | €2,613 | €1,728 | -€885 | -33.9% |
| Furniture and vehicles | 24 | €8,327 | €2,752 | -€5,575 | -66.9% |
| Financial fixed assets | 28 | €25,589,833 | €32,917,449 | +€7.3m | +28.6% |
| Current assets | 29/58 | €4,882,191 | €1,210,583 | -€3.7m | -75.2% |
| Amounts receivable within one year | 40/41 | €113,326 | €126,535 | +€13,209 | +11.7% |
| Trade receivables | 40 | €16,677 | €29,884 | +€13,206 | +79.2% |
| Other amounts receivable | 41 | €96,649 | €96,651 | +€3 | 0.0% |
| Cash at bank and in hand | 54/58 | €4,718,324 | €974,991 | -€3.7m | -79.3% |
| Deferred charges and accrued income | 490/1 | €50,541 | €109,058 | +€58,517 | +116% |
| Total equity and liabilities | 10/49 | €30,482,964 | €34,132,512 | +€3.6m | +12.0% |
| Equity | 10/15 | €868,256 | €785,785 | -€82,471 | -9.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €847,796 | €765,325 | -€82,471 | -9.7% |
| Distributable reserves | 133 | €847,796 | €765,325 | -€82,471 | -9.7% |
| Amounts payable | 17/49 | €29,614,708 | €33,346,727 | +€3.7m | +12.6% |
| Amounts payable after more than one year | 17 | €26,724,000 | €31,373,000 | +€4.6m | +17.4% |
| Financial debts | 170/4 | €26,724,000 | €31,373,000 | +€4.6m | +17.4% |
| Amounts payable within one year | 42/48 | €2,534,062 | €1,746,764 | -€787,298 | -31.1% |
| Financial debts | 43 | €50,000 | - | -€50,000 | |
| Credit institutions | 430/8 | €50,000 | - | -€50,000 | |
| Trade debts | 44 | €24,698 | €5,162 | -€19,536 | -79.1% |
| Suppliers | 440/4 | €24,698 | €5,162 | -€19,536 | -79.1% |
| Advances received on contracts in progress | 46 | - | €3,993 | +€3,993 | |
| Taxes, remuneration and social security | 45 | €7,668 | €35,933 | +€28,266 | +369% |
| Taxes | 450/3 | €4,737 | €34,243 | +€29,506 | +623% |
| Remuneration and social security | 454/9 | €2,931 | €1,691 | -€1,240 | -42.3% |
| Other amounts payable | 47/48 | €2,451,696 | €1,701,676 | -€750,020 | -30.6% |
| Accrued charges and deferred income | 492/3 | €356,646 | €226,963 | -€129,683 | -36.4% |
| Remuneration, social security and pensions | 62 | €19,509 | €15,586 | -€3,923 | -20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,399 | €6,460 | +€61 | +1.0% |
| Other operating charges | 640/8 | €1,123 | €7,270 | +€6,147 | +547% |
| Non-recurring operating charges | 66A | - | €64,100 | +€64,100 | |
| Gross operating margin | 9900 | -€364,198 | -€336,657 | +€27,542 | +7.6% |
| Operating profit (loss) | 9901 | -€391,229 | -€430,074 | -€38,844 | -9.9% |
| Financial income | 75/76B | €1,608,869 | €1,257,392 | -€351,476 | -21.8% |
| Recurring financial income | 75 | €1,608,869 | €1,257,392 | -€351,476 | -21.8% |
| Financial charges | 65/66B | €368,450 | €436,778 | +€68,328 | +18.5% |
| Recurring financial charges | 65 | €368,450 | €436,778 | +€68,328 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €849,189 | €390,540 | -€458,649 | -54.0% |
| Income taxes | 67/77 | €69,159 | -€26,989 | -€96,148 | |
| Profit (loss) for the period | 9904 | €780,030 | €417,529 | -€362,500 | -46.5% |
| Profit (loss) for the period to be appropriated | 9905 | €780,030 | €417,529 | -€362,500 | -46.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.