Alpheus Capital: 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.
Alpheus Capital
Largest movements
- Cash -€20,794
down €20,794 (-66.7%), from €31,198 to €10,404
mainly Contributions, distributions and other (-€123,500) and Deferred charges and accrued income (-€5,314)
- Tangible fixed assets -€11,643
down €11,643 (-32.0%), from €36,349 to €24,706
- Deferred charges and accrued income +€5,314
up €5,314 (+852%), from €624 to €5,938
- Reserves -€56,246
down €56,246 (-98.8%), from €56,919 to €672
- Other debts +€28,341
new in 2025: €28,341
- Gross operating margin +€34,006
up €34,006 (+54.2%), from €62,716 to €96,722
- Taxes +€6,752
up €6,752 (+63.8%), from €10,576 to €17,328
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 | €73,283 | €45,773 | -€27,510 | -37.5% |
| Fixed assets | 21/28 | €36,349 | €24,706 | -€11,643 | -32.0% |
| Tangible fixed assets | 22/27 | €36,349 | €24,706 | -€11,643 | -32.0% |
| Furniture and vehicles | 24 | €36,349 | €24,706 | -€11,643 | -32.0% |
| Current assets | 29/58 | €36,934 | €21,067 | -€15,866 | -43.0% |
| Amounts receivable within one year | 40/41 | €5,112 | €4,726 | -€386 | -7.6% |
| Trade receivables | 40 | €5,112 | €3,054 | -€2,059 | -40.3% |
| Other amounts receivable | 41 | - | €1,672 | +€1,672 | |
| Cash at bank and in hand | 54/58 | €31,198 | €10,404 | -€20,794 | -66.7% |
| Deferred charges and accrued income | 490/1 | €624 | €5,938 | +€5,314 | +852% |
| Total equity and liabilities | 10/49 | €73,283 | €45,773 | -€27,510 | -37.5% |
| Equity | 10/15 | €56,920 | €674 | -€56,246 | -98.8% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €56,919 | €672 | -€56,246 | -98.8% |
| Distributable reserves | 133 | €56,919 | €672 | -€56,246 | -98.8% |
| Amounts payable | 17/49 | €16,363 | €45,100 | +€28,737 | +176% |
| Amounts payable within one year | 42/48 | €16,168 | €44,905 | +€28,737 | +178% |
| Trade debts | 44 | - | €75 | +€75 | |
| Suppliers | 440/4 | - | €75 | +€75 | |
| Taxes, remuneration and social security | 45 | €16,168 | €16,488 | +€320 | +2.0% |
| Taxes | 450/3 | €16,168 | €16,488 | +€320 | +2.0% |
| Other amounts payable | 47/48 | - | €28,341 | +€28,341 | |
| Accrued charges and deferred income | 492/3 | €195 | €195 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,763 | €11,643 | -€120 | -1.0% |
| Other operating charges | 640/8 | €12 | €457 | +€446 | +3,825% |
| Gross operating margin | 9900 | €62,716 | €96,722 | +€34,006 | +54.2% |
| Operating profit (loss) | 9901 | €50,941 | €84,622 | +€33,681 | +66.1% |
| Financial charges | 65/66B | €44 | €40 | -€4 | -8.0% |
| Recurring financial charges | 65 | €44 | €40 | -€4 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €50,897 | €84,581 | +€33,684 | +66.2% |
| Income taxes | 67/77 | €10,576 | €17,328 | +€6,752 | +63.8% |
| Profit (loss) for the period | 9904 | €40,322 | €67,254 | +€26,932 | +66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €40,322 | €67,254 | +€26,932 | +66.8% |
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 14 October 2026 via checked.be.