ALPHEX: 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.
ALPHEX
Largest movements
- Cash -€42,876
down €42,876 (-26.3%), from €162,774 to €119,898
mainly Investment in fixed assets (net) (-€52,743) and Net result for the year (-€41,184)
- Tangible fixed assets -€29,644
down €29,644 (-13.1%), from €226,682 to €197,038
- Receivables within one year -€28,167
down €28,167 (-17.3%), from €162,837 to €134,670
of which Other amounts receivable: -€32,478
- Deferred charges and accrued income +€9,389
up €9,389 (+148.5%), from €6,321 to €15,711
- Profit (loss) carried forward -€41,184
down €41,184 (-14.3%), from €288,092 to €246,908
- Debts after one year -€23,006
down €23,006 (-19.3%), from €119,395 to €96,389
- Other debts -€10,941
down €10,941 (-30.0%), from €36,530 to €25,589
- Gross operating margin -€124,345
down €124,345 (-55.1%), from €225,690 to €101,346
- Staff costs -€31,586
down €31,586 (-35.0%), from €90,286 to €58,701
- Write-downs -€14,209
no longer reported in 2025 (was €14,209)
- Other operating charges -€12,106
down €12,106 (-76.2%), from €15,893 to €3,787
- Depreciation -€4,744
down €4,744 (-5.8%), from €82,131 to €77,387
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 | €602,595 | €522,641 | -€79,954 | -13.3% |
| Fixed assets | 21/28 | €226,682 | €202,038 | -€24,644 | -10.9% |
| Tangible fixed assets | 22/27 | €226,682 | €197,038 | -€29,644 | -13.1% |
| Plant, machinery and equipment | 23 | €41,307 | €30,447 | -€10,859 | -26.3% |
| Furniture and vehicles | 24 | €168,828 | €154,788 | -€14,040 | -8.3% |
| Other tangible fixed assets | 26 | €16,547 | €11,802 | -€4,745 | -28.7% |
| Financial fixed assets | 28 | - | €5,000 | +€5,000 | |
| Current assets | 29/58 | €375,913 | €320,603 | -€55,309 | -14.7% |
| Amounts receivable after more than one year | 29 | €11,660 | €16,871 | +€5,211 | +44.7% |
| Other amounts receivable | 291 | €11,660 | €16,871 | +€5,211 | +44.7% |
| Stocks and contracts in progress | 3 | €32,320 | €33,453 | +€1,133 | +3.5% |
| Stocks | 30/36 | €32,320 | €33,453 | +€1,133 | +3.5% |
| Amounts receivable within one year | 40/41 | €162,837 | €134,670 | -€28,167 | -17.3% |
| Trade receivables | 40 | €49,696 | €54,007 | +€4,311 | +8.7% |
| Other amounts receivable | 41 | €113,141 | €80,663 | -€32,478 | -28.7% |
| Cash at bank and in hand | 54/58 | €162,774 | €119,898 | -€42,876 | -26.3% |
| Deferred charges and accrued income | 490/1 | €6,321 | €15,711 | +€9,389 | +148.5% |
| Total equity and liabilities | 10/49 | €602,595 | €522,641 | -€79,954 | -13.3% |
| Equity | 10/15 | €293,815 | €252,324 | -€41,491 | -14.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €288,092 | €246,908 | -€41,184 | -14.3% |
| Investment grants | 15 | €723 | €416 | -€307 | -42.5% |
| Amounts payable | 17/49 | €308,780 | €270,317 | -€38,463 | -12.5% |
| Amounts payable after more than one year | 17 | €119,395 | €96,389 | -€23,006 | -19.3% |
| Financial debts | 170/4 | €119,395 | €96,389 | -€23,006 | -19.3% |
| Amounts payable within one year | 42/48 | €189,385 | €173,928 | -€15,457 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €54,959 | €49,729 | -€5,231 | -9.5% |
| Trade debts | 44 | €76,870 | €74,926 | -€1,944 | -2.5% |
| Suppliers | 440/4 | €76,870 | €74,926 | -€1,944 | -2.5% |
| Advances received on contracts in progress | 46 | €4,132 | €8,264 | +€4,132 | +100.0% |
| Taxes, remuneration and social security | 45 | €16,894 | €15,420 | -€1,473 | -8.7% |
| Taxes | 450/3 | €8,239 | €9,866 | +€1,627 | +19.7% |
| Remuneration and social security | 454/9 | €8,654 | €5,554 | -€3,100 | -35.8% |
| Other amounts payable | 47/48 | €36,530 | €25,589 | -€10,941 | -30.0% |
| Non-recurring operating income | 76A | €93 | €8,453 | +€8,360 | +8972.7% |
| Remuneration, social security and pensions | 62 | €90,286 | €58,701 | -€31,586 | -35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,131 | €77,387 | -€4,744 | -5.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,209 | - | -€14,209 | |
| Other operating charges | 640/8 | €15,893 | €3,787 | -€12,106 | -76.2% |
| Gross operating margin | 9900 | €225,690 | €101,346 | -€124,345 | -55.1% |
| Operating profit (loss) | 9901 | €23,171 | -€38,529 | -€61,700 | |
| Financial income | 75/76B | €6,259 | €2,837 | -€3,422 | -54.7% |
| Recurring financial income | 75 | €6,259 | €2,837 | -€3,422 | -54.7% |
| Financial charges | 65/66B | €6,109 | €5,049 | -€1,060 | -17.4% |
| Recurring financial charges | 65 | €6,109 | €5,049 | -€1,060 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €23,321 | -€40,741 | -€64,062 | |
| Income taxes | 67/77 | €3,060 | €442 | -€2,617 | -85.5% |
| Profit (loss) for the period | 9904 | €20,261 | -€41,184 | -€61,445 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,261 | -€41,184 | -€61,445 |
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 6 October 2026 via checked.be.