ALPHI GROUP: 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.
ALPHI GROUP
Largest movements
- Receivables within one year +€108,446
up €108,446 (+170%), from €63,768 to €172,214
of which Trade receivables: +€80,338
- Financial fixed assets +€20,000
up €20,000, from €0 to €20,000
- Cash -€17,076
down €17,076 (-83.6%), from €20,428 to €3,353
mainly Receivables within one year (-€108,446) and Investment in fixed assets (net) (-€42,671)
- Receivables after one year -€15,507
no longer reported in 2025 (was €15,507)
- Tangible fixed assets +€12,744
up €12,744 (+95.0%), from €13,415 to €26,159
of which Furniture and vehicles: +€6,541
- Trade debts +€79,711
up €79,711 (+140%), from €57,002 to €136,713
- Current portion of long-term debt +€25,881
new in 2025: €25,881
- Advances received +€12,059
up €12,059 (+199%), from €6,050 to €18,109
- Tax, wage and social debts -€9,373
down €9,373 (-42.9%), from €21,837 to €12,464
of which Taxes: -€10,508
- Debts after one year +€8,158
new in 2025: €8,158
- Gross operating margin +€41,242
up €41,242 (+204%), from €20,220 to €61,462
- Staff costs +€28,630
up €28,630 (+1,531%), from €1,870 to €30,500
- Depreciation +€7,756
up €7,756 (+357%), from €2,171 to €9,927
- Other operating charges +€6,320
up €6,320 (+410%), from €1,541 to €7,861
- Financial charges +€1,074
up €1,074 (+140%), from €769 to €1,844
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 | €130,683 | €252,533 | +€121,851 | +93.2% |
| Fixed assets | 21/28 | €13,415 | €46,159 | +€32,744 | +244% |
| Tangible fixed assets | 22/27 | €13,415 | €26,159 | +€12,744 | +95.0% |
| Plant, machinery and equipment | 23 | €590 | €6,793 | +€6,202 | +1,051% |
| Furniture and vehicles | 24 | €12,825 | €19,366 | +€6,541 | +51.0% |
| Other tangible fixed assets | 26 | €0 | €0 | = | 0.0% |
| Financial fixed assets | 28 | €0 | €20,000 | +€20,000 | |
| Current assets | 29/58 | €117,267 | €206,374 | +€89,107 | +76.0% |
| Amounts receivable after more than one year | 29 | €15,507 | - | -€15,507 | |
| Other amounts receivable | 291 | €15,507 | - | -€15,507 | |
| Stocks and contracts in progress | 3 | €17,564 | €27,308 | +€9,744 | +55.5% |
| Stocks | 30/36 | €17,564 | €27,308 | +€9,744 | +55.5% |
| Amounts receivable within one year | 40/41 | €63,768 | €172,214 | +€108,446 | +170% |
| Trade receivables | 40 | €47,487 | €127,825 | +€80,338 | +169% |
| Other amounts receivable | 41 | €16,281 | €44,388 | +€28,107 | +173% |
| Cash at bank and in hand | 54/58 | €20,428 | €3,353 | -€17,076 | -83.6% |
| Deferred charges and accrued income | 490/1 | - | €3,500 | +€3,500 | |
| Total equity and liabilities | 10/49 | €130,683 | €252,533 | +€121,851 | +93.2% |
| Equity | 10/15 | €45,793 | €51,208 | +€5,415 | +11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €27,193 | €32,608 | +€5,415 | +19.9% |
| Distributable reserves | 133 | €27,193 | €32,608 | +€5,415 | +19.9% |
| Amounts payable | 17/49 | €84,889 | €201,325 | +€116,436 | +137% |
| Amounts payable after more than one year | 17 | - | €8,158 | +€8,158 | |
| Financial debts | 170/4 | - | €8,158 | +€8,158 | |
| Amounts payable within one year | 42/48 | €84,889 | €193,167 | +€108,278 | +128% |
| Current portion of amounts payable after more than one year | 42 | - | €25,881 | +€25,881 | |
| Trade debts | 44 | €57,002 | €136,713 | +€79,711 | +140% |
| Suppliers | 440/4 | €57,002 | €136,713 | +€79,711 | +140% |
| Advances received on contracts in progress | 46 | €6,050 | €18,109 | +€12,059 | +199% |
| Taxes, remuneration and social security | 45 | €21,837 | €12,464 | -€9,373 | -42.9% |
| Taxes | 450/3 | €21,837 | €11,329 | -€10,508 | -48.1% |
| Remuneration and social security | 454/9 | - | €1,135 | +€1,135 | |
| Remuneration, social security and pensions | 62 | €1,870 | €30,500 | +€28,630 | +1,531% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,171 | €9,927 | +€7,756 | +357% |
| Other operating charges | 640/8 | €1,541 | €7,861 | +€6,320 | +410% |
| Gross operating margin | 9900 | €20,220 | €61,462 | +€41,242 | +204% |
| Operating profit (loss) | 9901 | €14,638 | €13,173 | -€1,465 | -10.0% |
| Financial charges | 65/66B | €769 | €1,844 | +€1,074 | +140% |
| Recurring financial charges | 65 | €769 | €1,844 | +€1,074 | +140% |
| Profit (loss) for the period before taxes | 9903 | €13,868 | €11,330 | -€2,539 | -18.3% |
| Income taxes | 67/77 | €6,541 | €5,914 | -€627 | -9.6% |
| Profit (loss) for the period | 9904 | €7,328 | €5,415 | -€1,912 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,328 | €5,415 | -€1,912 | -26.1% |
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 27 October 2026 via checked.be.