ALPHICO: 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.
ALPHICO
Largest movements
- Tangible fixed assets +€304,447
up €304,447 (+150.9%), from €201,731 to €506,177
of which Assets under construction and advance payments: +€331,610
- Cash -€111,633
down €111,633 (-82.0%), from €136,196 to €24,562
mainly Investment in fixed assets (net) (-€358,899) and Current investments (-€30,957)
- Current investments +€30,957
up €30,957 (+11.0%), from €281,555 to €312,512
- Debts after one year +€204,031
up €204,031 (+1215.1%), from €16,791 to €220,821
- Reserves +€52,475
up €52,475 (+9.8%), from €536,204 to €588,678
- Trade debts -€29,573
down €29,573 (-65.7%), from €45,035 to €15,462
- Staff costs +€94,942
up €94,942 (+15.8%), from €600,018 to €694,960
- Gross operating margin +€27,831
up €27,831 (+3.4%), from €825,924 to €853,755
- Depreciation -€23,745
down €23,745 (-30.4%), from €78,198 to €54,453
- Taxes -€21,520
down €21,520 (-50.2%), from €42,910 to €21,391
- Financial charges +€13,140
up €13,140 (+96.0%), from €13,682 to €26,821
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 | €686,445 | €915,062 | +€228,617 | +33.3% |
| Fixed assets | 21/28 | €211,488 | €515,934 | +€304,447 | +144.0% |
| Tangible fixed assets | 22/27 | €201,731 | €506,177 | +€304,447 | +150.9% |
| Plant, machinery and equipment | 23 | €25,155 | €22,711 | -€2,445 | -9.7% |
| Furniture and vehicles | 24 | €1,331 | €8,404 | +€7,072 | +531.3% |
| Other tangible fixed assets | 26 | €175,244 | €143,453 | -€31,791 | -18.1% |
| Assets under construction and advance payments | 27 | - | €331,610 | +€331,610 | |
| Financial fixed assets | 28 | €9,757 | €9,757 | = | 0.0% |
| Current assets | 29/58 | €474,957 | €399,128 | -€75,829 | -16.0% |
| Stocks and contracts in progress | 3 | €26,828 | €27,381 | +€553 | +2.1% |
| Stocks | 30/36 | €26,828 | €27,381 | +€553 | +2.1% |
| Amounts receivable within one year | 40/41 | €20,363 | €23,337 | +€2,974 | +14.6% |
| Trade receivables | 40 | €19,531 | €750 | -€18,781 | -96.2% |
| Other amounts receivable | 41 | €832 | €22,587 | +€21,755 | +2615.4% |
| Current investments | 50/53 | €281,555 | €312,512 | +€30,957 | +11.0% |
| Cash at bank and in hand | 54/58 | €136,196 | €24,562 | -€111,633 | -82.0% |
| Deferred charges and accrued income | 490/1 | €10,015 | €11,335 | +€1,320 | +13.2% |
| Total equity and liabilities | 10/49 | €686,445 | €915,062 | +€228,617 | +33.3% |
| Equity | 10/15 | €554,804 | €607,278 | +€52,475 | +9.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €536,204 | €588,678 | +€52,475 | +9.8% |
| Distributable reserves | 133 | €536,204 | €588,678 | +€52,475 | +9.8% |
| Amounts payable | 17/49 | €131,641 | €307,784 | +€176,143 | +133.8% |
| Amounts payable after more than one year | 17 | €16,791 | €220,821 | +€204,031 | +1215.1% |
| Financial debts | 170/4 | €16,791 | €220,821 | +€204,031 | +1215.1% |
| Amounts payable within one year | 42/48 | €112,749 | €83,015 | -€29,734 | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €14,167 | €19,282 | +€5,114 | +36.1% |
| Trade debts | 44 | €45,035 | €15,462 | -€29,573 | -65.7% |
| Suppliers | 440/4 | €45,035 | €15,462 | -€29,573 | -65.7% |
| Taxes, remuneration and social security | 45 | €45,344 | €41,845 | -€3,499 | -7.7% |
| Taxes | 450/3 | €20,151 | €8,818 | -€11,333 | -56.2% |
| Remuneration and social security | 454/9 | €25,193 | €33,027 | +€7,834 | +31.1% |
| Other amounts payable | 47/48 | €8,203 | €6,427 | -€1,776 | -21.7% |
| Accrued charges and deferred income | 492/3 | €2,101 | €3,947 | +€1,846 | +87.8% |
| Remuneration, social security and pensions | 62 | €600,018 | €694,960 | +€94,942 | +15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,198 | €54,453 | -€23,745 | -30.4% |
| Other operating charges | 640/8 | €3,207 | €3,706 | +€499 | +15.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €825,924 | €853,755 | +€27,831 | +3.4% |
| Operating profit (loss) | 9901 | €144,502 | €100,637 | -€43,866 | -30.4% |
| Financial income | 75/76B | €2,350 | €50 | -€2,301 | -97.9% |
| Recurring financial income | 75 | €2,350 | €50 | -€2,301 | -97.9% |
| Financial charges | 65/66B | €13,682 | €26,821 | +€13,140 | +96.0% |
| Recurring financial charges | 65 | €13,682 | €26,821 | +€13,140 | +96.0% |
| Profit (loss) for the period before taxes | 9903 | €133,171 | €73,865 | -€59,306 | -44.5% |
| Income taxes | 67/77 | €42,910 | €21,391 | -€21,520 | -50.2% |
| Profit (loss) for the period | 9904 | €90,261 | €52,475 | -€37,786 | -41.9% |
| Profit (loss) for the period to be appropriated | 9905 | €90,261 | €52,475 | -€37,786 | -41.9% |
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 5 October 2026 via checked.be.