ALPIDO: 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.
ALPIDO
Largest movements
- Receivables within one year +€395,762
up €395,762 (+259%), from €152,571 to €548,333
of which Other amounts receivable: +€399,005
- Stocks and contracts -€25,556
down €25,556 (-99.0%), from €25,826 to €270
- Tangible fixed assets -€17,364
down €17,364 (-92.6%), from €18,753 to €1,389
of which Furniture and vehicles: -€15,417
- Cash +€6,591
up €6,591 (+17.7%), from €37,162 to €43,753
mainly Short-term financial debts (+€402,358) and Stocks and contracts (+€25,556)
- Short-term financial debts +€402,358
new in 2025: €402,358
- Trade debts -€25,875
down €25,875 (-76.8%), from €33,685 to €7,809
- Reserves -€24,641
down €24,641 (-13.6%), from €181,600 to €156,959
- Accrued charges and deferred income +€7,132
new in 2025: €7,132
- Gross operating margin -€44,873
down €44,873 (-42.8%), from €104,826 to €59,953
- Financial charges +€6,486
up €6,486 (+185%), from €3,514 to €10,001
- Depreciation -€6,379
down €6,379 (-42.7%), from €14,927 to €8,547
- Financial income -€6,095
down €6,095 (-47.0%), from €12,957 to €6,861
- Staff costs +€3,714
up €3,714 (+5.6%), from €66,212 to €69,926
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 | €242,058 | €601,044 | +€358,985 | +148% |
| Fixed assets | 21/28 | €18,753 | €1,389 | -€17,364 | -92.6% |
| Tangible fixed assets | 22/27 | €18,753 | €1,389 | -€17,364 | -92.6% |
| Plant, machinery and equipment | 23 | €1,947 | €0 | -€1,947 | -100% |
| Furniture and vehicles | 24 | €16,806 | €1,389 | -€15,417 | -91.7% |
| Current assets | 29/58 | €223,305 | €599,655 | +€376,350 | +169% |
| Stocks and contracts in progress | 3 | €25,826 | €270 | -€25,556 | -99.0% |
| Contracts in progress | 37 | €25,826 | €270 | -€25,556 | -99.0% |
| Amounts receivable within one year | 40/41 | €152,571 | €548,333 | +€395,762 | +259% |
| Trade receivables | 40 | €9,495 | €6,252 | -€3,243 | -34.2% |
| Other amounts receivable | 41 | €143,076 | €542,081 | +€399,005 | +279% |
| Current investments | 50/53 | €50 | €50 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €37,162 | €43,753 | +€6,591 | +17.7% |
| Deferred charges and accrued income | 490/1 | €7,697 | €7,249 | -€448 | -5.8% |
| Total equity and liabilities | 10/49 | €242,058 | €601,044 | +€358,985 | +148% |
| Equity | 10/15 | €198,600 | €173,959 | -€24,641 | -12.4% |
| Contributions | 10/11 | €17,000 | €17,000 | = | 0.0% |
| Reserves | 13 | €181,600 | €156,959 | -€24,641 | -13.6% |
| Distributable reserves | 133 | €181,600 | €156,959 | -€24,641 | -13.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €43,458 | €427,084 | +€383,626 | +883% |
| Amounts payable within one year | 42/48 | €43,458 | €419,952 | +€376,494 | +866% |
| Financial debts | 43 | - | €402,358 | +€402,358 | |
| Credit institutions | 430/8 | - | €402,358 | +€402,358 | |
| Trade debts | 44 | €33,685 | €7,809 | -€25,875 | -76.8% |
| Suppliers | 440/4 | €33,685 | €7,809 | -€25,875 | -76.8% |
| Taxes, remuneration and social security | 45 | €9,773 | €9,785 | +€11 | +0.1% |
| Taxes | 450/3 | €1,693 | €1,273 | -€419 | -24.8% |
| Remuneration and social security | 454/9 | €8,081 | €8,511 | +€431 | +5.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €7,132 | +€7,132 | |
| Non-recurring operating income | 76A | - | €9,641 | +€9,641 | |
| Remuneration, social security and pensions | 62 | €66,212 | €69,926 | +€3,714 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,927 | €8,547 | -€6,379 | -42.7% |
| Other operating charges | 640/8 | €3,399 | €2,982 | -€417 | -12.3% |
| Gross operating margin | 9900 | €104,826 | €59,953 | -€44,873 | -42.8% |
| Operating profit (loss) | 9901 | €20,289 | -€21,502 | -€41,790 | |
| Financial income | 75/76B | €12,957 | €6,861 | -€6,095 | -47.0% |
| Recurring financial income | 75 | €12,957 | €6,861 | -€6,095 | -47.0% |
| Financial charges | 65/66B | €3,514 | €10,001 | +€6,486 | +185% |
| Recurring financial charges | 65 | €3,514 | €10,001 | +€6,486 | +185% |
| Profit (loss) for the period before taxes | 9903 | €29,731 | -€24,641 | -€54,372 | |
| Income taxes | 67/77 | €1,273 | €0 | -€1,273 | -100% |
| Profit (loss) for the period | 9904 | €28,458 | -€24,641 | -€53,099 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,458 | -€24,641 | -€53,099 |
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 21 October 2026 via checked.be.