ALPINA: 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.
ALPINA
Largest movements
- Receivables after one year +€8.0m
up €8.0m (+400%), from €2.0m to €10.0m
- Debts after one year +€8.0m
up €8.0m (+269%), from €3.0m to €10.9m
- Financial income +€213,438
new in 2025: €213,438
- Financial charges +€150,614
up €150,614 (+651%), from €23,139 to €173,754
- Gross operating margin +€805
up €805 (+16.3%), from -€4,953 to -€4,147
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 | €2,001,508 | €10,005,300 | +€8.0m | +400% |
| Current assets | 29/58 | €2,001,508 | €10,005,300 | +€8.0m | +400% |
| Amounts receivable after more than one year | 29 | €2,000,000 | €10,000,000 | +€8.0m | +400% |
| Other amounts receivable | 291 | €2,000,000 | €10,000,000 | +€8.0m | +400% |
| Amounts receivable within one year | 40/41 | €423 | €0 | -€423 | -100% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €423 | €0 | -€423 | -100% |
| Cash at bank and in hand | 54/58 | €1,085 | €5,300 | +€4,215 | +389% |
| Total equity and liabilities | 10/49 | €2,001,508 | €10,005,300 | +€8.0m | +400% |
| Equity | 10/15 | -€980,377 | -€945,460 | +€34,917 | +3.6% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€986,574 | -€951,657 | +€34,917 | +3.5% |
| Amounts payable | 17/49 | €2,981,885 | €10,950,760 | +€8.0m | +267% |
| Amounts payable after more than one year | 17 | €2,960,942 | €10,929,585 | +€8.0m | +269% |
| Financial debts | 170/4 | €2,960,942 | €10,929,585 | +€8.0m | +269% |
| Amounts payable within one year | 42/48 | €20,555 | €21,175 | +€620 | +3.0% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | - | €620 | +€620 | |
| Suppliers | 440/4 | - | €620 | +€620 | |
| Other amounts payable | 47/48 | €20,555 | €20,555 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €387 | €0 | -€387 | -100% |
| Other operating charges | 640/8 | €657 | €620 | -€38 | -5.8% |
| Gross operating margin | 9900 | -€4,953 | -€4,147 | +€805 | +16.3% |
| Operating profit (loss) | 9901 | -€5,610 | -€4,767 | +€843 | +15.0% |
| Financial income | 75/76B | - | €213,438 | +€213,438 | |
| Recurring financial income | 75 | - | €213,438 | +€213,438 | |
| Financial charges | 65/66B | €23,139 | €173,754 | +€150,614 | +651% |
| Recurring financial charges | 65 | €23,139 | €173,754 | +€150,614 | +651% |
| Profit (loss) for the period before taxes | 9903 | -€28,749 | €34,917 | +€63,666 | |
| Profit (loss) for the period | 9904 | -€28,749 | €34,917 | +€63,666 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,749 | €34,917 | +€63,666 |
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 17 October 2026 via checked.be.