ALPINE MANAGEMENT: 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.
ALPINE MANAGEMENT
Largest movements
- Receivables within one year +€6.7m
up €6.7m (+335%), from €2.0m to €8.7m
of which Other amounts receivable: +€5.4m
- Cash +€3.1m
up €3.1m (+1,442%), from €214,766 to €3.3m
mainly Net result for the year (+€6.0m) and Tax, wage and social debts (+€2.2m)
- Financial fixed assets -€1.0m
down €1.0m (-19.3%), from €5.4m to €4.3m
- Tangible fixed assets +€184,708
up €184,708 (+2,596%), from €7,116 to €191,824
of which Furniture and vehicles: +€186,442
- Profit (loss) carried forward +€6.0m
up €6.0m (+899%), from €670,804 to €6.7m
- Tax, wage and social debts +€2.2m
up €2.2m (+4,987%), from €43,828 to €2.2m
- Other debts +€415,769
up €415,769 (+6.2%), from €6.7m to €7.1m
- Trade debts +€360,366
up €360,366 (+427%), from €84,370 to €444,737
- Gross operating margin +€8.3m
up €8.3m, from -€44,769 to €8.2m
- Taxes +€2.1m
up €2.1m (+3,960%), from €54,245 to €2.2m
- Financial income -€494,475
down €494,475 (-53.6%), from €923,184 to €428,709
- Financial charges -€125,176
down €125,176 (-24.4%), from €512,834 to €387,658
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 | €7,580,147 | €16,544,369 | +€9.0m | +118% |
| Fixed assets | 21/28 | €5,363,088 | €4,514,542 | -€848,546 | -15.8% |
| Tangible fixed assets | 22/27 | €7,116 | €191,824 | +€184,708 | +2,596% |
| Furniture and vehicles | 24 | €5,382 | €191,824 | +€186,442 | +3,464% |
| Other tangible fixed assets | 26 | €1,734 | €0 | -€1,734 | -100% |
| Financial fixed assets | 28 | €5,355,972 | €4,322,717 | -€1.0m | -19.3% |
| Current assets | 29/58 | €2,217,059 | €12,029,827 | +€9.8m | +443% |
| Amounts receivable within one year | 40/41 | €2,002,293 | €8,712,175 | +€6.7m | +335% |
| Trade receivables | 40 | €128,390 | €1,399,111 | +€1.3m | +990% |
| Other amounts receivable | 41 | €1,873,903 | €7,313,064 | +€5.4m | +290% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €214,766 | €3,312,125 | +€3.1m | +1,442% |
| Deferred charges and accrued income | 490/1 | €0 | €5,528 | +€5,528 | |
| Total equity and liabilities | 10/49 | €7,580,147 | €16,544,369 | +€9.0m | +118% |
| Equity | 10/15 | €691,264 | €6,718,843 | +€6.0m | +872% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €670,804 | €6,698,383 | +€6.0m | +899% |
| Amounts payable | 17/49 | €6,888,883 | €9,825,526 | +€2.9m | +42.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €6,858,570 | €9,825,526 | +€3.0m | +43.3% |
| Financial debts | 43 | - | €4,915 | +€4,915 | |
| Credit institutions | 430/8 | - | €4,915 | +€4,915 | |
| Trade debts | 44 | €84,370 | €444,737 | +€360,366 | +427% |
| Suppliers | 440/4 | €84,370 | €444,737 | +€360,366 | +427% |
| Taxes, remuneration and social security | 45 | €43,828 | €2,229,733 | +€2.2m | +4,987% |
| Taxes | 450/3 | €43,828 | €2,229,733 | +€2.2m | +4,987% |
| Other amounts payable | 47/48 | €6,730,372 | €7,146,141 | +€415,769 | +6.2% |
| Accrued charges and deferred income | 492/3 | €30,313 | €0 | -€30,313 | -100% |
| Non-recurring operating income | 76A | - | €8,185,809 | +€8.2m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,277 | €20,655 | +€15,378 | +291% |
| Other operating charges | 640/8 | €18 | €10,214 | +€10,196 | +56,456% |
| Gross operating margin | 9900 | -€44,769 | €8,219,700 | +€8.3m | |
| Operating profit (loss) | 9901 | -€50,064 | €8,188,830 | +€8.2m | |
| Financial income | 75/76B | €923,184 | €428,709 | -€494,475 | -53.6% |
| Recurring financial income | 75 | €923,184 | €428,709 | -€494,475 | -53.6% |
| Financial charges | 65/66B | €512,834 | €387,658 | -€125,176 | -24.4% |
| Recurring financial charges | 65 | €512,834 | €387,658 | -€125,176 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | €360,286 | €8,229,881 | +€7.9m | +2,184% |
| Income taxes | 67/77 | €54,245 | €2,202,302 | +€2.1m | +3,960% |
| Profit (loss) for the period | 9904 | €306,041 | €6,027,579 | +€5.7m | +1,870% |
| Profit (loss) for the period to be appropriated | 9905 | €306,041 | €6,027,579 | +€5.7m | +1,870% |
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 14 October 2026 via checked.be.