Alpine Management Services: 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.
Alpine Management Services
Largest movements
- Current investments +€1.8m
new in 2025: €1.8m
- Cash -€1.1m
down €1.1m (-83.4%), from €1.3m to €220,765
mainly Current investments (-€1.8m) and Smaller working-capital items (-€4,454)
- Receivables within one year -€63,720
down €63,720 (-71.5%), from €89,059 to €25,339
of which Trade receivables: -€81,393
- Tangible fixed assets -€29,494
down €29,494 (-23.5%), from €125,326 to €95,832
of which Furniture and vehicles: -€28,619
- Reserves +€588,300
up €588,300 (+41.7%), from €1.4m to €2.0m
- Financial income +€26,399
up €26,399 (+87.3%), from €30,228 to €56,627
- Gross operating margin +€20,345
up €20,345 (+2.5%), from €801,739 to €822,083
- Depreciation +€8,819
up €8,819 (+42.7%), from €20,675 to €29,494
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 | €1,544,667 | €2,128,556 | +€583,889 | +37.8% |
| Fixed assets | 21/28 | €125,326 | €95,832 | -€29,494 | -23.5% |
| Tangible fixed assets | 22/27 | €125,326 | €95,832 | -€29,494 | -23.5% |
| Plant, machinery and equipment | 23 | €2,637 | €1,762 | -€875 | -33.2% |
| Furniture and vehicles | 24 | €122,689 | €94,070 | -€28,619 | -23.3% |
| Current assets | 29/58 | €1,419,341 | €2,032,724 | +€613,383 | +43.2% |
| Amounts receivable within one year | 40/41 | €89,059 | €25,339 | -€63,720 | -71.5% |
| Trade receivables | 40 | €81,559 | €166 | -€81,393 | -99.8% |
| Other amounts receivable | 41 | €7,500 | €25,173 | +€17,673 | +235.6% |
| Current investments | 50/53 | - | €1,785,924 | +€1.8m | |
| Cash at bank and in hand | 54/58 | €1,329,572 | €220,765 | -€1.1m | -83.4% |
| Deferred charges and accrued income | 490/1 | €710 | €696 | -€14 | -2.0% |
| Total equity and liabilities | 10/49 | €1,544,667 | €2,128,556 | +€583,889 | +37.8% |
| Equity | 10/15 | €1,420,569 | €2,008,925 | +€588,357 | +41.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,409,900 | €1,998,200 | +€588,300 | +41.7% |
| Distributable reserves | 133 | €1,409,900 | €1,998,200 | +€588,300 | +41.7% |
| Profit (loss) carried forward | 14 | €669 | €725 | +€57 | +8.5% |
| Amounts payable | 17/49 | €124,099 | €119,631 | -€4,468 | -3.6% |
| Amounts payable within one year | 42/48 | €124,099 | €119,631 | -€4,468 | -3.6% |
| Trade debts | 44 | €2,755 | €3,212 | +€457 | +16.6% |
| Suppliers | 440/4 | €2,755 | €3,212 | +€457 | +16.6% |
| Taxes, remuneration and social security | 45 | €119,678 | €116,418 | -€3,259 | -2.7% |
| Taxes | 450/3 | €113,539 | €116,418 | +€2,879 | +2.5% |
| Remuneration and social security | 454/9 | €6,138 | - | -€6,138 | |
| Other amounts payable | 47/48 | €1,666 | - | -€1,666 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,675 | €29,494 | +€8,819 | +42.7% |
| Other operating charges | 640/8 | €1,024 | €1,600 | +€576 | +56.2% |
| Non-recurring operating charges | 66A | €4,311 | - | -€4,311 | |
| Gross operating margin | 9900 | €801,739 | €822,083 | +€20,345 | +2.5% |
| Operating profit (loss) | 9901 | €775,729 | €790,990 | +€15,261 | +2.0% |
| Financial income | 75/76B | €30,228 | €56,627 | +€26,399 | +87.3% |
| Recurring financial income | 75 | €30,228 | €56,627 | +€26,399 | +87.3% |
| Financial charges | 65/66B | €2,250 | €1,487 | -€763 | -33.9% |
| Recurring financial charges | 65 | €2,250 | €1,487 | -€763 | -33.9% |
| Profit (loss) for the period before taxes | 9903 | €803,707 | €846,130 | +€42,423 | +5.3% |
| Income taxes | 67/77 | €252,495 | €257,773 | +€5,278 | +2.1% |
| Profit (loss) for the period | 9904 | €551,212 | €588,357 | +€37,145 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €551,212 | €588,357 | +€37,145 | +6.7% |
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 8 October 2026 via checked.be.