ALPINI: 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.
ALPINI
Largest movements
- Receivables within one year +€46,408
up €46,408 (+225.4%), from €20,589 to €66,996
of which Other amounts receivable: +€45,640
- Cash -€38,856
down €38,856 (-6.7%), from €578,497 to €539,641
mainly Receivables within one year (-€46,408) and Debts after one year (-€26,988)
- Tangible fixed assets -€32,419
down €32,419 (-10.9%), from €296,548 to €264,129
of which Land and buildings: -€31,312
- Debts after one year -€26,988
down €26,988 (-18.5%), from €145,888 to €118,901
- Tax, wage and social debts -€25,015
down €25,015 (-77.3%), from €32,347 to €7,333
- Reserves +€15,081
up €15,081 (+8.3%), from €181,896 to €196,977
of which Distributable reserves: +€15,081
- Other debts +€10,297
up €10,297 (+2.0%), from €522,864 to €533,161
- Depreciation -€4,613
down €4,613 (-12.5%), from €37,031 to €32,419
- Taxes +€2,923
up €2,923 (+71.0%), from €4,115 to €7,038
- Gross operating margin +€2,708
up €2,708 (+3.5%), from €76,866 to €79,575
- Financial charges -€2,036
down €2,036 (-9.3%), from €21,776 to €19,740
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 | €936,383 | €909,566 | -€26,816 | -2.9% |
| Fixed assets | 21/28 | €325,548 | €293,129 | -€32,419 | -10.0% |
| Tangible fixed assets | 22/27 | €296,548 | €264,129 | -€32,419 | -10.9% |
| Land and buildings | 22 | €288,067 | €256,755 | -€31,312 | -10.9% |
| Plant, machinery and equipment | 23 | €8,481 | €7,374 | -€1,107 | -13.1% |
| Financial fixed assets | 28 | €29,000 | €29,000 | = | 0.0% |
| Current assets | 29/58 | €610,835 | €616,437 | +€5,602 | +0.9% |
| Amounts receivable after more than one year | 29 | €9,800 | €9,800 | = | 0.0% |
| Other amounts receivable | 291 | €9,800 | €9,800 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €20,589 | €66,996 | +€46,408 | +225.4% |
| Trade receivables | 40 | - | €768 | +€768 | |
| Other amounts receivable | 41 | €20,589 | €66,229 | +€45,640 | +221.7% |
| Cash at bank and in hand | 54/58 | €578,497 | €539,641 | -€38,856 | -6.7% |
| Deferred charges and accrued income | 490/1 | €1,949 | - | -€1,949 | |
| Total equity and liabilities | 10/49 | €936,383 | €909,566 | -€26,816 | -2.9% |
| Equity | 10/15 | €207,774 | €222,854 | +€15,081 | +7.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €181,896 | €196,977 | +€15,081 | +8.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €180,036 | €195,117 | +€15,081 | +8.4% |
| Profit (loss) carried forward | 14 | €7,278 | €7,278 | = | 0.0% |
| Amounts payable | 17/49 | €728,609 | €686,712 | -€41,897 | -5.8% |
| Amounts payable after more than one year | 17 | €145,888 | €118,901 | -€26,988 | -18.5% |
| Financial debts | 170/4 | €145,888 | €118,901 | -€26,988 | -18.5% |
| Amounts payable within one year | 42/48 | €581,409 | €567,481 | -€13,928 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €26,199 | €26,988 | +€789 | +3.0% |
| Taxes, remuneration and social security | 45 | €32,347 | €7,333 | -€25,015 | -77.3% |
| Taxes | 450/3 | €32,347 | €7,333 | -€25,015 | -77.3% |
| Other amounts payable | 47/48 | €522,864 | €533,161 | +€10,297 | +2.0% |
| Accrued charges and deferred income | 492/3 | €1,311 | €330 | -€981 | -74.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,031 | €32,419 | -€4,613 | -12.5% |
| Other operating charges | 640/8 | €5,127 | €5,298 | +€171 | +3.3% |
| Gross operating margin | 9900 | €76,866 | €79,575 | +€2,708 | +3.5% |
| Operating profit (loss) | 9901 | €34,708 | €41,858 | +€7,150 | +20.6% |
| Financial charges | 65/66B | €21,776 | €19,740 | -€2,036 | -9.3% |
| Recurring financial charges | 65 | €21,776 | €19,740 | -€2,036 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €12,932 | €22,118 | +€9,186 | +71.0% |
| Income taxes | 67/77 | €4,115 | €7,038 | +€2,923 | +71.0% |
| Profit (loss) for the period | 9904 | €8,817 | €15,081 | +€6,263 | +71.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,817 | €15,081 | +€6,263 | +71.0% |
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 30 September 2026 via checked.be.