ALPISU: 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.
ALPISU
Largest movements
- Tangible fixed assets +€92,125
up €92,125 (+3.0%), from €3.1m to €3.2m
of which Land and buildings: +€99,482
- Cash -€58,566
down €58,566 (-89.5%), from €65,424 to €6,859
mainly Investment in fixed assets (net) (-€201,544) and Short-term financial debts (-€113,002)
- Current portion of long-term debt +€118,307
new in 2025: €118,307
- Short-term financial debts -€113,002
no longer reported in 2025 (was €113,002)
- Profit (loss) carried forward +€54,925
up €54,925 (+97.4%), from -€56,370 to -€1,445
- Gross operating margin +€45,473
up €45,473 (+21.7%), from €209,686 to €255,159
- Other operating charges +€29,465
new in 2025: €29,465
- Depreciation +€23,468
up €23,468 (+27.3%), from €85,951 to €109,419
- Taxes -€13,771
no longer reported in 2025 (was €13,771)
- Financial charges +€5,311
up €5,311 (+9.5%), from €56,065 to €61,376
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 | €3,133,403 | €3,196,962 | +€63,559 | +2.0% |
| Fixed assets | 21/28 | €3,067,978 | €3,160,103 | +€92,125 | +3.0% |
| Tangible fixed assets | 22/27 | €3,067,978 | €3,160,103 | +€92,125 | +3.0% |
| Land and buildings | 22 | €2,832,549 | €2,932,031 | +€99,482 | +3.5% |
| Plant, machinery and equipment | 23 | €235,429 | €228,072 | -€7,357 | -3.1% |
| Current assets | 29/58 | €65,424 | €36,859 | -€28,566 | -43.7% |
| Amounts receivable within one year | 40/41 | - | €30,000 | +€30,000 | |
| Trade receivables | 40 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €65,424 | €6,859 | -€58,566 | -89.5% |
| Total equity and liabilities | 10/49 | €3,133,403 | €3,196,962 | +€63,559 | +2.0% |
| Equity | 10/15 | €474,149 | €529,074 | +€54,925 | +11.6% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Capital | 10 | - | €160,000 | +€160,000 | |
| Issued capital | 100 | - | €160,000 | +€160,000 | |
| Contributions outside capital | 11 | €160,000 | - | -€160,000 | |
| Share premium | 1100/10 | €160,000 | - | -€160,000 | |
| Revaluation surpluses | 12 | €370,519 | €370,519 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,370 | -€1,445 | +€54,925 | +97.4% |
| Amounts payable | 17/49 | €2,659,253 | €2,667,888 | +€8,635 | +0.3% |
| Amounts payable after more than one year | 17 | €2,085,176 | €2,104,131 | +€18,955 | +0.9% |
| Financial debts | 170/4 | €2,085,176 | €2,104,131 | +€18,955 | +0.9% |
| Amounts payable within one year | 42/48 | €574,077 | €563,757 | -€10,320 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | - | €118,307 | +€118,307 | |
| Financial debts | 43 | €113,002 | - | -€113,002 | |
| Credit institutions | 430/8 | €113,002 | - | -€113,002 | |
| Trade debts | 44 | €14,467 | €15,221 | +€754 | +5.2% |
| Suppliers | 440/4 | €14,467 | €15,221 | +€754 | +5.2% |
| Other amounts payable | 47/48 | €446,608 | €430,229 | -€16,379 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,951 | €109,419 | +€23,468 | +27.3% |
| Other operating charges | 640/8 | - | €29,465 | +€29,465 | |
| Gross operating margin | 9900 | €209,686 | €255,159 | +€45,473 | +21.7% |
| Operating profit (loss) | 9901 | €123,735 | €116,275 | -€7,460 | -6.0% |
| Financial income | 75/76B | - | €26 | +€26 | |
| Recurring financial income | 75 | - | €26 | +€26 | |
| Financial charges | 65/66B | €56,065 | €61,376 | +€5,311 | +9.5% |
| Recurring financial charges | 65 | €56,065 | €61,376 | +€5,311 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €67,670 | €54,925 | -€12,745 | -18.8% |
| Income taxes | 67/77 | €13,771 | - | -€13,771 | |
| Profit (loss) for the period | 9904 | €53,899 | €54,925 | +€1,026 | +1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €53,899 | €54,925 | +€1,026 | +1.9% |
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 13 October 2026 via checked.be.