ASI ALPACO: 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.
ASI ALPACO
Largest movements
- Receivables within one year -€766,526
down €766,526 (-98.7%), from €776,782 to €10,255
of which Trade receivables: -€747,935
- Tangible fixed assets -€710,872
no longer reported in 2025 (was €710,872)
of which Land and buildings: -€680,411
- Cash -€470,752
down €470,752 (-95.0%), from €495,594 to €24,841
mainly Debts after one year (-€3.4m) and Contributions, distributions and other (-€251,000)
- Stocks and contracts -€91,683
no longer reported in 2025 (was €91,683)
- Debts after one year -€3.4m
down €3.4m (-47.5%), from €7.2m to €3.8m
- Profit (loss) carried forward +€1.6m
up €1.6m (+27.8%), from -€5.9m to -€4.2m
- Revaluation surpluses -€251,000
no longer reported in 2025 (was €251,000)
- Trade debts -€98,738
down €98,738 (-87.2%), from €113,199 to €14,461
- Tax, wage and social debts +€54,119
new in 2025: €54,119
- Gross operating margin +€1.3m
up €1.3m (+259%), from €518,946 to €1.9m
- Staff costs -€1.0m
down €1.0m (-99.7%), from €1.0m to €2,646
- Write-downs -€243,322
down €243,322 (-92.9%), from €261,878 to €18,557
- Depreciation -€118,745
no longer reported in 2025 (was €118,745)
- Financial charges +€105,359
up €105,359 (+2,400%), from €4,389 to €109,748
of which Non-recurring financial charges: +€107,786
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 | €2,104,585 | €41,034 | -€2.1m | -98.1% |
| Fixed assets | 21/28 | €734,589 | €5,938 | -€728,652 | -99.2% |
| Intangible fixed assets | 21 | €5,710 | - | -€5,710 | |
| Tangible fixed assets | 22/27 | €710,872 | - | -€710,872 | |
| Land and buildings | 22 | €680,411 | - | -€680,411 | |
| Plant, machinery and equipment | 23 | €29,179 | - | -€29,179 | |
| Furniture and vehicles | 24 | €1,282 | - | -€1,282 | |
| Financial fixed assets | 28 | €18,007 | €5,938 | -€12,070 | -67.0% |
| Current assets | 29/58 | €1,369,995 | €35,097 | -€1.3m | -97.4% |
| Stocks and contracts in progress | 3 | €91,683 | - | -€91,683 | |
| Stocks | 30/36 | €91,683 | - | -€91,683 | |
| Amounts receivable within one year | 40/41 | €776,782 | €10,255 | -€766,526 | -98.7% |
| Trade receivables | 40 | €756,751 | €8,816 | -€747,935 | -98.8% |
| Other amounts receivable | 41 | €20,031 | €1,440 | -€18,591 | -92.8% |
| Cash at bank and in hand | 54/58 | €495,594 | €24,841 | -€470,752 | -95.0% |
| Deferred charges and accrued income | 490/1 | €5,937 | - | -€5,937 | |
| Total equity and liabilities | 10/49 | €2,104,585 | €41,034 | -€2.1m | -98.1% |
| Equity | 10/15 | -€5,162,741 | -€3,783,559 | +€1.4m | +26.7% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Revaluation surpluses | 12 | €251,000 | - | -€251,000 | |
| Reserves | 13 | €422,500 | €422,500 | = | 0.0% |
| Distributable reserves | 133 | €422,500 | €422,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,863,741 | -€4,233,559 | +€1.6m | +27.8% |
| Amounts payable | 17/49 | €7,267,326 | €3,824,593 | -€3.4m | -47.4% |
| Amounts payable after more than one year | 17 | €7,154,127 | €3,756,013 | -€3.4m | -47.5% |
| Financial debts | 170/4 | €7,154,127 | €3,756,013 | -€3.4m | -47.5% |
| Amounts payable within one year | 42/48 | €113,199 | €68,580 | -€44,619 | -39.4% |
| Trade debts | 44 | €113,199 | €14,461 | -€98,738 | -87.2% |
| Suppliers | 440/4 | €113,199 | €14,461 | -€98,738 | -87.2% |
| Taxes, remuneration and social security | 45 | - | €54,119 | +€54,119 | |
| Taxes | 450/3 | - | €54,119 | +€54,119 | |
| Non-recurring operating income | 76A | €23,216 | €2,094,648 | +€2.1m | +8,922% |
| Remuneration, social security and pensions | 62 | €1,018,115 | €2,646 | -€1.0m | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,745 | - | -€118,745 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €261,878 | €18,557 | -€243,322 | -92.9% |
| Other operating charges | 640/8 | €17,145 | €11,110 | -€6,034 | -35.2% |
| Non-recurring operating charges | 66A | €39,798 | €34,149 | -€5,649 | -14.2% |
| Gross operating margin | 9900 | €518,946 | €1,860,506 | +€1.3m | +259% |
| Operating profit (loss) | 9901 | -€936,735 | €1,794,044 | +€2.7m | |
| Financial income | 75/76B | €12,126 | €6 | -€12,120 | -99.9% |
| Recurring financial income | 75 | €12,126 | €6 | -€12,120 | -99.9% |
| Financial charges | 65/66B | €4,389 | €109,748 | +€105,359 | +2,400% |
| Recurring financial charges | 65 | €4,389 | €1,963 | -€2,427 | -55.3% |
| Non-recurring financial charges | 66B | - | €107,786 | +€107,786 | |
| Profit (loss) for the period before taxes | 9903 | -€928,998 | €1,684,302 | +€2.6m | |
| Income taxes | 67/77 | €169 | €54,119 | +€53,950 | +31,834% |
| Profit (loss) for the period | 9904 | -€929,168 | €1,630,183 | +€2.6m | |
| Profit (loss) for the period to be appropriated | 9905 | -€929,168 | €1,630,183 | +€2.6m |
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 19 October 2026 via checked.be.