PJ Alpha: 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.
PJ Alpha
Largest movements
- Cash +€29,568
up €29,568 (+64.4%), from €45,904 to €75,472
mainly Net result for the year (+€56,375) and Depreciation (+€14,128)
- Tangible fixed assets -€10,997
down €10,997 (-20.0%), from €54,878 to €43,882
of which Furniture and vehicles: -€12,090
- Financial fixed assets +€10,000
new in 2025: €10,000
- Receivables within one year +€8,962
up €8,962 (+122%), from €7,328 to €16,290
of which Trade receivables: +€8,966
- Profit (loss) carried forward +€55,542
up €55,542 (+168%), from €33,077 to €88,619
- Current portion of long-term debt -€15,025
down €15,025 (-57.3%), from €26,226 to €11,201
- Debts after one year -€11,201
down €11,201 (-38.4%), from €29,201 to €18,000
- Tax, wage and social debts +€10,747
up €10,747 (+69.9%), from €15,385 to €26,132
- Other debts -€3,117
down €3,117 (-70.2%), from €4,442 to €1,325
- Gross operating margin +€33,349
up €33,349 (+59.7%), from €55,881 to €89,229
- Taxes +€7,239
up €7,239 (+76.8%), from €9,430 to €16,669
- Depreciation +€3,381
up €3,381 (+31.5%), from €10,747 to €14,128
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 | €108,561 | €146,274 | +€37,713 | +34.7% |
| Fixed assets | 21/28 | €54,878 | €53,882 | -€997 | -1.8% |
| Tangible fixed assets | 22/27 | €54,878 | €43,882 | -€10,997 | -20.0% |
| Plant, machinery and equipment | 23 | - | €1,093 | +€1,093 | |
| Furniture and vehicles | 24 | €54,878 | €42,789 | -€12,090 | -22.0% |
| Financial fixed assets | 28 | - | €10,000 | +€10,000 | |
| Current assets | 29/58 | €53,682 | €92,392 | +€38,710 | +72.1% |
| Amounts receivable within one year | 40/41 | €7,328 | €16,290 | +€8,962 | +122% |
| Trade receivables | 40 | €7,321 | €16,287 | +€8,966 | +122% |
| Other amounts receivable | 41 | €8 | €4 | -€4 | -55.6% |
| Cash at bank and in hand | 54/58 | €45,904 | €75,472 | +€29,568 | +64.4% |
| Deferred charges and accrued income | 490/1 | €450 | €631 | +€181 | +40.2% |
| Total equity and liabilities | 10/49 | €108,561 | €146,274 | +€37,713 | +34.7% |
| Equity | 10/15 | €33,177 | €88,719 | +€55,542 | +167% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Contributions outside capital | 11 | €100 | - | -€100 | |
| Other | 1109/19 | €100 | - | -€100 | |
| Profit (loss) carried forward | 14 | €33,077 | €88,619 | +€55,542 | +168% |
| Amounts payable | 17/49 | €75,384 | €57,555 | -€17,828 | -23.7% |
| Amounts payable after more than one year | 17 | €29,201 | €18,000 | -€11,201 | -38.4% |
| Financial debts | 170/4 | €29,201 | €18,000 | -€11,201 | -38.4% |
| Amounts payable within one year | 42/48 | €46,182 | €39,355 | -€6,827 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €26,226 | €11,201 | -€15,025 | -57.3% |
| Trade debts | 44 | €129 | €697 | +€568 | +440% |
| Suppliers | 440/4 | €129 | €697 | +€568 | +440% |
| Taxes, remuneration and social security | 45 | €15,385 | €26,132 | +€10,747 | +69.9% |
| Taxes | 450/3 | €15,385 | €26,132 | +€10,747 | +69.9% |
| Other amounts payable | 47/48 | €4,442 | €1,325 | -€3,117 | -70.2% |
| Accrued charges and deferred income | 492/3 | - | €200 | +€200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,747 | €14,128 | +€3,381 | +31.5% |
| Other operating charges | 640/8 | €341 | €373 | +€31 | +9.2% |
| Gross operating margin | 9900 | €55,881 | €89,229 | +€33,349 | +59.7% |
| Operating profit (loss) | 9901 | €44,793 | €74,729 | +€29,936 | +66.8% |
| Financial income | 75/76B | €7 | €3 | -€4 | -57.5% |
| Recurring financial income | 75 | €7 | €3 | -€4 | -57.5% |
| Financial charges | 65/66B | €1,460 | €1,688 | +€229 | +15.7% |
| Recurring financial charges | 65 | €1,460 | €1,688 | +€229 | +15.7% |
| Profit (loss) for the period before taxes | 9903 | €43,340 | €73,043 | +€29,703 | +68.5% |
| Income taxes | 67/77 | €9,430 | €16,669 | +€7,239 | +76.8% |
| Profit (loss) for the period | 9904 | €33,910 | €56,375 | +€22,464 | +66.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,910 | €56,375 | +€22,464 | +66.2% |
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 27 October 2026 via checked.be.