ALPHA RED: 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.
ALPHA RED
Largest movements
- Tangible fixed assets -€120,247
down €120,247 (-7.8%), from €1.5m to €1.4m
- Cash +€40,101
up €40,101 (+376%), from €10,671 to €50,772
mainly Depreciation (+€139,511) and Net result for the year (+€9,917)
- Debts after one year -€97,872
down €97,872 (-12.6%), from €775,819 to €677,948
- Reserves +€23,751
up €23,751 (+8.2%), from €289,577 to €313,328
of which Distributable reserves: +€54,035
- Gross operating margin +€38,942
up €38,942 (+25.1%), from €154,984 to €193,926
- Taxes +€18,806
up €18,806 (+544%), from €3,459 to €22,265
- Write-downs -€14,265
down €14,265, from €7,133 to -€7,133
- Depreciation +€9,836
up €9,836 (+7.6%), from €129,676 to €139,511
- Financial charges -€9,167
down €9,167 (-28.9%), from €31,685 to €22,517
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 | €1,640,600 | €1,551,293 | -€89,307 | -5.4% |
| Fixed assets | 21/28 | €1,596,262 | €1,476,015 | -€120,247 | -7.5% |
| Tangible fixed assets | 22/27 | €1,540,911 | €1,420,664 | -€120,247 | -7.8% |
| Other tangible fixed assets | 26 | €1,540,911 | €1,420,664 | -€120,247 | -7.8% |
| Financial fixed assets | 28 | €55,351 | €55,351 | = | 0.0% |
| Current assets | 29/58 | €44,339 | €75,279 | +€30,940 | +69.8% |
| Amounts receivable within one year | 40/41 | €31,273 | €22,018 | -€9,254 | -29.6% |
| Trade receivables | 40 | €14,683 | €5,477 | -€9,206 | -62.7% |
| Other amounts receivable | 41 | €16,589 | €16,541 | -€48 | -0.3% |
| Cash at bank and in hand | 54/58 | €10,671 | €50,772 | +€40,101 | +376% |
| Deferred charges and accrued income | 490/1 | €2,395 | €2,488 | +€93 | +3.9% |
| Total equity and liabilities | 10/49 | €1,640,600 | €1,551,293 | -€89,307 | -5.4% |
| Equity | 10/15 | €343,412 | €353,328 | +€9,917 | +2.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Contributions outside capital | 11 | €40,000 | €40,000 | = | 0.0% |
| Other | 1109/19 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €289,577 | €313,328 | +€23,751 | +8.2% |
| Non-distributable reserves | 130/1 | €3,718 | €3,718 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,718 | €3,718 | = | 0.0% |
| Tax-exempt reserves | 132 | €121,664 | €91,381 | -€30,283 | -24.9% |
| Distributable reserves | 133 | €164,195 | €218,229 | +€54,035 | +32.9% |
| Profit (loss) carried forward | 14 | €13,835 | - | -€13,835 | |
| Provisions and deferred taxes | 16 | €62,646 | €47,053 | -€15,593 | -24.9% |
| Deferred taxes | 168 | €62,646 | €47,053 | -€15,593 | -24.9% |
| Amounts payable | 17/49 | €1,234,542 | €1,150,912 | -€83,630 | -6.8% |
| Amounts payable after more than one year | 17 | €775,819 | €677,948 | -€97,872 | -12.6% |
| Financial debts | 170/4 | €775,819 | €677,948 | -€97,872 | -12.6% |
| Amounts payable within one year | 42/48 | €449,881 | €458,991 | +€9,110 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €99,039 | €98,086 | -€953 | -1.0% |
| Trade debts | 44 | €3,544 | €5,067 | +€1,523 | +43.0% |
| Suppliers | 440/4 | €3,544 | €5,067 | +€1,523 | +43.0% |
| Taxes, remuneration and social security | 45 | €14,988 | €23,567 | +€8,579 | +57.2% |
| Taxes | 450/3 | €1,392 | €12,093 | +€10,701 | +769% |
| Remuneration and social security | 454/9 | €13,595 | €11,473 | -€2,122 | -15.6% |
| Other amounts payable | 47/48 | €332,310 | €332,271 | -€39 | 0.0% |
| Accrued charges and deferred income | 492/3 | €8,842 | €13,974 | +€5,132 | +58.0% |
| Non-recurring operating income | 76A | - | €25,094 | +€25,094 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,676 | €139,511 | +€9,836 | +7.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,133 | -€7,133 | -€14,265 | |
| Other operating charges | 640/8 | €15,074 | €22,442 | +€7,368 | +48.9% |
| Gross operating margin | 9900 | €154,984 | €193,926 | +€38,942 | +25.1% |
| Operating profit (loss) | 9901 | €3,102 | €39,106 | +€36,004 | +1,161% |
| Financial charges | 65/66B | €31,685 | €22,517 | -€9,167 | -28.9% |
| Recurring financial charges | 65 | €31,685 | €22,517 | -€9,167 | -28.9% |
| Profit (loss) for the period before taxes | 9903 | -€28,583 | €16,588 | +€45,171 | |
| Transfer from deferred taxes | 780 | €15,593 | €15,593 | = | 0.0% |
| Income taxes | 67/77 | €3,459 | €22,265 | +€18,806 | +544% |
| Profit (loss) for the period | 9904 | -€16,448 | €9,917 | +€26,365 | |
| Transfer from tax-exempt reserves | 789 | €30,283 | €30,283 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,835 | €40,200 | +€26,365 | +191% |
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 20 October 2026 via checked.be.