ALPHA PROJECTS: 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 PROJECTS
Largest movements
- Tangible fixed assets +€73,769
up €73,769 (+164%), from €44,899 to €118,668
of which Furniture and vehicles: +€73,565
- Deferred charges and accrued income +€8,732
up €8,732 (+359%), from €2,431 to €11,163
- Cash -€7,747
down €7,747 (-25.4%), from €30,464 to €22,717
mainly Investment in fixed assets (net) (-€123,689) and Deferred charges and accrued income (-€8,732)
- Receivables within one year +€7,280
up €7,280 (+11.3%), from €64,304 to €71,585
of which Trade receivables: +€10,534
- Debts after one year +€66,111
up €66,111 (+1,939%), from €3,410 to €69,521
- Other debts +€14,894
up €14,894 (+211%), from €7,068 to €21,962
- Current portion of long-term debt +€8,291
up €8,291 (+48.6%), from €17,074 to €25,364
- Tax, wage and social debts -€6,554
down €6,554 (-38.9%), from €16,845 to €10,291
of which Remuneration and social security: -€4,839
- Trade debts -€3,013
down €3,013 (-4.6%), from €65,116 to €62,103
- Gross operating margin +€24,312
up €24,312 (+38.8%), from €62,614 to €86,926
- Depreciation +€20,888
up €20,888 (+71.2%), from €29,336 to €50,223
- Other operating charges +€5,270
up €5,270 (+298%), from €1,771 to €7,041
- Financial charges +€3,692
up €3,692 (+271%), from €1,362 to €5,053
- Financial income -€1,231
down €1,231 (-96.8%), from €1,272 to €41
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 | €180,576 | €263,643 | +€83,067 | +46.0% |
| Fixed assets | 21/28 | €45,202 | €118,668 | +€73,466 | +163% |
| Tangible fixed assets | 22/27 | €44,899 | €118,668 | +€73,769 | +164% |
| Plant, machinery and equipment | 23 | €9,612 | €9,816 | +€204 | +2.1% |
| Furniture and vehicles | 24 | €35,287 | €108,852 | +€73,565 | +208% |
| Financial fixed assets | 28 | €303 | - | -€303 | |
| Current assets | 29/58 | €135,374 | €144,975 | +€9,601 | +7.1% |
| Stocks and contracts in progress | 3 | €38,175 | €39,510 | +€1,335 | +3.5% |
| Stocks | 30/36 | €38,175 | €39,510 | +€1,335 | +3.5% |
| Amounts receivable within one year | 40/41 | €64,304 | €71,585 | +€7,280 | +11.3% |
| Trade receivables | 40 | €58,051 | €68,585 | +€10,534 | +18.1% |
| Other amounts receivable | 41 | €6,253 | €2,999 | -€3,254 | -52.0% |
| Cash at bank and in hand | 54/58 | €30,464 | €22,717 | -€7,747 | -25.4% |
| Deferred charges and accrued income | 490/1 | €2,431 | €11,163 | +€8,732 | +359% |
| Total equity and liabilities | 10/49 | €180,576 | €263,643 | +€83,067 | +46.0% |
| Equity | 10/15 | €71,064 | €73,768 | +€2,704 | +3.8% |
| Contributions | 10/11 | €19,800 | €19,800 | = | 0.0% |
| Reserves | 13 | €46,780 | €49,430 | +€2,650 | +5.7% |
| Non-distributable reserves | 130/1 | €1,980 | €1,980 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,980 | €1,980 | = | 0.0% |
| Distributable reserves | 133 | €44,800 | €47,450 | +€2,650 | +5.9% |
| Profit (loss) carried forward | 14 | €4,484 | €4,538 | +€54 | +1.2% |
| Amounts payable | 17/49 | €109,513 | €189,875 | +€80,363 | +73.4% |
| Amounts payable after more than one year | 17 | €3,410 | €69,521 | +€66,111 | +1,939% |
| Financial debts | 170/4 | €3,410 | €69,521 | +€66,111 | +1,939% |
| Amounts payable within one year | 42/48 | €106,102 | €120,354 | +€14,252 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €17,074 | €25,364 | +€8,291 | +48.6% |
| Financial debts | 43 | - | €634 | +€634 | |
| Credit institutions | 430/8 | - | €634 | +€634 | |
| Trade debts | 44 | €65,116 | €62,103 | -€3,013 | -4.6% |
| Suppliers | 440/4 | €65,116 | €62,103 | -€3,013 | -4.6% |
| Taxes, remuneration and social security | 45 | €16,845 | €10,291 | -€6,554 | -38.9% |
| Taxes | 450/3 | €4,480 | €2,765 | -€1,715 | -38.3% |
| Remuneration and social security | 454/9 | €12,365 | €7,526 | -€4,839 | -39.1% |
| Other amounts payable | 47/48 | €7,068 | €21,962 | +€14,894 | +211% |
| Remuneration, social security and pensions | 62 | €17,922 | €18,931 | +€1,009 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,336 | €50,223 | +€20,888 | +71.2% |
| Other operating charges | 640/8 | €1,771 | €7,041 | +€5,270 | +298% |
| Gross operating margin | 9900 | €62,614 | €86,926 | +€24,312 | +38.8% |
| Operating profit (loss) | 9901 | €13,585 | €10,731 | -€2,854 | -21.0% |
| Financial income | 75/76B | €1,272 | €41 | -€1,231 | -96.8% |
| Recurring financial income | 75 | €1,272 | €41 | -€1,231 | -96.8% |
| Financial charges | 65/66B | €1,362 | €5,053 | +€3,692 | +271% |
| Recurring financial charges | 65 | €1,362 | €5,053 | +€3,692 | +271% |
| Profit (loss) for the period before taxes | 9903 | €13,495 | €5,718 | -€7,777 | -57.6% |
| Income taxes | 67/77 | €4,153 | €3,014 | -€1,139 | -27.4% |
| Profit (loss) for the period | 9904 | €9,342 | €2,704 | -€6,638 | -71.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,342 | €2,704 | -€6,638 | -71.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.