ACTIVE

ALPHA

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Financial year 2025 · closed on 31/12/2025

Net result

-5,3 k €

+64.2% YoY

Gross margin

25,5 k €

+12.4% YoY

Equity

573,2 k €

-0.9% YoY

What does ALPHA do?

ALPHA is a Public limited company incorporated in 1990. Its main activity is: Development of building projects. Its registered office is in Juprelle.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0442.290.108

Incorporation

21/12/1990

Legal form

Public limited company

Registered office

Rue Provinciale 486
4458 Juprelle · WallonieSee on map

Contributed capital

162 392,63 €

Latest accounts

31/12/2025

Activities (NACE)

41101Development of building projects· main 68121Buying and selling of own real estate 70111Activities of head offices 73200Market research and public opinion polling 73200Market research and public opinion polling 74131Specialised design activities+3

Signals

Solid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2010		2009		2008		2007		2006
Income statement
Gross margin	25,5 k €	+12.4%	22,7 k €	+11.7%	20,4 k €	+41.7%	14,4 k €	-44.1%	25,7 k €	-4.2%	26,8 k €	+53.6%	17,5 k €	-73.3%	65,3 k €	-35.4%	101,1 k €	+8.1%	93,5 k €	+6.0%	88,2 k €	-4.7%	92,6 k €	-9.3%	102,1 k €	-6.9%	109,7 k €	+32.6%	82,7 k €	-14.3%	96,4 k €	-11.9%	109,5 k €	-6.5%	117,1 k €	+22.7%	95,4 k €
EBITDA	8,9 k €	+44.1%	6,2 k €	+60.4%	3,8 k €	+341%	-1,6 k €	-127%	6,0 k €	-50.5%	12,1 k €	+131%	5,2 k €	-88.7%	46,4 k €	-47.5%	88,4 k €	+17.7%	75,1 k €	+1.4%	74,1 k €	-9.4%	81,8 k €	-9.5%	90,4 k €	-9.1%	99,4 k €	+33.6%	74,4 k €	-15.8%	88,4 k €	-14.4%	103,2 k €	+1.4%	101,8 k €	+24.6%	81,7 k €
Operating result	-12,1 k €	+47.5%	-23,0 k €	+9.2%	-25,3 k €	+24.0%	-33,2 k €	-38.0%	-24,1 k €	+28.2%	-33,6 k €	+18.5%	-41,2 k €	-14606%	-280,0 €	-101%	39,9 k €	+181%	14,2 k €	+36.0%	10,4 k €	-39.8%	17,3 k €	-26.6%	23,6 k €	-35.7%	36,7 k €	+163%	13,9 k €	-49.8%	27,7 k €	-39.0%	45,5 k €	+3.8%	43,8 k €	+88.9%	23,2 k €
Net result	-5,3 k €	+64.2%	-14,9 k €	+40.5%	-25,0 k €	+25.5%	-33,6 k €	-36.3%	-24,6 k €	+28.4%	-34,4 k €	+18.3%	-42,1 k €	-744%	-5,0 k €	-119%	25,8 k €	+159%	10,0 k €	+159%	-16,8 k €	-209%	15,5 k €	-20.5%	19,5 k €	-45.3%	35,6 k €	+149%	14,3 k €	-52.0%	29,8 k €	-17.3%	36,0 k €	-44.1%	64,4 k €	+154%	25,3 k €
Balance sheet
Equity	573,2 k €	-0.9%	578,6 k €	-2.5%	593,4 k €	-4.0%	618,4 k €	-5.1%	652,0 k €	-3.6%	676,6 k €	-4.8%	711,0 k €	-5.6%	753,0 k €	-0.7%	758,0 k €	+3.4%	733,1 k €	+1.4%	723,1 k €	-2.3%	739,9 k €	+2.1%	724,4 k €	-19.1%	896,0 k €	+9.3%	819,8 k €	+1.8%	805,5 k €	+3.8%	775,7 k €	+4.9%	739,6 k €	+9.5%	675,2 k €
Total assets	574,8 k €	-0.8%	579,3 k €	-2.8%	596,1 k €	-4.5%	624,2 k €	-4.5%	653,9 k €	-3.8%	679,9 k €	-4.8%	714,3 k €	-5.8%	758,1 k €	-2.7%	778,9 k €	+5.2%	740,4 k €	+2.0%	726,0 k €	-4.3%	758,5 k €	-17.7%	921,5 k €	+2.0%	903,3 k €	+9.3%	826,3 k €	+1.0%	817,9 k €	+2.4%	799,0 k €	+6.0%	754,1 k €	+7.7%	700,1 k €
Cash	95,1 k €	+17.9%	80,6 k €	+17.2%	68,8 k €	-78.0%	312,3 k €	-0.9%	315,2 k €	-7.3%	339,9 k €	+2.8%	330,6 k €	+5.1%	314,5 k €	-29.4%	445,5 k €	+26.6%	352,0 k €	+369%	75,0 k €	+23.9%	60,5 k €	-63.2%	164,6 k €	+39.2%	118,3 k €	+29.2%	91,5 k €	+195%	31,1 k €	-64.9%	88,5 k €	+41.2%	62,7 k €	+41.8%	44,2 k €
Debts	573,7 €	-26.4%	779,3 €	-71.1%	2,7 k €	-53.9%	5,8 k €	+202%	1,9 k €	-42.3%	3,4 k €	+1.6%	3,3 k €	-34.8%	5,1 k €	-75.7%	20,9 k €	+248%	6,0 k €	+110%	2,9 k €	-84.6%	18,5 k €	-90.6%	197,0 k €	+2604%	7,3 k €	+11.2%	6,6 k €	-47.3%	12,4 k €	-46.7%	23,3 k €	+61.7%	14,4 k €	-42.0%	24,9 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 3 ended

Active mandates

CHRISTIANE BURY

Director

Active

Sandra GERMAY

Mandate

Active

Valérie GERMAY

Mandate

Active

Ended mandates

JACQUES GERMAY

Managing director · since 01 janvier 1992

Ended

CHRISTIANE BURY

Mandate

Ended

JACQUES GERMAY

Managing director

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	16/06/2026	23/06/2025	20/06/2024	03/07/2023	27/06/2022	28/06/2021
General meeting	06/06/2026	07/06/2025	04/06/2024	01/06/2023	04/06/2022	01/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	06/06/2026	16/06/2026	French	PDF
Micro model	31/12/2024	07/06/2025	23/06/2025	French	PDF
Micro model	31/12/2023	04/06/2024	20/06/2024	French	PDF
Micro model	31/12/2022	01/06/2023	03/07/2023	French	PDF
Micro model	31/12/2021	04/06/2022	27/06/2022	French	PDF
Micro model	31/12/2020	01/06/2021	28/06/2021	French	PDF
Abridged model	31/12/2019	06/06/2020	30/06/2020	French	PDF
Abridged model	31/12/2018	01/06/2019	24/06/2019	French	PDF
Abridged model	31/12/2017	01/06/2018	28/06/2018	French	PDF
Abridged model	31/12/2016	03/06/2017	29/06/2017	French	PDF
Abridged model	31/12/2015	28/05/2016	29/06/2016	French	PDF
Abridged model	31/12/2014	01/06/2015	02/07/2015	French	PDF
Abridged model	31/12/2013	07/06/2014	02/07/2014	French	PDF
Abridged model	31/12/2012	01/06/2013	17/06/2013	French	PDF
Abridged model	31/12/2011	26/05/2012	05/06/2012	French	PDF
Abridged model	31/12/2010	10/03/2011	16/05/2011	French	PDF
Abridged model	31/12/2009	09/03/2010	02/06/2010	French	PDF
Abridged model	31/12/2008	10/03/2009	25/06/2009	French	PDF
Abridged model	31/12/2007	11/03/2008	02/07/2008	French	PDF
Abridged model	31/12/2006	20/06/2007	06/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 3 ended

Active mandates

CHRISTIANE BURY

Director

Active

Sandra GERMAY

Mandate

Active

Valérie GERMAY

Mandate

Active

Ended mandates

JACQUES GERMAY

Managing director · since 01 janvier 1992

Ended

CHRISTIANE BURY

Mandate

Ended

JACQUES GERMAY

Managing director

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates20/12/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DEMISSIONS, NOMINATIONS
PDF
Mandates12/04/2021
DEMISSIONS, NOMINATIONS
PDF
Other29/05/2017
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates30/04/2015
DEMISSIONS, NOMINATIONS
PDF
Restructuring09/01/2012
CAPITAL, ACTIONS - RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Restructuring16/11/2011
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Mandates19/10/2007
DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-5,3 k €↑
2024
Annual accounts 2024-14,9 k €↑
2023
Annual accounts 2023-25,0 k €↑
2022
Annual accounts 2022-33,6 k €↓
2021
Annual accounts 2021-24,6 k €↑
2020
Annual accounts 2020-34,4 k €↑
2019
Annual accounts 2019-42,1 k €↓
2018
Annual accounts 2018-5,0 k €↓
2017
Annual accounts 201725,8 k €↑
2016
Annual accounts 201610,0 k €↑
2015
Annual accounts 2015-16,8 k €↓
2014
Annual accounts 201415,5 k €↓
2013
Annual accounts 201319,5 k €↓
2012
Annual accounts 201235,6 k €↑
2010
Annual accounts 201014,3 k €↓
2009
Annual accounts 200929,8 k €↓
2008
Annual accounts 200836,0 k €↓
2007
Annual accounts 200764,4 k €↑
2006
Annual accounts 200625,3 k €
21/12/1990
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

ALPHA

Overview

What does ALPHA do?

Trend over 19 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline