A L F A: what changed
A L F A
Largest movements
- Receivables within one year +€154,749
up €154,749 (+614%), from €25,195 to €179,944
of which Other amounts receivable: +€93,959
- Cash -€59,671
down €59,671 (-20.2%), from €295,756 to €236,085
mainly Receivables within one year (-€154,749) and Investment in fixed assets (net) (-€2,307)
- Tangible fixed assets -€7,169
down €7,169 (-22.4%), from €32,057 to €24,888
of which Furniture and vehicles: -€8,985
- Reserves +€83,049
up €83,049 (+51.3%), from €161,992 to €245,042
of which Distributable reserves: +€83,049
- Gross operating margin -€118,771
down €118,771 (-49.4%), from €240,588 to €121,817
- Taxes -€39,438
down €39,438 (-53.7%), from €73,422 to €33,985
- Financial income +€6,065
new in 2025: €6,065
- Depreciation +€4,178
up €4,178 (+78.9%), from €5,298 to €9,476
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €354,349 | €440,917 | +€86,568 | +24.4% |
| Fixed assets | 21/28 | €32,057 | €24,888 | -€7,169 | -22.4% |
| Tangible fixed assets | 22/27 | €32,057 | €24,888 | -€7,169 | -22.4% |
| Land and buildings | 22 | - | €1,815 | +€1,815 | |
| Furniture and vehicles | 24 | €32,057 | €23,072 | -€8,985 | -28.0% |
| Current assets | 29/58 | €322,292 | €416,029 | +€93,737 | +29.1% |
| Amounts receivable within one year | 40/41 | €25,195 | €179,944 | +€154,749 | +614% |
| Trade receivables | 40 | €12,140 | €72,930 | +€60,790 | +501% |
| Other amounts receivable | 41 | €13,055 | €107,013 | +€93,959 | +720% |
| Cash at bank and in hand | 54/58 | €295,756 | €236,085 | -€59,671 | -20.2% |
| Deferred charges and accrued income | 490/1 | €1,341 | - | -€1,341 | |
| Total equity and liabilities | 10/49 | €354,349 | €440,917 | +€86,568 | +24.4% |
| Equity | 10/15 | €282,212 | €365,261 | +€83,049 | +29.4% |
| Contributions | 10/11 | €66,000 | €66,000 | = | 0.0% |
| Reserves | 13 | €161,992 | €245,042 | +€83,049 | +51.3% |
| Non-distributable reserves | 130/1 | €2,686 | €2,686 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,686 | €2,686 | = | 0.0% |
| Distributable reserves | 133 | €159,306 | €242,355 | +€83,049 | +52.1% |
| Profit (loss) carried forward | 14 | €54,219 | €54,219 | = | 0.0% |
| Amounts payable | 17/49 | €72,137 | €75,656 | +€3,519 | +4.9% |
| Amounts payable within one year | 42/48 | €72,137 | €75,656 | +€3,519 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €3,835 | €6,852 | +€3,017 | +78.7% |
| Trade debts | 44 | €5,837 | €5,854 | +€17 | +0.3% |
| Suppliers | 440/4 | €5,837 | €5,854 | +€17 | +0.3% |
| Taxes, remuneration and social security | 45 | €62,465 | €62,950 | +€485 | +0.8% |
| Taxes | 450/3 | €62,465 | €62,950 | +€485 | +0.8% |
| Non-recurring operating income | 76A | €6,500 | - | -€6,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,298 | €9,476 | +€4,178 | +78.9% |
| Other operating charges | 640/8 | €970 | €1,244 | +€275 | +28.3% |
| Gross operating margin | 9900 | €240,588 | €121,817 | -€118,771 | -49.4% |
| Operating profit (loss) | 9901 | €234,320 | €111,096 | -€123,223 | -52.6% |
| Financial income | 75/76B | - | €6,065 | +€6,065 | |
| Recurring financial income | 75 | - | €6,065 | +€6,065 | |
| Financial charges | 65/66B | €1,591 | €128 | -€1,463 | -92.0% |
| Recurring financial charges | 65 | €1,591 | €128 | -€1,463 | -92.0% |
| Profit (loss) for the period before taxes | 9903 | €232,729 | €117,034 | -€115,695 | -49.7% |
| Income taxes | 67/77 | €73,422 | €33,985 | -€39,438 | -53.7% |
| Profit (loss) for the period | 9904 | €159,306 | €83,049 | -€76,257 | -47.9% |
| Profit (loss) for the period to be appropriated | 9905 | €159,306 | €83,049 | -€76,257 | -47.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.