ALCOINVEST: 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.
ALCOINVEST
Largest movements
- Current investments -€2.2m
down €2.2m (-31.2%), from €7.0m to €4.8m
- Cash +€2.0m
up €2.0m (+3,214%), from €60,693 to €2.0m
mainly Net result for the year (+€2.8m) and Current investments (+€2.2m)
- Profit (loss) carried forward -€5.3m
down €5.3m (-41.0%), from €12.9m to €7.6m
- Reserves +€4.8m
new in 2025: €4.8m
- Financial income -€2.3m
down €2.3m (-44.6%), from €5.1m to €2.8m
- Taxes -€30,960
down €30,960 (-60.8%), from €50,903 to €19,943
- Gross operating margin -€3,148
down €3,148 (-156%), from -€2,016 to -€5,165
- Financial charges +€348
up €348 (+471%), from €74 to €422
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 | €41,397,401 | €41,139,879 | -€257,522 | -0.6% |
| Fixed assets | 21/28 | €34,299,553 | €34,299,553 | = | 0.0% |
| Financial fixed assets | 28 | €34,299,553 | €34,299,553 | = | 0.0% |
| Current assets | 29/58 | €7,097,848 | €6,840,326 | -€257,522 | -3.6% |
| Amounts receivable within one year | 40/41 | €20,277 | €15,348 | -€4,929 | -24.3% |
| Other amounts receivable | 41 | €20,277 | €15,348 | -€4,929 | -24.3% |
| Current investments | 50/53 | €7,000,000 | €4,813,788 | -€2.2m | -31.2% |
| Cash at bank and in hand | 54/58 | €60,693 | €2,011,190 | +€2.0m | +3,214% |
| Deferred charges and accrued income | 490/1 | €16,878 | - | -€16,878 | |
| Total equity and liabilities | 10/49 | €41,397,401 | €41,139,879 | -€257,522 | -0.6% |
| Equity | 10/15 | €38,318,687 | €37,847,954 | -€470,733 | -1.2% |
| Contributions | 10/11 | €1,195,825 | €1,195,825 | = | 0.0% |
| Revaluation surpluses | 12 | €24,239,556 | €24,239,556 | = | 0.0% |
| Reserves | 13 | - | €4,813,788 | +€4.8m | |
| Non-distributable reserves | 130/1 | - | €4,813,788 | +€4.8m | |
| Own shares acquired | 1312 | - | €4,813,788 | +€4.8m | |
| Profit (loss) carried forward | 14 | €12,883,307 | €7,598,786 | -€5.3m | -41.0% |
| Amounts payable | 17/49 | €3,078,713 | €3,291,925 | +€213,212 | +6.9% |
| Amounts payable within one year | 42/48 | €3,073,650 | €3,291,925 | +€218,275 | +7.1% |
| Other amounts payable | 47/48 | €3,073,650 | €3,291,925 | +€218,275 | +7.1% |
| Accrued charges and deferred income | 492/3 | €5,063 | - | -€5,063 | |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€2,016 | -€5,165 | -€3,148 | -156% |
| Operating profit (loss) | 9901 | -€2,984 | -€6,163 | -€3,179 | -107% |
| Financial income | 75/76B | €5,142,839 | €2,847,719 | -€2.3m | -44.6% |
| Recurring financial income | 75 | €5,142,839 | €2,847,719 | -€2.3m | -44.6% |
| Financial charges | 65/66B | €74 | €422 | +€348 | +471% |
| Recurring financial charges | 65 | €74 | €422 | +€348 | +471% |
| Profit (loss) for the period before taxes | 9903 | €5,139,782 | €2,841,135 | -€2.3m | -44.7% |
| Income taxes | 67/77 | €50,903 | €19,943 | -€30,960 | -60.8% |
| Profit (loss) for the period | 9904 | €5,088,879 | €2,821,192 | -€2.3m | -44.6% |
| Profit (loss) for the period to be appropriated | 9905 | €5,088,879 | €2,821,192 | -€2.3m | -44.6% |
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 25 October 2026 via checked.be.