ALF BUILD: 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.
ALF BUILD
Largest movements
- Receivables within one year +€131,186
up €131,186 (+106%), from €124,043 to €255,229
of which Trade receivables: +€89,355
- Stocks and contracts +€84,225
new in 2025: €84,225
of which Contracts in progress: +€84,145
- Cash +€56,332
new in 2025: €56,332
mainly Trade debts (+€118,712) and Short-term financial debts (+€107,784)
- Tangible fixed assets +€55,098
up €55,098 (+374%), from €14,723 to €69,821
of which Plant, machinery and equipment: +€38,341
- Trade debts +€118,712
up €118,712 (+171%), from €69,619 to €188,331
- Short-term financial debts +€107,784
up €107,784 (+626%), from €17,216 to €125,000
- Debts after one year +€84,133
up €84,133 (+431%), from €19,525 to €103,658
- Current portion of long-term debt +€19,785
up €19,785 (+358%), from €5,521 to €25,306
- Depreciation +€4,904
up €4,904 (+76.5%), from €6,409 to €11,312
- Gross operating margin -€4,883
down €4,883 (-17.0%), from €28,652 to €23,769
- Financial charges +€3,969
up €3,969 (+89.9%), from €4,413 to €8,382
- Taxes -€2,705
down €2,705 (-62.5%), from €4,326 to €1,621
- Other operating charges +€1,817
up €1,817 (+161%), from €1,129 to €2,946
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 | €138,766 | €465,606 | +€326,840 | +236% |
| Fixed assets | 21/28 | €14,723 | €69,821 | +€55,098 | +374% |
| Tangible fixed assets | 22/27 | €14,723 | €69,821 | +€55,098 | +374% |
| Plant, machinery and equipment | 23 | €7,658 | €45,999 | +€38,341 | +501% |
| Furniture and vehicles | 24 | €7,065 | €23,822 | +€16,757 | +237% |
| Current assets | 29/58 | €124,043 | €395,785 | +€271,742 | +219% |
| Stocks and contracts in progress | 3 | - | €84,225 | +€84,225 | |
| Stocks | 30/36 | - | €80 | +€80 | |
| Contracts in progress | 37 | - | €84,145 | +€84,145 | |
| Amounts receivable within one year | 40/41 | €124,043 | €255,229 | +€131,186 | +106% |
| Trade receivables | 40 | €123,508 | €212,863 | +€89,355 | +72.3% |
| Other amounts receivable | 41 | €535 | €42,365 | +€41,831 | +7,826% |
| Cash at bank and in hand | 54/58 | - | €56,332 | +€56,332 | |
| Total equity and liabilities | 10/49 | €138,766 | €465,606 | +€326,840 | +236% |
| Equity | 10/15 | €17,386 | €16,899 | -€487 | -2.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €12,386 | €11,899 | -€487 | -3.9% |
| Distributable reserves | 133 | €12,386 | €11,899 | -€487 | -3.9% |
| Amounts payable | 17/49 | €121,380 | €448,707 | +€327,327 | +270% |
| Amounts payable after more than one year | 17 | €19,525 | €103,658 | +€84,133 | +431% |
| Financial debts | 170/4 | €19,525 | €103,658 | +€84,133 | +431% |
| Amounts payable within one year | 42/48 | €101,854 | €345,048 | +€243,194 | +239% |
| Current portion of amounts payable after more than one year | 42 | €5,521 | €25,306 | +€19,785 | +358% |
| Financial debts | 43 | €17,216 | €125,000 | +€107,784 | +626% |
| Credit institutions | 430/8 | €17,216 | €125,000 | +€107,784 | +626% |
| Trade debts | 44 | €69,619 | €188,331 | +€118,712 | +171% |
| Suppliers | 440/4 | €69,619 | €188,331 | +€118,712 | +171% |
| Taxes, remuneration and social security | 45 | €4,326 | €1,621 | -€2,705 | -62.5% |
| Taxes | 450/3 | €4,326 | €1,621 | -€2,705 | -62.5% |
| Other amounts payable | 47/48 | €5,172 | €4,790 | -€382 | -7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,409 | €11,312 | +€4,904 | +76.5% |
| Other operating charges | 640/8 | €1,129 | €2,946 | +€1,817 | +161% |
| Gross operating margin | 9900 | €28,652 | €23,769 | -€4,883 | -17.0% |
| Operating profit (loss) | 9901 | €21,114 | €9,511 | -€11,603 | -55.0% |
| Financial income | 75/76B | €11 | €5 | -€5 | -48.3% |
| Recurring financial income | 75 | €11 | €5 | -€5 | -48.3% |
| Financial charges | 65/66B | €4,413 | €8,382 | +€3,969 | +89.9% |
| Recurring financial charges | 65 | €4,413 | €8,382 | +€3,969 | +89.9% |
| Profit (loss) for the period before taxes | 9903 | €16,712 | €1,134 | -€15,577 | -93.2% |
| Income taxes | 67/77 | €4,326 | €1,621 | -€2,705 | -62.5% |
| Profit (loss) for the period | 9904 | €12,386 | -€487 | -€12,873 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,386 | -€487 | -€12,873 |
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 13 October 2026 via checked.be.