Alfa: 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.
Alfa
Largest movements
- Receivables after one year +€800,000
new in 2025: €800,000
- Receivables within one year +€465,721
up €465,721 (+191.9%), from €242,719 to €708,440
of which Other amounts receivable: +€486,267
- Tangible fixed assets +€243,656
up €243,656 (+4.0%), from €6.0m to €6.3m
of which Land and buildings: +€246,747
- Stocks and contracts -€121,264
down €121,264 (-8.0%), from €1.5m to €1.4m
- Short-term financial debts +€1.9m
up €1.9m (+204.6%), from €919,663 to €2.8m
- Debts after one year -€514,564
down €514,564 (-24.8%), from €2.1m to €1.6m
- Revaluation surpluses -€300,000
down €300,000 (-9.2%), from €3.3m to €3.0m
- Reserves +€208,375
up €208,375 (+50.0%), from €416,894 to €625,269
of which Tax-exempt reserves: +€201,293
- Trade debts +€201,334
up €201,334 (+327.7%), from €61,431 to €262,766
- Gross operating margin +€66,578
up €66,578 (+20.2%), from €328,819 to €395,397
- Financial charges +€39,161
up €39,161 (+28.0%), from €139,841 to €179,002
- Staff costs +€27,672
up €27,672 (+121.1%), from €22,854 to €50,525
- Other operating charges +€20,837
up €20,837 (+148.1%), from €14,074 to €34,911
- Financial income +€19,373
up €19,373 (+568.7%), from €3,406 to €22,780
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.
Cash bridge derived
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 | €7,819,851 | €9,258,338 | +€1.4m | +18.4% |
| Fixed assets | 21/28 | €6,039,358 | €6,283,014 | +€243,656 | +4.0% |
| Tangible fixed assets | 22/27 | €6,039,358 | €6,283,014 | +€243,656 | +4.0% |
| Land and buildings | 22 | €6,036,267 | €6,283,014 | +€246,747 | +4.1% |
| Furniture and vehicles | 24 | €3,091 | €0 | -€3,091 | -100.0% |
| Current assets | 29/58 | €1,780,493 | €2,975,324 | +€1.2m | +67.1% |
| Amounts receivable after more than one year | 29 | - | €800,000 | +€800,000 | |
| Other amounts receivable | 291 | - | €800,000 | +€800,000 | |
| Stocks and contracts in progress | 3 | €1,516,019 | €1,394,755 | -€121,264 | -8.0% |
| Stocks | 30/36 | €1,516,019 | €1,394,755 | -€121,264 | -8.0% |
| Amounts receivable within one year | 40/41 | €242,719 | €708,440 | +€465,721 | +191.9% |
| Trade receivables | 40 | €67,294 | €46,748 | -€20,546 | -30.5% |
| Other amounts receivable | 41 | €175,425 | €661,692 | +€486,267 | +277.2% |
| Cash at bank and in hand | 54/58 | €21,755 | €72,128 | +€50,373 | +231.5% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €7,819,851 | €9,258,338 | +€1.4m | +18.4% |
| Equity | 10/15 | €4,016,894 | €3,925,269 | -€91,625 | -2.3% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Capital | 10 | €350,000 | €350,000 | = | 0.0% |
| Issued capital | 100 | €350,000 | €350,000 | = | 0.0% |
| Revaluation surpluses | 12 | €3,250,000 | €2,950,000 | -€300,000 | -9.2% |
| Reserves | 13 | €416,894 | €625,269 | +€208,375 | +50.0% |
| Non-distributable reserves | 130/1 | €35,000 | €35,000 | = | 0.0% |
| Legal reserve | 130 | €35,000 | €35,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €212,946 | €414,238 | +€201,293 | +94.5% |
| Distributable reserves | 133 | €168,949 | €176,031 | +€7,082 | +4.2% |
| Provisions and deferred taxes | 16 | €7,887 | €74,108 | +€66,221 | +839.6% |
| Deferred taxes | 168 | €7,887 | €74,108 | +€66,221 | +839.6% |
| Amounts payable | 17/49 | €3,795,070 | €5,258,960 | +€1.5m | +38.6% |
| Amounts payable after more than one year | 17 | €2,076,838 | €1,562,274 | -€514,564 | -24.8% |
| Financial debts | 170/4 | €2,076,838 | €1,562,274 | -€514,564 | -24.8% |
| Amounts payable within one year | 42/48 | €1,700,625 | €3,695,561 | +€2.0m | +117.3% |
| Current portion of amounts payable after more than one year | 42 | €139,925 | €94,378 | -€45,546 | -32.6% |
| Financial debts | 43 | €919,663 | €2,801,663 | +€1.9m | +204.6% |
| Credit institutions | 430/8 | €919,663 | €2,801,663 | +€1.9m | +204.6% |
| Trade debts | 44 | €61,431 | €262,766 | +€201,334 | +327.7% |
| Suppliers | 440/4 | €61,431 | €262,766 | +€201,334 | +327.7% |
| Taxes, remuneration and social security | 45 | €68,704 | €70,945 | +€2,241 | +3.3% |
| Taxes | 450/3 | €65,850 | €62,196 | -€3,653 | -5.5% |
| Remuneration and social security | 454/9 | €2,854 | €8,748 | +€5,894 | +206.5% |
| Other amounts payable | 47/48 | €510,903 | €465,810 | -€45,093 | -8.8% |
| Accrued charges and deferred income | 492/3 | €17,607 | €1,125 | -€16,482 | -93.6% |
| Non-recurring operating income | 76A | €10,516 | €10,203 | -€313 | -3.0% |
| Remuneration, social security and pensions | 62 | €22,854 | €50,525 | +€27,672 | +121.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,564 | €169,833 | +€18,269 | +12.1% |
| Other operating charges | 640/8 | €14,074 | €34,911 | +€20,837 | +148.1% |
| Non-recurring operating charges | 66A | €3,800 | -€17,607 | -€21,407 | |
| Gross operating margin | 9900 | €328,819 | €395,397 | +€66,578 | +20.2% |
| Operating profit (loss) | 9901 | €136,528 | €157,735 | +€21,207 | +15.5% |
| Financial income | 75/76B | €3,406 | €22,780 | +€19,373 | +568.7% |
| Recurring financial income | 75 | €3,406 | €22,780 | +€19,373 | +568.7% |
| Financial charges | 65/66B | €139,841 | €179,002 | +€39,161 | +28.0% |
| Recurring financial charges | 65 | €139,841 | €179,002 | +€39,161 | +28.0% |
| Profit (loss) for the period before taxes | 9903 | €93 | €1,512 | +€1,419 | +1524.4% |
| Income taxes | 67/77 | €9,254 | €22,409 | +€13,155 | +142.1% |
| Profit (loss) for the period | 9904 | -€9,161 | -€20,897 | -€11,736 | -128.1% |
| Transfer from tax-exempt reserves | 789 | €21,032 | €27,979 | +€6,948 | +33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,870 | €7,082 | -€4,788 | -40.3% |
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 12 October 2026 via checked.be.