ALFA: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
ALFA
Largest movements
- Cash +€184,099
up €184,099 (+195%), from €94,505 to €278,604
mainly Net result for the year (+€432,383) and Other debts (+€33,579)
- Reserves +€152,051
up €152,051 (+5.8%), from €2.6m to €2.8m
of which Distributable reserves: +€152,051
- Financial income +€299,763
up €299,763 (+849%), from €35,307 to €335,069
- Taxes +€16,927
up €16,927 (+67.2%), from €25,204 to €42,131
- Depreciation -€6,372
down €6,372 (-100%), from €6,372 to €0
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 | €3,999,644 | €4,200,926 | +€201,282 | +5.0% |
| Fixed assets | 21/28 | €2,073,710 | €2,073,710 | = | 0.0% |
| Financial fixed assets | 28 | €2,073,710 | €2,073,710 | = | 0.0% |
| Current assets | 29/58 | €1,925,935 | €2,127,216 | +€201,282 | +10.5% |
| Amounts receivable within one year | 40/41 | €303,440 | €295,998 | -€7,442 | -2.5% |
| Trade receivables | 40 | €72,150 | €67,044 | -€5,106 | -7.1% |
| Other amounts receivable | 41 | €231,291 | €228,955 | -€2,336 | -1.0% |
| Current investments | 50/53 | €1,524,901 | €1,551,724 | +€26,823 | +1.8% |
| Cash at bank and in hand | 54/58 | €94,505 | €278,604 | +€184,099 | +195% |
| Deferred charges and accrued income | 490/1 | €3,088 | €890 | -€2,199 | -71.2% |
| Total equity and liabilities | 10/49 | €3,999,644 | €4,200,926 | +€201,282 | +5.0% |
| Equity | 10/15 | €2,640,908 | €2,792,959 | +€152,051 | +5.8% |
| Contributions | 10/11 | €9,084 | €9,084 | = | 0.0% |
| Reserves | 13 | €2,631,823 | €2,783,874 | +€152,051 | +5.8% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €2,629,923 | €2,781,974 | +€152,051 | +5.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,358,737 | €1,407,967 | +€49,231 | +3.6% |
| Amounts payable within one year | 42/48 | €1,358,737 | €1,407,967 | +€49,231 | +3.6% |
| Trade debts | 44 | €10,848 | €9,046 | -€1,802 | -16.6% |
| Suppliers | 440/4 | €10,848 | €9,046 | -€1,802 | -16.6% |
| Taxes, remuneration and social security | 45 | €42,160 | €59,613 | +€17,454 | +41.4% |
| Taxes | 450/3 | €26,639 | €27,156 | +€517 | +1.9% |
| Remuneration and social security | 454/9 | €15,520 | €32,457 | +€16,937 | +109% |
| Other amounts payable | 47/48 | €1,305,729 | €1,339,308 | +€33,579 | +2.6% |
| Remuneration, social security and pensions | 62 | €139,819 | €142,251 | +€2,432 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,372 | €0 | -€6,372 | -100% |
| Other operating charges | 640/8 | €1,315 | €1,157 | -€157 | -11.9% |
| Gross operating margin | 9900 | €354,966 | €354,615 | -€351 | -0.1% |
| Operating profit (loss) | 9901 | €207,461 | €211,206 | +€3,746 | +1.8% |
| Financial income | 75/76B | €35,307 | €335,069 | +€299,763 | +849% |
| Recurring financial income | 75 | €35,307 | €335,069 | +€299,763 | +849% |
| Financial charges | 65/66B | €69,535 | €71,761 | +€2,226 | +3.2% |
| Recurring financial charges | 65 | €69,535 | €71,761 | +€2,226 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €173,232 | €474,515 | +€301,283 | +174% |
| Income taxes | 67/77 | €25,204 | €42,131 | +€16,927 | +67.2% |
| Profit (loss) for the period | 9904 | €148,028 | €432,383 | +€284,355 | +192% |
| Profit (loss) for the period to be appropriated | 9905 | €148,028 | €432,383 | +€284,355 | +192% |
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 1 November 2026 via checked.be.