ALFA: what changed
Two fiscal 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 within one year -€348,403
down €348,403 (-58.0%), from €600,582 to €252,179
- Cash +€333,275
up €333,275 (+3003.9%), from €11,095 to €344,370
mainly Receivables within one year (+€348,403) and Accrued charges and deferred income (+€5,054)
- Provisions -€17,000
down €17,000 (-82.9%), from €20,500 to €3,500
- Gross operating margin -€164,676
down €164,676, from €132,583 to -€32,092
- Taxes -€80,125
no longer reported in 2025 (was €80,125)
- Provisions -€37,500
down €37,500, from €20,500 to -€17,000
- Financial income +€13,786
up €13,786 (+216.8%), from €6,357 to €20,143
- Other operating charges -€1,595
down €1,595 (-61.7%), from €2,584 to €988
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 | €628,455 | €615,377 | -€13,078 | -2.1% |
| Current assets | 29/58 | €628,455 | €615,377 | -€13,078 | -2.1% |
| Amounts receivable within one year | 40/41 | €600,582 | €252,179 | -€348,403 | -58.0% |
| Other amounts receivable | 41 | €600,582 | €252,179 | -€348,403 | -58.0% |
| Cash at bank and in hand | 54/58 | €11,095 | €344,370 | +€333,275 | +3003.9% |
| Deferred charges and accrued income | 490/1 | €16,778 | €18,828 | +€2,050 | +12.2% |
| Total equity and liabilities | 10/49 | €628,455 | €615,377 | -€13,078 | -2.1% |
| Equity | 10/15 | €393,241 | €392,144 | -€1,097 | -0.3% |
| Contributions | 10/11 | €91,721 | €91,721 | = | 0.0% |
| Capital | 10 | €91,721 | €91,721 | = | 0.0% |
| Issued capital | 100 | €91,721 | €91,721 | = | 0.0% |
| Reserves | 13 | €301,521 | €300,423 | -€1,097 | -0.4% |
| Non-distributable reserves | 130/1 | €9,172 | €9,172 | = | 0.0% |
| Legal reserve | 130 | €9,172 | €9,172 | = | 0.0% |
| Distributable reserves | 133 | €292,348 | €291,251 | -€1,097 | -0.4% |
| Provisions and deferred taxes | 16 | €20,500 | €3,500 | -€17,000 | -82.9% |
| Provisions for liabilities and charges | 160/5 | €20,500 | €3,500 | -€17,000 | -82.9% |
| Other liabilities and charges | 164/5 | €20,500 | €3,500 | -€17,000 | -82.9% |
| Amounts payable | 17/49 | €214,714 | €219,733 | +€5,019 | +2.3% |
| Amounts payable within one year | 42/48 | €144,441 | €144,406 | -€35 | 0.0% |
| Trade debts | 44 | €35 | - | -€35 | |
| Suppliers | 440/4 | €35 | - | -€35 | |
| Other amounts payable | 47/48 | €144,406 | €144,406 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €70,273 | €75,327 | +€5,054 | +7.2% |
| Non-recurring operating income | 76A | €150,158 | - | -€150,158 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €20,500 | -€17,000 | -€37,500 | |
| Other operating charges | 640/8 | €2,584 | €988 | -€1,595 | -61.7% |
| Gross operating margin | 9900 | €132,583 | -€32,092 | -€164,676 | |
| Operating profit (loss) | 9901 | €109,500 | -€16,081 | -€125,581 | |
| Financial income | 75/76B | €6,357 | €20,143 | +€13,786 | +216.8% |
| Recurring financial income | 75 | €6,357 | €20,143 | +€13,786 | +216.8% |
| Financial charges | 65/66B | €5,175 | €5,159 | -€16 | -0.3% |
| Recurring financial charges | 65 | €5,175 | €5,159 | -€16 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €110,682 | -€1,097 | -€111,779 | |
| Transfer from deferred taxes | 780 | €74,867 | - | -€74,867 | |
| Income taxes | 67/77 | €80,125 | - | -€80,125 | |
| Profit (loss) for the period | 9904 | €105,424 | -€1,097 | -€106,521 | |
| Transfer from tax-exempt reserves | 789 | €193,834 | - | -€193,834 | |
| Profit (loss) for the period to be appropriated | 9905 | €299,259 | -€1,097 | -€300,356 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.