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
- Stocks and contracts +€63,929
up €63,929 (+25.4%), from €251,522 to €315,451
- Cash +€58,910
up €58,910 (+8.1%), from €729,061 to €787,970
mainly Net result for the year (+€207,631) and Other debts (+€104,793)
- Receivables within one year -€44,885
down €44,885 (-10.2%), from €441,940 to €397,055
of which Other amounts receivable: -€58,895
- Tangible fixed assets +€35,161
up €35,161 (+12.4%), from €282,590 to €317,751
of which Furniture and vehicles: +€53,223
- Other debts +€104,793
up €104,793 (+97.0%), from €108,000 to €212,793
- Tax, wage and social debts -€27,143
down €27,143 (-20.2%), from €134,172 to €107,030
of which Remuneration and social security: -€35,408
- Staff costs -€106,994
down €106,994 (-7.2%), from €1.5m to €1.4m
- Write-downs -€39,726
down €39,726 (-82.1%), from €48,363 to €8,637
- Taxes +€34,653
up €34,653 (+88.8%), from €39,034 to €73,687
- Gross operating margin +€18,812
up €18,812 (+1.1%), from €1.8m to €1.8m
- Depreciation +€18,059
up €18,059 (+21.3%), from €84,834 to €102,892
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,216,783 | €2,327,198 | +€110,415 | +5.0% |
| Fixed assets | 21/28 | €285,590 | €320,751 | +€35,161 | +12.3% |
| Tangible fixed assets | 22/27 | €282,590 | €317,751 | +€35,161 | +12.4% |
| Plant, machinery and equipment | 23 | €144,473 | €100,531 | -€43,942 | -30.4% |
| Furniture and vehicles | 24 | €64,944 | €118,167 | +€53,223 | +82.0% |
| Other tangible fixed assets | 26 | €73,173 | €99,053 | +€25,880 | +35.4% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €1,931,193 | €2,006,447 | +€75,254 | +3.9% |
| Stocks and contracts in progress | 3 | €251,522 | €315,451 | +€63,929 | +25.4% |
| Stocks | 30/36 | €251,522 | €315,451 | +€63,929 | +25.4% |
| Amounts receivable within one year | 40/41 | €441,940 | €397,055 | -€44,885 | -10.2% |
| Trade receivables | 40 | €320,119 | €334,130 | +€14,011 | +4.4% |
| Other amounts receivable | 41 | €121,821 | €62,925 | -€58,895 | -48.3% |
| Current investments | 50/53 | €500,000 | €500,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €729,061 | €787,970 | +€58,910 | +8.1% |
| Deferred charges and accrued income | 490/1 | €8,671 | €5,970 | -€2,701 | -31.1% |
| Total equity and liabilities | 10/49 | €2,216,783 | €2,327,198 | +€110,415 | +5.0% |
| Equity | 10/15 | €1,105,660 | €1,105,691 | +€31 | 0.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,043,660 | €1,043,691 | +€31 | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,037,460 | €1,037,491 | +€31 | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,111,123 | €1,221,506 | +€110,383 | +9.9% |
| Amounts payable after more than one year | 17 | €124,904 | €119,044 | -€5,860 | -4.7% |
| Financial debts | 170/4 | €124,904 | €119,044 | -€5,860 | -4.7% |
| Amounts payable within one year | 42/48 | €986,218 | €1,097,568 | +€111,350 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €54,500 | €66,796 | +€12,296 | +22.6% |
| Financial debts | 43 | €17,034 | €16,667 | -€368 | -2.2% |
| Credit institutions | 430/8 | €17,034 | €16,667 | -€368 | -2.2% |
| Trade debts | 44 | €307,910 | €308,610 | +€700 | +0.2% |
| Suppliers | 440/4 | €307,910 | €308,610 | +€700 | +0.2% |
| Advances received on contracts in progress | 46 | €364,602 | €385,673 | +€21,071 | +5.8% |
| Taxes, remuneration and social security | 45 | €134,172 | €107,030 | -€27,143 | -20.2% |
| Taxes | 450/3 | €700 | €8,965 | +€8,266 | +1181.6% |
| Remuneration and social security | 454/9 | €133,473 | €98,065 | -€35,408 | -26.5% |
| Other amounts payable | 47/48 | €108,000 | €212,793 | +€104,793 | +97.0% |
| Accrued charges and deferred income | 492/3 | - | €4,894 | +€4,894 | |
| Non-recurring operating income | 76A | €7,500 | €0 | -€7,500 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,480,230 | €1,373,236 | -€106,994 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,834 | €102,892 | +€18,059 | +21.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €48,363 | €8,637 | -€39,726 | -82.1% |
| Other operating charges | 640/8 | €23,607 | €21,526 | -€2,081 | -8.8% |
| Gross operating margin | 9900 | €1,757,483 | €1,776,295 | +€18,812 | +1.1% |
| Operating profit (loss) | 9901 | €120,449 | €270,004 | +€149,554 | +124.2% |
| Financial income | 75/76B | €35,120 | €20,337 | -€14,783 | -42.1% |
| Recurring financial income | 75 | €35,120 | €20,337 | -€14,783 | -42.1% |
| Financial charges | 65/66B | €8,334 | €9,022 | +€688 | +8.3% |
| Recurring financial charges | 65 | €8,334 | €9,022 | +€688 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €147,236 | €281,318 | +€134,083 | +91.1% |
| Income taxes | 67/77 | €39,034 | €73,687 | +€34,653 | +88.8% |
| Profit (loss) for the period | 9904 | €108,201 | €207,631 | +€99,430 | +91.9% |
| Profit (loss) for the period to be appropriated | 9905 | €108,201 | €207,631 | +€99,430 | +91.9% |
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 8 October 2026 via checked.be.