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 within one year -€460,410
down €460,410 (-50.5%), from €910,948 to €450,538
of which Trade receivables: -€450,011
- Cash -€203,947
down €203,947 (-45.3%), from €450,671 to €246,724
mainly Contributions, distributions and other (-€689,485) and Trade debts (-€51,300)
- Reserves -€704,472
down €704,472 (-74.5%), from €945,131 to €240,659
- Trade debts -€51,300
down €51,300 (-29.0%), from €176,744 to €125,444
- Tax, wage and social debts +€45,590
up €45,590 (+30.8%), from €147,784 to €193,375
of which Taxes: +€51,871
- Other debts +€29,249
up €29,249 (+50.4%), from €58,090 to €87,339
- Accrued charges and deferred income +€16,576
up €16,576 (+98.8%), from €16,773 to €33,349
- Gross operating margin -€68,276
down €68,276 (-4.7%), from €1.5m to €1.4m
- Staff costs -€66,690
down €66,690 (-4.8%), from €1.4m to €1.3m
- Taxes +€61,648
up €61,648 (+243%), from €25,407 to €87,055
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 | €1,365,722 | €701,365 | -€664,357 | -48.6% |
| Fixed assets | 21/28 | €4,103 | €4,103 | = | 0.0% |
| Financial fixed assets | 28 | €4,103 | €4,103 | = | 0.0% |
| Current assets | 29/58 | €1,361,619 | €697,262 | -€664,357 | -48.8% |
| Amounts receivable within one year | 40/41 | €910,948 | €450,538 | -€460,410 | -50.5% |
| Trade receivables | 40 | €895,234 | €445,223 | -€450,011 | -50.3% |
| Other amounts receivable | 41 | €15,714 | €5,315 | -€10,399 | -66.2% |
| Cash at bank and in hand | 54/58 | €450,671 | €246,724 | -€203,947 | -45.3% |
| Total equity and liabilities | 10/49 | €1,365,722 | €701,365 | -€664,357 | -48.6% |
| Equity | 10/15 | €965,931 | €261,459 | -€704,472 | -72.9% |
| Contributions | 10/11 | €20,800 | €20,800 | = | 0.0% |
| Reserves | 13 | €945,131 | €240,659 | -€704,472 | -74.5% |
| Distributable reserves | 133 | €945,131 | €240,659 | -€704,472 | -74.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €399,791 | €439,906 | +€40,115 | +10.0% |
| Amounts payable within one year | 42/48 | €383,018 | €406,558 | +€23,540 | +6.1% |
| Trade debts | 44 | €176,744 | €125,444 | -€51,300 | -29.0% |
| Suppliers | 440/4 | €176,744 | €125,444 | -€51,300 | -29.0% |
| Advances received on contracts in progress | 46 | €400 | €400 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €147,784 | €193,375 | +€45,590 | +30.8% |
| Taxes | 450/3 | €18,393 | €70,264 | +€51,871 | +282% |
| Remuneration and social security | 454/9 | €129,391 | €123,110 | -€6,281 | -4.9% |
| Other amounts payable | 47/48 | €58,090 | €87,339 | +€29,249 | +50.4% |
| Accrued charges and deferred income | 492/3 | €16,773 | €33,349 | +€16,576 | +98.8% |
| Remuneration, social security and pensions | 62 | €1,390,758 | €1,324,068 | -€66,690 | -4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,270 | €2,721 | -€549 | -16.8% |
| Gross operating margin | 9900 | €1,467,567 | €1,399,291 | -€68,276 | -4.7% |
| Operating profit (loss) | 9901 | €73,540 | €72,502 | -€1,038 | -1.4% |
| Financial income | 75/76B | €14 | €1 | -€13 | -96.0% |
| Recurring financial income | 75 | €14 | €1 | -€13 | -96.0% |
| Financial charges | 65/66B | €442 | €435 | -€7 | -1.5% |
| Recurring financial charges | 65 | €442 | €435 | -€7 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €73,112 | €72,068 | -€1,044 | -1.4% |
| Income taxes | 67/77 | €25,407 | €87,055 | +€61,648 | +243% |
| Profit (loss) for the period | 9904 | €47,705 | -€14,987 | -€62,692 | |
| Profit (loss) for the period to be appropriated | 9905 | €47,705 | -€14,987 | -€62,692 |
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 19 October 2026 via checked.be.