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
- Tangible fixed assets +€4.7m
up €4.7m (+34.0%), from €13.9m to €18.6m
of which Assets under construction and advance payments: +€5.1m
- Cash +€1.6m
up €1.6m (+2487.5%), from €64,962 to €1.7m
mainly Debts after one year (+€4.8m) and Trade debts (+€998,521)
- Debts after one year +€4.8m
up €4.8m (+69.5%), from €7.0m to €11.8m
of which Financial debts: +€4.8m
- Trade debts +€998,521
up €998,521 (+924.2%), from €108,045 to €1.1m
- Reserves +€269,747
up €269,747 (+9.4%), from €2.9m to €3.2m
of which Distributable reserves: +€265,269
- Current portion of long-term debt +€246,603
up €246,603 (+29.4%), from €838,859 to €1.1m
- Other debts -€222,938
down €222,938 (-6.5%), from €3.4m to €3.2m
- Taxes -€77,728
down €77,728 (-100.0%), from €77,728 to €0
- Financial charges +€42,747
up €42,747 (+27.2%), from €156,889 to €199,635
- Gross operating margin +€34,336
up €34,336 (+3.1%), from €1.1m to €1.1m
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 | €14,654,704 | €20,800,933 | +€6.1m | +41.9% |
| Fixed assets | 21/28 | €14,195,816 | €18,931,099 | +€4.7m | +33.4% |
| Tangible fixed assets | 22/27 | €13,908,572 | €18,632,855 | +€4.7m | +34.0% |
| Land and buildings | 22 | €13,848,993 | €13,317,584 | -€531,409 | -3.8% |
| Furniture and vehicles | 24 | €59,579 | €203,056 | +€143,476 | +240.8% |
| Assets under construction and advance payments | 27 | - | €5,112,215 | +€5.1m | |
| Financial fixed assets | 28 | €287,244 | €298,244 | +€11,000 | +3.8% |
| Current assets | 29/58 | €458,888 | €1,869,834 | +€1.4m | +307.5% |
| Amounts receivable within one year | 40/41 | €374,895 | €175,668 | -€199,227 | -53.1% |
| Trade receivables | 40 | €300,798 | €76,571 | -€224,227 | -74.5% |
| Other amounts receivable | 41 | €74,097 | €99,097 | +€25,000 | +33.7% |
| Cash at bank and in hand | 54/58 | €64,962 | €1,680,869 | +€1.6m | +2487.5% |
| Deferred charges and accrued income | 490/1 | €19,031 | €13,297 | -€5,734 | -30.1% |
| Total equity and liabilities | 10/49 | €14,654,704 | €20,800,933 | +€6.1m | +41.9% |
| Equity | 10/15 | €3,167,748 | €3,437,496 | +€269,747 | +8.5% |
| Contributions | 10/11 | €286,000 | €286,000 | = | 0.0% |
| Capital | 10 | €286,000 | €286,000 | = | 0.0% |
| Issued capital | 100 | €286,000 | €286,000 | = | 0.0% |
| Reserves | 13 | €2,881,748 | €3,151,496 | +€269,747 | +9.4% |
| Non-distributable reserves | 130/1 | €25,610 | €39,571 | +€13,962 | +54.5% |
| Legal reserve | 130 | €25,610 | €39,571 | +€13,962 | +54.5% |
| Tax-exempt reserves | 132 | €92,635 | €83,153 | -€9,483 | -10.2% |
| Distributable reserves | 133 | €2,763,503 | €3,028,772 | +€265,269 | +9.6% |
| Provisions and deferred taxes | 16 | €64,066 | €61,520 | -€2,546 | -4.0% |
| Deferred taxes | 168 | €64,066 | €61,520 | -€2,546 | -4.0% |
| Amounts payable | 17/49 | €11,422,890 | €17,301,917 | +€5.9m | +51.5% |
| Amounts payable after more than one year | 17 | €6,962,802 | €11,800,459 | +€4.8m | +69.5% |
| Financial debts | 170/4 | €6,902,802 | €11,740,459 | +€4.8m | +70.1% |
| Advances received on contracts in progress | 176 | €0 | €60,000 | +€60,000 | |
| Other amounts payable | 178/9 | €60,000 | - | -€60,000 | |
| Amounts payable within one year | 42/48 | €4,359,202 | €5,438,840 | +€1.1m | +24.8% |
| Current portion of amounts payable after more than one year | 42 | €838,859 | €1,085,462 | +€246,603 | +29.4% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €108,045 | €1,106,566 | +€998,521 | +924.2% |
| Suppliers | 440/4 | €108,045 | €1,106,566 | +€998,521 | +924.2% |
| Advances received on contracts in progress | 46 | - | €42,448 | +€42,448 | |
| Taxes, remuneration and social security | 45 | €6,411 | €21,415 | +€15,004 | +234.1% |
| Taxes | 450/3 | €6,411 | €21,230 | +€14,819 | +231.2% |
| Remuneration and social security | 454/9 | - | €185 | +€185 | |
| Other amounts payable | 47/48 | €3,405,888 | €3,182,950 | -€222,938 | -6.5% |
| Accrued charges and deferred income | 492/3 | €100,886 | €62,618 | -€38,267 | -37.9% |
| Remuneration, social security and pensions | 62 | €1,091 | €2,794 | +€1,703 | +156.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €569,771 | €580,934 | +€11,163 | +2.0% |
| Other operating charges | 640/8 | €98,619 | €103,536 | +€4,917 | +5.0% |
| Gross operating margin | 9900 | €1,099,819 | €1,134,155 | +€34,336 | +3.1% |
| Operating profit (loss) | 9901 | €430,339 | €446,892 | +€16,553 | +3.8% |
| Financial income | 75/76B | €11,952 | €19,945 | +€7,993 | +66.9% |
| Recurring financial income | 75 | €11,952 | €19,945 | +€7,993 | +66.9% |
| Financial charges | 65/66B | €156,889 | €199,635 | +€42,747 | +27.2% |
| Recurring financial charges | 65 | €156,889 | €199,635 | +€42,747 | +27.2% |
| Profit (loss) for the period before taxes | 9903 | €285,402 | €267,202 | -€18,200 | -6.4% |
| Transfer from deferred taxes | 780 | €12,029 | €2,546 | -€9,483 | -78.8% |
| Income taxes | 67/77 | €77,728 | €0 | -€77,728 | -100.0% |
| Profit (loss) for the period | 9904 | €219,703 | €269,747 | +€50,045 | +22.8% |
| Transfer from tax-exempt reserves | 789 | €0 | €9,483 | +€9,483 | |
| Profit (loss) for the period to be appropriated | 9905 | €219,703 | €279,230 | +€59,527 | +27.1% |
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 10 October 2026 via checked.be.