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
- Current investments -€70,000
down €70,000 (-41.2%), from €170,000 to €100,000
- Cash +€15,650
up €15,650 (+542%), from €2,889 to €18,539
mainly Other debts (+€90,510) and Current investments (+€70,000)
- Receivables within one year -€14,561
down €14,561 (-90.6%), from €16,063 to €1,502
of which Trade receivables: -€15,974
- Reserves -€152,975
down €152,975 (-97.4%), from €157,116 to €4,142
- Other debts +€90,510
up €90,510 (+5,756%), from €1,572 to €92,082
- Tax, wage and social debts -€8,409
down €8,409 (-20.1%), from €41,914 to €33,506
- Gross operating margin -€4,544
down €4,544 (-5.3%), from €86,499 to €81,955
- Depreciation -€2,857
down €2,857 (-63.2%), from €4,520 to €1,663
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 | €203,561 | €133,911 | -€69,650 | -34.2% |
| Fixed assets | 21/28 | €1,663 | - | -€1,663 | |
| Tangible fixed assets | 22/27 | €1,663 | - | -€1,663 | |
| Furniture and vehicles | 24 | €1,663 | - | -€1,663 | |
| Current assets | 29/58 | €201,899 | €133,911 | -€67,988 | -33.7% |
| Amounts receivable within one year | 40/41 | €16,063 | €1,502 | -€14,561 | -90.6% |
| Trade receivables | 40 | €16,063 | €89 | -€15,974 | -99.4% |
| Other amounts receivable | 41 | - | €1,413 | +€1,413 | |
| Current investments | 50/53 | €170,000 | €100,000 | -€70,000 | -41.2% |
| Cash at bank and in hand | 54/58 | €2,889 | €18,539 | +€15,650 | +542% |
| Deferred charges and accrued income | 490/1 | €12,947 | €13,870 | +€923 | +7.1% |
| Total equity and liabilities | 10/49 | €203,561 | €133,911 | -€69,650 | -34.2% |
| Equity | 10/15 | €159,116 | €6,142 | -€152,975 | -96.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €157,116 | €4,142 | -€152,975 | -97.4% |
| Distributable reserves | 133 | €157,116 | €4,142 | -€152,975 | -97.4% |
| Amounts payable | 17/49 | €44,445 | €127,770 | +€83,324 | +187% |
| Amounts payable within one year | 42/48 | €44,413 | €127,737 | +€83,324 | +188% |
| Trade debts | 44 | €926 | €2,149 | +€1,223 | +132% |
| Suppliers | 440/4 | €926 | €2,149 | +€1,223 | +132% |
| Taxes, remuneration and social security | 45 | €41,914 | €33,506 | -€8,409 | -20.1% |
| Taxes | 450/3 | €41,914 | €33,506 | -€8,409 | -20.1% |
| Other amounts payable | 47/48 | €1,572 | €92,082 | +€90,510 | +5,756% |
| Accrued charges and deferred income | 492/3 | €32 | €33 | +€1 | +2.0% |
| Remuneration, social security and pensions | 62 | €160 | - | -€160 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,520 | €1,663 | -€2,857 | -63.2% |
| Other operating charges | 640/8 | €594 | €786 | +€192 | +32.3% |
| Gross operating margin | 9900 | €86,499 | €81,955 | -€4,544 | -5.3% |
| Operating profit (loss) | 9901 | €81,225 | €79,507 | -€1,718 | -2.1% |
| Financial income | 75/76B | €1,759 | €1,605 | -€154 | -8.7% |
| Recurring financial income | 75 | €1,759 | €1,605 | -€154 | -8.7% |
| Financial charges | 65/66B | €135 | €286 | +€151 | +112% |
| Recurring financial charges | 65 | €135 | €286 | +€151 | +112% |
| Profit (loss) for the period before taxes | 9903 | €82,849 | €80,825 | -€2,023 | -2.4% |
| Income taxes | 67/77 | €17,587 | €16,946 | -€641 | -3.6% |
| Profit (loss) for the period | 9904 | €65,262 | €63,880 | -€1,382 | -2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €65,262 | €63,880 | -€1,382 | -2.1% |
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 18 October 2026 via checked.be.