ALFA EXPERTS: 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 EXPERTS
Largest movements
- Tangible fixed assets -€47,129
down €47,129 (-17.3%), from €271,814 to €224,685
of which Other tangible fixed assets: -€40,852
- Cash +€32,749
up €32,749 (+10.0%), from €327,938 to €360,687
mainly Net result for the year (+€201,271) and Depreciation (+€66,661)
- Trade debts -€134,664
down €134,664 (-47.8%), from €281,996 to €147,333
- Reserves +€66,271
up €66,271 (+62.7%), from €105,685 to €171,955
- Other debts +€48,176
up €48,176 (+35.7%), from €135,000 to €183,176
- Tax, wage and social debts +€6,430
up €6,430 (+116.5%), from €5,519 to €11,949
- Gross operating margin +€74,396
up €74,396 (+30.4%), from €244,974 to €319,370
- Depreciation +€22,796
up €22,796 (+52.0%), from €43,865 to €66,661
- Taxes +€20,096
up €20,096 (+194.2%), from €10,349 to €30,445
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 | €611,794 | €598,007 | -€13,787 | -2.3% |
| Fixed assets | 21/28 | €271,814 | €224,685 | -€47,129 | -17.3% |
| Tangible fixed assets | 22/27 | €271,814 | €224,685 | -€47,129 | -17.3% |
| Plant, machinery and equipment | 23 | €23,494 | €20,993 | -€2,501 | -10.6% |
| Furniture and vehicles | 24 | €16,905 | €13,129 | -€3,776 | -22.3% |
| Other tangible fixed assets | 26 | €231,415 | €190,563 | -€40,852 | -17.7% |
| Current assets | 29/58 | €339,980 | €373,321 | +€33,342 | +9.8% |
| Amounts receivable within one year | 40/41 | €11,152 | €11,930 | +€779 | +7.0% |
| Trade receivables | 40 | €10,054 | €11,480 | +€1,426 | +14.2% |
| Other amounts receivable | 41 | €1,097 | €450 | -€647 | -58.9% |
| Cash at bank and in hand | 54/58 | €327,938 | €360,687 | +€32,749 | +10.0% |
| Deferred charges and accrued income | 490/1 | €890 | €704 | -€186 | -20.9% |
| Total equity and liabilities | 10/49 | €611,794 | €598,007 | -€13,787 | -2.3% |
| Equity | 10/15 | €124,277 | €190,547 | +€66,271 | +53.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Outside capital | 11 | €18,592 | - | -€18,592 | |
| Other | 1109/19 | €18,592 | - | -€18,592 | |
| Reserves | 13 | €105,685 | €171,955 | +€66,271 | +62.7% |
| Distributable reserves | 133 | €105,685 | €171,955 | +€66,271 | +62.7% |
| Amounts payable | 17/49 | €487,517 | €407,460 | -€80,057 | -16.4% |
| Amounts payable after more than one year | 17 | €65,001 | €65,001 | = | 0.0% |
| Other amounts payable | 178/9 | €65,001 | €65,001 | = | 0.0% |
| Amounts payable within one year | 42/48 | €422,516 | €342,458 | -€80,057 | -18.9% |
| Trade debts | 44 | €281,996 | €147,333 | -€134,664 | -47.8% |
| Suppliers | 440/4 | €281,996 | €147,333 | -€134,664 | -47.8% |
| Taxes, remuneration and social security | 45 | €5,519 | €11,949 | +€6,430 | +116.5% |
| Taxes | 450/3 | €5,519 | €11,949 | +€6,430 | +116.5% |
| Other amounts payable | 47/48 | €135,000 | €183,176 | +€48,176 | +35.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,865 | €66,661 | +€22,796 | +52.0% |
| Other operating charges | 640/8 | €14,093 | €16,124 | +€2,031 | +14.4% |
| Gross operating margin | 9900 | €244,974 | €319,370 | +€74,396 | +30.4% |
| Operating profit (loss) | 9901 | €187,016 | €236,585 | +€49,570 | +26.5% |
| Financial income | 75/76B | €419 | €82 | -€337 | -80.4% |
| Recurring financial income | 75 | €419 | €82 | -€337 | -80.4% |
| Financial charges | 65/66B | €2,914 | €4,952 | +€2,039 | +70.0% |
| Recurring financial charges | 65 | €2,914 | €4,952 | +€2,039 | +70.0% |
| Profit (loss) for the period before taxes | 9903 | €184,521 | €231,715 | +€47,194 | +25.6% |
| Income taxes | 67/77 | €10,349 | €30,445 | +€20,096 | +194.2% |
| Profit (loss) for the period | 9904 | €174,172 | €201,271 | +€27,099 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €174,172 | €201,271 | +€27,099 | +15.6% |
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 4 October 2026 via checked.be.