ALFA LEAD: 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.
What changed
ALFA LEAD
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€14,848
2024 · €5,997+€8,850
Equity
€875,147
2024 · €860,300+€14,848
Cash
€19,166
2024 · €1,659+€17,507
Balance sheet total
€2.7m
2024 · €2.7m-€43,227
Largest movements
Assets
- Tangible fixed assets -€254,733
down €254,733 (-11.1%), from €2.3m to €2.0m
of which Land and buildings: -€220,339
- Receivables within one year +€165,993
up €165,993 (+1,631%), from €10,177 to €176,170
of which Trade receivables: +€165,201
- Stocks and contracts +€31,024
up €31,024 (+9.7%), from €319,736 to €350,760
Equity and liabilities
- Debts after one year -€121,720
down €121,720 (-11.0%), from €1.1m to €986,475
- Trade debts +€74,867
up €74,867 (+164%), from €45,731 to €120,598
Income statement
- Depreciation -€27,408
down €27,408 (-20.5%), from €133,676 to €106,268
- Gross operating margin -€18,851
down €18,851 (-11.7%), from €161,360 to €142,509
- Financial charges -€2,329
down €2,329 (-10.3%), from €22,553 to €20,224
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.
Result 2024
€5,997
Gross operating margin
-€18,851
Depreciation
+€27,408
Other operating charges
-€701
Financial income
-€993
Financial charges
+€2,329
Taxes
-€9
Deferred taxes and other
-€331
Result 2025
€14,848
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€2,503
Investment
+€148,465
Financing
-€128,455
Cash 2024
€1,659
From operations (derived)
-€2,503
Net result for the year
+€14,848
Depreciation
+€106,268
Receivables after one year
+€9,504
Stocks and contracts
-€31,024
Receivables within one year
-€165,993
Deferred charges and accrued income
-€6,486
Provisions
-€6,291
Trade debts
+€74,867
Tax, wage and social debts
+€1,805
Investment (derived)
+€148,465
Investment in fixed assets (net)
+€148,465
Financing
-€128,455
Debts after one year
-€121,720
Current portion of long-term debt
-€6,735
Cash 2025
€19,166
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,728,144 | €2,684,917 | -€43,227 | -1.6% |
| Fixed assets | 21/28 | €2,299,172 | €2,044,439 | -€254,733 | -11.1% |
| Tangible fixed assets | 22/27 | €2,299,172 | €2,044,439 | -€254,733 | -11.1% |
| Land and buildings | 22 | €2,206,288 | €1,985,949 | -€220,339 | -10.0% |
| Plant, machinery and equipment | 23 | €6,622 | €6,760 | +€138 | +2.1% |
| Furniture and vehicles | 24 | €86,262 | €51,730 | -€34,532 | -40.0% |
| Current assets | 29/58 | €428,971 | €640,477 | +€211,506 | +49.3% |
| Amounts receivable after more than one year | 29 | €89,488 | €79,984 | -€9,504 | -10.6% |
| Other amounts receivable | 291 | €89,488 | €79,984 | -€9,504 | -10.6% |
| Stocks and contracts in progress | 3 | €319,736 | €350,760 | +€31,024 | +9.7% |
| Stocks | 30/36 | €319,736 | €350,760 | +€31,024 | +9.7% |
| Amounts receivable within one year | 40/41 | €10,177 | €176,170 | +€165,993 | +1,631% |
| Trade receivables | 40 | €673 | €165,875 | +€165,201 | +24,532% |
| Other amounts receivable | 41 | €9,504 | €10,296 | +€792 | +8.3% |
| Cash at bank and in hand | 54/58 | €1,659 | €19,166 | +€17,507 | +1,055% |
| Deferred charges and accrued income | 490/1 | €7,911 | €14,398 | +€6,486 | +82.0% |
| Total equity and liabilities | 10/49 | €2,728,144 | €2,684,917 | -€43,227 | -1.6% |
| Equity | 10/15 | €860,300 | €875,147 | +€14,848 | +1.7% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €790,300 | €805,147 | +€14,848 | +1.9% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €397,940 | €379,066 | -€18,874 | -4.7% |
| Distributable reserves | 133 | €385,360 | €419,082 | +€33,722 | +8.8% |
| Provisions and deferred taxes | 16 | €125,826 | €119,535 | -€6,291 | -5.0% |
| Deferred taxes | 168 | €125,826 | €119,535 | -€6,291 | -5.0% |
| Amounts payable | 17/49 | €1,742,017 | €1,690,234 | -€51,783 | -3.0% |
| Amounts payable after more than one year | 17 | €1,108,196 | €986,475 | -€121,720 | -11.0% |
| Financial debts | 170/4 | €1,108,196 | €986,475 | -€121,720 | -11.0% |
| Amounts payable within one year | 42/48 | €633,822 | €703,759 | +€69,937 | +11.0% |
| Current portion of amounts payable after more than one year | 42 | €128,455 | €121,720 | -€6,735 | -5.2% |
| Trade debts | 44 | €45,731 | €120,598 | +€74,867 | +164% |
| Suppliers | 440/4 | €45,731 | €120,598 | +€74,867 | +164% |
| Taxes, remuneration and social security | 45 | €1,089 | €2,894 | +€1,805 | +166% |
| Taxes | 450/3 | €1,089 | €2,894 | +€1,805 | +166% |
| Other amounts payable | 47/48 | €458,547 | €458,547 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,676 | €106,268 | -€27,408 | -20.5% |
| Other operating charges | 640/8 | €7,726 | €8,427 | +€701 | +9.1% |
| Gross operating margin | 9900 | €161,360 | €142,509 | -€18,851 | -11.7% |
| Operating profit (loss) | 9901 | €19,958 | €27,814 | +€7,856 | +39.4% |
| Financial income | 75/76B | €1,969 | €976 | -€993 | -50.4% |
| Recurring financial income | 75 | €1,969 | €976 | -€993 | -50.4% |
| Financial charges | 65/66B | €22,553 | €20,224 | -€2,329 | -10.3% |
| Recurring financial charges | 65 | €22,553 | €20,224 | -€2,329 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | -€625 | €8,566 | +€9,191 | |
| Transfer from deferred taxes | 780 | €6,622 | €6,291 | -€331 | -5.0% |
| Income taxes | 67/77 | - | €9 | +€9 | |
| Profit (loss) for the period | 9904 | €5,997 | €14,848 | +€8,850 | +148% |
| Transfer from tax-exempt reserves | 789 | €19,867 | €18,874 | -€993 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,864 | €33,722 | +€7,857 | +30.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.