ALFA-PROJECTS: 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-PROJECTS
Largest movements
- Tangible fixed assets -€34,128
down €34,128 (-6.7%), from €510,774 to €476,647
of which Land and buildings: -€34,128
- Receivables within one year +€23,014
up €23,014 (+128.6%), from €17,891 to €40,905
of which Other amounts receivable: +€19,528
- Cash -€13,099
down €13,099 (-27.8%), from €47,115 to €34,016
mainly Debts after one year (-€38,879) and Receivables within one year (-€23,014)
- Debts after one year -€38,879
down €38,879 (-12.2%), from €318,172 to €279,293
of which Financial debts: -€33,309
- Reserves +€15,389
up €15,389 (+8.3%), from €185,996 to €201,385
of which Distributable reserves: +€19,356
- Gross operating margin +€5,965
up €5,965 (+10.0%), from €59,492 to €65,457
- Other operating charges +€1,776
up €1,776 (+29.8%), from €5,953 to €7,729
- Taxes +€1,460
up €1,460 (+36.2%), from €4,034 to €5,494
- Depreciation -€1,104
down €1,104 (-3.1%), from €35,232 to €34,128
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 | €585,156 | €562,142 | -€23,014 | -3.9% |
| Fixed assets | 21/28 | €520,150 | €486,023 | -€34,128 | -6.6% |
| Tangible fixed assets | 22/27 | €510,774 | €476,647 | -€34,128 | -6.7% |
| Land and buildings | 22 | €510,774 | €476,647 | -€34,128 | -6.7% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | - | €0 | = | |
| Financial fixed assets | 28 | €9,376 | €9,376 | = | 0.0% |
| Current assets | 29/58 | €65,006 | €76,120 | +€11,114 | +17.1% |
| Amounts receivable within one year | 40/41 | €17,891 | €40,905 | +€23,014 | +128.6% |
| Trade receivables | 40 | €17,419 | €20,905 | +€3,485 | +20.0% |
| Other amounts receivable | 41 | €472 | €20,000 | +€19,528 | +4140.6% |
| Cash at bank and in hand | 54/58 | €47,115 | €34,016 | -€13,099 | -27.8% |
| Deferred charges and accrued income | 490/1 | - | €1,199 | +€1,199 | |
| Total equity and liabilities | 10/49 | €585,156 | €562,142 | -€23,014 | -3.9% |
| Equity | 10/15 | €225,661 | €241,050 | +€15,389 | +6.8% |
| Contributions | 10/11 | €39,665 | €39,665 | = | 0.0% |
| Reserves | 13 | €185,996 | €201,385 | +€15,389 | +8.3% |
| Non-distributable reserves | 130/1 | €3,967 | - | -€3,967 | |
| Reserves not available under the articles | 1311 | €3,967 | - | -€3,967 | |
| Distributable reserves | 133 | €182,030 | €201,385 | +€19,356 | +10.6% |
| Amounts payable | 17/49 | €359,495 | €321,092 | -€38,403 | -10.7% |
| Amounts payable after more than one year | 17 | €318,172 | €279,293 | -€38,879 | -12.2% |
| Financial debts | 170/4 | €159,276 | €125,967 | -€33,309 | -20.9% |
| Other amounts payable | 178/9 | €158,896 | €153,325 | -€5,571 | -3.5% |
| Amounts payable within one year | 42/48 | €41,323 | €41,799 | +€476 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €33,346 | €33,809 | +€463 | +1.4% |
| Trade debts | 44 | €3,227 | €214 | -€3,013 | -93.4% |
| Suppliers | 440/4 | €3,227 | €214 | -€3,013 | -93.4% |
| Taxes, remuneration and social security | 45 | €3,968 | €7,776 | +€3,808 | +96.0% |
| Taxes | 450/3 | €3,968 | €7,776 | +€3,808 | +96.0% |
| Other amounts payable | 47/48 | €782 | - | -€782 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,232 | €34,128 | -€1,104 | -3.1% |
| Other operating charges | 640/8 | €5,953 | €7,729 | +€1,776 | +29.8% |
| Gross operating margin | 9900 | €59,492 | €65,457 | +€5,965 | +10.0% |
| Operating profit (loss) | 9901 | €18,308 | €23,601 | +€5,293 | +28.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €3,217 | €2,718 | -€500 | -15.5% |
| Recurring financial charges | 65 | €3,217 | €2,718 | -€500 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €15,090 | €20,883 | +€5,793 | +38.4% |
| Income taxes | 67/77 | €4,034 | €5,494 | +€1,460 | +36.2% |
| Profit (loss) for the period | 9904 | €11,056 | €15,389 | +€4,333 | +39.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,056 | €15,389 | +€4,333 | +39.2% |
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.