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.
What changed
ALFA-PROJECTS
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€42,442
2024 · -€121,815+€79,373
Equity
€335,341
2024 · €377,783-€42,442
Cash
€42,691
2024 · €61,982-€19,292
Balance sheet total
€5.4m
2024 · €6.1m-€694,533
Largest movements
Assets
- Tangible fixed assets -€674,631
down €674,631 (-11.6%), from €5.8m to €5.1m
of which Land and buildings: -€662,653
Equity and liabilities
- Debts after one year -€1.6m
down €1.6m (-28.1%), from €5.5m to €4.0m
of which Financial debts: -€1.6m
- Current portion of long-term debt +€902,188
up €902,188 (+614%), from €147,046 to €1.0m
Income statement
- Depreciation -€106,496
down €106,496 (-46.7%), from €227,912 to €121,416
- Gross operating margin -€26,441
down €26,441 (-18.7%), from €141,138 to €114,697
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
-€121,815
Gross operating margin
-€26,441
Depreciation
+€106,496
Other operating charges
-€172
Financial income
-€65
Financial charges
-€675
Taxes
+€230
Result 2025
-€42,442
raises the resultlowers the result
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
+€80,770
Investment
+€553,215
Financing
-€653,276
Cash 2024
€61,982
From operations (derived)
+€80,770
Net result for the year
-€42,442
Depreciation
+€121,416
Smaller working-capital items
+€1,796
Investment (derived)
+€553,215
Investment in fixed assets (net)
+€553,215
Financing
-€653,276
Debts after one year
-€1.6m
Current portion of long-term debt
+€902,188
Cash 2025
€42,691
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,134,848 | €5,440,315 | -€694,533 | -11.3% |
| Fixed assets | 21/28 | €5,795,150 | €5,120,519 | -€674,631 | -11.6% |
| Tangible fixed assets | 22/27 | €5,795,150 | €5,120,519 | -€674,631 | -11.6% |
| Land and buildings | 22 | €5,781,224 | €5,118,571 | -€662,653 | -11.5% |
| Furniture and vehicles | 24 | €4,263 | €1,947 | -€2,316 | -54.3% |
| Other tangible fixed assets | 26 | €9,663 | - | -€9,663 | |
| Current assets | 29/58 | €339,698 | €319,796 | -€19,902 | -5.9% |
| Amounts receivable after more than one year | 29 | €268,750 | €268,750 | = | 0.0% |
| Other amounts receivable | 291 | €268,750 | €268,750 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €6,042 | €5,272 | -€770 | -12.7% |
| Trade receivables | 40 | €480 | €2,552 | +€2,072 | +432% |
| Other amounts receivable | 41 | €5,562 | €2,721 | -€2,841 | -51.1% |
| Cash at bank and in hand | 54/58 | €61,982 | €42,691 | -€19,292 | -31.1% |
| Deferred charges and accrued income | 490/1 | €2,924 | €3,083 | +€159 | +5.4% |
| Total equity and liabilities | 10/49 | €6,134,848 | €5,440,315 | -€694,533 | -11.3% |
| Equity | 10/15 | €377,783 | €335,341 | -€42,442 | -11.2% |
| Contributions | 10/11 | €1,800,000 | €1,800,000 | = | 0.0% |
| Reserves | 13 | €96,246 | €96,246 | = | 0.0% |
| Distributable reserves | 133 | €96,246 | €96,246 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,518,463 | -€1,560,905 | -€42,442 | -2.8% |
| Amounts payable | 17/49 | €5,757,065 | €5,104,974 | -€652,091 | -11.3% |
| Amounts payable after more than one year | 17 | €5,532,020 | €3,976,556 | -€1.6m | -28.1% |
| Financial debts | 170/4 | €2,166,978 | €558,944 | -€1.6m | -74.2% |
| Other amounts payable | 178/9 | €3,365,042 | €3,417,612 | +€52,570 | +1.6% |
| Amounts payable within one year | 42/48 | €225,045 | €1,128,418 | +€903,373 | +401% |
| Current portion of amounts payable after more than one year | 42 | €147,046 | €1,049,234 | +€902,188 | +614% |
| Trade debts | 44 | €2,670 | €3,437 | +€767 | +28.7% |
| Suppliers | 440/4 | €2,670 | €3,437 | +€767 | +28.7% |
| Taxes, remuneration and social security | 45 | €329 | €747 | +€418 | +127% |
| Taxes | 450/3 | €329 | €747 | +€418 | +127% |
| Other amounts payable | 47/48 | €75,000 | €75,000 | = | 0.0% |
| Non-recurring operating income | 76A | - | €79,477 | +€79,477 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €227,912 | €121,416 | -€106,496 | -46.7% |
| Other operating charges | 640/8 | €15,498 | €15,670 | +€172 | +1.1% |
| Gross operating margin | 9900 | €141,138 | €114,697 | -€26,441 | -18.7% |
| Operating profit (loss) | 9901 | -€102,271 | -€22,389 | +€79,882 | +78.1% |
| Financial income | 75/76B | €10,815 | €10,750 | -€65 | -0.6% |
| Recurring financial income | 75 | €10,815 | €10,750 | -€65 | -0.6% |
| Financial charges | 65/66B | €29,710 | €30,385 | +€675 | +2.3% |
| Recurring financial charges | 65 | €29,710 | €30,385 | +€675 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | -€121,167 | -€42,024 | +€79,143 | +65.3% |
| Income taxes | 67/77 | €648 | €418 | -€230 | -35.5% |
| Profit (loss) for the period | 9904 | -€121,815 | -€42,442 | +€79,373 | +65.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€121,815 | -€42,442 | +€79,373 | +65.2% |
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 22 October 2026 via checked.be.