ALFA SAHIN: what changed
ALFA SAHIN
Largest movements
- Receivables within one year +€4,882
up €4,882 (+21.8%), from €22,362 to €27,244
of which Other amounts receivable: +€2,444
- Cash -€3,940
down €3,940 (-41.3%), from €9,543 to €5,603
mainly Net result for the year (-€12,740) and Receivables within one year (-€4,882)
- Tangible fixed assets +€1,336
new in 2025: €1,336
- Stocks and contracts +€536
up €536 (+12.2%), from €4,394 to €4,930
- Tax, wage and social debts +€16,657
up €16,657 (+196%), from €8,499 to €25,155
of which Remuneration and social security: +€15,408
- Profit (loss) carried forward -€12,740
down €12,740 (-86.7%), from €14,688 to €1,948
- Trade debts -€1,416
down €1,416 (-13.2%), from €10,762 to €9,346
- Staff costs +€45,794
up €45,794 (+295%), from €15,547 to €61,341
- Gross operating margin +€17,945
up €17,945 (+51.3%), from €34,947 to €52,892
- Taxes -€3,276
no longer reported in 2025 (was €3,276)
- Depreciation +€564
up €564 (+180%), from €314 to €878
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €36,949 | €39,449 | +€2,500 | +6.8% |
| Formation expenses | 20 | €359 | €46 | -€314 | -87.3% |
| Fixed assets | 21/28 | €291 | €1,627 | +€1,336 | +459% |
| Tangible fixed assets | 22/27 | - | €1,336 | +€1,336 | |
| Furniture and vehicles | 24 | - | €1,336 | +€1,336 | |
| Financial fixed assets | 28 | €291 | €291 | = | 0.0% |
| Current assets | 29/58 | €36,299 | €37,776 | +€1,478 | +4.1% |
| Stocks and contracts in progress | 3 | €4,394 | €4,930 | +€536 | +12.2% |
| Stocks | 30/36 | €4,394 | €4,930 | +€536 | +12.2% |
| Amounts receivable within one year | 40/41 | €22,362 | €27,244 | +€4,882 | +21.8% |
| Trade receivables | 40 | €177 | €2,615 | +€2,438 | +1,378% |
| Other amounts receivable | 41 | €22,185 | €24,629 | +€2,444 | +11.0% |
| Cash at bank and in hand | 54/58 | €9,543 | €5,603 | -€3,940 | -41.3% |
| Total equity and liabilities | 10/49 | €36,949 | €39,449 | +€2,500 | +6.8% |
| Equity | 10/15 | €17,688 | €4,948 | -€12,740 | -72.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,688 | €1,948 | -€12,740 | -86.7% |
| Amounts payable | 17/49 | €19,261 | €34,501 | +€15,240 | +79.1% |
| Amounts payable within one year | 42/48 | €19,261 | €34,501 | +€15,240 | +79.1% |
| Trade debts | 44 | €10,762 | €9,346 | -€1,416 | -13.2% |
| Suppliers | 440/4 | €10,762 | €9,346 | -€1,416 | -13.2% |
| Taxes, remuneration and social security | 45 | €8,499 | €25,155 | +€16,657 | +196% |
| Taxes | 450/3 | €4,192 | €5,440 | +€1,248 | +29.8% |
| Remuneration and social security | 454/9 | €4,307 | €19,715 | +€15,408 | +358% |
| Remuneration, social security and pensions | 62 | €15,547 | €61,341 | +€45,794 | +295% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €314 | €878 | +€564 | +180% |
| Other operating charges | 640/8 | €2,808 | €3,318 | +€510 | +18.2% |
| Gross operating margin | 9900 | €34,947 | €52,892 | +€17,945 | +51.3% |
| Operating profit (loss) | 9901 | €16,278 | -€12,645 | -€28,922 | |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €134 | €97 | -€36 | -27.2% |
| Recurring financial charges | 65 | €134 | €97 | -€36 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €16,144 | -€12,740 | -€28,884 | |
| Income taxes | 67/77 | €3,276 | - | -€3,276 | |
| Profit (loss) for the period | 9904 | €12,868 | -€12,740 | -€25,608 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,868 | -€12,740 | -€25,608 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.