ALFA-THERMO: 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-THERMO
Largest movements
- Tangible fixed assets +€625,082
up €625,082 (+343%), from €182,292 to €807,374
of which Land and buildings: +€606,987
- Receivables within one year -€181,548
down €181,548 (-41.8%), from €434,574 to €253,026
of which Trade receivables: -€163,479
- Debts after one year +€479,748
up €479,748 (+233%), from €205,789 to €685,537
- Trade debts -€150,359
down €150,359 (-26.4%), from €569,536 to €419,176
- Profit (loss) carried forward +€41,798
up €41,798 (+17.0%), from €246,090 to €287,888
- Current portion of long-term debt +€27,098
up €27,098 (+220%), from €12,313 to €39,411
- Other debts +€23,910
up €23,910 (+30.8%), from €77,618 to €101,528
- Gross operating margin +€134,414
up €134,414 (+17.0%), from €788,852 to €923,267
- Staff costs +€76,212
up €76,212 (+13.5%), from €562,697 to €638,909
- Financial charges +€16,021
up €16,021 (+156%), from €10,255 to €26,277
- Depreciation +€12,028
up €12,028 (+29.6%), from €40,581 to €52,609
- Taxes +€11,267
up €11,267 (+23.9%), from €47,053 to €58,320
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,341,031 | €1,774,900 | +€433,868 | +32.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €182,860 | €807,941 | +€625,082 | +342% |
| Tangible fixed assets | 22/27 | €182,292 | €807,374 | +€625,082 | +343% |
| Land and buildings | 22 | €176,985 | €783,971 | +€606,987 | +343% |
| Plant, machinery and equipment | 23 | €2,680 | €1,396 | -€1,284 | -47.9% |
| Furniture and vehicles | 24 | €2,628 | €22,007 | +€19,379 | +738% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €568 | €568 | = | 0.0% |
| Current assets | 29/58 | €1,158,172 | €966,958 | -€191,214 | -16.5% |
| Stocks and contracts in progress | 3 | €89,911 | €74,149 | -€15,762 | -17.5% |
| Stocks | 30/36 | €89,911 | €74,149 | -€15,762 | -17.5% |
| Amounts receivable within one year | 40/41 | €434,574 | €253,026 | -€181,548 | -41.8% |
| Trade receivables | 40 | €310,214 | €146,735 | -€163,479 | -52.7% |
| Other amounts receivable | 41 | €124,361 | €106,291 | -€18,070 | -14.5% |
| Cash at bank and in hand | 54/58 | €632,516 | €635,734 | +€3,219 | +0.5% |
| Deferred charges and accrued income | 490/1 | €1,171 | €4,049 | +€2,878 | +246% |
| Total equity and liabilities | 10/49 | €1,341,031 | €1,774,900 | +€433,868 | +32.4% |
| Equity | 10/15 | €382,970 | €424,768 | +€41,798 | +10.9% |
| Contributions | 10/11 | €13,020 | €13,020 | = | 0.0% |
| Reserves | 13 | €123,860 | €123,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €122,000 | €122,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €246,090 | €287,888 | +€41,798 | +17.0% |
| Amounts payable | 17/49 | €958,061 | €1,350,131 | +€392,070 | +40.9% |
| Amounts payable after more than one year | 17 | €205,789 | €685,537 | +€479,748 | +233% |
| Financial debts | 170/4 | €205,789 | €685,537 | +€479,748 | +233% |
| Amounts payable within one year | 42/48 | €752,273 | €664,594 | -€87,678 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €12,313 | €39,411 | +€27,098 | +220% |
| Trade debts | 44 | €569,536 | €419,176 | -€150,359 | -26.4% |
| Suppliers | 440/4 | €569,536 | €419,176 | -€150,359 | -26.4% |
| Taxes, remuneration and social security | 45 | €92,806 | €104,479 | +€11,673 | +12.6% |
| Taxes | 450/3 | €73,247 | €82,329 | +€9,081 | +12.4% |
| Remuneration and social security | 454/9 | €19,559 | €22,150 | +€2,592 | +13.3% |
| Other amounts payable | 47/48 | €77,618 | €101,528 | +€23,910 | +30.8% |
| Remuneration, social security and pensions | 62 | €562,697 | €638,909 | +€76,212 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,581 | €52,609 | +€12,028 | +29.6% |
| Other operating charges | 640/8 | €4,335 | €5,892 | +€1,557 | +35.9% |
| Gross operating margin | 9900 | €788,852 | €923,267 | +€134,414 | +17.0% |
| Operating profit (loss) | 9901 | €181,239 | €225,856 | +€44,618 | +24.6% |
| Financial income | 75/76B | €750 | €538 | -€212 | -28.2% |
| Recurring financial income | 75 | €750 | €538 | -€212 | -28.2% |
| Financial charges | 65/66B | €10,255 | €26,277 | +€16,021 | +156% |
| Recurring financial charges | 65 | €10,255 | €26,277 | +€16,021 | +156% |
| Profit (loss) for the period before taxes | 9903 | €171,734 | €200,118 | +€28,384 | +16.5% |
| Income taxes | 67/77 | €47,053 | €58,320 | +€11,267 | +23.9% |
| Profit (loss) for the period | 9904 | €124,681 | €141,798 | +€17,117 | +13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €124,681 | €141,798 | +€17,117 | +13.7% |
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 29 October 2026 via checked.be.