ALFAFIN: what changed
Two fiscal 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.
ALFAFIN
Largest movements
- Current investments -€930,852
down €930,852 (-68.2%), from €1.4m to €434,792
- Tangible fixed assets +€58,992
new in 2025: €58,992
of which Plant, machinery and equipment: +€34,889
- Other debts -€549,827
down €549,827 (-55.0%), from €1.0m to €450,173
- Profit (loss) carried forward -€225,057
down €225,057 (-49.7%), from €453,063 to €228,006
- Debts after one year -€38,175
down €38,175 (-11.5%), from €333,175 to €295,000
of which Financial debts: -€38,175
- Trade debts -€28,134
down €28,134 (-66.4%), from €42,339 to €14,205
- Current portion of long-term debt -€26,615
down €26,615 (-41.1%), from €64,790 to €38,175
- Gross operating margin -€957,865
down €957,865 (-95.8%), from €999,602 to €41,737
- Financial income +€199,625
up €199,625 (+772.3%), from €25,848 to €225,473
- Purchases and services +€97,004
new in 2025: €97,004
- Depreciation +€10,890
up €10,890, from €0 to €10,890
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 | €2,611,018 | €1,740,201 | -€870,817 | -33.4% |
| Fixed assets | 21/28 | €533,437 | €592,429 | +€58,992 | +11.1% |
| Tangible fixed assets | 22/27 | - | €58,992 | +€58,992 | |
| Plant, machinery and equipment | 23 | - | €34,889 | +€34,889 | |
| Furniture and vehicles | 24 | - | €24,103 | +€24,103 | |
| Financial fixed assets | 28 | €533,437 | €533,437 | -€0 | 0.0% |
| Current assets | 29/58 | €2,077,581 | €1,147,772 | -€929,809 | -44.8% |
| Amounts receivable after more than one year | 29 | €600,000 | €600,000 | = | 0.0% |
| Other amounts receivable | 291 | €600,000 | €600,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €878 | €16,042 | +€15,164 | +1728.1% |
| Other amounts receivable | 41 | €878 | €16,042 | +€15,164 | +1728.1% |
| Current investments | 50/53 | €1,365,644 | €434,792 | -€930,852 | -68.2% |
| Cash at bank and in hand | 54/58 | €103,451 | €83,874 | -€19,577 | -18.9% |
| Deferred charges and accrued income | 490/1 | €7,609 | €13,064 | +€5,455 | +71.7% |
| Total equity and liabilities | 10/49 | €2,611,018 | €1,740,201 | -€870,817 | -33.4% |
| Equity | 10/15 | €1,137,523 | €912,466 | -€225,057 | -19.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €665,860 | €665,860 | = | 0.0% |
| Distributable reserves | 133 | €665,860 | €665,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €453,063 | €228,006 | -€225,057 | -49.7% |
| Amounts payable | 17/49 | €1,473,495 | €827,735 | -€645,760 | -43.8% |
| Amounts payable after more than one year | 17 | €333,175 | €295,000 | -€38,175 | -11.5% |
| Financial debts | 170/4 | €38,175 | - | -€38,175 | |
| Other amounts payable | 178/9 | €295,000 | €295,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,116,662 | €511,848 | -€604,814 | -54.2% |
| Current portion of amounts payable after more than one year | 42 | €64,790 | €38,175 | -€26,615 | -41.1% |
| Trade debts | 44 | €42,339 | €14,205 | -€28,134 | -66.4% |
| Suppliers | 440/4 | €42,339 | €14,205 | -€28,134 | -66.4% |
| Taxes, remuneration and social security | 45 | €9,533 | €9,295 | -€238 | -2.5% |
| Taxes | 450/3 | €5,804 | €5,814 | +€10 | +0.2% |
| Remuneration and social security | 454/9 | €3,729 | €3,481 | -€248 | -6.6% |
| Other amounts payable | 47/48 | €1,000,000 | €450,173 | -€549,827 | -55.0% |
| Accrued charges and deferred income | 492/3 | €23,659 | €20,887 | -€2,772 | -11.7% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €97,004 | +€97,004 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €10,890 | +€10,890 | |
| Other operating charges | 640/8 | €1,651 | €1,446 | -€205 | -12.4% |
| Gross operating margin | 9900 | €999,602 | €41,737 | -€957,865 | -95.8% |
| Operating profit (loss) | 9901 | €997,951 | €29,401 | -€968,550 | -97.1% |
| Financial income | 75/76B | €25,848 | €225,473 | +€199,625 | +772.3% |
| Recurring financial income | 75 | €25,848 | €225,473 | +€199,625 | +772.3% |
| Financial charges | 65/66B | €25,716 | €22,152 | -€3,564 | -13.9% |
| Recurring financial charges | 65 | €25,716 | €22,152 | -€3,564 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €998,083 | €232,722 | -€765,361 | -76.7% |
| Income taxes | 67/77 | €8,963 | €7,779 | -€1,184 | -13.2% |
| Profit (loss) for the period | 9904 | €989,120 | €224,943 | -€764,177 | -77.3% |
| Profit (loss) for the period to be appropriated | 9905 | €989,120 | €224,943 | -€764,177 | -77.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.