ALFAM: 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.
ALFAM
Largest movements
- Tangible fixed assets -€2.2m
down €2.2m (-65.3%), from €3.4m to €1.2m
of which Land and buildings: -€2.2m
- Current investments +€1.8m
up €1.8m (+32.2%), from €5.4m to €7.2m
- Receivables within one year -€110,591
down €110,591 (-15.2%), from €729,789 to €619,198
of which Other amounts receivable: -€84,292
- Reserves -€2.4m
down €2.4m (-35.9%), from €6.6m to €4.2m
of which Distributable reserves: -€2.4m
- Other debts +€1.9m
up €1.9m (+64.0%), from €3.0m to €4.9m
- Tax, wage and social debts -€123,817
down €123,817 (-82.8%), from €149,603 to €25,787
of which Taxes: -€124,450
- Gross operating margin -€2.4m
down €2.4m (-89.4%), from €2.7m to €286,730
- Taxes -€616,119
down €616,119 (-99.9%), from €616,610 to €491
- Depreciation -€289,827
down €289,827 (-54.4%), from €532,330 to €242,503
- Financial income -€65,279
down €65,279 (-25.7%), from €254,165 to €188,886
- Staff costs -€65,264
down €65,264 (-32.5%), from €200,928 to €135,665
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 | €9,717,839 | €9,144,568 | -€573,271 | -5.9% |
| Fixed assets | 21/28 | €3,410,752 | €1,184,610 | -€2.2m | -65.3% |
| Intangible fixed assets | 21 | €5,979 | €4,479 | -€1,500 | -25.1% |
| Tangible fixed assets | 22/27 | €3,404,773 | €1,180,131 | -€2.2m | -65.3% |
| Land and buildings | 22 | €3,231,094 | €1,057,429 | -€2.2m | -67.3% |
| Plant, machinery and equipment | 23 | €15,377 | €13,844 | -€1,533 | -10.0% |
| Furniture and vehicles | 24 | €158,302 | €108,859 | -€49,444 | -31.2% |
| Current assets | 29/58 | €6,307,087 | €7,959,958 | +€1.7m | +26.2% |
| Amounts receivable within one year | 40/41 | €729,789 | €619,198 | -€110,591 | -15.2% |
| Trade receivables | 40 | €74,665 | €48,366 | -€26,299 | -35.2% |
| Other amounts receivable | 41 | €655,124 | €570,831 | -€84,292 | -12.9% |
| Current investments | 50/53 | €5,447,816 | €7,200,000 | +€1.8m | +32.2% |
| Cash at bank and in hand | 54/58 | €106,160 | €135,380 | +€29,220 | +27.5% |
| Deferred charges and accrued income | 490/1 | €23,323 | €5,380 | -€17,943 | -76.9% |
| Total equity and liabilities | 10/49 | €9,717,839 | €9,144,568 | -€573,271 | -5.9% |
| Equity | 10/15 | €6,571,940 | €4,218,402 | -€2.4m | -35.8% |
| Contributions | 10/11 | €18,683 | €18,683 | = | 0.0% |
| Reserves | 13 | €6,553,257 | €4,199,718 | -€2.4m | -35.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €6,553,257 | €4,199,718 | -€2.4m | -35.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €3,145,899 | €4,926,167 | +€1.8m | +56.6% |
| Amounts payable within one year | 42/48 | €3,145,899 | €4,926,167 | +€1.8m | +56.6% |
| Trade debts | 44 | €23,188 | €25,111 | +€1,924 | +8.3% |
| Suppliers | 440/4 | €23,188 | €25,111 | +€1,924 | +8.3% |
| Taxes, remuneration and social security | 45 | €149,603 | €25,787 | -€123,817 | -82.8% |
| Taxes | 450/3 | €124,450 | €0 | -€124,450 | -100.0% |
| Remuneration and social security | 454/9 | €25,154 | €25,787 | +€633 | +2.5% |
| Other amounts payable | 47/48 | €2,973,108 | €4,875,269 | +€1.9m | +64.0% |
| Non-recurring operating income | 76A | €14,021 | €0 | -€14,021 | -100.0% |
| Remuneration, social security and pensions | 62 | €200,928 | €135,665 | -€65,264 | -32.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €532,330 | €242,503 | -€289,827 | -54.4% |
| Other operating charges | 640/8 | €70,848 | €25,090 | -€45,758 | -64.6% |
| Non-recurring operating charges | 66A | - | €533,639 | +€533,639 | |
| Gross operating margin | 9900 | €2,708,666 | €286,730 | -€2.4m | -89.4% |
| Operating profit (loss) | 9901 | €1,904,560 | -€650,167 | -€2.6m | |
| Financial income | 75/76B | €254,165 | €188,886 | -€65,279 | -25.7% |
| Recurring financial income | 75 | €254,165 | €188,886 | -€65,279 | -25.7% |
| Financial charges | 65/66B | €297,618 | €280,609 | -€17,010 | -5.7% |
| Recurring financial charges | 65 | €297,618 | €280,609 | -€17,010 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €1,861,107 | -€741,890 | -€2.6m | |
| Income taxes | 67/77 | €616,610 | €491 | -€616,119 | -99.9% |
| Profit (loss) for the period | 9904 | €1,244,497 | -€742,380 | -€2.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,244,497 | -€742,380 | -€2.0m |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.