ALFASUR: 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
ALFASUR
NACE 82.100, Office administrative and support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€67,019
2024 · -€18,919-€48,100
Equity
€2.0m
2024 · €516,589+€1.4m
Cash
€84
2024 · €20,566-€20,482
Balance sheet total
€3.1m
2024 · €1.6m+€1.5m
Largest movements
Assets
- Tangible fixed assets +€1.4m
up €1.4m (+108%), from €1.3m to €2.8m
of which Other tangible fixed assets: +€1.4m
- Financial fixed assets +€150,000
new in 2025: €150,000
- Current investments -€32,023
down €32,023 (-21.4%), from €149,708 to €117,685
Equity and liabilities
- Revaluation surpluses +€1.5m
new in 2025: €1.5m
- Other debts +€127,293
up €127,293 (+13.4%), from €948,629 to €1.1m
- Profit (loss) carried forward -€64,746
down €64,746 (-203%), from -€31,933 to -€96,679
- Short-term financial debts -€50,000
no longer reported in 2025 (was €50,000)
Income statement
- Write-downs +€60,000
up €60,000 (+500%), from €12,000 to €72,000
- Gross operating margin +€19,008
up €19,008 (+16.9%), from €112,503 to €131,511
- Financial charges +€5,125
up €5,125 (+20.5%), from €25,061 to €30,186
- Turnover +€3,136
up €3,136 (+15.4%), from €20,398 to €23,534
- Depreciation +€2,547
up €2,547 (+3.1%), from €82,418 to €84,965
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
-€18,919
Gross operating margin
+€19,008
Depreciation
-€2,547
Write-downs
-€60,000
Other operating charges
-€234
Financial income
+€685
Financial charges
-€5,125
Taxes
+€113
Result 2025
-€67,019
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
+€170,264
Investment
-€1.6m
Financing
+€1.5m
Cash 2024
€20,566
From operations (derived)
+€170,264
Net result for the year
-€67,019
Depreciation
+€84,965
Receivables after one year
+€28,800
Receivables within one year
-€5,722
Smaller working-capital items
+€1,947
Other debts
+€127,293
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€1.7m
Current investments
+€32,023
Financing
+€1.5m
Short-term financial debts
-€50,000
Contributions, distributions and other
+€1.5m
Cash 2025
€84
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,551,825 | €3,070,922 | +€1.5m | +97.9% |
| Fixed assets | 21/28 | €1,341,459 | €2,935,594 | +€1.6m | +119% |
| Tangible fixed assets | 22/27 | €1,341,459 | €2,785,594 | +€1.4m | +108% |
| Plant, machinery and equipment | 23 | €2,837 | €2,131 | -€706 | -24.9% |
| Furniture and vehicles | 24 | €1,380 | €1,718 | +€338 | +24.5% |
| Other tangible fixed assets | 26 | €1,337,242 | €2,781,745 | +€1.4m | +108% |
| Financial fixed assets | 28 | - | €150,000 | +€150,000 | |
| Current assets | 29/58 | €210,366 | €135,328 | -€75,038 | -35.7% |
| Amounts receivable after more than one year | 29 | €28,800 | - | -€28,800 | |
| Other amounts receivable | 291 | €28,800 | - | -€28,800 | |
| Amounts receivable within one year | 40/41 | €6,596 | €12,318 | +€5,722 | +86.7% |
| Trade receivables | 40 | €4,213 | €9,375 | +€5,162 | +123% |
| Other amounts receivable | 41 | €2,383 | €2,943 | +€560 | +23.5% |
| Current investments | 50/53 | €149,708 | €117,685 | -€32,023 | -21.4% |
| Cash at bank and in hand | 54/58 | €20,566 | €84 | -€20,482 | -99.6% |
| Deferred charges and accrued income | 490/1 | €4,696 | €5,241 | +€545 | +11.6% |
| Total equity and liabilities | 10/49 | €1,551,825 | €3,070,922 | +€1.5m | +97.9% |
| Equity | 10/15 | €516,589 | €1,955,901 | +€1.4m | +279% |
| Contributions | 10/11 | €365,770 | €365,770 | = | 0.0% |
| Capital | 10 | €365,770 | €365,770 | = | 0.0% |
| Issued capital | 100 | €365,770 | €365,770 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,506,331 | +€1.5m | |
| Reserves | 13 | €182,752 | €180,479 | -€2,273 | -1.2% |
| Non-distributable reserves | 130/1 | €36,577 | €36,577 | = | 0.0% |
| Legal reserve | 130 | €36,577 | €36,577 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,891 | €3,617 | -€2,274 | -38.6% |
| Distributable reserves | 133 | €140,284 | €140,285 | +€1 | 0.0% |
| Profit (loss) carried forward | 14 | -€31,933 | -€96,679 | -€64,746 | -203% |
| Provisions and deferred taxes | 16 | €1,178 | €723 | -€455 | -38.6% |
| Deferred taxes | 168 | €1,178 | €723 | -€455 | -38.6% |
| Amounts payable | 17/49 | €1,034,058 | €1,114,298 | +€80,240 | +7.8% |
| Amounts payable within one year | 42/48 | €1,012,856 | €1,090,191 | +€77,335 | +7.6% |
| Financial debts | 43 | €50,000 | - | -€50,000 | |
| Other loans | 439 | €50,000 | - | -€50,000 | |
| Trade debts | 44 | €5,182 | €4,318 | -€864 | -16.7% |
| Suppliers | 440/4 | €5,182 | €4,318 | -€864 | -16.7% |
| Taxes, remuneration and social security | 45 | €9,045 | €9,951 | +€906 | +10.0% |
| Taxes | 450/3 | €9,045 | €9,951 | +€906 | +10.0% |
| Other amounts payable | 47/48 | €948,629 | €1,075,922 | +€127,293 | +13.4% |
| Accrued charges and deferred income | 492/3 | €21,202 | €24,107 | +€2,905 | +13.7% |
| Turnover | 70 | €20,398 | €23,534 | +€3,136 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,418 | €84,965 | +€2,547 | +3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,000 | €72,000 | +€60,000 | +500% |
| Other operating charges | 640/8 | €14,294 | €14,528 | +€234 | +1.6% |
| Gross operating margin | 9900 | €112,503 | €131,511 | +€19,008 | +16.9% |
| Operating profit (loss) | 9901 | €3,791 | -€39,982 | -€43,773 | |
| Financial income | 75/76B | €2,196 | €2,881 | +€685 | +31.2% |
| Recurring financial income | 75 | €2,196 | €2,881 | +€685 | +31.2% |
| Financial charges | 65/66B | €25,061 | €30,186 | +€5,125 | +20.5% |
| Recurring financial charges | 65 | €25,061 | €30,186 | +€5,125 | +20.5% |
| Profit (loss) for the period before taxes | 9903 | -€19,074 | -€67,287 | -€48,213 | -253% |
| Transfer from deferred taxes | 780 | €455 | €455 | = | 0.0% |
| Income taxes | 67/77 | €300 | €187 | -€113 | -37.7% |
| Profit (loss) for the period | 9904 | -€18,919 | -€67,019 | -€48,100 | -254% |
| Transfer from tax-exempt reserves | 789 | €2,273 | €2,273 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,646 | -€64,746 | -€48,100 | -289% |
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 17 October 2026 via checked.be.