ALFAVAF: 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.
ALFAVAF
Largest movements
- Tangible fixed assets +€73,140
up €73,140 (+561%), from €13,026 to €86,166
of which Furniture and vehicles: +€72,745
- Cash -€46,632
down €46,632 (-46.9%), from €99,481 to €52,849
mainly Investment in fixed assets (net) (-€89,074) and Contributions, distributions and other (-€28,803)
- Receivables within one year +€25,962
up €25,962 (+72.0%), from €36,074 to €62,036
of which Trade receivables: +€25,110
- Debts after one year +€22,626
new in 2025: €22,626
- Trade debts +€17,689
up €17,689 (+91.9%), from €19,255 to €36,945
- Current portion of long-term debt +€9,307
new in 2025: €9,307
- Other debts +€3,324
up €3,324 (+13.0%), from €25,507 to €28,831
- Gross operating margin -€20,779
down €20,779 (-24.1%), from €86,341 to €65,562
- Staff costs -€10,764
down €10,764 (-72.2%), from €14,911 to €4,147
- Depreciation +€9,860
up €9,860 (+162%), from €6,074 to €15,935
- Taxes +€1,661
up €1,661 (+15.1%), from €11,025 to €12,686
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 | €150,199 | €202,354 | +€52,155 | +34.7% |
| Fixed assets | 21/28 | €13,026 | €86,166 | +€73,140 | +561% |
| Tangible fixed assets | 22/27 | €13,026 | €86,166 | +€73,140 | +561% |
| Plant, machinery and equipment | 23 | €6,709 | €7,103 | +€395 | +5.9% |
| Furniture and vehicles | 24 | €6,318 | €79,063 | +€72,745 | +1,151% |
| Current assets | 29/58 | €137,172 | €116,188 | -€20,985 | -15.3% |
| Amounts receivable within one year | 40/41 | €36,074 | €62,036 | +€25,962 | +72.0% |
| Trade receivables | 40 | €26,500 | €51,610 | +€25,110 | +94.8% |
| Other amounts receivable | 41 | €9,574 | €10,426 | +€852 | +8.9% |
| Cash at bank and in hand | 54/58 | €99,481 | €52,849 | -€46,632 | -46.9% |
| Deferred charges and accrued income | 490/1 | €1,618 | €1,303 | -€314 | -19.4% |
| Total equity and liabilities | 10/49 | €150,199 | €202,354 | +€52,155 | +34.7% |
| Equity | 10/15 | €99,788 | €99,976 | +€188 | +0.2% |
| Reserves | 13 | €99,788 | €99,976 | +€188 | +0.2% |
| Distributable reserves | 133 | €99,788 | €99,976 | +€188 | +0.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €50,411 | €102,378 | +€51,967 | +103% |
| Amounts payable after more than one year | 17 | - | €22,626 | +€22,626 | |
| Financial debts | 170/4 | - | €22,626 | +€22,626 | |
| Amounts payable within one year | 42/48 | €49,429 | €79,752 | +€30,323 | +61.3% |
| Current portion of amounts payable after more than one year | 42 | - | €9,307 | +€9,307 | |
| Financial debts | 43 | €4,667 | €4,667 | = | 0.0% |
| Credit institutions | 430/8 | €4,667 | €4,667 | = | 0.0% |
| Trade debts | 44 | €19,255 | €36,945 | +€17,689 | +91.9% |
| Suppliers | 440/4 | €19,255 | €36,945 | +€17,689 | +91.9% |
| Taxes, remuneration and social security | 45 | - | €3 | +€3 | |
| Taxes | 450/3 | - | €3 | +€3 | |
| Other amounts payable | 47/48 | €25,507 | €28,831 | +€3,324 | +13.0% |
| Accrued charges and deferred income | 492/3 | €982 | €0 | -€982 | -100% |
| Non-recurring operating income | 76A | - | €3,026 | +€3,026 | |
| Remuneration, social security and pensions | 62 | €14,911 | €4,147 | -€10,764 | -72.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,074 | €15,935 | +€9,860 | +162% |
| Other operating charges | 640/8 | €1,711 | €2,480 | +€769 | +44.9% |
| Non-recurring operating charges | 66A | €1,715 | €184 | -€1,531 | -89.3% |
| Gross operating margin | 9900 | €86,341 | €65,562 | -€20,779 | -24.1% |
| Operating profit (loss) | 9901 | €61,930 | €42,818 | -€19,112 | -30.9% |
| Financial income | 75/76B | €423 | €885 | +€462 | +109% |
| Recurring financial income | 75 | €423 | €885 | +€462 | +109% |
| Financial charges | 65/66B | €1,343 | €2,026 | +€682 | +50.8% |
| Recurring financial charges | 65 | €1,343 | €2,026 | +€682 | +50.8% |
| Profit (loss) for the period before taxes | 9903 | €61,010 | €41,677 | -€19,333 | -31.7% |
| Income taxes | 67/77 | €11,025 | €12,686 | +€1,661 | +15.1% |
| Profit (loss) for the period | 9904 | €49,985 | €28,991 | -€20,993 | -42.0% |
| Profit (loss) for the period to be appropriated | 9905 | €49,985 | €28,991 | -€20,993 | -42.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.