ALFAX: 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.
ALFAX
Largest movements
- Current investments +€669,074
up €669,074 (+24.5%), from €2.7m to €3.4m
- Receivables within one year -€87,982
down €87,982 (-21.0%), from €418,158 to €330,176
of which Trade receivables: -€89,626
- Reserves +€600,383
up €600,383 (+19.2%), from €3.1m to €3.7m
of which Distributable reserves: +€600,652
- Gross operating margin -€203,704
down €203,704 (-24.1%), from €846,068 to €642,365
- Taxes -€57,617
down €57,617 (-19.4%), from €296,517 to €238,899
- Financial income +€27,142
up €27,142 (+14.9%), from €182,369 to €209,511
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 | €3,282,104 | €3,867,856 | +€585,752 | +17.8% |
| Fixed assets | 21/28 | €2,369 | €1,947 | -€422 | -17.8% |
| Tangible fixed assets | 22/27 | €2,344 | €1,923 | -€422 | -18.0% |
| Furniture and vehicles | 24 | €2,344 | €1,923 | -€422 | -18.0% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €3,279,735 | €3,865,909 | +€586,174 | +17.9% |
| Amounts receivable within one year | 40/41 | €418,158 | €330,176 | -€87,982 | -21.0% |
| Trade receivables | 40 | €404,927 | €315,301 | -€89,626 | -22.1% |
| Other amounts receivable | 41 | €13,231 | €14,875 | +€1,644 | +12.4% |
| Current investments | 50/53 | €2,732,926 | €3,402,000 | +€669,074 | +24.5% |
| Cash at bank and in hand | 54/58 | €114,284 | €113,225 | -€1,059 | -0.9% |
| Deferred charges and accrued income | 490/1 | €14,367 | €20,508 | +€6,141 | +42.7% |
| Total equity and liabilities | 10/49 | €3,282,104 | €3,867,856 | +€585,752 | +17.8% |
| Equity | 10/15 | €3,146,515 | €3,746,898 | +€600,383 | +19.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €3,124,794 | €3,725,177 | +€600,383 | +19.2% |
| Non-distributable reserves | 130/1 | €35,425 | €35,425 | = | 0.0% |
| Reserves not available under the articles | 1311 | €35,425 | €35,425 | = | 0.0% |
| Tax-exempt reserves | 132 | €269 | - | -€269 | |
| Distributable reserves | 133 | €3,089,100 | €3,689,752 | +€600,652 | +19.4% |
| Profit (loss) carried forward | 14 | €1,721 | €1,721 | = | 0.0% |
| Amounts payable | 17/49 | €135,589 | €120,958 | -€14,631 | -10.8% |
| Amounts payable within one year | 42/48 | €135,589 | €120,958 | -€14,631 | -10.8% |
| Financial debts | 43 | €75,664 | €75,894 | +€229 | +0.3% |
| Credit institutions | 430/8 | €75,664 | €75,894 | +€229 | +0.3% |
| Trade debts | 44 | €4,488 | €7,705 | +€3,217 | +71.7% |
| Suppliers | 440/4 | €4,488 | €7,705 | +€3,217 | +71.7% |
| Taxes, remuneration and social security | 45 | €55,436 | €37,360 | -€18,076 | -32.6% |
| Taxes | 450/3 | €51,670 | €37,360 | -€14,311 | -27.7% |
| Remuneration and social security | 454/9 | €3,766 | - | -€3,766 | |
| Non-recurring operating income | 76A | - | €17,400 | +€17,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,450 | €2,121 | -€329 | -13.4% |
| Other operating charges | 640/8 | €823 | €211 | -€612 | -74.4% |
| Gross operating margin | 9900 | €846,068 | €642,365 | -€203,704 | -24.1% |
| Operating profit (loss) | 9901 | €842,795 | €640,033 | -€202,762 | -24.1% |
| Financial income | 75/76B | €182,369 | €209,511 | +€27,142 | +14.9% |
| Recurring financial income | 75 | €182,369 | €209,511 | +€27,142 | +14.9% |
| Financial charges | 65/66B | €14,696 | €10,262 | -€4,433 | -30.2% |
| Recurring financial charges | 65 | €14,696 | €10,262 | -€4,433 | -30.2% |
| Profit (loss) for the period before taxes | 9903 | €1,010,469 | €839,282 | -€171,186 | -16.9% |
| Income taxes | 67/77 | €296,517 | €238,899 | -€57,617 | -19.4% |
| Profit (loss) for the period | 9904 | €713,952 | €600,383 | -€113,569 | -15.9% |
| Transfer from tax-exempt reserves | 789 | - | €269 | +€269 | |
| Profit (loss) for the period to be appropriated | 9905 | €713,952 | €600,652 | -€113,300 | -15.9% |
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 6 October 2026 via checked.be.