ALFAZ: 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.
ALFAZ
Largest movements
- Stocks and contracts -€1.0m
down €1.0m (-100%), from €1.0m to €0
- Cash +€131,618
up €131,618 (+196%), from €67,247 to €198,865
mainly Stocks and contracts (+€1.0m) and Trade debts (+€60,757)
- Other debts -€1.1m
down €1.1m (-99.9%), from €1.1m to €638
- Trade debts +€60,757
up €60,757 (+13,863%), from €438 to €61,195
- Profit (loss) carried forward +€55,123
up €55,123 (+10,975%), from €502 to €55,625
- Accrued charges and deferred income +€44,838
up €44,838 (+296%), from €15,162 to €60,000
- Gross operating margin +€127,921
up €127,921 (+192%), from €66,602 to €194,523
- Financial charges -€24,508
down €24,508 (-98.5%), from €24,884 to €376
- Taxes +€9,355
up €9,355 (+90.3%), from €10,362 to €19,717
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 | €1,111,238 | €213,628 | -€897,610 | -80.8% |
| Fixed assets | 21/28 | €2,944 | €6,093 | +€3,149 | +107% |
| Tangible fixed assets | 22/27 | €1,944 | €5,093 | +€3,149 | +162% |
| Plant, machinery and equipment | 23 | €194 | €0 | -€194 | -100% |
| Furniture and vehicles | 24 | €1,750 | €5,093 | +€3,343 | +191% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €1,108,294 | €207,534 | -€900,760 | -81.3% |
| Stocks and contracts in progress | 3 | €1,025,498 | €0 | -€1.0m | -100% |
| Stocks | 30/36 | €1,025,498 | €0 | -€1.0m | -100% |
| Amounts receivable within one year | 40/41 | €8,423 | €5,638 | -€2,785 | -33.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €8,423 | €5,638 | -€2,785 | -33.1% |
| Cash at bank and in hand | 54/58 | €67,247 | €198,865 | +€131,618 | +196% |
| Deferred charges and accrued income | 490/1 | €7,126 | €3,032 | -€4,094 | -57.5% |
| Total equity and liabilities | 10/49 | €1,111,238 | €213,628 | -€897,610 | -80.8% |
| Equity | 10/15 | €34,896 | €90,019 | +€55,123 | +158% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €15,794 | €15,794 | = | 0.0% |
| Distributable reserves | 133 | €15,794 | €15,794 | = | 0.0% |
| Profit (loss) carried forward | 14 | €502 | €55,625 | +€55,123 | +10,975% |
| Amounts payable | 17/49 | €1,076,342 | €123,609 | -€952,733 | -88.5% |
| Amounts payable within one year | 42/48 | €1,061,179 | €63,609 | -€997,570 | -94.0% |
| Trade debts | 44 | €438 | €61,195 | +€60,757 | +13,863% |
| Suppliers | 440/4 | €438 | €61,195 | +€60,757 | +13,863% |
| Taxes, remuneration and social security | 45 | €71 | €1,776 | +€1,705 | +2,409% |
| Taxes | 450/3 | €71 | €1,776 | +€1,705 | +2,409% |
| Other amounts payable | 47/48 | €1,060,670 | €638 | -€1.1m | -99.9% |
| Accrued charges and deferred income | 492/3 | €15,162 | €60,000 | +€44,838 | +296% |
| Non-recurring operating income | 76A | €23,157 | €0 | -€23,157 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,111 | €1,801 | +€690 | +62.1% |
| Other operating charges | 640/8 | €743 | €520 | -€223 | -30.0% |
| Non-recurring operating charges | 66A | - | €117,000 | +€117,000 | |
| Gross operating margin | 9900 | €66,602 | €194,523 | +€127,921 | +192% |
| Operating profit (loss) | 9901 | €64,749 | €75,202 | +€10,454 | +16.1% |
| Financial income | 75/76B | €0 | €13 | +€13 | |
| Recurring financial income | 75 | €0 | €13 | +€13 | |
| Financial charges | 65/66B | €24,884 | €376 | -€24,508 | -98.5% |
| Recurring financial charges | 65 | €24,884 | €376 | -€24,508 | -98.5% |
| Profit (loss) for the period before taxes | 9903 | €39,864 | €74,840 | +€34,976 | +87.7% |
| Income taxes | 67/77 | €10,362 | €19,717 | +€9,355 | +90.3% |
| Profit (loss) for the period | 9904 | €29,502 | €55,123 | +€25,620 | +86.8% |
| Profit (loss) for the period to be appropriated | 9905 | €29,502 | €55,123 | +€25,620 | +86.8% |
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.