Alfco: 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.
Alfco
Largest movements
- Cash +€80,169
up €80,169 (+35.2%), from €227,812 to €307,981
mainly Net result for the year (+€44,375) and Depreciation (+€31,125)
- Tangible fixed assets -€31,125
down €31,125 (-5.3%), from €587,504 to €556,378
of which Land and buildings: -€29,631
- Reserves +€44,375
up €44,375 (+14.7%), from €300,902 to €345,276
of which Distributable reserves: +€44,375
- Tax, wage and social debts +€23,600
up €23,600 (+58.6%), from €40,304 to €63,904
of which Taxes: +€19,775
- Trade debts -€10,883
down €10,883 (-48.4%), from €22,498 to €11,615
- Gross operating margin +€22,338
up €22,338 (+16.7%), from €134,027 to €156,365
- Taxes +€6,423
up €6,423 (+38.5%), from €16,664 to €23,088
- Staff costs +€4,246
up €4,246 (+16.0%), from €26,550 to €30,796
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 | €830,715 | €885,736 | +€55,021 | +6.6% |
| Fixed assets | 21/28 | €596,729 | €565,603 | -€31,125 | -5.2% |
| Tangible fixed assets | 22/27 | €587,504 | €556,378 | -€31,125 | -5.3% |
| Land and buildings | 22 | €580,910 | €551,279 | -€29,631 | -5.1% |
| Furniture and vehicles | 24 | €829 | €563 | -€266 | -32.1% |
| Other tangible fixed assets | 26 | €5,764 | €4,536 | -€1,229 | -21.3% |
| Financial fixed assets | 28 | €9,225 | €9,225 | = | 0.0% |
| Current assets | 29/58 | €233,987 | €320,133 | +€86,146 | +36.8% |
| Stocks and contracts in progress | 3 | €5,810 | €7,634 | +€1,824 | +31.4% |
| Stocks | 30/36 | €5,810 | €7,634 | +€1,824 | +31.4% |
| Amounts receivable within one year | 40/41 | €365 | €29 | -€336 | -92.0% |
| Trade receivables | 40 | €365 | €29 | -€336 | -92.0% |
| Cash at bank and in hand | 54/58 | €227,812 | €307,981 | +€80,169 | +35.2% |
| Deferred charges and accrued income | 490/1 | - | €4,489 | +€4,489 | |
| Total equity and liabilities | 10/49 | €830,715 | €885,736 | +€55,021 | +6.6% |
| Equity | 10/15 | €319,452 | €363,826 | +€44,375 | +13.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €300,902 | €345,276 | +€44,375 | +14.7% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €299,047 | €343,421 | +€44,375 | +14.8% |
| Amounts payable | 17/49 | €511,264 | €521,910 | +€10,646 | +2.1% |
| Amounts payable within one year | 42/48 | €511,264 | €521,910 | +€10,646 | +2.1% |
| Trade debts | 44 | €22,498 | €11,615 | -€10,883 | -48.4% |
| Suppliers | 440/4 | €22,498 | €11,615 | -€10,883 | -48.4% |
| Taxes, remuneration and social security | 45 | €40,304 | €63,904 | +€23,600 | +58.6% |
| Taxes | 450/3 | €37,733 | €57,508 | +€19,775 | +52.4% |
| Remuneration and social security | 454/9 | €2,571 | €6,396 | +€3,825 | +149% |
| Other amounts payable | 47/48 | €448,462 | €446,391 | -€2,070 | -0.5% |
| Remuneration, social security and pensions | 62 | €26,550 | €30,796 | +€4,246 | +16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,098 | €31,125 | -€972 | -3.0% |
| Other operating charges | 640/8 | €4,409 | €4,490 | +€81 | +1.8% |
| Gross operating margin | 9900 | €134,027 | €156,365 | +€22,338 | +16.7% |
| Operating profit (loss) | 9901 | €70,970 | €89,954 | +€18,984 | +26.7% |
| Financial income | 75/76B | €35 | €271 | +€236 | +672% |
| Recurring financial income | 75 | €35 | €271 | +€236 | +672% |
| Financial charges | 65/66B | €22,786 | €22,762 | -€24 | -0.1% |
| Recurring financial charges | 65 | €22,786 | €22,762 | -€24 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €48,219 | €67,462 | +€19,243 | +39.9% |
| Income taxes | 67/77 | €16,664 | €23,088 | +€6,423 | +38.5% |
| Profit (loss) for the period | 9904 | €31,555 | €44,375 | +€12,820 | +40.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,555 | €44,375 | +€12,820 | +40.6% |
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 30 October 2026 via checked.be.