ALFI: 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.
ALFI
Largest movements
- Cash -€45,106
down €45,106 (-94.1%), from €47,917 to €2,811
mainly Net result for the year (-€65,439) and Receivables within one year (-€9,344)
- Tangible fixed assets -€11,751
down €11,751 (-22.9%), from €51,216 to €39,465
of which Land and buildings: -€6,937
- Receivables within one year +€9,344
up €9,344 (+28.6%), from €32,632 to €41,977
of which Other amounts receivable: +€9,344
- Profit (loss) carried forward -€65,439
down €65,439 (-1.6%), from -€4.1m to -€4.2m
- Other debts +€14,212
up €14,212 (+11.3%), from €125,963 to €140,175
- Gross operating margin +€92,404
up €92,404 (+68.4%), from -€135,167 to -€42,763
- Taxes -€12,299
down €12,299 (-98.9%), from €12,440 to €141
- Financial income -€3,417
down €3,417 (-100.0%), from €3,417 to €0
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 | €562,715 | €515,202 | -€47,513 | -8.4% |
| Fixed assets | 21/28 | €356,386 | €344,635 | -€11,751 | -3.3% |
| Tangible fixed assets | 22/27 | €51,216 | €39,465 | -€11,751 | -22.9% |
| Land and buildings | 22 | €39,793 | €32,856 | -€6,937 | -17.4% |
| Furniture and vehicles | 24 | €11,423 | €6,609 | -€4,814 | -42.1% |
| Financial fixed assets | 28 | €305,170 | €305,170 | = | 0.0% |
| Current assets | 29/58 | €206,329 | €170,567 | -€35,762 | -17.3% |
| Amounts receivable within one year | 40/41 | €32,632 | €41,977 | +€9,344 | +28.6% |
| Trade receivables | 40 | €300 | €300 | = | 0.0% |
| Other amounts receivable | 41 | €32,332 | €41,677 | +€9,344 | +28.9% |
| Current investments | 50/53 | €125,780 | €125,780 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €47,917 | €2,811 | -€45,106 | -94.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €562,715 | €515,202 | -€47,513 | -8.4% |
| Equity | 10/15 | €100,056 | €34,617 | -€65,439 | -65.4% |
| Contributions | 10/11 | €3,718,403 | €3,718,403 | = | 0.0% |
| Capital | 10 | €3,718,403 | €3,718,403 | = | 0.0% |
| Issued capital | 100 | €3,718,403 | €3,718,403 | = | 0.0% |
| Revaluation surpluses | 12 | €61,250 | €61,250 | = | 0.0% |
| Reserves | 13 | €420,014 | €420,014 | = | 0.0% |
| Non-distributable reserves | 130/1 | €324,844 | €324,844 | = | 0.0% |
| Legal reserve | 130 | €324,619 | €324,619 | = | 0.0% |
| Reserves not available under the articles | 1311 | €224 | €224 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,840 | €18,840 | = | 0.0% |
| Distributable reserves | 133 | €76,330 | €76,330 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,099,611 | -€4,165,050 | -€65,439 | -1.6% |
| Amounts payable | 17/49 | €462,659 | €480,585 | +€17,926 | +3.9% |
| Amounts payable after more than one year | 17 | €193,294 | €193,294 | = | 0.0% |
| Other amounts payable | 178/9 | €193,294 | €193,294 | = | 0.0% |
| Amounts payable within one year | 42/48 | €269,365 | €287,292 | +€17,926 | +6.7% |
| Trade debts | 44 | €143,034 | €146,607 | +€3,574 | +2.5% |
| Suppliers | 440/4 | €143,034 | €146,607 | +€3,574 | +2.5% |
| Taxes, remuneration and social security | 45 | €369 | €510 | +€141 | +38.2% |
| Taxes | 450/3 | €369 | €510 | +€141 | +38.2% |
| Other amounts payable | 47/48 | €125,963 | €140,175 | +€14,212 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,639 | €11,751 | +€113 | +1.0% |
| Other operating charges | 640/8 | €10,542 | €10,784 | +€242 | +2.3% |
| Gross operating margin | 9900 | -€135,167 | -€42,763 | +€92,404 | +68.4% |
| Operating profit (loss) | 9901 | -€157,348 | -€65,298 | +€92,050 | +58.5% |
| Financial income | 75/76B | €3,417 | €0 | -€3,417 | -100.0% |
| Recurring financial income | 75 | €3,417 | €0 | -€3,417 | -100.0% |
| Financial charges | 65/66B | €853 | €0 | -€853 | -100.0% |
| Recurring financial charges | 65 | €853 | €0 | -€853 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€154,784 | -€65,298 | +€89,485 | +57.8% |
| Income taxes | 67/77 | €12,440 | €141 | -€12,299 | -98.9% |
| Profit (loss) for the period | 9904 | -€167,223 | -€65,439 | +€101,784 | +60.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€167,223 | -€65,439 | +€101,784 | +60.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.