ALFIERO: 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.
ALFIERO
Largest movements
- Cash +€181,979
up €181,979 (+44.2%), from €411,962 to €593,941
mainly Trade debts (+€287,197) and Depreciation (+€225,448)
- Deferred charges and accrued income -€106,141
down €106,141 (-88.8%), from €119,537 to €13,397
- Receivables within one year +€91,864
up €91,864 (+109%), from €84,365 to €176,229
of which Trade receivables: +€80,515
- Tangible fixed assets -€89,211
down €89,211 (-5.8%), from €1.5m to €1.5m
of which Leasing and similar rights: -€117,336
- Trade debts +€287,197
up €287,197 (+82.9%), from €346,364 to €633,560
- Profit (loss) carried forward -€212,975
down €212,975 (-34.0%), from €626,742 to €413,768
- Current portion of long-term debt -€105,733
down €105,733 (-42.0%), from €251,542 to €145,809
- Debts after one year +€56,407
up €56,407 (+5.0%), from €1.1m to €1.2m
- Tax, wage and social debts +€47,883
up €47,883 (+66.0%), from €72,500 to €120,383
of which Remuneration and social security: +€41,933
- Staff costs +€82,050
up €82,050 (+13.6%), from €603,254 to €685,304
- Gross operating margin -€72,026
down €72,026 (-9.0%), from €802,914 to €730,889
- Financial income -€67,967
down €67,967 (-57.1%), from €119,095 to €51,127
- Depreciation +€13,320
up €13,320 (+6.3%), from €212,128 to €225,448
- Other operating charges +€12,049
up €12,049 (+107%), from €11,223 to €23,271
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 | €2,459,240 | €2,531,557 | +€72,317 | +2.9% |
| Fixed assets | 21/28 | €1,547,200 | €1,457,990 | -€89,211 | -5.8% |
| Tangible fixed assets | 22/27 | €1,547,200 | €1,457,990 | -€89,211 | -5.8% |
| Land and buildings | 22 | €771,178 | €813,672 | +€42,495 | +5.5% |
| Plant, machinery and equipment | 23 | €116,934 | €109,548 | -€7,386 | -6.3% |
| Furniture and vehicles | 24 | €12,687 | €5,703 | -€6,984 | -55.1% |
| Leasing and similar rights | 25 | €646,403 | €529,067 | -€117,336 | -18.2% |
| Current assets | 29/58 | €912,039 | €1,073,567 | +€161,527 | +17.7% |
| Stocks and contracts in progress | 3 | €296,175 | €290,000 | -€6,175 | -2.1% |
| Stocks | 30/36 | €296,175 | €290,000 | -€6,175 | -2.1% |
| Amounts receivable within one year | 40/41 | €84,365 | €176,229 | +€91,864 | +109% |
| Trade receivables | 40 | €54,925 | €135,441 | +€80,515 | +147% |
| Other amounts receivable | 41 | €29,439 | €40,788 | +€11,349 | +38.5% |
| Cash at bank and in hand | 54/58 | €411,962 | €593,941 | +€181,979 | +44.2% |
| Deferred charges and accrued income | 490/1 | €119,537 | €13,397 | -€106,141 | -88.8% |
| Total equity and liabilities | 10/49 | €2,459,240 | €2,531,557 | +€72,317 | +2.9% |
| Equity | 10/15 | €658,684 | €443,742 | -€214,942 | -32.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €630 | €630 | = | 0.0% |
| Non-distributable reserves | 130/1 | €630 | - | -€630 | |
| Reserves not available under the articles | 1311 | €630 | - | -€630 | |
| Distributable reserves | 133 | - | €630 | +€630 | |
| Profit (loss) carried forward | 14 | €626,742 | €413,768 | -€212,975 | -34.0% |
| Investment grants | 15 | €12,712 | €10,745 | -€1,967 | -15.5% |
| Amounts payable | 17/49 | €1,800,556 | €2,087,815 | +€287,259 | +16.0% |
| Amounts payable after more than one year | 17 | €1,130,150 | €1,186,557 | +€56,407 | +5.0% |
| Financial debts | 170/4 | €1,130,150 | €1,186,557 | +€56,407 | +5.0% |
| Amounts payable within one year | 42/48 | €670,406 | €899,753 | +€229,347 | +34.2% |
| Current portion of amounts payable after more than one year | 42 | €251,542 | €145,809 | -€105,733 | -42.0% |
| Trade debts | 44 | €346,364 | €633,560 | +€287,197 | +82.9% |
| Suppliers | 440/4 | €346,364 | €633,560 | +€287,197 | +82.9% |
| Taxes, remuneration and social security | 45 | €72,500 | €120,383 | +€47,883 | +66.0% |
| Taxes | 450/3 | €8,452 | €14,402 | +€5,950 | +70.4% |
| Remuneration and social security | 454/9 | €64,048 | €105,981 | +€41,933 | +65.5% |
| Accrued charges and deferred income | 492/3 | - | €1,505 | +€1,505 | |
| Remuneration, social security and pensions | 62 | €603,254 | €685,304 | +€82,050 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €212,128 | €225,448 | +€13,320 | +6.3% |
| Other operating charges | 640/8 | €11,223 | €23,271 | +€12,049 | +107% |
| Gross operating margin | 9900 | €802,914 | €730,889 | -€72,026 | -9.0% |
| Operating profit (loss) | 9901 | -€23,691 | -€203,136 | -€179,445 | -757% |
| Financial income | 75/76B | €119,095 | €51,127 | -€67,967 | -57.1% |
| Recurring financial income | 75 | €119,095 | €51,127 | -€67,967 | -57.1% |
| Financial charges | 65/66B | €49,520 | €60,966 | +€11,447 | +23.1% |
| Recurring financial charges | 65 | €49,520 | €60,966 | +€11,447 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | €45,884 | -€212,975 | -€258,859 | |
| Income taxes | 67/77 | €226 | - | -€226 | |
| Profit (loss) for the period | 9904 | €45,658 | -€212,975 | -€258,633 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,658 | -€212,975 | -€258,633 |
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 20 October 2026 via checked.be.