ALFIN: 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.
What changed
ALFIN
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €112,017+€1.1m
Equity
€6.4m
2024 · €5.2m+€1.2m
Cash
€36,320
2024 · €9,345+€26,975
Balance sheet total
€6.6m
2024 · €5.6m+€1.0m
Largest movements
Assets
- Receivables within one year +€1.4m
up €1.4m (+3908.7%), from €35,401 to €1.4m
of which Other amounts receivable: +€1.4m
- Current investments -€319,704
down €319,704 (-49.3%), from €647,851 to €328,147
Equity and liabilities
- Reserves +€1.2m
up €1.2m (+34.4%), from €3.5m to €4.6m
of which Distributable reserves: +€1.2m
- Other debts -€242,688
down €242,688 (-74.4%), from €326,010 to €83,322
- Tax, wage and social debts +€127,745
up €127,745, from €0 to €127,745
Income statement
- Financial income +€1.1m
up €1.1m (+1158.5%), from €94,992 to €1.2m
- Taxes +€140,686
up €140,686, from -€6,361 to €134,325
- Gross operating margin +€128,072
up €128,072 (+609.2%), from €21,023 to €149,095
- Depreciation +€12,970
up €12,970 (+163.1%), from €7,950 to €20,920
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.
Result 2024
€112,017
Gross operating margin
+€128,072
Depreciation
-€12,970
Other operating charges
+€472
Financial income
+€1.1m
Financial charges
-€921
Taxes
-€140,686
Result 2025
€1.2m
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.
From operations
-€310,339
Investment
+€346,829
Financing
-€9,515
Cash 2024
€9,345
From operations (derived)
-€310,339
Net result for the year
+€1.2m
Depreciation
+€20,920
Receivables within one year
-€1.4m
Deferred charges and accrued income
-€2,296
Trade debts
-€9,208
Tax, wage and social debts
+€127,745
Other debts
-€242,688
Accrued charges and deferred income
-€7,541
Investment (derived)
+€346,829
Investment in fixed assets (net)
+€27,125
Current investments
+€319,704
Financing
-€9,515
Debts after one year
-€9,940
Current portion of long-term debt
+€316
Short-term financial debts
+€109
Cash 2025
€36,320
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,593,588 | €6,638,817 | +€1.0m | +18.7% |
| Fixed assets | 21/28 | €4,895,547 | €4,847,502 | -€48,045 | -1.0% |
| Tangible fixed assets | 22/27 | €88,047 | €67,127 | -€20,920 | -23.8% |
| Plant, machinery and equipment | 23 | €1,582 | €1,133 | -€449 | -28.4% |
| Furniture and vehicles | 24 | €73,318 | €57,506 | -€15,812 | -21.6% |
| Other tangible fixed assets | 26 | €13,148 | €8,488 | -€4,660 | -35.4% |
| Financial fixed assets | 28 | €4,807,500 | €4,780,375 | -€27,125 | -0.6% |
| Current assets | 29/58 | €698,040 | €1,791,314 | +€1.1m | +156.6% |
| Amounts receivable within one year | 40/41 | €35,401 | €1,419,108 | +€1.4m | +3908.7% |
| Trade receivables | 40 | €0 | €12,100 | +€12,100 | |
| Other amounts receivable | 41 | €35,401 | €1,407,008 | +€1.4m | +3874.5% |
| Current investments | 50/53 | €647,851 | €328,147 | -€319,704 | -49.3% |
| Cash at bank and in hand | 54/58 | €9,345 | €36,320 | +€26,975 | +288.7% |
| Deferred charges and accrued income | 490/1 | €5,443 | €7,739 | +€2,296 | +42.2% |
| Total equity and liabilities | 10/49 | €5,593,588 | €6,638,817 | +€1.0m | +18.7% |
| Equity | 10/15 | €5,212,846 | €6,399,281 | +€1.2m | +22.8% |
| Contributions | 10/11 | €1,761,924 | €1,761,924 | = | 0.0% |
| Reserves | 13 | €3,450,922 | €4,637,357 | +€1.2m | +34.4% |
| Non-distributable reserves | 130/1 | €176,192 | €176,192 | = | 0.0% |
| Reserves not available under the articles | 1311 | €176,192 | €176,192 | = | 0.0% |
| Distributable reserves | 133 | €3,274,729 | €4,461,164 | +€1.2m | +36.2% |
| Amounts payable | 17/49 | €380,742 | €239,536 | -€141,206 | -37.1% |
| Amounts payable after more than one year | 17 | €27,237 | €17,297 | -€9,940 | -36.5% |
| Financial debts | 170/4 | €27,237 | €17,297 | -€9,940 | -36.5% |
| Amounts payable within one year | 42/48 | €345,964 | €222,239 | -€123,725 | -35.8% |
| Current portion of amounts payable after more than one year | 42 | €9,624 | €9,940 | +€316 | +3.3% |
| Financial debts | 43 | €451 | €560 | +€109 | +24.2% |
| Credit institutions | 430/8 | €451 | €560 | +€109 | +24.2% |
| Trade debts | 44 | €9,879 | €671 | -€9,208 | -93.2% |
| Suppliers | 440/4 | €9,879 | €671 | -€9,208 | -93.2% |
| Taxes, remuneration and social security | 45 | €0 | €127,745 | +€127,745 | |
| Taxes | 450/3 | €0 | €127,745 | +€127,745 | |
| Other amounts payable | 47/48 | €326,010 | €83,322 | -€242,688 | -74.4% |
| Accrued charges and deferred income | 492/3 | €7,541 | €0 | -€7,541 | -100.0% |
| Non-recurring operating income | 76A | €17,675 | €7,875 | -€9,800 | -55.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,950 | €20,920 | +€12,970 | +163.1% |
| Other operating charges | 640/8 | €1,647 | €1,175 | -€472 | -28.7% |
| Gross operating margin | 9900 | €21,023 | €149,095 | +€128,072 | +609.2% |
| Operating profit (loss) | 9901 | €11,426 | €127,000 | +€115,574 | +1011.5% |
| Financial income | 75/76B | €94,992 | €1,195,443 | +€1.1m | +1158.5% |
| Recurring financial income | 75 | €94,992 | €1,195,443 | +€1.1m | +1158.5% |
| Financial charges | 65/66B | €763 | €1,684 | +€921 | +120.8% |
| Recurring financial charges | 65 | €763 | €1,684 | +€921 | +120.8% |
| Profit (loss) for the period before taxes | 9903 | €105,655 | €1,320,760 | +€1.2m | +1150.1% |
| Income taxes | 67/77 | -€6,361 | €134,325 | +€140,686 | |
| Profit (loss) for the period | 9904 | €112,017 | €1,186,435 | +€1.1m | +959.2% |
| Profit (loss) for the period to be appropriated | 9905 | €112,017 | €1,186,435 | +€1.1m | +959.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.