ALFRAMA: what changed
ALFRAMA
Largest movements
- Current investments -€56,233
down €56,233 (-100%), from €56,233 to €0
- Cash +€55,512
up €55,512 (+359%), from €15,468 to €70,980
mainly Current investments (+€56,233) and Depreciation (+€16,749)
- Tangible fixed assets -€16,254
down €16,254 (-50.2%), from €32,374 to €16,119
of which Land and buildings: -€12,753
- Stocks and contracts +€2,592
up €2,592 (+10.0%), from €25,994 to €28,586
- Receivables within one year -€2,184
down €2,184 (-31.3%), from €6,981 to €4,797
of which Other amounts receivable: -€3,193
- Reserves -€14,260
down €14,260 (-13.7%), from €103,874 to €89,614
of which Distributable reserves: -€14,260
- Debts after one year -€2,890
down €2,890 (-23.7%), from €12,212 to €9,322
- Gross operating margin -€18,863
down €18,863 (-70.6%), from €26,728 to €7,865
- Depreciation +€3,197
up €3,197 (+23.6%), from €13,552 to €16,749
- Taxes -€2,721
down €2,721 (-100%), from €2,721 to €0
- Staff costs +€2,190
up €2,190, from €0 to €2,190
- Other operating charges +€346
up €346 (+14.6%), from €2,370 to €2,715
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €139,837 | €122,609 | -€17,228 | -12.3% |
| Fixed assets | 21/28 | €32,374 | €16,119 | -€16,254 | -50.2% |
| Tangible fixed assets | 22/27 | €32,374 | €16,119 | -€16,254 | -50.2% |
| Land and buildings | 22 | €12,923 | €170 | -€12,753 | -98.7% |
| Plant, machinery and equipment | 23 | €0 | €449 | +€449 | |
| Furniture and vehicles | 24 | €19,451 | €15,500 | -€3,951 | -20.3% |
| Current assets | 29/58 | €107,463 | €106,489 | -€974 | -0.9% |
| Stocks and contracts in progress | 3 | €25,994 | €28,586 | +€2,592 | +10.0% |
| Stocks | 30/36 | €25,994 | €28,586 | +€2,592 | +10.0% |
| Amounts receivable within one year | 40/41 | €6,981 | €4,797 | -€2,184 | -31.3% |
| Trade receivables | 40 | - | €1,009 | +€1,009 | |
| Other amounts receivable | 41 | €6,981 | €3,788 | -€3,193 | -45.7% |
| Current investments | 50/53 | €56,233 | €0 | -€56,233 | -100% |
| Cash at bank and in hand | 54/58 | €15,468 | €70,980 | +€55,512 | +359% |
| Deferred charges and accrued income | 490/1 | €2,788 | €2,127 | -€661 | -23.7% |
| Total equity and liabilities | 10/49 | €139,837 | €122,609 | -€17,228 | -12.3% |
| Equity | 10/15 | €122,466 | €108,206 | -€14,260 | -11.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €103,874 | €89,614 | -€14,260 | -13.7% |
| Non-distributable reserves | 130/1 | €716 | €716 | = | 0.0% |
| Other | 1319 | €716 | €716 | = | 0.0% |
| Distributable reserves | 133 | €103,158 | €88,898 | -€14,260 | -13.8% |
| Amounts payable | 17/49 | €17,371 | €14,403 | -€2,968 | -17.1% |
| Amounts payable after more than one year | 17 | €12,212 | €9,322 | -€2,890 | -23.7% |
| Financial debts | 170/4 | €12,212 | €9,322 | -€2,890 | -23.7% |
| Amounts payable within one year | 42/48 | €5,159 | €5,081 | -€78 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €2,788 | €2,890 | +€102 | +3.7% |
| Trade debts | 44 | €693 | €1,105 | +€412 | +59.5% |
| Suppliers | 440/4 | €693 | €1,105 | +€412 | +59.5% |
| Taxes, remuneration and social security | 45 | €435 | €28 | -€407 | -93.5% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €435 | €28 | -€407 | -93.5% |
| Other amounts payable | 47/48 | €1,243 | €1,057 | -€186 | -15.0% |
| Non-recurring operating income | 76A | €8,416 | €0 | -€8,416 | -100% |
| Remuneration, social security and pensions | 62 | €0 | €2,190 | +€2,190 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,552 | €16,749 | +€3,197 | +23.6% |
| Other operating charges | 640/8 | €2,370 | €2,715 | +€346 | +14.6% |
| Non-recurring operating charges | 66A | €44 | €0 | -€44 | -100% |
| Gross operating margin | 9900 | €26,728 | €7,865 | -€18,863 | -70.6% |
| Operating profit (loss) | 9901 | €10,761 | -€13,790 | -€24,551 | |
| Financial income | 75/76B | €346 | €373 | +€27 | +7.8% |
| Recurring financial income | 75 | €346 | €373 | +€27 | +7.8% |
| Financial charges | 65/66B | €602 | €843 | +€241 | +40.1% |
| Recurring financial charges | 65 | €602 | €843 | +€241 | +40.1% |
| Profit (loss) for the period before taxes | 9903 | €10,506 | -€14,260 | -€24,765 | |
| Income taxes | 67/77 | €2,721 | €0 | -€2,721 | -100% |
| Profit (loss) for the period | 9904 | €7,785 | -€14,260 | -€22,044 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,785 | -€14,260 | -€22,044 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.