ALTERFIN: 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
ALTERFIN
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€733,222
2024 · €839,033-€105,812
Equity
€72.4m
2024 · €73.5m-€1.1m
Cash
€1.3m
2024 · €86,474+€1.2m
Balance sheet total
€164.3m
2024 · €168.6m-€4.3m
Largest movements
Assets
- Receivables after one year -€16.0m
down €16.0m (-24.8%), from €64.5m to €48.5m
- Receivables within one year +€8.7m
up €8.7m (+24.6%), from €35.5m to €44.2m
of which Other amounts receivable: +€8.7m
- Current investments +€2.2m
up €2.2m (+3.6%), from €61.9m to €64.1m
Equity and liabilities
- Debts after one year -€8.1m
down €8.1m (-47.3%), from €17.0m to €9.0m
- Current portion of long-term debt +€4.4m
up €4.4m (+239.4%), from €1.8m to €6.3m
Income statement
- Financial charges -€1.4m
down €1.4m (-27.9%), from €5.1m to €3.7m
of which Financial charges: -€1.6m
- Other operating charges +€1.1m
up €1.1m (+161.8%), from €674,072 to €1.8m
- Financial income -€1.1m
down €1.1m (-10.9%), from €9.9m to €8.8m
- Write-downs -€910,875
down €910,875, from €878,449 to -€32,427
- Staff costs +€156,504
up €156,504 (+8.6%), from €1.8m to €2.0m
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
€839,033
Gross operating margin
-€91,417
Staff costs
-€156,504
Depreciation
-€475
Write-downs
+€910,875
Other operating charges
-€1.1m
Financial income
-€1.1m
Financial charges
+€1.4m
Taxes
-€5,533
Result 2025
€733,222
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
+€7.8m
Investment
-€2.2m
Financing
-€4.4m
Cash 2024
€86,474
From operations (derived)
+€7.8m
Net result for the year
+€733,222
Depreciation
+€132,228
Receivables after one year
+€16.0m
Receivables within one year
-€8.7m
Deferred charges and accrued income
+€221,824
Smaller working-capital items
+€12,924
Tax, wage and social debts
+€93,152
Other debts
-€345,142
Accrued charges and deferred income
-€328,502
Investment (derived)
-€2.2m
Investment in fixed assets (net)
+€11,493
Current investments
-€2.2m
Financing
-€4.4m
Debts after one year
-€8.1m
Current portion of long-term debt
+€4.4m
Short-term financial debts
+€996,819
Contributions, distributions and other
-€1.8m
Cash 2025
€1.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €168,581,348 | €164,304,750 | -€4.3m | -2.5% |
| Fixed assets | 21/28 | €3,611,518 | €3,467,796 | -€143,721 | -4.0% |
| Intangible fixed assets | 21 | €314,856 | €287,461 | -€27,395 | -8.7% |
| Tangible fixed assets | 22/27 | €10,795 | €27,121 | +€16,326 | +151.2% |
| Furniture and vehicles | 24 | €10,795 | €27,121 | +€16,326 | +151.2% |
| Financial fixed assets | 28 | €3,285,867 | €3,153,215 | -€132,652 | -4.0% |
| Current assets | 29/58 | €164,969,831 | €160,836,954 | -€4.1m | -2.5% |
| Amounts receivable after more than one year | 29 | €64,510,097 | €48,484,949 | -€16.0m | -24.8% |
| Other amounts receivable | 291 | €64,510,097 | €48,484,949 | -€16.0m | -24.8% |
| Amounts receivable within one year | 40/41 | €35,495,645 | €44,215,513 | +€8.7m | +24.6% |
| Trade receivables | 40 | €91,601 | €109,142 | +€17,541 | +19.1% |
| Other amounts receivable | 41 | €35,404,044 | €44,106,371 | +€8.7m | +24.6% |
| Current investments | 50/53 | €61,864,367 | €64,093,882 | +€2.2m | +3.6% |
| Cash at bank and in hand | 54/58 | €86,474 | €1,251,187 | +€1.2m | +1346.9% |
| Deferred charges and accrued income | 490/1 | €3,013,247 | €2,791,423 | -€221,824 | -7.4% |
| Total equity and liabilities | 10/49 | €168,581,348 | €164,304,750 | -€4.3m | -2.5% |
| Equity | 10/15 | €73,486,746 | €72,409,048 | -€1.1m | -1.5% |
| Contributions | 10/11 | €70,810,938 | €69,697,875 | -€1.1m | -1.6% |
| Reserves | 13 | €2,671,395 | €2,709,066 | +€37,671 | +1.4% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €2,661,395 | €2,699,066 | +€37,671 | +1.4% |
| Investment grants | 15 | €4,413 | €2,107 | -€2,306 | -52.3% |
| Provisions and deferred taxes | 16 | - | €21,943 | +€21,943 | |
| Provisions for liabilities and charges | 160/5 | - | €21,943 | +€21,943 | |
| Other liabilities and charges | 164/5 | - | €21,943 | +€21,943 | |
| Amounts payable | 17/49 | €95,094,603 | €91,873,759 | -€3.2m | -3.4% |
| Amounts payable after more than one year | 17 | €17,035,843 | €8,983,125 | -€8.1m | -47.3% |
| Financial debts | 170/4 | €17,035,843 | €8,983,125 | -€8.1m | -47.3% |
| Amounts payable within one year | 42/48 | €76,803,948 | €81,964,324 | +€5.2m | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €1,848,018 | €6,272,585 | +€4.4m | +239.4% |
| Financial debts | 43 | €71,594,674 | €72,591,493 | +€996,819 | +1.4% |
| Credit institutions | 430/8 | €71,594,674 | €72,591,493 | +€996,819 | +1.4% |
| Trade debts | 44 | €425,937 | €416,918 | -€9,019 | -2.1% |
| Suppliers | 440/4 | €425,937 | €416,918 | -€9,019 | -2.1% |
| Taxes, remuneration and social security | 45 | €210,574 | €303,725 | +€93,152 | +44.2% |
| Taxes | 450/3 | €14,003 | €138,557 | +€124,554 | +889.5% |
| Remuneration and social security | 454/9 | €196,571 | €165,169 | -€31,402 | -16.0% |
| Other amounts payable | 47/48 | €2,724,745 | €2,379,603 | -€345,142 | -12.7% |
| Accrued charges and deferred income | 492/3 | €1,254,812 | €926,310 | -€328,502 | -26.2% |
| Turnover | 70 | €1,079,194 | €1,129,379 | +€50,185 | +4.7% |
| Non-recurring operating income | 76A | €1,172 | €94,970 | +€93,798 | +8001.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,588,622 | €1,654,082 | +€65,460 | +4.1% |
| Remuneration, social security and pensions | 62 | €1,812,813 | €1,969,316 | +€156,504 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,753 | €132,228 | +€475 | +0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €878,449 | -€32,427 | -€910,875 | |
| Other operating charges | 640/8 | €674,072 | €1,764,809 | +€1.1m | +161.8% |
| Gross operating margin | 9900 | -€338,316 | -€429,733 | -€91,417 | -27.0% |
| Operating profit (loss) | 9901 | -€3,835,402 | -€4,263,660 | -€428,257 | -11.2% |
| Financial income | 75/76B | €9,916,881 | €8,831,601 | -€1.1m | -10.9% |
| Recurring financial income | 75 | €9,916,881 | €8,831,601 | -€1.1m | -10.9% |
| Financial charges | 65/66B | €5,068,289 | €3,655,030 | -€1.4m | -27.9% |
| Recurring financial charges | 65 | €4,992,913 | €3,440,039 | -€1.6m | -31.1% |
| Non-recurring financial charges | 66B | €75,376 | €214,991 | +€139,615 | +185.2% |
| Profit (loss) for the period before taxes | 9903 | €1,013,190 | €912,911 | -€100,278 | -9.9% |
| Income taxes | 67/77 | €174,156 | €179,689 | +€5,533 | +3.2% |
| Profit (loss) for the period | 9904 | €839,033 | €733,222 | -€105,812 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €839,033 | €733,222 | -€105,812 | -12.6% |
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 6 October 2026 via checked.be.