ALVA IMMO: 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.
What changed
ALVA IMMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€843,041
2024 · €229,479+€613,562
Equity
€7.7m
2024 · €6.9m+€843,041
Cash
€67,756
2024 · €318,412-€250,655
Balance sheet total
€25.5m
2024 · €26.8m-€1.3m
Largest movements
Assets
- Tangible fixed assets -€971,456
down €971,456 (-5.0%), from €19.6m to €18.6m
Equity and liabilities
- Debts after one year -€2.1m
down €2.1m (-20.7%), from €10.1m to €8.0m
of which Financial debts: -€2.1m
- Other debts +€1.6m
up €1.6m (+36.5%), from €4.4m to €6.0m
- Trade debts -€1.4m
down €1.4m (-93.4%), from €1.5m to €99,560
- Profit (loss) carried forward +€989,412
up €989,412 (+50.3%), from €2.0m to €3.0m
- Current portion of long-term debt -€504,028
down €504,028 (-19.2%), from €2.6m to €2.1m
Income statement
- Gross operating margin +€1.1m
up €1.1m (+62.7%), from €1.7m to €2.8m
- Taxes +€234,212
up €234,212 (+176%), from €133,392 to €367,603
- Other operating charges +€175,425
up €175,425 (+167%), from €105,154 to €280,579
- Write-downs +€54,519
new in 2025: €54,519
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
€229,479
Gross operating margin
+€1.1m
Depreciation
-€4,532
Write-downs
-€54,519
Other operating charges
-€175,425
Other operating items
+€270
Financial income
+€34
Financial charges
+€6,543
Taxes
-€234,212
Result 2025
€843,041
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.4m
Investment
-€21,000
Financing
-€2.6m
Cash 2024
€318,412
From operations (derived)
+€2.4m
Net result for the year
+€843,041
Depreciation
+€992,456
Receivables within one year
+€116,970
Smaller working-capital items
+€4,959
Provisions
-€48,790
Trade debts
-€1.4m
Tax, wage and social debts
+€268,771
Other debts
+€1.6m
Investment (derived)
-€21,000
Investment in fixed assets (net)
-€21,000
Financing
-€2.6m
Debts after one year
-€2.1m
Current portion of long-term debt
-€504,028
Cash 2025
€67,756
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,840,608 | €25,501,452 | -€1.3m | -5.0% |
| Fixed assets | 21/28 | €22,829,405 | €21,857,948 | -€971,456 | -4.3% |
| Tangible fixed assets | 22/27 | €19,572,725 | €18,601,268 | -€971,456 | -5.0% |
| Land and buildings | 22 | €19,572,725 | €18,601,268 | -€971,456 | -5.0% |
| Financial fixed assets | 28 | €3,256,680 | €3,256,680 | = | 0.0% |
| Current assets | 29/58 | €4,011,203 | €3,643,503 | -€367,700 | -9.2% |
| Stocks and contracts in progress | 3 | €3,464,151 | €3,464,151 | = | 0.0% |
| Stocks | 30/36 | €3,464,151 | €3,464,151 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €228,565 | €111,595 | -€116,970 | -51.2% |
| Trade receivables | 40 | €219,013 | €110,363 | -€108,650 | -49.6% |
| Other amounts receivable | 41 | €9,552 | €1,233 | -€8,319 | -87.1% |
| Cash at bank and in hand | 54/58 | €318,412 | €67,756 | -€250,655 | -78.7% |
| Deferred charges and accrued income | 490/1 | €75 | - | -€75 | |
| Total equity and liabilities | 10/49 | €26,840,608 | €25,501,452 | -€1.3m | -5.0% |
| Equity | 10/15 | €6,861,295 | €7,704,336 | +€843,041 | +12.3% |
| Contributions | 10/11 | €900,000 | €900,000 | = | 0.0% |
| Capital | 10 | €900,000 | €900,000 | = | 0.0% |
| Issued capital | 100 | €900,000 | €900,000 | = | 0.0% |
| Reserves | 13 | €3,994,991 | €3,848,620 | -€146,371 | -3.7% |
| Non-distributable reserves | 130/1 | €101,305 | €101,305 | = | 0.0% |
| Legal reserve | 130 | €90,000 | €90,000 | = | 0.0% |
| Other | 1319 | €11,305 | €11,305 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,553,464 | €2,407,094 | -€146,371 | -5.7% |
| Distributable reserves | 133 | €1,340,222 | €1,340,222 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,966,304 | €2,955,716 | +€989,412 | +50.3% |
| Provisions and deferred taxes | 16 | €851,155 | €802,365 | -€48,790 | -5.7% |
| Deferred taxes | 168 | €851,155 | €802,365 | -€48,790 | -5.7% |
| Amounts payable | 17/49 | €19,128,158 | €16,994,751 | -€2.1m | -11.2% |
| Amounts payable after more than one year | 17 | €10,128,035 | €8,031,769 | -€2.1m | -20.7% |
| Financial debts | 170/4 | €10,074,335 | €7,978,069 | -€2.1m | -20.8% |
| Other amounts payable | 178/9 | €53,700 | €53,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €8,778,162 | €8,736,138 | -€42,024 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €2,628,941 | €2,124,913 | -€504,028 | -19.2% |
| Trade debts | 44 | €1,503,984 | €99,560 | -€1.4m | -93.4% |
| Suppliers | 440/4 | €1,503,984 | €99,560 | -€1.4m | -93.4% |
| Taxes, remuneration and social security | 45 | €272,011 | €540,781 | +€268,771 | +98.8% |
| Taxes | 450/3 | €272,011 | €540,781 | +€268,771 | +98.8% |
| Other amounts payable | 47/48 | €4,373,227 | €5,970,884 | +€1.6m | +36.5% |
| Accrued charges and deferred income | 492/3 | €221,961 | €226,844 | +€4,883 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €987,924 | €992,456 | +€4,532 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €54,519 | +€54,519 | |
| Other operating charges | 640/8 | €105,154 | €280,579 | +€175,425 | +167% |
| Non-recurring operating charges | 66A | €270 | - | -€270 | |
| Gross operating margin | 9900 | €1,715,234 | €2,790,636 | +€1.1m | +62.7% |
| Operating profit (loss) | 9901 | €621,885 | €1,463,082 | +€841,197 | +135% |
| Financial income | 75/76B | €3 | €37 | +€34 | +987% |
| Recurring financial income | 75 | €3 | €37 | +€34 | +987% |
| Financial charges | 65/66B | €307,808 | €301,265 | -€6,543 | -2.1% |
| Recurring financial charges | 65 | €307,808 | €301,265 | -€6,543 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €314,081 | €1,161,854 | +€847,774 | +270% |
| Transfer from deferred taxes | 780 | €48,790 | €48,790 | = | 0.0% |
| Income taxes | 67/77 | €133,392 | €367,603 | +€234,212 | +176% |
| Profit (loss) for the period | 9904 | €229,479 | €843,041 | +€613,562 | +267% |
| Transfer from tax-exempt reserves | 789 | €146,371 | €146,371 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €375,850 | €989,412 | +€613,562 | +163% |
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 18 October 2026 via checked.be.