ALVADO: 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.
ALVADO
Largest movements
- Receivables within one year -€33,524
down €33,524 (-64.5%), from €51,959 to €18,436
of which Trade receivables: -€30,294
- Receivables after one year +€15,000
new in 2025: €15,000
- Cash -€10,578
down €10,578 (-31.0%), from €34,088 to €23,510
mainly Tax, wage and social debts (-€15,651) and Trade debts (-€15,381)
- Current investments +€5,000
up €5,000 (+16.7%), from €30,000 to €35,000
- Tax, wage and social debts -€15,651
down €15,651 (-95.0%), from €16,471 to €821
- Trade debts -€15,381
down €15,381 (-70.0%), from €21,972 to €6,590
- Debts after one year -€14,993
down €14,993 (-6.9%), from €218,305 to €203,312
- Reserves +€13,239
up €13,239 (+16.0%), from €82,670 to €95,909
of which Distributable reserves: +€13,239
- Other debts +€11,962
new in 2025: €11,962
- Gross operating margin -€60,735
down €60,735 (-60.1%), from €101,012 to €40,277
- Taxes -€15,681
down €15,681 (-69.0%), from €22,730 to €7,050
- Other operating charges -€6,500
down €6,500 (-80.8%), from €8,040 to €1,540
- Depreciation +€4,906
up €4,906 (+52.4%), from €9,359 to €14,265
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €380,422 | €353,168 | -€27,254 | -7.2% |
| Fixed assets | 21/28 | €248,630 | €246,042 | -€2,587 | -1.0% |
| Tangible fixed assets | 22/27 | €246,130 | €243,542 | -€2,587 | -1.1% |
| Land and buildings | 22 | €230,002 | €228,468 | -€1,534 | -0.7% |
| Plant, machinery and equipment | 23 | €3,271 | €3,191 | -€80 | -2.4% |
| Furniture and vehicles | 24 | €12,857 | €11,883 | -€974 | -7.6% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €131,792 | €107,126 | -€24,667 | -18.7% |
| Amounts receivable after more than one year | 29 | - | €15,000 | +€15,000 | |
| Other amounts receivable | 291 | - | €15,000 | +€15,000 | |
| Amounts receivable within one year | 40/41 | €51,959 | €18,436 | -€33,524 | -64.5% |
| Trade receivables | 40 | €44,828 | €14,534 | -€30,294 | -67.6% |
| Other amounts receivable | 41 | €7,132 | €3,902 | -€3,230 | -45.3% |
| Current investments | 50/53 | €30,000 | €35,000 | +€5,000 | +16.7% |
| Cash at bank and in hand | 54/58 | €34,088 | €23,510 | -€10,578 | -31.0% |
| Deferred charges and accrued income | 490/1 | €15,745 | €15,180 | -€565 | -3.6% |
| Total equity and liabilities | 10/49 | €380,422 | €353,168 | -€27,254 | -7.2% |
| Equity | 10/15 | €101,270 | €114,509 | +€13,239 | +13.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €82,670 | €95,909 | +€13,239 | +16.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €80,811 | €94,050 | +€13,239 | +16.4% |
| Amounts payable | 17/49 | €279,152 | €238,658 | -€40,493 | -14.5% |
| Amounts payable after more than one year | 17 | €218,305 | €203,312 | -€14,993 | -6.9% |
| Financial debts | 170/4 | €218,305 | €203,312 | -€14,993 | -6.9% |
| Amounts payable within one year | 42/48 | €60,096 | €34,366 | -€25,730 | -42.8% |
| Current portion of amounts payable after more than one year | 42 | €21,653 | €14,993 | -€6,660 | -30.8% |
| Trade debts | 44 | €21,972 | €6,590 | -€15,381 | -70.0% |
| Suppliers | 440/4 | €21,972 | €6,590 | -€15,381 | -70.0% |
| Taxes, remuneration and social security | 45 | €16,471 | €821 | -€15,651 | -95.0% |
| Taxes | 450/3 | €16,471 | €821 | -€15,651 | -95.0% |
| Other amounts payable | 47/48 | - | €11,962 | +€11,962 | |
| Accrued charges and deferred income | 492/3 | €750 | €980 | +€230 | +30.7% |
| Non-recurring operating income | 76A | €6,017 | - | -€6,017 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,359 | €14,265 | +€4,906 | +52.4% |
| Other operating charges | 640/8 | €8,040 | €1,540 | -€6,500 | -80.8% |
| Non-recurring operating charges | 66A | €7,234 | - | -€7,234 | |
| Gross operating margin | 9900 | €101,012 | €40,277 | -€60,735 | -60.1% |
| Operating profit (loss) | 9901 | €76,380 | €24,473 | -€51,907 | -68.0% |
| Financial income | 75/76B | €105 | €172 | +€67 | +63.3% |
| Recurring financial income | 75 | €105 | €172 | +€67 | +63.3% |
| Financial charges | 65/66B | €5,057 | €4,356 | -€700 | -13.9% |
| Recurring financial charges | 65 | €5,057 | €4,356 | -€700 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €71,428 | €20,289 | -€51,140 | -71.6% |
| Income taxes | 67/77 | €22,730 | €7,050 | -€15,681 | -69.0% |
| Profit (loss) for the period | 9904 | €48,698 | €13,239 | -€35,459 | -72.8% |
| Profit (loss) for the period to be appropriated | 9905 | €48,698 | €13,239 | -€35,459 | -72.8% |
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 1 October 2026 via checked.be.