Alvamas: 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.
Alvamas
Largest movements
- Receivables after one year +€267,114
up €267,114 (+72.6%), from €368,113 to €635,227
- Receivables within one year -€74,204
down €74,204 (-49.7%), from €149,239 to €75,035
of which Other amounts receivable: -€84,302
- Cash +€29,174
up €29,174 (+1209.0%), from €2,413 to €31,587
mainly Net result for the year (+€221,711) and Other debts (+€197,501)
- Tangible fixed assets -€28,312
down €28,312 (-19.8%), from €143,168 to €114,856
of which Furniture and vehicles: -€25,074
- Other debts +€197,501
new in 2025: €197,501
- Debts after one year -€75,353
down €75,353 (-42.4%), from €177,648 to €102,295
of which Other amounts payable: -€48,188
- Trade debts +€58,783
up €58,783 (+404.1%), from €14,546 to €73,329
- Reserves +€24,210
up €24,210 (+2.1%), from €1.1m to €1.2m
of which Distributable reserves: +€24,210
- Financial income +€35,979
up €35,979 (+189.3%), from €19,008 to €54,987
- Depreciation +€27,356
up €27,356 (+57.8%), from €47,316 to €74,671
- Staff costs -€19,428
down €19,428 (-37.7%), from €51,531 to €32,102
- Taxes -€8,336
down €8,336 (-8.4%), from €99,406 to €91,071
- Gross operating margin +€4,624
up €4,624 (+1.2%), from €371,201 to €375,825
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 | €1,413,617 | €1,614,012 | +€200,394 | +14.2% |
| Fixed assets | 21/28 | €891,633 | €868,294 | -€23,339 | -2.6% |
| Intangible fixed assets | 21 | €148,466 | €153,438 | +€4,973 | +3.3% |
| Tangible fixed assets | 22/27 | €143,168 | €114,856 | -€28,312 | -19.8% |
| Plant, machinery and equipment | 23 | €7,102 | €5,935 | -€1,167 | -16.4% |
| Furniture and vehicles | 24 | €115,694 | €90,619 | -€25,074 | -21.7% |
| Other tangible fixed assets | 26 | €20,372 | €18,301 | -€2,071 | -10.2% |
| Financial fixed assets | 28 | €600,000 | €600,000 | = | 0.0% |
| Current assets | 29/58 | €521,984 | €745,717 | +€223,734 | +42.9% |
| Amounts receivable after more than one year | 29 | €368,113 | €635,227 | +€267,114 | +72.6% |
| Other amounts receivable | 291 | €368,113 | €635,227 | +€267,114 | +72.6% |
| Amounts receivable within one year | 40/41 | €149,239 | €75,035 | -€74,204 | -49.7% |
| Trade receivables | 40 | €37,479 | €47,577 | +€10,098 | +26.9% |
| Other amounts receivable | 41 | €111,760 | €27,459 | -€84,302 | -75.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €2,413 | €31,587 | +€29,174 | +1209.0% |
| Deferred charges and accrued income | 490/1 | €2,219 | €3,869 | +€1,650 | +74.3% |
| Total equity and liabilities | 10/49 | €1,413,617 | €1,614,012 | +€200,394 | +14.2% |
| Equity | 10/15 | €1,155,924 | €1,180,134 | +€24,210 | +2.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,135,924 | €1,160,134 | +€24,210 | +2.1% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €1,135,924 | €1,160,134 | +€24,210 | +2.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €257,693 | €433,877 | +€176,184 | +68.4% |
| Amounts payable after more than one year | 17 | €177,648 | €102,295 | -€75,353 | -42.4% |
| Financial debts | 170/4 | €85,371 | €58,205 | -€27,165 | -31.8% |
| Other amounts payable | 178/9 | €92,277 | €44,089 | -€48,188 | -52.2% |
| Amounts payable within one year | 42/48 | €79,027 | €330,548 | +€251,521 | +318.3% |
| Current portion of amounts payable after more than one year | 42 | €27,708 | €28,370 | +€662 | +2.4% |
| Trade debts | 44 | €14,546 | €73,329 | +€58,783 | +404.1% |
| Suppliers | 440/4 | €14,546 | €73,329 | +€58,783 | +404.1% |
| Taxes, remuneration and social security | 45 | €36,773 | €31,348 | -€5,425 | -14.8% |
| Taxes | 450/3 | €24,388 | €21,070 | -€3,317 | -13.6% |
| Remuneration and social security | 454/9 | €12,385 | €10,277 | -€2,108 | -17.0% |
| Other amounts payable | 47/48 | - | €197,501 | +€197,501 | |
| Accrued charges and deferred income | 492/3 | €1,018 | €1,035 | +€17 | +1.6% |
| Non-recurring operating income | 76A | - | €176 | +€176 | |
| Remuneration, social security and pensions | 62 | €51,531 | €32,102 | -€19,428 | -37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,316 | €74,671 | +€27,356 | +57.8% |
| Other operating charges | 640/8 | €2,453 | €3,840 | +€1,388 | +56.6% |
| Non-recurring operating charges | 66A | €723 | €0 | -€723 | -100.0% |
| Gross operating margin | 9900 | €371,201 | €375,825 | +€4,624 | +1.2% |
| Operating profit (loss) | 9901 | €269,178 | €265,210 | -€3,968 | -1.5% |
| Financial income | 75/76B | €19,008 | €54,987 | +€35,979 | +189.3% |
| Recurring financial income | 75 | €19,008 | €54,987 | +€35,979 | +189.3% |
| Financial charges | 65/66B | €6,144 | €7,416 | +€1,272 | +20.7% |
| Recurring financial charges | 65 | €6,144 | €7,416 | +€1,272 | +20.7% |
| Profit (loss) for the period before taxes | 9903 | €282,042 | €312,782 | +€30,739 | +10.9% |
| Income taxes | 67/77 | €99,406 | €91,071 | -€8,336 | -8.4% |
| Profit (loss) for the period | 9904 | €182,636 | €221,711 | +€39,075 | +21.4% |
| Transfer from tax-exempt reserves | 789 | €145,650 | €0 | -€145,650 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €328,286 | €221,711 | -€106,575 | -32.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.