ALVAN: 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
ALVAN
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€16,747
2024 · €1.6m-€1.6m
Equity
€4.8m
2024 · €5.8m-€983,253
Cash
€925,204
2024 · €1.6m-€647,168
Balance sheet total
€7.0m
2024 · €9.7m-€2.7m
Largest movements
Assets
- Receivables within one year -€1.8m
down €1.8m (-49.5%), from €3.6m to €1.8m
of which Trade receivables: -€1.7m
- Cash -€647,168
down €647,168 (-41.2%), from €1.6m to €925,204
mainly Debts after one year (-€1.0m) and Contributions, distributions and other (-€1.0m)
- Stocks and contracts -€286,812
down €286,812 (-36.4%), from €787,549 to €500,736
of which Contracts in progress: -€179,188
- Tangible fixed assets +€210,801
up €210,801 (+28.2%), from €747,816 to €958,616
of which Assets under construction and advance payments: +€138,935
- Intangible fixed assets -€209,771
down €209,771 (-32.5%), from €644,574 to €434,804
Equity and liabilities
- Profit (loss) carried forward -€1.6m
down €1.6m (-100.0%), from €1.6m to €0
- Debts after one year -€1.0m
down €1.0m (-100.0%), from €1.0m to €0
- Reserves +€593,764
up €593,764 (+22.5%), from €2.6m to €3.2m
- Trade debts -€511,193
down €511,193 (-24.4%), from €2.1m to €1.6m
- Tax, wage and social debts -€205,525
down €205,525 (-27.1%), from €758,338 to €552,813
of which Remuneration and social security: -€137,615
Income statement
- Turnover -€8.4m
down €8.4m (-35.6%), from €23.5m to €15.1m
- Goods and materials -€6.6m
down €6.6m (-36.2%), from €18.3m to €11.7m
of which Purchases: -€6.6m
- Staff costs -€516,428
down €516,428 (-17.6%), from €2.9m to €2.4m
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
€1.6m
Turnover
-€8.4m
Other operating income
-€81,418
Goods and materials
+€6.6m
Services and other goods
-€54,029
Staff costs
+€516,428
Depreciation
-€2,427
Write-downs
-€92,741
Other operating charges
+€1,533
Other operating items
-€444,322
Financial income
-€13
Financial charges
+€100,691
Taxes
+€227,119
Result 2025
€16,747
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
+€1.5m
Investment
-€121,955
Financing
-€2.0m
Cash 2024
€1.6m
From operations (derived)
+€1.5m
Net result for the year
+€16,747
Depreciation
+€120,143
Stocks and contracts
+€286,812
Receivables within one year
+€1.8m
Deferred charges and accrued income
-€2,280
Trade debts
-€511,193
Tax, wage and social debts
-€205,525
Investment (derived)
-€121,955
Investment in fixed assets (net)
-€121,955
Financing
-€2.0m
Debts after one year
-€1.0m
Contributions, distributions and other
-€1.0m
Cash 2025
€925,204
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,746,819 | €7,046,006 | -€2.7m | -27.7% |
| Fixed assets | 21/28 | €3,784,902 | €3,786,713 | +€1,812 | 0.0% |
| Intangible fixed assets | 21 | €644,574 | €434,804 | -€209,771 | -32.5% |
| Tangible fixed assets | 22/27 | €747,816 | €958,616 | +€210,801 | +28.2% |
| Plant, machinery and equipment | 23 | €88,823 | €74,988 | -€13,834 | -15.6% |
| Furniture and vehicles | 24 | €11,371 | €24,105 | +€12,733 | +112.0% |
| Other tangible fixed assets | 26 | €28,619 | €101,585 | +€72,967 | +255.0% |
| Assets under construction and advance payments | 27 | €619,003 | €757,938 | +€138,935 | +22.4% |
| Financial fixed assets | 28 | €2,392,512 | €2,393,294 | +€782 | 0.0% |
| Affiliated companies | 280/1 | €2,266,160 | €2,266,160 | = | 0.0% |
| Participating interests | 280 | €2,266,160 | €2,266,160 | = | 0.0% |
| Other financial fixed assets | 284/8 | €126,352 | €127,133 | +€782 | +0.6% |
| Amounts receivable and cash guarantees | 285/8 | €126,352 | €127,133 | +€782 | +0.6% |
| Current assets | 29/58 | €5,961,917 | €3,259,292 | -€2.7m | -45.3% |
| Stocks and contracts in progress | 3 | €787,549 | €500,736 | -€286,812 | -36.4% |
| Stocks | 30/36 | €484,657 | €377,032 | -€107,624 | -22.2% |
| Raw materials and consumables | 30/31 | €484,657 | €377,032 | -€107,624 | -22.2% |
| Contracts in progress | 37 | €302,892 | €123,704 | -€179,188 | -59.2% |
| Amounts receivable within one year | 40/41 | €3,575,129 | €1,804,204 | -€1.8m | -49.5% |
| Trade receivables | 40 | €3,456,127 | €1,753,033 | -€1.7m | -49.3% |
| Other amounts receivable | 41 | €119,002 | €51,171 | -€67,831 | -57.0% |
| Cash at bank and in hand | 54/58 | €1,572,372 | €925,204 | -€647,168 | -41.2% |
| Deferred charges and accrued income | 490/1 | €26,868 | €29,147 | +€2,280 | +8.5% |
| Total equity and liabilities | 10/49 | €9,746,819 | €7,046,006 | -€2.7m | -27.7% |
| Equity | 10/15 | €5,779,738 | €4,796,485 | -€983,253 | -17.0% |
| Contributions | 10/11 | €1,562,500 | €1,562,500 | = | 0.0% |
| Reserves | 13 | €2,640,222 | €3,233,985 | +€593,764 | +22.5% |
| Distributable reserves | 133 | €2,640,222 | €3,233,985 | +€593,764 | +22.5% |
| Profit (loss) carried forward | 14 | €1,577,017 | €0 | -€1.6m | -100.0% |
| Amounts payable | 17/49 | €3,967,081 | €2,249,520 | -€1.7m | -43.3% |
| Amounts payable after more than one year | 17 | €1,000,843 | €0 | -€1.0m | -100.0% |
| Financial debts | 170/4 | €1,000,843 | €0 | -€1.0m | -100.0% |
| Other loans | 174 | €1,000,843 | €0 | -€1.0m | -100.0% |
| Amounts payable within one year | 42/48 | €2,966,238 | €2,249,520 | -€716,717 | -24.2% |
| Financial debts | 43 | €108,735 | €108,735 | = | 0.0% |
| Other loans | 439 | €108,735 | €108,735 | = | 0.0% |
| Trade debts | 44 | €2,099,164 | €1,587,972 | -€511,193 | -24.4% |
| Suppliers | 440/4 | €2,099,164 | €1,587,972 | -€511,193 | -24.4% |
| Taxes, remuneration and social security | 45 | €758,338 | €552,813 | -€205,525 | -27.1% |
| Taxes | 450/3 | €225,709 | €157,799 | -€67,909 | -30.1% |
| Remuneration and social security | 454/9 | €532,629 | €395,014 | -€137,615 | -25.8% |
| Operating income | 70/76A | €24,842,084 | €16,083,508 | -€8.8m | -35.3% |
| Turnover | 70 | €23,454,309 | €15,097,292 | -€8.4m | -35.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €140,953 | -€179,188 | -€320,141 | |
| Other operating income | 74 | €1,246,822 | €1,165,404 | -€81,418 | -6.5% |
| Operating charges | 60/66A | €22,922,429 | €16,051,920 | -€6.9m | -30.0% |
| Goods for resale, raw materials and consumables | 60 | €18,317,085 | €11,691,160 | -€6.6m | -36.2% |
| Purchases | 600/8 | €18,192,315 | €11,583,536 | -€6.6m | -36.3% |
| Change in stocks: decrease (increase) | 609 | €124,770 | €107,624 | -€17,146 | -13.7% |
| Services and other goods | 61 | €1,618,961 | €1,672,990 | +€54,029 | +3.3% |
| Remuneration, social security and pensions | 62 | €2,938,430 | €2,422,002 | -€516,428 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,716 | €120,143 | +€2,427 | +2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€81,757 | €10,983 | +€92,741 | |
| Other operating charges | 640/8 | €11,994 | €10,461 | -€1,533 | -12.8% |
| Non-recurring operating charges | 66A | - | €124,181 | +€124,181 | |
| Operating profit (loss) | 9901 | €1,919,656 | €31,588 | -€1.9m | -98.4% |
| Financial income | 75/76B | €3,180 | €3,166 | -€13 | -0.4% |
| Recurring financial income | 75 | €3,180 | €3,166 | -€13 | -0.4% |
| Income from current assets | 751 | €1,342 | €1,117 | -€225 | -16.8% |
| Other financial income | 752/9 | €1,838 | €2,050 | +€212 | +11.5% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €118,170 | €17,479 | -€100,691 | -85.2% |
| Recurring financial charges | 65 | €118,170 | €17,479 | -€100,691 | -85.2% |
| Debt charges | 650 | €109,871 | €7,731 | -€102,140 | -93.0% |
| Other financial charges | 652/9 | €8,299 | €9,748 | +€1,449 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | €1,804,665 | €17,276 | -€1.8m | -99.0% |
| Income taxes | 67/77 | €227,648 | €529 | -€227,119 | -99.8% |
| Taxes | 670/3 | €227,648 | €529 | -€227,119 | -99.8% |
| Profit (loss) for the period | 9904 | €1,577,017 | €16,747 | -€1.6m | -98.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,577,017 | €16,747 | -€1.6m | -98.9% |
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 8 October 2026 via checked.be.