ALVAR: 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.
ALVAR
Largest movements
- Tangible fixed assets -€241,107
down €241,107 (-38.4%), from €627,181 to €386,074
of which Furniture and vehicles: -€158,090
- Receivables within one year +€24,604
up €24,604 (+4.1%), from €597,815 to €622,419
of which Trade receivables: +€38,155
- Debts after one year -€184,670
down €184,670 (-34.9%), from €528,395 to €343,725
- Tax, wage and social debts -€54,096
down €54,096 (-55.0%), from €98,300 to €44,204
of which Taxes: -€30,062
- Trade debts +€26,115
up €26,115 (+26.9%), from €97,136 to €123,251
- Turnover -€410,113
down €410,113 (-27.1%), from €1.5m to €1.1m
- Services and other goods -€141,879
down €141,879 (-16.5%), from €857,324 to €715,445
- Other operating income +€102,011
up €102,011 (+115.4%), from €88,390 to €190,401
- Staff costs -€90,902
down €90,902 (-21.3%), from €426,639 to €335,738
- Goods and materials -€26,218
down €26,218 (-37.3%), from €70,353 to €44,136
of which Purchases: -€18,963
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 | €1,250,780 | €1,040,240 | -€210,540 | -16.8% |
| Fixed assets | 21/28 | €627,721 | €386,614 | -€241,107 | -38.4% |
| Tangible fixed assets | 22/27 | €627,181 | €386,074 | -€241,107 | -38.4% |
| Plant, machinery and equipment | 23 | €1,656 | €234 | -€1,422 | -85.9% |
| Furniture and vehicles | 24 | €299,344 | €141,253 | -€158,090 | -52.8% |
| Leasing and similar rights | 25 | €326,181 | €244,587 | -€81,594 | -25.0% |
| Financial fixed assets | 28 | €540 | €540 | = | 0.0% |
| Other financial fixed assets | 284/8 | €540 | €540 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €540 | €540 | = | 0.0% |
| Current assets | 29/58 | €623,059 | €653,626 | +€30,567 | +4.9% |
| Stocks and contracts in progress | 3 | €0 | €7,255 | +€7,255 | |
| Stocks | 30/36 | - | €7,255 | +€7,255 | |
| Raw materials and consumables | 30/31 | - | €7,255 | +€7,255 | |
| Amounts receivable within one year | 40/41 | €597,815 | €622,419 | +€24,604 | +4.1% |
| Trade receivables | 40 | €571,885 | €610,040 | +€38,155 | +6.7% |
| Other amounts receivable | 41 | €25,930 | €12,379 | -€13,551 | -52.3% |
| Cash at bank and in hand | 54/58 | €5,398 | €4,043 | -€1,355 | -25.1% |
| Deferred charges and accrued income | 490/1 | €19,845 | €19,909 | +€64 | +0.3% |
| Total equity and liabilities | 10/49 | €1,250,780 | €1,040,240 | -€210,540 | -16.8% |
| Equity | 10/15 | €120,176 | €121,720 | +€1,544 | +1.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €100,176 | €101,720 | +€1,544 | +1.5% |
| Non-distributable reserves | 130/1 | - | €922 | +€922 | |
| Reserves not available under the articles | 1311 | - | €922 | +€922 | |
| Tax-exempt reserves | 132 | €13,327 | €13,327 | = | 0.0% |
| Distributable reserves | 133 | €86,849 | €87,471 | +€622 | +0.7% |
| Investment grants | 15 | €0 | - | = | |
| Amounts payable | 17/49 | €1,130,604 | €918,520 | -€212,084 | -18.8% |
| Amounts payable after more than one year | 17 | €528,395 | €343,725 | -€184,670 | -34.9% |
| Financial debts | 170/4 | €528,395 | €343,725 | -€184,670 | -34.9% |
| Leasing and similar obligations | 172 | €244,832 | €162,412 | -€82,420 | -33.7% |
| Credit institutions | 173 | €283,563 | €181,313 | -€102,250 | -36.1% |
| Amounts payable within one year | 42/48 | €602,209 | €572,354 | -€29,855 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €187,032 | €184,670 | -€2,362 | -1.3% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €97,136 | €123,251 | +€26,115 | +26.9% |
| Suppliers | 440/4 | €97,136 | €123,251 | +€26,115 | +26.9% |
| Taxes, remuneration and social security | 45 | €98,300 | €44,204 | -€54,096 | -55.0% |
| Taxes | 450/3 | €43,046 | €12,983 | -€30,062 | -69.8% |
| Remuneration and social security | 454/9 | €55,254 | €31,221 | -€24,034 | -43.5% |
| Other amounts payable | 47/48 | €119,740 | €120,228 | +€488 | +0.4% |
| Accrued charges and deferred income | 492/3 | €0 | €2,442 | +€2,442 | |
| Operating income | 70/76A | €1,599,936 | €1,291,834 | -€308,103 | -19.3% |
| Turnover | 70 | €1,511,546 | €1,101,433 | -€410,113 | -27.1% |
| Other operating income | 74 | €88,390 | €190,401 | +€102,011 | +115.4% |
| Operating charges | 60/66A | €1,534,679 | €1,251,756 | -€282,923 | -18.4% |
| Goods for resale, raw materials and consumables | 60 | €70,353 | €44,136 | -€26,218 | -37.3% |
| Purchases | 600/8 | €70,353 | €51,391 | -€18,963 | -27.0% |
| Change in stocks: decrease (increase) | 609 | - | -€7,255 | -€7,255 | |
| Services and other goods | 61 | €857,324 | €715,445 | -€141,879 | -16.5% |
| Remuneration, social security and pensions | 62 | €426,639 | €335,738 | -€90,902 | -21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €176,249 | €152,859 | -€23,390 | -13.3% |
| Other operating charges | 640/8 | €4,112 | €3,578 | -€534 | -13.0% |
| Operating profit (loss) | 9901 | €65,257 | €40,078 | -€25,180 | -38.6% |
| Financial income | 75/76B | €1,287 | €72 | -€1,215 | -94.4% |
| Recurring financial income | 75 | €1,287 | €72 | -€1,215 | -94.4% |
| Income from current assets | 751 | €36 | €0 | -€36 | -100.0% |
| Other financial income | 752/9 | €1,251 | €72 | -€1,179 | -94.2% |
| Financial charges | 65/66B | €44,835 | €35,136 | -€9,698 | -21.6% |
| Recurring financial charges | 65 | €44,835 | €35,136 | -€9,698 | -21.6% |
| Debt charges | 650 | €38,473 | €32,378 | -€6,095 | -15.8% |
| Other financial charges | 652/9 | €6,362 | €2,758 | -€3,604 | -56.6% |
| Profit (loss) for the period before taxes | 9903 | €21,710 | €5,014 | -€16,696 | -76.9% |
| Income taxes | 67/77 | €3,705 | €3,470 | -€235 | -6.4% |
| Taxes | 670/3 | €3,705 | €3,470 | -€235 | -6.4% |
| Profit (loss) for the period | 9904 | €18,005 | €1,544 | -€16,461 | -91.4% |
| Transfer to tax-exempt reserves | 689 | €13,327 | €0 | -€13,327 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,678 | €1,544 | -€3,134 | -67.0% |
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 7 October 2026 via checked.be.