ALVARO: 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.
ALVARO
Largest movements
- Cash +€33,020
up €33,020 (+91.7%), from €36,016 to €69,036
mainly Depreciation (+€16,981) and Trade debts (+€14,920)
- Tangible fixed assets -€16,981
down €16,981 (-10.7%), from €158,132 to €141,151
of which Plant, machinery and equipment: -€11,624
- Stocks and contracts -€9,609
down €9,609 (-13.2%), from €72,550 to €62,941
- Receivables within one year -€3,405
down €3,405 (-15.8%), from €21,577 to €18,172
of which Trade receivables: -€3,405
- Debts after one year -€22,637
down €22,637 (-13.5%), from €168,125 to €145,488
- Trade debts +€14,920
up €14,920 (+105%), from €14,260 to €29,180
- Accrued charges and deferred income +€4,118
up €4,118 (+39.1%), from €10,532 to €14,650
- Depreciation -€6,868
down €6,868 (-28.8%), from €23,849 to €16,981
- Gross operating margin -€4,052
down €4,052 (-10.9%), from €37,090 to €33,038
- Financial charges +€892
up €892 (+8.1%), from €11,012 to €11,904
- Taxes +€875
up €875 (+99.3%), from €881 to €1,756
- Financial income -€741
down €741 (-86.2%), from €860 to €119
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €293,939 | €294,833 | +€894 | +0.3% |
| Fixed assets | 21/28 | €158,132 | €141,151 | -€16,981 | -10.7% |
| Tangible fixed assets | 22/27 | €158,132 | €141,151 | -€16,981 | -10.7% |
| Land and buildings | 22 | €101,700 | €101,700 | = | 0.0% |
| Plant, machinery and equipment | 23 | €38,160 | €26,536 | -€11,624 | -30.5% |
| Furniture and vehicles | 24 | €18,273 | €12,915 | -€5,358 | -29.3% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Current assets | 29/58 | €135,807 | €153,682 | +€17,876 | +13.2% |
| Stocks and contracts in progress | 3 | €72,550 | €62,941 | -€9,609 | -13.2% |
| Stocks | 30/36 | €72,550 | €62,941 | -€9,609 | -13.2% |
| Amounts receivable within one year | 40/41 | €21,577 | €18,172 | -€3,405 | -15.8% |
| Trade receivables | 40 | €21,516 | €18,112 | -€3,405 | -15.8% |
| Other amounts receivable | 41 | €61 | €61 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €36,016 | €69,036 | +€33,020 | +91.7% |
| Deferred charges and accrued income | 490/1 | €5,664 | €3,533 | -€2,131 | -37.6% |
| Total equity and liabilities | 10/49 | €293,939 | €294,833 | +€894 | +0.3% |
| Equity | 10/15 | €52,308 | €53,171 | +€864 | +1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €31,860 | €31,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €31,860 | €31,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,848 | €2,711 | +€864 | +46.8% |
| Amounts payable | 17/49 | €241,631 | €241,662 | +€31 | 0.0% |
| Amounts payable after more than one year | 17 | €168,125 | €145,488 | -€22,637 | -13.5% |
| Financial debts | 170/4 | €168,125 | €145,488 | -€22,637 | -13.5% |
| Amounts payable within one year | 42/48 | €62,974 | €81,524 | +€18,550 | +29.5% |
| Current portion of amounts payable after more than one year | 42 | €13,414 | €12,014 | -€1,400 | -10.4% |
| Trade debts | 44 | €14,260 | €29,180 | +€14,920 | +105% |
| Suppliers | 440/4 | €14,260 | €29,180 | +€14,920 | +105% |
| Taxes, remuneration and social security | 45 | €7,012 | €9,617 | +€2,605 | +37.2% |
| Taxes | 450/3 | €7,012 | €9,617 | +€2,605 | +37.2% |
| Other amounts payable | 47/48 | €28,288 | €30,713 | +€2,425 | +8.6% |
| Accrued charges and deferred income | 492/3 | €10,532 | €14,650 | +€4,118 | +39.1% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,849 | €16,981 | -€6,868 | -28.8% |
| Other operating charges | 640/8 | €1,735 | €1,652 | -€83 | -4.8% |
| Gross operating margin | 9900 | €37,090 | €33,038 | -€4,052 | -10.9% |
| Operating profit (loss) | 9901 | €11,506 | €14,405 | +€2,899 | +25.2% |
| Financial income | 75/76B | €860 | €119 | -€741 | -86.2% |
| Recurring financial income | 75 | €860 | €119 | -€741 | -86.2% |
| Financial charges | 65/66B | €11,012 | €11,904 | +€892 | +8.1% |
| Recurring financial charges | 65 | €11,012 | €11,904 | +€892 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €1,354 | €2,620 | +€1,266 | +93.5% |
| Income taxes | 67/77 | €881 | €1,756 | +€875 | +99.3% |
| Profit (loss) for the period | 9904 | €473 | €864 | +€391 | +82.7% |
| Transfer from tax-exempt reserves | 789 | €572 | €0 | -€572 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €1,045 | €864 | -€181 | -17.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.