Alvasco: 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.
Alvasco
Largest movements
- Tangible fixed assets -€56,101
down €56,101 (-7.1%), from €794,654 to €738,552
of which Land and buildings: -€34,030
- Deferred charges and accrued income -€10,016
down €10,016 (-64.3%), from €15,565 to €5,549
- Debts after one year -€46,359
down €46,359 (-7.7%), from €600,858 to €554,499
of which Financial debts: -€57,359
- Short-term financial debts -€10,675
down €10,675 (-74.7%), from €14,295 to €3,620
- Tax, wage and social debts -€8,752
down €8,752 (-48.1%), from €18,179 to €9,428
of which Taxes: -€8,885
- Other debts -€8,699
down €8,699 (-26.4%), from €33,011 to €24,312
- Gross operating margin -€4,148
down €4,148 (-3.8%), from €109,465 to €105,317
- Depreciation +€1,445
up €1,445 (+2.5%), from €58,656 to €60,101
- Taxes -€1,361
down €1,361 (-26.4%), from €5,148 to €3,788
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 | €839,270 | €779,713 | -€59,557 | -7.1% |
| Fixed assets | 21/28 | €794,679 | €741,577 | -€53,101 | -6.7% |
| Tangible fixed assets | 22/27 | €794,654 | €738,552 | -€56,101 | -7.1% |
| Land and buildings | 22 | €651,119 | €617,090 | -€34,030 | -5.2% |
| Plant, machinery and equipment | 23 | €137,563 | €118,882 | -€18,681 | -13.6% |
| Furniture and vehicles | 24 | €5,972 | €2,580 | -€3,391 | -56.8% |
| Financial fixed assets | 28 | €25 | €3,025 | +€3,000 | +12,000% |
| Current assets | 29/58 | €44,591 | €38,136 | -€6,455 | -14.5% |
| Stocks and contracts in progress | 3 | €15,988 | €15,988 | = | 0.0% |
| Stocks | 30/36 | €15,988 | €15,988 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €12,227 | €14,512 | +€2,285 | +18.7% |
| Trade receivables | 40 | €12,223 | €11,601 | -€622 | -5.1% |
| Other amounts receivable | 41 | €4 | €2,911 | +€2,907 | +72,675% |
| Cash at bank and in hand | 54/58 | €812 | €2,087 | +€1,275 | +157% |
| Deferred charges and accrued income | 490/1 | €15,565 | €5,549 | -€10,016 | -64.3% |
| Total equity and liabilities | 10/49 | €839,270 | €779,713 | -€59,557 | -7.1% |
| Equity | 10/15 | €98,837 | €106,094 | +€7,257 | +7.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €80,237 | €87,494 | +€7,257 | +9.0% |
| Distributable reserves | 133 | €80,237 | €87,494 | +€7,257 | +9.0% |
| Amounts payable | 17/49 | €740,433 | €673,619 | -€66,814 | -9.0% |
| Amounts payable after more than one year | 17 | €600,858 | €554,499 | -€46,359 | -7.7% |
| Financial debts | 170/4 | €531,858 | €474,499 | -€57,359 | -10.8% |
| Other amounts payable | 178/9 | €69,000 | €80,000 | +€11,000 | +15.9% |
| Amounts payable within one year | 42/48 | €139,575 | €119,120 | -€20,455 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €56,604 | €58,209 | +€1,605 | +2.8% |
| Financial debts | 43 | €14,295 | €3,620 | -€10,675 | -74.7% |
| Credit institutions | 430/8 | €14,295 | €3,620 | -€10,675 | -74.7% |
| Trade debts | 44 | €12,966 | €19,032 | +€6,066 | +46.8% |
| Suppliers | 440/4 | €12,966 | €19,032 | +€6,066 | +46.8% |
| Advances received on contracts in progress | 46 | €4,520 | €4,520 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €18,179 | €9,428 | -€8,752 | -48.1% |
| Taxes | 450/3 | €18,130 | €9,245 | -€8,885 | -49.0% |
| Remuneration and social security | 454/9 | €49 | €183 | +€134 | +272% |
| Other amounts payable | 47/48 | €33,011 | €24,312 | -€8,699 | -26.4% |
| Non-recurring operating income | 76A | - | €7,466 | +€7,466 | |
| Remuneration, social security and pensions | 62 | €1,771 | €2,312 | +€541 | +30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,656 | €60,101 | +€1,445 | +2.5% |
| Other operating charges | 640/8 | €8,982 | €9,326 | +€344 | +3.8% |
| Gross operating margin | 9900 | €109,465 | €105,317 | -€4,148 | -3.8% |
| Operating profit (loss) | 9901 | €40,056 | €33,578 | -€6,478 | -16.2% |
| Financial income | 75/76B | - | €118 | +€118 | |
| Recurring financial income | 75 | - | €118 | +€118 | |
| Financial charges | 65/66B | €23,364 | €22,651 | -€713 | -3.1% |
| Recurring financial charges | 65 | €23,364 | €22,651 | -€713 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €16,692 | €11,045 | -€5,647 | -33.8% |
| Income taxes | 67/77 | €5,148 | €3,788 | -€1,361 | -26.4% |
| Profit (loss) for the period | 9904 | €11,544 | €7,257 | -€4,286 | -37.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,544 | €7,257 | -€4,286 | -37.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.