Alvo: 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.
Alvo
Largest movements
- Cash +€605,192
up €605,192 (+106.7%), from €567,197 to €1.2m
mainly Receivables within one year (+€319,909) and Provisions (+€200,000)
- Receivables within one year -€319,909
down €319,909 (-50.6%), from €632,686 to €312,777
of which Trade receivables: -€260,888
- Deferred charges and accrued income -€28,163
down €28,163 (-70.7%), from €39,836 to €11,674
- Provisions +€200,000
new in 2025: €200,000
- Tax, wage and social debts +€68,434
up €68,434 (+262.1%), from €26,113 to €94,547
of which Taxes: +€69,758
- Trade debts -€43,358
down €43,358 (-5.0%), from €870,030 to €826,672
- Contributions +€20,715
up €20,715 (+19.0%), from €109,053 to €129,768
- Gross operating margin +€318,964
up €318,964 (+129.4%), from €246,409 to €565,373
- Provisions +€200,000
new in 2025: €200,000
- Taxes +€67,590
up €67,590 (+16556.5%), from €408 to €67,998
- Staff costs +€28,913
up €28,913 (+12.8%), from €225,897 to €254,810
- Write-downs +€23,512
new in 2025: €23,512
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 | €1,288,069 | €1,538,983 | +€250,914 | +19.5% |
| Fixed assets | 21/28 | €35,090 | €28,273 | -€6,818 | -19.4% |
| Intangible fixed assets | 21 | €1,582 | - | -€1,582 | |
| Tangible fixed assets | 22/27 | €10,829 | €5,593 | -€5,236 | -48.4% |
| Plant, machinery and equipment | 23 | €566 | - | -€566 | |
| Furniture and vehicles | 24 | €8,227 | €4,646 | -€3,581 | -43.5% |
| Other tangible fixed assets | 26 | €2,036 | €946 | -€1,090 | -53.5% |
| Financial fixed assets | 28 | €22,680 | €22,680 | = | 0.0% |
| Current assets | 29/58 | €1,252,978 | €1,510,710 | +€257,732 | +20.6% |
| Stocks and contracts in progress | 3 | €13,258 | €13,869 | +€611 | +4.6% |
| Stocks | 30/36 | €13,258 | €13,869 | +€611 | +4.6% |
| Amounts receivable within one year | 40/41 | €632,686 | €312,777 | -€319,909 | -50.6% |
| Trade receivables | 40 | €524,694 | €263,807 | -€260,888 | -49.7% |
| Other amounts receivable | 41 | €107,992 | €48,971 | -€59,022 | -54.7% |
| Cash at bank and in hand | 54/58 | €567,197 | €1,172,389 | +€605,192 | +106.7% |
| Deferred charges and accrued income | 490/1 | €39,836 | €11,674 | -€28,163 | -70.7% |
| Total equity and liabilities | 10/49 | €1,288,069 | €1,538,983 | +€250,914 | +19.5% |
| Equity | 10/15 | €390,941 | €416,932 | +€25,991 | +6.6% |
| Contributions | 10/11 | €109,053 | €129,768 | +€20,715 | +19.0% |
| Reserves | 13 | €281,888 | €281,888 | = | 0.0% |
| Distributable reserves | 133 | €281,888 | €281,888 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €5,276 | +€5,276 | |
| Provisions and deferred taxes | 16 | - | €200,000 | +€200,000 | |
| Provisions for liabilities and charges | 160/5 | - | €200,000 | +€200,000 | |
| Other liabilities and charges | 164/5 | - | €200,000 | +€200,000 | |
| Amounts payable | 17/49 | €897,128 | €922,051 | +€24,923 | +2.8% |
| Amounts payable within one year | 42/48 | €896,143 | €921,219 | +€25,076 | +2.8% |
| Trade debts | 44 | €870,030 | €826,672 | -€43,358 | -5.0% |
| Suppliers | 440/4 | €870,030 | €826,672 | -€43,358 | -5.0% |
| Taxes, remuneration and social security | 45 | €26,113 | €94,547 | +€68,434 | +262.1% |
| Taxes | 450/3 | €309 | €70,067 | +€69,758 | +22587.0% |
| Remuneration and social security | 454/9 | €25,804 | €24,481 | -€1,324 | -5.1% |
| Accrued charges and deferred income | 492/3 | €984 | €831 | -€153 | -15.6% |
| Remuneration, social security and pensions | 62 | €225,897 | €254,810 | +€28,913 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,642 | €9,259 | -€3,383 | -26.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €23,512 | +€23,512 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €200,000 | +€200,000 | |
| Other operating charges | 640/8 | €4,631 | €3,997 | -€635 | -13.7% |
| Gross operating margin | 9900 | €246,409 | €565,373 | +€318,964 | +129.4% |
| Operating profit (loss) | 9901 | €3,239 | €73,795 | +€70,556 | +2178.4% |
| Financial charges | 65/66B | €423 | €521 | +€97 | +23.0% |
| Recurring financial charges | 65 | €423 | €521 | +€97 | +23.0% |
| Profit (loss) for the period before taxes | 9903 | €2,815 | €73,274 | +€70,459 | +2502.6% |
| Income taxes | 67/77 | €408 | €67,998 | +€67,590 | +16556.5% |
| Profit (loss) for the period | 9904 | €2,407 | €5,276 | +€2,869 | +119.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,407 | €5,276 | +€2,869 | +119.2% |
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.