King Alfonso: 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.
King Alfonso
Largest movements
- Receivables within one year -€15,672
down €15,672 (-3.9%), from €402,805 to €387,133
of which Other amounts receivable: -€16,035
- Reserves -€39,410
down €39,410 (-10.8%), from €363,372 to €323,962
of which Distributable reserves: -€39,410
- Tax, wage and social debts +€9,980
up €9,980 (+150%), from €6,645 to €16,625
- Short-term financial debts +€8,405
up €8,405 (+922%), from €912 to €9,317
- Trade debts +€6,609
up €6,609 (+143%), from €4,607 to €11,215
- Gross operating margin -€112,417
down €112,417, from €99,725 to -€12,692
- Taxes -€4,777
down €4,777 (-17.6%), from €27,106 to €22,329
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €402,805 | €388,389 | -€14,416 | -3.6% |
| Fixed assets | 21/28 | - | €1,256 | +€1,256 | |
| Tangible fixed assets | 22/27 | - | €1,256 | +€1,256 | |
| Plant, machinery and equipment | 23 | - | €1,256 | +€1,256 | |
| Current assets | 29/58 | €402,805 | €387,133 | -€15,672 | -3.9% |
| Amounts receivable within one year | 40/41 | €402,805 | €387,133 | -€15,672 | -3.9% |
| Trade receivables | 40 | €68,712 | €69,075 | +€363 | +0.5% |
| Other amounts receivable | 41 | €334,093 | €318,058 | -€16,035 | -4.8% |
| Total equity and liabilities | 10/49 | €402,805 | €388,389 | -€14,416 | -3.6% |
| Equity | 10/15 | €381,972 | €342,562 | -€39,410 | -10.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €363,372 | €323,962 | -€39,410 | -10.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €361,512 | €322,102 | -€39,410 | -10.9% |
| Amounts payable | 17/49 | €20,834 | €45,828 | +€24,994 | +120% |
| Amounts payable within one year | 42/48 | €20,834 | €45,828 | +€24,994 | +120% |
| Current portion of amounts payable after more than one year | 42 | €7,000 | €7,000 | = | 0.0% |
| Financial debts | 43 | €912 | €9,317 | +€8,405 | +922% |
| Credit institutions | 430/8 | €912 | €9,317 | +€8,405 | +922% |
| Trade debts | 44 | €4,607 | €11,215 | +€6,609 | +143% |
| Suppliers | 440/4 | €4,607 | €11,215 | +€6,609 | +143% |
| Taxes, remuneration and social security | 45 | €6,645 | €16,625 | +€9,980 | +150% |
| Taxes | 450/3 | €6,645 | €16,625 | +€9,980 | +150% |
| Other amounts payable | 47/48 | €1,670 | €1,670 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €663 | €286 | -€377 | -56.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €385 | €314 | -€71 | -18.5% |
| Other operating charges | 640/8 | €2,483 | €1,544 | -€939 | -37.8% |
| Gross operating margin | 9900 | €99,725 | -€12,692 | -€112,417 | |
| Operating profit (loss) | 9901 | €96,193 | -€14,835 | -€111,029 | |
| Financial charges | 65/66B | €2,824 | €2,245 | -€579 | -20.5% |
| Recurring financial charges | 65 | €2,824 | €2,245 | -€579 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €93,369 | -€17,081 | -€110,450 | |
| Income taxes | 67/77 | €27,106 | €22,329 | -€4,777 | -17.6% |
| Profit (loss) for the period | 9904 | €66,263 | -€39,410 | -€105,673 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,263 | -€39,410 | -€105,673 |
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 21 October 2026 via checked.be.