ALFI: 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.
ALFI
Largest movements
- Current investments -€125,780
down €125,780 (-100%), from €125,780 to €0
- Cash -€47,514
down €47,514 (-99.2%), from €47,917 to €402
mainly Trade debts (-€118,531) and Net result for the year (-€79,856)
- Receivables within one year +€13,728
up €13,728 (+42.1%), from €32,632 to €46,360
of which Other amounts receivable: +€12,172
- Tangible fixed assets -€11,751
down €11,751 (-22.9%), from €51,216 to €39,465
of which Land and buildings: -€6,937
- Trade debts -€118,531
down €118,531 (-82.9%), from €143,034 to €24,503
- Profit (loss) carried forward -€79,856
down €79,856 (-1.9%), from -€4.1m to -€4.2m
- Other debts +€25,624
up €25,624 (+20.3%), from €125,963 to €151,587
- Gross operating margin +€66,512
up €66,512 (+49.2%), from -€135,167 to -€68,655
- Taxes -€12,299
down €12,299 (-98.9%), from €12,440 to €141
- Financial income +€11,065
up €11,065 (+324%), from €3,417 to €14,483
- Other operating charges +€2,777
up €2,777 (+26.3%), from €10,542 to €13,319
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 | €562,715 | €391,649 | -€171,067 | -30.4% |
| Fixed assets | 21/28 | €356,386 | €344,635 | -€11,751 | -3.3% |
| Tangible fixed assets | 22/27 | €51,216 | €39,465 | -€11,751 | -22.9% |
| Land and buildings | 22 | €39,793 | €32,856 | -€6,937 | -17.4% |
| Furniture and vehicles | 24 | €11,423 | €6,609 | -€4,814 | -42.1% |
| Financial fixed assets | 28 | €305,170 | €305,170 | = | 0.0% |
| Current assets | 29/58 | €206,329 | €47,014 | -€159,315 | -77.2% |
| Amounts receivable within one year | 40/41 | €32,632 | €46,360 | +€13,728 | +42.1% |
| Trade receivables | 40 | €300 | €1,856 | +€1,556 | +519% |
| Other amounts receivable | 41 | €32,332 | €44,504 | +€12,172 | +37.6% |
| Current investments | 50/53 | €125,780 | €0 | -€125,780 | -100% |
| Cash at bank and in hand | 54/58 | €47,917 | €402 | -€47,514 | -99.2% |
| Deferred charges and accrued income | 490/1 | €0 | €252 | +€252 | |
| Total equity and liabilities | 10/49 | €562,715 | €391,649 | -€171,067 | -30.4% |
| Equity | 10/15 | €100,056 | €20,200 | -€79,856 | -79.8% |
| Contributions | 10/11 | €3,718,403 | €3,718,403 | = | 0.0% |
| Capital | 10 | €3,718,403 | €3,718,403 | = | 0.0% |
| Issued capital | 100 | €3,718,403 | €3,718,403 | = | 0.0% |
| Revaluation surpluses | 12 | €61,250 | €61,250 | = | 0.0% |
| Reserves | 13 | €420,014 | €420,014 | = | 0.0% |
| Non-distributable reserves | 130/1 | €324,844 | €324,844 | = | 0.0% |
| Legal reserve | 130 | €324,619 | €324,619 | = | 0.0% |
| Reserves not available under the articles | 1311 | €224 | €224 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,840 | €18,840 | = | 0.0% |
| Distributable reserves | 133 | €76,330 | €76,330 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,099,611 | -€4,179,467 | -€79,856 | -1.9% |
| Amounts payable | 17/49 | €462,659 | €371,449 | -€91,210 | -19.7% |
| Amounts payable after more than one year | 17 | €193,294 | €193,294 | = | 0.0% |
| Other amounts payable | 178/9 | €193,294 | €193,294 | = | 0.0% |
| Amounts payable within one year | 42/48 | €269,365 | €178,155 | -€91,210 | -33.9% |
| Trade debts | 44 | €143,034 | €24,503 | -€118,531 | -82.9% |
| Suppliers | 440/4 | €143,034 | €24,503 | -€118,531 | -82.9% |
| Taxes, remuneration and social security | 45 | €369 | €2,065 | +€1,696 | +460% |
| Taxes | 450/3 | €369 | €2,065 | +€1,696 | +460% |
| Other amounts payable | 47/48 | €125,963 | €151,587 | +€25,624 | +20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,639 | €11,751 | +€113 | +1.0% |
| Other operating charges | 640/8 | €10,542 | €13,319 | +€2,777 | +26.3% |
| Gross operating margin | 9900 | -€135,167 | -€68,655 | +€66,512 | +49.2% |
| Operating profit (loss) | 9901 | -€157,348 | -€93,725 | +€63,622 | +40.4% |
| Financial income | 75/76B | €3,417 | €14,483 | +€11,065 | +324% |
| Recurring financial income | 75 | €3,417 | €14,483 | +€11,065 | +324% |
| Financial charges | 65/66B | €853 | €473 | -€381 | -44.6% |
| Recurring financial charges | 65 | €853 | €473 | -€381 | -44.6% |
| Profit (loss) for the period before taxes | 9903 | -€154,784 | -€79,715 | +€75,068 | +48.5% |
| Income taxes | 67/77 | €12,440 | €141 | -€12,299 | -98.9% |
| Profit (loss) for the period | 9904 | -€167,223 | -€79,856 | +€87,367 | +52.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€167,223 | -€79,856 | +€87,367 | +52.2% |
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 23 October 2026 via checked.be.