AF PROJECTS
Annual accounts 2025
micro format, filed on 27-02-2026, 154 days before the deadlineTurnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €120,000. Estimated: probably between €70,000 and €160,000.
Balance sheet
balance sheet total €72,929 on 31-12-2025in euro
in euro
Position in the sector
2.7%
Higher than 11% of 39,376 companies in 2025.
0.99
Higher than 24% of 38,058 companies in 2025.
39.9%
Higher than 80% of 38,530 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet: assets | |||||
20/58 |
72,929 | 51,480 | 63,648 | 4,084 | |
21/28 |
2,582 | 1,718 | 35,076 | 1,653 | |
22/27 |
2,582 | 1,718 | 35,076 | 1,653 | |
24 |
2,582 | 1,718 | 35,076 | 1,653 | |
29/58 |
70,347 | 49,762 | 28,572 | 2,431 | |
40/41 |
16,851 | 30,550 | 26,299 | 431 | |
40 |
15,560 | 30,550 | 23,165 | - | |
41 |
1,291 | - | 3,134 | 431 | |
54/58 |
41,358 | 3,367 | 1,385 | 2,000 | |
490/1 |
12,138 | 15,845 | 888 | - | |
| Balance sheet: equity and liabilities | |||||
10/49 |
72,929 | 51,480 | 63,648 | 4,084 | |
10/15 |
2,000 | 39,231 | 26,192 | 312 | |
10/11 |
2,000 | 2,000 | 2,000 | 2,000 | |
13 |
- | 37,231 | 24,192 | - | |
133 |
- | 37,231 | 24,192 | - | |
14 |
- | - | - | -1,688 | |
17/49 |
70,929 | 12,249 | 37,456 | 3,772 | |
42/48 |
70,929 | 12,249 | 37,456 | 3,772 | |
44 |
1,686 | 1,440 | 1,411 | 3,613 | |
440/4 |
1,686 | 1,440 | 1,411 | 3,613 | |
45 |
14,820 | 10,809 | 7,019 | - | |
450/3 |
14,820 | 10,809 | 4,458 | - | |
454/9 |
- | - | 2,561 | - | |
47/48 |
54,423 | - | 29,027 | 159 | |
| Income statement | |||||
9900 |
39,973 | 33,788 | 35,793 | -1,688 | |
630 |
1,059 | 703 | 1,121 | - | |
640/8 |
1,023 | 15,346 | 109 | - | |
9901 |
37,891 | 17,739 | 34,563 | -1,688 | |
75/76B |
0 | 2 | - | - | |
75 |
0 | 2 | - | - | |
65/66B |
105 | 76 | 76 | - | |
65 |
105 | 76 | 76 | - | |
9903 |
37,785 | 17,665 | 34,487 | -1,688 | |
67/77 |
8,709 | 4,626 | 7,807 | - | |
9904 |
29,077 | 13,039 | 26,680 | -1,688 | |
9905 |
29,077 | 13,039 | 26,680 | -1,688 | |
| Appropriation of the result | |||||
9906 |
29,077 | 13,039 | 24,992 | -1,688 | |
14P |
- | - | -1,688 | - | |
791/2 |
37,231 | - | - | - | |
691/2 |
- | 13,039 | 24,192 | - | |
6921 |
- | 13,039 | 24,192 | - | |
694/7 |
66,308 | - | 800 | - | |
694 |
66,308 | - | 800 | - | |
| Document | |||||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 27-02-2026.
Filings
each dot is a set of accounts, on the day it reached the National BankKey figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| 38,950 | 18,442 | 35,684 | - | ||
| 30,136 | 13,742 | 27,802 | - | ||
| 1,924 | 1,145 | 34,545 | 1,653 | ||
| 37,991 | 1,982 | -615 | - | ||
| -582 | 37,514 | -8,884 | -1,341 | ||
| 2.7% | 76.2% | 41.2% | - | ||
| 0.99 | 4.06 | 0.76 | - | ||
| 35.46 | 0.31 | 1.43 | - | ||
| - | 33.2% | 101.9% | - | ||
| 39.9% | 25.3% | 41.9% | - | ||
| over 100 | over 100 | over 100 | - |
A ratio outside any meaningful range has been withheld (balance sheet total €72,929, equity €2,000).
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Tangible fixed assets | €1,924 | €1,145 | €34,545 | €1,653 |
| €1,059 | €703 | €1,121 | - |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Insights on AF PROJECTS
The operating result for 2025 is 114% higher than in 2024 and the highest since 2022. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 23.8% to 97.3%. Equity is lower and debt is higher.