A & F: 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.
A & F
Largest movements
- Receivables within one year +€71,832
up €71,832 (+1,627%), from €4,414 to €76,246
of which Other amounts receivable: +€70,022
- Receivables after one year -€49,802
no longer reported in 2026 (was €49,802)
- Tangible fixed assets -€21,313
down €21,313 (-38.3%), from €55,672 to €34,359
of which Plant, machinery and equipment: -€20,902
- Cash +€10,804
up €10,804 (+15.7%), from €68,931 to €79,736
mainly Receivables after one year (+€49,802) and Trade debts (+€21,984)
- Deferred charges and accrued income +€6,091
up €6,091 (+652%), from €934 to €7,025
- Trade debts +€21,984
up €21,984 (+21.2%), from €103,592 to €125,576
- Debts after one year -€17,232
down €17,232 (-59.5%), from €28,940 to €11,708
- Profit (loss) carried forward +€14,357
up €14,357 (+36.8%), from €39,065 to €53,421
- Other debts -€4,678
no longer reported in 2026 (was €4,678)
- Gross operating margin +€12,817
up €12,817 (+8.5%), from €151,114 to €163,931
- Staff costs -€4,478
down €4,478 (-4.2%), from €106,648 to €102,170
- Taxes +€2,764
up €2,764 (+143%), from €1,929 to €4,694
- Financial charges +€1,752
up €1,752 (+24.5%), from €7,154 to €8,906
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €253,336 | €270,031 | +€16,695 | +6.6% |
| Fixed assets | 21/28 | €58,435 | €37,122 | -€21,313 | -36.5% |
| Tangible fixed assets | 22/27 | €55,672 | €34,359 | -€21,313 | -38.3% |
| Plant, machinery and equipment | 23 | €53,493 | €32,592 | -€20,902 | -39.1% |
| Other tangible fixed assets | 26 | €2,178 | €1,767 | -€411 | -18.9% |
| Financial fixed assets | 28 | €2,763 | €2,763 | = | 0.0% |
| Current assets | 29/58 | €194,901 | €232,910 | +€38,008 | +19.5% |
| Amounts receivable after more than one year | 29 | €49,802 | - | -€49,802 | |
| Other amounts receivable | 291 | €49,802 | - | -€49,802 | |
| Stocks and contracts in progress | 3 | €70,819 | €69,903 | -€916 | -1.3% |
| Stocks | 30/36 | €70,819 | €69,903 | -€916 | -1.3% |
| Amounts receivable within one year | 40/41 | €4,414 | €76,246 | +€71,832 | +1,627% |
| Trade receivables | 40 | €4,414 | €6,224 | +€1,810 | +41.0% |
| Other amounts receivable | 41 | - | €70,022 | +€70,022 | |
| Cash at bank and in hand | 54/58 | €68,931 | €79,736 | +€10,804 | +15.7% |
| Deferred charges and accrued income | 490/1 | €934 | €7,025 | +€6,091 | +652% |
| Total equity and liabilities | 10/49 | €253,336 | €270,031 | +€16,695 | +6.6% |
| Equity | 10/15 | €69,065 | €83,421 | +€14,357 | +20.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Contributions outside capital | 11 | €30,000 | - | -€30,000 | |
| Other | 1109/19 | €30,000 | - | -€30,000 | |
| Profit (loss) carried forward | 14 | €39,065 | €53,421 | +€14,357 | +36.8% |
| Amounts payable | 17/49 | €184,271 | €186,610 | +€2,339 | +1.3% |
| Amounts payable after more than one year | 17 | €28,940 | €11,708 | -€17,232 | -59.5% |
| Financial debts | 170/4 | €28,940 | €11,708 | -€17,232 | -59.5% |
| Amounts payable within one year | 42/48 | €155,332 | €174,902 | +€19,571 | +12.6% |
| Current portion of amounts payable after more than one year | 42 | €16,844 | €17,232 | +€388 | +2.3% |
| Trade debts | 44 | €103,592 | €125,576 | +€21,984 | +21.2% |
| Suppliers | 440/4 | €103,592 | €125,576 | +€21,984 | +21.2% |
| Taxes, remuneration and social security | 45 | €30,218 | €32,094 | +€1,876 | +6.2% |
| Taxes | 450/3 | €4,738 | €7,216 | +€2,478 | +52.3% |
| Remuneration and social security | 454/9 | €25,480 | €24,878 | -€602 | -2.4% |
| Other amounts payable | 47/48 | €4,678 | - | -€4,678 | |
| Remuneration, social security and pensions | 62 | €106,648 | €102,170 | -€4,478 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,313 | €21,313 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,242 | €1,592 | +€349 | +28.1% |
| Non-recurring operating charges | 66A | - | €11,143 | +€11,143 | |
| Gross operating margin | 9900 | €151,114 | €163,931 | +€12,817 | +8.5% |
| Operating profit (loss) | 9901 | €21,911 | €27,713 | +€5,802 | +26.5% |
| Financial income | 75/76B | €165 | €243 | +€77 | +46.8% |
| Recurring financial income | 75 | €165 | €243 | +€77 | +46.8% |
| Financial charges | 65/66B | €7,154 | €8,906 | +€1,752 | +24.5% |
| Recurring financial charges | 65 | €7,154 | €8,906 | +€1,752 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | €14,922 | €19,050 | +€4,128 | +27.7% |
| Income taxes | 67/77 | €1,929 | €4,694 | +€2,764 | +143% |
| Profit (loss) for the period | 9904 | €12,993 | €14,357 | +€1,364 | +10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €12,993 | €14,357 | +€1,364 | +10.5% |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.