A.F.G.: what changed
What changed
A.F.G.
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€5,974
2024 · €14,233-€20,207
Equity
€409,060
2024 · €415,034-€5,974
Cash
€4,134
2024 · €5,724-€1,591
Balance sheet total
€432,125
2024 · €443,466-€11,342
Largest movements
Assets
- Receivables within one year -€23,487
down €23,487 (-97.4%), from €24,107 to €620
- Receivables after one year +€15,277
up €15,277 (+5.1%), from €299,063 to €314,340
Equity and liabilities
- Profit (loss) carried forward -€5,974
down €5,974 (-3.4%), from €177,693 to €171,719
- Trade debts -€5,543
down €5,543 (-88.4%), from €6,269 to €726
Income statement
- Gross operating margin -€28,700
down €28,700, from €22,926 to -€5,774
- Financial income +€6,846
up €6,846 (+70.0%), from €9,774 to €16,620
- Taxes -€1,988
down €1,988 (-91.9%), from €2,163 to €176
- Other operating charges +€535
up €535 (+27.6%), from €1,938 to €2,473
- Financial charges -€528
down €528 (-17.9%), from €2,951 to €2,423
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€14,233
Gross operating margin
-€28,700
Depreciation
-€333
Other operating charges
-€535
Financial income
+€6,846
Financial charges
+€528
Taxes
+€1,988
Result 2025
-€5,974
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€8,003
Investment
-€9,593
Financing
€0
Cash 2024
€5,724
From operations (derived)
+€8,003
Net result for the year
-€5,974
Depreciation
+€11,749
Receivables after one year
-€15,277
Receivables within one year
+€23,487
Deferred charges and accrued income
-€614
Trade debts
-€5,543
Tax, wage and social debts
+€176
Investment (derived)
-€9,593
Investment in fixed assets (net)
-€9,593
Cash 2025
€4,134
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €443,466 | €432,125 | -€11,342 | -2.6% |
| Fixed assets | 21/28 | €113,874 | €111,719 | -€2,156 | -1.9% |
| Tangible fixed assets | 22/27 | €113,874 | €111,719 | -€2,156 | -1.9% |
| Land and buildings | 22 | €107,884 | €108,395 | +€512 | +0.5% |
| Furniture and vehicles | 24 | €4,752 | €2,704 | -€2,048 | -43.1% |
| Other tangible fixed assets | 26 | €1,239 | €619 | -€619 | -50.0% |
| Current assets | 29/58 | €329,592 | €320,406 | -€9,186 | -2.8% |
| Amounts receivable after more than one year | 29 | €299,063 | €314,340 | +€15,277 | +5.1% |
| Other amounts receivable | 291 | €299,063 | €314,340 | +€15,277 | +5.1% |
| Amounts receivable within one year | 40/41 | €24,107 | €620 | -€23,487 | -97.4% |
| Other amounts receivable | 41 | €24,107 | €620 | -€23,487 | -97.4% |
| Cash at bank and in hand | 54/58 | €5,724 | €4,134 | -€1,591 | -27.8% |
| Deferred charges and accrued income | 490/1 | €698 | €1,312 | +€614 | +87.9% |
| Total equity and liabilities | 10/49 | €443,466 | €432,125 | -€11,342 | -2.6% |
| Equity | 10/15 | €415,034 | €409,060 | -€5,974 | -1.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €206,354 | €206,354 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,172 | €5,172 | = | 0.0% |
| Distributable reserves | 133 | €199,322 | €199,322 | = | 0.0% |
| Profit (loss) carried forward | 14 | €177,693 | €171,719 | -€5,974 | -3.4% |
| Provisions and deferred taxes | 16 | €20,000 | €20,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €20,000 | €20,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable | 17/49 | €8,433 | €3,065 | -€5,368 | -63.7% |
| Amounts payable within one year | 42/48 | €8,433 | €3,065 | -€5,368 | -63.7% |
| Trade debts | 44 | €6,269 | €726 | -€5,543 | -88.4% |
| Suppliers | 440/4 | €6,269 | €726 | -€5,543 | -88.4% |
| Taxes, remuneration and social security | 45 | €2,163 | €2,339 | +€176 | +8.1% |
| Taxes | 450/3 | €2,163 | €2,339 | +€176 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,416 | €11,749 | +€333 | +2.9% |
| Other operating charges | 640/8 | €1,938 | €2,473 | +€535 | +27.6% |
| Gross operating margin | 9900 | €22,926 | -€5,774 | -€28,700 | |
| Operating profit (loss) | 9901 | €9,572 | -€19,996 | -€29,568 | |
| Financial income | 75/76B | €9,774 | €16,620 | +€6,846 | +70.0% |
| Recurring financial income | 75 | €9,774 | €16,620 | +€6,846 | +70.0% |
| Financial charges | 65/66B | €2,951 | €2,423 | -€528 | -17.9% |
| Recurring financial charges | 65 | €2,951 | €2,423 | -€528 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €16,396 | -€5,799 | -€22,195 | |
| Income taxes | 67/77 | €2,163 | €176 | -€1,988 | -91.9% |
| Profit (loss) for the period | 9904 | €14,233 | -€5,974 | -€20,207 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,233 | -€5,974 | -€20,207 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.