A.O.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.O.F
Largest movements
- Cash -€67,728
down €67,728 (-54.7%), from €123,714 to €55,986
mainly Contributions, distributions and other (-€395,000) and Investment in fixed assets (net) (-€96,123)
- Current investments +€55,000
up €55,000 (+16.2%), from €340,000 to €395,000
- Tangible fixed assets +€37,235
up €37,235 (+56.6%), from €65,732 to €102,967
of which Furniture and vehicles: +€26,809
- Receivables within one year -€16,692
down €16,692 (-66.9%), from €24,941 to €8,249
of which Trade receivables: -€17,685
- Deferred charges and accrued income +€8,216
up €8,216 (+385%), from €2,137 to €10,353
- Profit (loss) carried forward -€300,501
down €300,501 (-65.9%), from €455,731 to €155,229
- Other debts +€297,956
up €297,956 (+1,272%), from €23,428 to €321,384
- Tax, wage and social debts +€23,940
up €23,940 (+36.7%), from €65,317 to €89,257
of which Taxes: +€20,714
- Debts after one year -€11,551
down €11,551 (-30.3%), from €38,144 to €26,593
- Staff costs +€28,173
up €28,173 (+28.9%), from €97,607 to €125,781
- Taxes -€11,151
down €11,151 (-27.0%), from €41,279 to €30,128
- Gross operating margin +€10,696
up €10,696 (+3.5%), from €303,521 to €314,217
- Depreciation +€10,536
up €10,536 (+21.2%), from €49,793 to €60,329
- Financial income -€8,124
down €8,124 (-64.6%), from €12,576 to €4,452
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 | €620,631 | €638,314 | +€17,684 | +2.8% |
| Fixed assets | 21/28 | €67,920 | €103,714 | +€35,794 | +52.7% |
| Intangible fixed assets | 21 | €2,188 | €748 | -€1,440 | -65.8% |
| Tangible fixed assets | 22/27 | €65,732 | €102,967 | +€37,235 | +56.6% |
| Plant, machinery and equipment | 23 | €56,975 | €67,400 | +€10,425 | +18.3% |
| Furniture and vehicles | 24 | €8,757 | €35,566 | +€26,809 | +306% |
| Current assets | 29/58 | €552,711 | €534,600 | -€18,111 | -3.3% |
| Stocks and contracts in progress | 3 | €61,919 | €65,012 | +€3,093 | +5.0% |
| Stocks | 30/36 | €61,919 | €65,012 | +€3,093 | +5.0% |
| Amounts receivable within one year | 40/41 | €24,941 | €8,249 | -€16,692 | -66.9% |
| Trade receivables | 40 | €24,941 | €7,256 | -€17,685 | -70.9% |
| Other amounts receivable | 41 | - | €993 | +€993 | |
| Current investments | 50/53 | €340,000 | €395,000 | +€55,000 | +16.2% |
| Cash at bank and in hand | 54/58 | €123,714 | €55,986 | -€67,728 | -54.7% |
| Deferred charges and accrued income | 490/1 | €2,137 | €10,353 | +€8,216 | +385% |
| Total equity and liabilities | 10/49 | €620,631 | €638,314 | +€17,684 | +2.8% |
| Equity | 10/15 | €460,731 | €160,229 | -€300,501 | -65.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €455,731 | €155,229 | -€300,501 | -65.9% |
| Amounts payable | 17/49 | €159,900 | €478,085 | +€318,185 | +199% |
| Amounts payable after more than one year | 17 | €38,144 | €26,593 | -€11,551 | -30.3% |
| Financial debts | 170/4 | €38,144 | €26,593 | -€11,551 | -30.3% |
| Amounts payable within one year | 42/48 | €118,156 | €446,027 | +€327,871 | +277% |
| Current portion of amounts payable after more than one year | 42 | €11,390 | €11,551 | +€162 | +1.4% |
| Trade debts | 44 | €12,396 | €17,768 | +€5,372 | +43.3% |
| Suppliers | 440/4 | €12,396 | €17,768 | +€5,372 | +43.3% |
| Advances received on contracts in progress | 46 | €5,626 | €6,068 | +€441 | +7.8% |
| Taxes, remuneration and social security | 45 | €65,317 | €89,257 | +€23,940 | +36.7% |
| Taxes | 450/3 | €55,638 | €76,351 | +€20,714 | +37.2% |
| Remuneration and social security | 454/9 | €9,679 | €12,906 | +€3,227 | +33.3% |
| Other amounts payable | 47/48 | €23,428 | €321,384 | +€297,956 | +1,272% |
| Accrued charges and deferred income | 492/3 | €3,600 | €5,465 | +€1,865 | +51.8% |
| Non-recurring operating income | 76A | - | €7,831 | +€7,831 | |
| Remuneration, social security and pensions | 62 | €97,607 | €125,781 | +€28,173 | +28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,793 | €60,329 | +€10,536 | +21.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €136 | €0 | -€136 | -100% |
| Other operating charges | 640/8 | €3,211 | €3,172 | -€38 | -1.2% |
| Gross operating margin | 9900 | €303,521 | €314,217 | +€10,696 | +3.5% |
| Operating profit (loss) | 9901 | €152,774 | €124,936 | -€27,838 | -18.2% |
| Financial income | 75/76B | €12,576 | €4,452 | -€8,124 | -64.6% |
| Recurring financial income | 75 | €12,576 | €4,452 | -€8,124 | -64.6% |
| Financial charges | 65/66B | €3,198 | €4,760 | +€1,562 | +48.9% |
| Recurring financial charges | 65 | €3,198 | €4,760 | +€1,562 | +48.9% |
| Profit (loss) for the period before taxes | 9903 | €162,152 | €124,627 | -€37,525 | -23.1% |
| Income taxes | 67/77 | €41,279 | €30,128 | -€11,151 | -27.0% |
| Profit (loss) for the period | 9904 | €120,873 | €94,499 | -€26,374 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €120,873 | €94,499 | -€26,374 | -21.8% |
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 31 October 2026 via checked.be.