A.V.M.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.V.M.F
Largest movements
- Deferred charges and accrued income +€59,310
up €59,310 (+4,609%), from €1,287 to €60,597
- Receivables within one year +€58,563
up €58,563 (+358%), from €16,345 to €74,908
- Tangible fixed assets +€40,265
up €40,265 (+15.4%), from €260,787 to €301,051
of which Land and buildings: +€40,819
- Cash -€21,436
down €21,436 (-6.2%), from €347,790 to €326,354
mainly Other debts (-€84,049) and Deferred charges and accrued income (-€59,310)
- Reserves +€200,256
up €200,256 (+40.4%), from €496,282 to €696,538
of which Distributable reserves: +€205,867
- Other debts -€84,049
down €84,049 (-100%), from €84,049 to €0
- Current portion of long-term debt +€41,485
up €41,485 (+168%), from €24,694 to €66,179
- Debts after one year -€25,066
down €25,066 (-90.8%), from €27,610 to €2,543
- Tax, wage and social debts +€12,968
up €12,968 (+290%), from €4,473 to €17,441
- Gross operating margin +€133,831
up €133,831 (+78.7%), from €169,945 to €303,776
- Taxes +€46,984
up €46,984 (+103%), from €45,551 to €92,535
- Financial income -€45,421
down €45,421 (-78.5%), from €57,886 to €12,466
- Depreciation -€6,916
down €6,916 (-30.6%), from €22,609 to €15,693
- Other operating charges +€5,437
up €5,437 (+192%), from €2,825 to €8,262
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 | €711,734 | €848,435 | +€136,702 | +19.2% |
| Fixed assets | 21/28 | €346,312 | €386,576 | +€40,265 | +11.6% |
| Tangible fixed assets | 22/27 | €260,787 | €301,051 | +€40,265 | +15.4% |
| Land and buildings | 22 | €260,092 | €300,910 | +€40,819 | +15.7% |
| Furniture and vehicles | 24 | €512 | €141 | -€371 | -72.5% |
| Other tangible fixed assets | 26 | €183 | €0 | -€183 | -100% |
| Financial fixed assets | 28 | €85,525 | €85,525 | = | 0.0% |
| Current assets | 29/58 | €365,422 | €461,859 | +€96,437 | +26.4% |
| Amounts receivable within one year | 40/41 | €16,345 | €74,908 | +€58,563 | +358% |
| Other amounts receivable | 41 | €16,345 | €74,908 | +€58,563 | +358% |
| Cash at bank and in hand | 54/58 | €347,790 | €326,354 | -€21,436 | -6.2% |
| Deferred charges and accrued income | 490/1 | €1,287 | €60,597 | +€59,310 | +4,609% |
| Total equity and liabilities | 10/49 | €711,734 | €848,435 | +€136,702 | +19.2% |
| Equity | 10/15 | €502,704 | €702,960 | +€200,256 | +39.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €496,282 | €696,538 | +€200,256 | +40.4% |
| Tax-exempt reserves | 132 | €117,828 | €112,217 | -€5,611 | -4.8% |
| Distributable reserves | 133 | €378,454 | €584,321 | +€205,867 | +54.4% |
| Profit (loss) carried forward | 14 | €223 | €223 | = | 0.0% |
| Provisions and deferred taxes | 16 | €60,672 | €57,783 | -€2,889 | -4.8% |
| Deferred taxes | 168 | €60,672 | €57,783 | -€2,889 | -4.8% |
| Amounts payable | 17/49 | €148,357 | €87,692 | -€60,665 | -40.9% |
| Amounts payable after more than one year | 17 | €27,610 | €2,543 | -€25,066 | -90.8% |
| Financial debts | 170/4 | €27,610 | €2,543 | -€25,066 | -90.8% |
| Amounts payable within one year | 42/48 | €113,863 | €85,149 | -€28,714 | -25.2% |
| Current portion of amounts payable after more than one year | 42 | €24,694 | €66,179 | +€41,485 | +168% |
| Trade debts | 44 | €646 | €1,528 | +€882 | +136% |
| Suppliers | 440/4 | €646 | €1,528 | +€882 | +136% |
| Taxes, remuneration and social security | 45 | €4,473 | €17,441 | +€12,968 | +290% |
| Taxes | 450/3 | €4,473 | €17,441 | +€12,968 | +290% |
| Other amounts payable | 47/48 | €84,049 | €0 | -€84,049 | -100% |
| Accrued charges and deferred income | 492/3 | €6,884 | €0 | -€6,884 | -100% |
| Non-recurring operating income | 76A | - | €10,916 | +€10,916 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,609 | €15,693 | -€6,916 | -30.6% |
| Other operating charges | 640/8 | €2,825 | €8,262 | +€5,437 | +192% |
| Gross operating margin | 9900 | €169,945 | €303,776 | +€133,831 | +78.7% |
| Operating profit (loss) | 9901 | €144,510 | €279,820 | +€135,310 | +93.6% |
| Financial income | 75/76B | €57,886 | €12,466 | -€45,421 | -78.5% |
| Recurring financial income | 75 | €57,886 | €12,466 | -€45,421 | -78.5% |
| Financial charges | 65/66B | €6,038 | €2,384 | -€3,654 | -60.5% |
| Recurring financial charges | 65 | €6,038 | €2,384 | -€3,654 | -60.5% |
| Profit (loss) for the period before taxes | 9903 | €196,359 | €289,902 | +€93,543 | +47.6% |
| Transfer from deferred taxes | 780 | €2,889 | €2,889 | = | 0.0% |
| Income taxes | 67/77 | €45,551 | €92,535 | +€46,984 | +103% |
| Profit (loss) for the period | 9904 | €153,697 | €200,256 | +€46,559 | +30.3% |
| Transfer from tax-exempt reserves | 789 | €5,611 | €5,611 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €159,308 | €205,867 | +€46,559 | +29.2% |
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 18 October 2026 via checked.be.