A4F: what changed
Two fiscal 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.
A4F
Largest movements
- Stocks and contracts +€1.0m
up €1.0m (+127.5%), from €814,305 to €1.9m
- Cash +€339,638
up €339,638 (+142.2%), from €238,842 to €578,481
mainly Advances received (+€1.2m) and Other debts (+€129,587)
- Advances received +€1.2m
up €1.2m (+230.8%), from €513,990 to €1.7m
- Other debts +€129,587
up €129,587 (+90.0%), from €144,034 to €273,621
- Short-term financial debts +€69,000
up €69,000 (+123.2%), from €56,000 to €125,000
of which Credit institutions: +€125,000
- Profit (loss) carried forward -€34,558
down €34,558 (-6.2%), from -€555,694 to -€590,251
- Tax, wage and social debts +€27,113
up €27,113 (+46.7%), from €58,108 to €85,221
- Financial charges +€8,208
up €8,208 (+45.9%), from €17,881 to €26,089
- Financial income -€5,980
down €5,980 (-97.7%), from €6,121 to €141
- Gross operating margin -€3,225
down €3,225 (-72.9%), from -€4,423 to -€7,648
- Other operating charges -€905
down €905 (-48.5%), from €1,866 to €962
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.
Cash bridge derived
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 | €1,058,710 | €2,440,113 | +€1.4m | +130.5% |
| Fixed assets | 21/28 | - | €375 | +€375 | |
| Financial fixed assets | 28 | - | €375 | +€375 | |
| Current assets | 29/58 | €1,058,710 | €2,439,738 | +€1.4m | +130.4% |
| Stocks and contracts in progress | 3 | €814,305 | €1,852,808 | +€1.0m | +127.5% |
| Contracts in progress | 37 | €814,305 | €1,852,808 | +€1.0m | +127.5% |
| Amounts receivable within one year | 40/41 | €5,563 | €8,449 | +€2,886 | +51.9% |
| Trade receivables | 40 | €174 | €0 | -€174 | -100.0% |
| Other amounts receivable | 41 | €5,389 | €8,449 | +€3,060 | +56.8% |
| Cash at bank and in hand | 54/58 | €238,842 | €578,481 | +€339,638 | +142.2% |
| Total equity and liabilities | 10/49 | €1,058,710 | €2,440,113 | +€1.4m | +130.5% |
| Equity | 10/15 | €285,523 | €250,965 | -€34,558 | -12.1% |
| Contributions | 10/11 | €810,022 | €810,022 | = | 0.0% |
| Capital | 10 | €810,022 | €810,022 | = | 0.0% |
| Issued capital | 100 | €810,022 | €810,022 | = | 0.0% |
| Reserves | 13 | €31,194 | €31,194 | = | 0.0% |
| Non-distributable reserves | 130/1 | €31,194 | €31,194 | = | 0.0% |
| Legal reserve | 130 | €31,194 | €31,194 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€555,694 | -€590,251 | -€34,558 | -6.2% |
| Amounts payable | 17/49 | €773,187 | €2,189,148 | +€1.4m | +183.1% |
| Amounts payable within one year | 42/48 | €772,529 | €2,188,801 | +€1.4m | +183.3% |
| Financial debts | 43 | €56,000 | €125,000 | +€69,000 | +123.2% |
| Credit institutions | 430/8 | - | €125,000 | +€125,000 | |
| Other loans | 439 | €56,000 | €0 | -€56,000 | -100.0% |
| Trade debts | 44 | €398 | €4,484 | +€4,086 | +1026.7% |
| Suppliers | 440/4 | €398 | €4,484 | +€4,086 | +1026.7% |
| Advances received on contracts in progress | 46 | €513,990 | €1,700,475 | +€1.2m | +230.8% |
| Taxes, remuneration and social security | 45 | €58,108 | €85,221 | +€27,113 | +46.7% |
| Taxes | 450/3 | €58,108 | €85,221 | +€27,113 | +46.7% |
| Other amounts payable | 47/48 | €144,034 | €273,621 | +€129,587 | +90.0% |
| Accrued charges and deferred income | 492/3 | €658 | €347 | -€311 | -47.2% |
| Other operating charges | 640/8 | €1,866 | €962 | -€905 | -48.5% |
| Gross operating margin | 9900 | -€4,423 | -€7,648 | -€3,225 | -72.9% |
| Operating profit (loss) | 9901 | -€6,290 | -€8,610 | -€2,320 | -36.9% |
| Financial income | 75/76B | €6,121 | €141 | -€5,980 | -97.7% |
| Recurring financial income | 75 | €6,121 | €141 | -€5,980 | -97.7% |
| Financial charges | 65/66B | €17,881 | €26,089 | +€8,208 | +45.9% |
| Recurring financial charges | 65 | €17,881 | €26,089 | +€8,208 | +45.9% |
| Profit (loss) for the period before taxes | 9903 | -€18,049 | -€34,558 | -€16,508 | -91.5% |
| Profit (loss) for the period | 9904 | -€18,049 | -€34,558 | -€16,508 | -91.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,049 | -€34,558 | -€16,508 | -91.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.