AF BELGIUM: 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.
What changed
AF BELGIUM
NACE 46.645, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€239,777
2024 · -€112,678-€127,099
Equity
€998,458
2024 · €1.2m-€239,777
Cash
€25,741
2024 · €115,681-€89,940
Balance sheet total
€3.8m
2024 · €3.4m+€385,703
Largest movements
Assets
- Stocks and contracts +€352,121
up €352,121 (+26.5%), from €1.3m to €1.7m
of which Contracts in progress: +€343,294
- Deferred charges and accrued income +€166,051
up €166,051 (+83.3%), from €199,311 to €365,362
- Cash -€89,940
down €89,940 (-77.7%), from €115,681 to €25,741
mainly Stocks and contracts (-€352,121) and Net result for the year (-€239,777)
- Tangible fixed assets -€47,177
down €47,177 (-11.3%), from €417,226 to €370,049
of which Leasing and similar rights: -€100,164
Equity and liabilities
- Advances received +€389,951
up €389,951 (+570%), from €68,362 to €458,313
- Other debts +€327,180
up €327,180 (+638%), from €51,320 to €378,500
- Profit (loss) carried forward -€239,777
down €239,777 (-29.1%), from €823,750 to €583,974
- Accrued charges and deferred income -€103,931
down €103,931 (-40.3%), from €257,867 to €153,935
- Debts after one year -€92,175
down €92,175 (-42.9%), from €214,639 to €122,464
Income statement
- Turnover -€1.0m
down €1.0m (-18.6%), from €5.4m to €4.4m
- Services and other goods -€101,459
down €101,459 (-9.5%), from €1.1m to €969,599
- Goods and materials -€78,303
down €78,303 (-3.4%), from €2.3m to €2.2m
of which Purchases: -€213,018
- Other operating income +€68,299
up €68,299 (+156%), from €43,716 to €112,015
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.
Result 2024
-€112,678
Turnover
-€1.0m
Other operating income
+€68,299
Goods and materials
+€78,303
Services and other goods
+€101,459
Staff costs
-€4,674
Depreciation
-€20,056
Write-downs
-€28,365
Provisions
+€13,240
Other operating charges
+€3,676
Other operating items
+€680,335
Financial income
+€835
Financial charges
-€8,993
Taxes
-€86
Result 2025
-€239,777
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€52,610
Investment
-€126,580
Financing
-€15,969
Cash 2024
€115,681
From operations (derived)
+€52,610
Net result for the year
-€239,777
Depreciation
+€173,757
Stocks and contracts
-€352,121
Receivables within one year
-€4,648
Deferred charges and accrued income
-€166,051
Provisions
-€8,029
Trade debts
+€15,630
Tax, wage and social debts
+€20,649
Advances received
+€389,951
Other debts
+€327,180
Accrued charges and deferred income
-€103,931
Investment (derived)
-€126,580
Investment in fixed assets (net)
-€126,580
Financing
-€15,969
Debts after one year
-€92,175
Current portion of long-term debt
-€8,025
Short-term financial debts
+€84,230
Cash 2025
€25,741
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,437,537 | €3,823,240 | +€385,703 | +11.2% |
| Fixed assets | 21/28 | €417,226 | €370,049 | -€47,177 | -11.3% |
| Tangible fixed assets | 22/27 | €417,226 | €370,049 | -€47,177 | -11.3% |
| Plant, machinery and equipment | 23 | €17,374 | €21,660 | +€4,285 | +24.7% |
| Furniture and vehicles | 24 | €2,503 | €1,006 | -€1,497 | -59.8% |
| Leasing and similar rights | 25 | €348,150 | €247,985 | -€100,164 | -28.8% |
| Other tangible fixed assets | 26 | €49,198 | €99,397 | +€50,199 | +102% |
| Current assets | 29/58 | €3,020,311 | €3,453,191 | +€432,880 | +14.3% |
| Stocks and contracts in progress | 3 | €1,326,718 | €1,678,839 | +€352,121 | +26.5% |
| Stocks | 30/36 | €1,180,551 | €1,189,379 | +€8,827 | +0.7% |
| Goods purchased for resale | 34 | €1,180,551 | €1,189,379 | +€8,827 | +0.7% |
| Contracts in progress | 37 | €146,167 | €489,460 | +€343,294 | +235% |
| Amounts receivable within one year | 40/41 | €1,378,601 | €1,383,250 | +€4,648 | +0.3% |
| Trade receivables | 40 | €1,324,670 | €1,341,654 | +€16,984 | +1.3% |
| Other amounts receivable | 41 | €53,931 | €41,595 | -€12,336 | -22.9% |
| Cash at bank and in hand | 54/58 | €115,681 | €25,741 | -€89,940 | -77.7% |
| Deferred charges and accrued income | 490/1 | €199,311 | €365,362 | +€166,051 | +83.3% |
| Total equity and liabilities | 10/49 | €3,437,537 | €3,823,240 | +€385,703 | +11.2% |
| Equity | 10/15 | €1,238,235 | €998,458 | -€239,777 | -19.4% |
| Contributions | 10/11 | €371,840 | €371,840 | = | 0.0% |
| Capital | 10 | €371,840 | €371,840 | = | 0.0% |
| Issued capital | 100 | €371,840 | €371,840 | = | 0.0% |
| Reserves | 13 | €42,645 | €42,645 | = | 0.0% |
| Non-distributable reserves | 130/1 | €37,315 | €37,315 | = | 0.0% |
| Legal reserve | 130 | €37,184 | €37,184 | = | 0.0% |
| Other | 1319 | €131 | €131 | = | 0.0% |
| Distributable reserves | 133 | €5,330 | €5,330 | = | 0.0% |
| Profit (loss) carried forward | 14 | €823,750 | €583,974 | -€239,777 | -29.1% |
| Provisions and deferred taxes | 16 | €21,892 | €13,863 | -€8,029 | -36.7% |
| Provisions for liabilities and charges | 160/5 | €21,892 | €13,863 | -€8,029 | -36.7% |
| Other liabilities and charges | 164/5 | €21,892 | €13,863 | -€8,029 | -36.7% |
| Amounts payable | 17/49 | €2,177,409 | €2,810,919 | +€633,510 | +29.1% |
| Amounts payable after more than one year | 17 | €214,639 | €122,464 | -€92,175 | -42.9% |
| Financial debts | 170/4 | €214,639 | €122,464 | -€92,175 | -42.9% |
| Leasing and similar obligations | 172 | €214,639 | €122,464 | -€92,175 | -42.9% |
| Amounts payable within one year | 42/48 | €1,704,904 | €2,534,520 | +€829,616 | +48.7% |
| Current portion of amounts payable after more than one year | 42 | €127,587 | €119,563 | -€8,025 | -6.3% |
| Financial debts | 43 | - | €84,230 | +€84,230 | |
| Credit institutions | 430/8 | - | €84,230 | +€84,230 | |
| Trade debts | 44 | €1,235,160 | €1,250,791 | +€15,630 | +1.3% |
| Suppliers | 440/4 | €1,235,160 | €1,250,791 | +€15,630 | +1.3% |
| Advances received on contracts in progress | 46 | €68,362 | €458,313 | +€389,951 | +570% |
| Taxes, remuneration and social security | 45 | €222,475 | €243,124 | +€20,649 | +9.3% |
| Taxes | 450/3 | €70,352 | €67,335 | -€3,017 | -4.3% |
| Remuneration and social security | 454/9 | €152,123 | €175,788 | +€23,666 | +15.6% |
| Other amounts payable | 47/48 | €51,320 | €378,500 | +€327,180 | +638% |
| Accrued charges and deferred income | 492/3 | €257,867 | €153,935 | -€103,931 | -40.3% |
| Operating income | 70/76A | €5,194,715 | €4,932,278 | -€262,438 | -5.1% |
| Turnover | 70 | €5,423,789 | €4,412,718 | -€1.0m | -18.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€331,507 | €343,294 | +€674,801 | |
| Own construction capitalised | 72 | €58,717 | €64,251 | +€5,535 | +9.4% |
| Other operating income | 74 | €43,716 | €112,015 | +€68,299 | +156% |
| Operating charges | 60/66A | €5,285,037 | €5,141,455 | -€143,582 | -2.7% |
| Goods for resale, raw materials and consumables | 60 | €2,291,469 | €2,213,167 | -€78,303 | -3.4% |
| Purchases | 600/8 | €2,513,586 | €2,300,568 | -€213,018 | -8.5% |
| Change in stocks: decrease (increase) | 609 | -€222,117 | -€87,402 | +€134,715 | +60.7% |
| Services and other goods | 61 | €1,071,057 | €969,599 | -€101,459 | -9.5% |
| Remuneration, social security and pensions | 62 | €1,666,434 | €1,671,108 | +€4,674 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,701 | €173,757 | +€20,056 | +13.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €66,803 | €95,168 | +€28,365 | +42.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €5,210 | -€8,029 | -€13,240 | |
| Other operating charges | 640/8 | €30,363 | €26,687 | -€3,676 | -12.1% |
| Operating profit (loss) | 9901 | -€90,322 | -€209,177 | -€118,855 | -132% |
| Financial income | 75/76B | €254 | €1,089 | +€835 | +328% |
| Recurring financial income | 75 | €254 | €1,089 | +€835 | +328% |
| Income from current assets | 751 | €95 | €137 | +€42 | +44.2% |
| Other financial income | 752/9 | €159 | €952 | +€793 | +499% |
| Financial charges | 65/66B | €20,598 | €29,591 | +€8,993 | +43.7% |
| Recurring financial charges | 65 | €20,598 | €29,591 | +€8,993 | +43.7% |
| Debt charges | 650 | €18,512 | €28,756 | +€10,244 | +55.3% |
| Other financial charges | 652/9 | €2,086 | €835 | -€1,251 | -60.0% |
| Profit (loss) for the period before taxes | 9903 | -€110,666 | -€237,679 | -€127,013 | -115% |
| Income taxes | 67/77 | €2,012 | €2,097 | +€86 | +4.3% |
| Taxes | 670/3 | €2,012 | €2,097 | +€86 | +4.3% |
| Profit (loss) for the period | 9904 | -€112,678 | -€239,777 | -€127,099 | -113% |
| Profit (loss) for the period to be appropriated | 9905 | -€112,678 | -€239,777 | -€127,099 | -113% |
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 30 October 2026 via checked.be.