AF ENERGY: 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.
AF ENERGY
Largest movements
- Tangible fixed assets -€67,250
down €67,250 (-10.9%), from €618,127 to €550,878
of which Furniture and vehicles: -€47,965
- Receivables within one year -€50,316
down €50,316 (-13.5%), from €371,611 to €321,295
- Cash +€45,919
up €45,919 (+128%), from €35,772 to €81,691
mainly Net result for the year (+€78,534) and Depreciation (+€68,249)
- Deferred charges and accrued income +€18,000
new in 2025: €18,000
- Trade debts -€51,259
down €51,259 (-32.3%), from €158,541 to €107,282
- Debts after one year -€33,864
down €33,864 (-10.9%), from €311,047 to €277,183
- Profit (loss) carried forward +€19,263
up €19,263 (+57.0%), from €33,796 to €53,059
- Gross operating margin +€63,707
up €63,707 (+50.6%), from €126,023 to €189,729
- Taxes +€9,515
up €9,515 (+47.1%), from €20,216 to €29,731
- Depreciation +€8,253
up €8,253 (+13.8%), from €59,996 to €68,249
- Financial charges +€2,434
up €2,434 (+23.2%), from €10,503 to €12,937
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 | €1,025,511 | €971,864 | -€53,646 | -5.2% |
| Fixed assets | 21/28 | €618,127 | €550,878 | -€67,250 | -10.9% |
| Tangible fixed assets | 22/27 | €618,127 | €550,878 | -€67,250 | -10.9% |
| Land and buildings | 22 | €461,363 | €442,077 | -€19,285 | -4.2% |
| Furniture and vehicles | 24 | €156,765 | €108,800 | -€47,965 | -30.6% |
| Current assets | 29/58 | €407,383 | €420,987 | +€13,603 | +3.3% |
| Amounts receivable within one year | 40/41 | €371,611 | €321,295 | -€50,316 | -13.5% |
| Trade receivables | 40 | €371,611 | €321,295 | -€50,316 | -13.5% |
| Cash at bank and in hand | 54/58 | €35,772 | €81,691 | +€45,919 | +128% |
| Deferred charges and accrued income | 490/1 | - | €18,000 | +€18,000 | |
| Total equity and liabilities | 10/49 | €1,025,511 | €971,864 | -€53,646 | -5.2% |
| Equity | 10/15 | €70,656 | €89,919 | +€19,263 | +27.3% |
| Contributions | 10/11 | €36,860 | €36,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,796 | €53,059 | +€19,263 | +57.0% |
| Amounts payable | 17/49 | €954,855 | €881,945 | -€72,910 | -7.6% |
| Amounts payable after more than one year | 17 | €311,047 | €277,183 | -€33,864 | -10.9% |
| Financial debts | 170/4 | €311,047 | €277,183 | -€33,864 | -10.9% |
| Amounts payable within one year | 42/48 | €643,808 | €604,762 | -€39,045 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €32,590 | €36,628 | +€4,038 | +12.4% |
| Trade debts | 44 | €158,541 | €107,282 | -€51,259 | -32.3% |
| Suppliers | 440/4 | €158,541 | €107,282 | -€51,259 | -32.3% |
| Taxes, remuneration and social security | 45 | €54,477 | €62,566 | +€8,089 | +14.8% |
| Taxes | 450/3 | €52,681 | €62,566 | +€9,886 | +18.8% |
| Remuneration and social security | 454/9 | €1,797 | - | -€1,797 | |
| Other amounts payable | 47/48 | €398,199 | €398,286 | +€87 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,996 | €68,249 | +€8,253 | +13.8% |
| Other operating charges | 640/8 | €1,512 | €278 | -€1,234 | -81.6% |
| Gross operating margin | 9900 | €126,023 | €189,729 | +€63,707 | +50.6% |
| Operating profit (loss) | 9901 | €64,514 | €121,202 | +€56,688 | +87.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €10,503 | €12,937 | +€2,434 | +23.2% |
| Recurring financial charges | 65 | €10,503 | €12,937 | +€2,434 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | €54,012 | €108,265 | +€54,253 | +100% |
| Income taxes | 67/77 | €20,216 | €29,731 | +€9,515 | +47.1% |
| Profit (loss) for the period | 9904 | €33,796 | €78,534 | +€44,738 | +132% |
| Profit (loss) for the period to be appropriated | 9905 | €33,796 | €78,534 | +€44,738 | +132% |
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 25 October 2026 via checked.be.