AF IMMO: 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.
AF IMMO
Largest movements
- Deferred charges and accrued income +€1.2m
up €1.2m (+43965.8%), from €2,753 to €1.2m
- Cash -€106,021
down €106,021 (-77.6%), from €136,667 to €30,646
mainly Deferred charges and accrued income (-€1.2m) and Current portion of long-term debt (-€499,668)
- Stocks and contracts +€89,870
up €89,870 (+4.3%), from €2.1m to €2.2m
- Financial fixed assets -€79,688
no longer reported in 2025 (was €79,688)
- Debts after one year +€1.2m
up €1.2m (+67.4%), from €1.8m to €3.0m
- Current portion of long-term debt -€499,668
down €499,668 (-98.3%), from €508,160 to €8,491
- Other debts +€304,870
up €304,870 (+335.0%), from €91,009 to €395,879
- Profit (loss) carried forward +€96,441
up €96,441 (+98.9%), from -€97,533 to -€1,092
- Trade debts -€35,675
down €35,675 (-68.2%), from €52,325 to €16,650
- Gross operating margin +€255,066
up €255,066, from -€69,321 to €185,745
- Financial charges +€5,629
up €5,629 (+8.1%), from €69,161 to €74,790
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 | €2,331,696 | €3,421,768 | +€1.1m | +46.8% |
| Fixed assets | 21/28 | €93,714 | €540 | -€93,174 | -99.4% |
| Tangible fixed assets | 22/27 | €14,027 | €540 | -€13,486 | -96.1% |
| Plant, machinery and equipment | 23 | €870 | €465 | -€405 | -46.6% |
| Furniture and vehicles | 24 | €13,157 | €76 | -€13,082 | -99.4% |
| Financial fixed assets | 28 | €79,688 | - | -€79,688 | |
| Current assets | 29/58 | €2,237,982 | €3,421,228 | +€1.2m | +52.9% |
| Stocks and contracts in progress | 3 | €2,087,268 | €2,177,138 | +€89,870 | +4.3% |
| Stocks | 30/36 | €2,087,268 | €2,177,138 | +€89,870 | +4.3% |
| Amounts receivable within one year | 40/41 | €11,294 | €281 | -€11,014 | -97.5% |
| Trade receivables | 40 | €14 | €281 | +€267 | +1978.7% |
| Other amounts receivable | 41 | €11,281 | - | -€11,281 | |
| Cash at bank and in hand | 54/58 | €136,667 | €30,646 | -€106,021 | -77.6% |
| Deferred charges and accrued income | 490/1 | €2,753 | €1,213,163 | +€1.2m | +43965.8% |
| Total equity and liabilities | 10/49 | €2,331,696 | €3,421,768 | +€1.1m | +46.8% |
| Equity | 10/15 | -€91,333 | €5,108 | +€96,441 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€97,533 | -€1,092 | +€96,441 | +98.9% |
| Amounts payable | 17/49 | €2,423,029 | €3,416,660 | +€993,631 | +41.0% |
| Amounts payable after more than one year | 17 | €1,768,080 | €2,959,589 | +€1.2m | +67.4% |
| Financial debts | 170/4 | €1,768,080 | €2,959,589 | +€1.2m | +67.4% |
| Amounts payable within one year | 42/48 | €654,949 | €457,071 | -€197,877 | -30.2% |
| Current portion of amounts payable after more than one year | 42 | €508,160 | €8,491 | -€499,668 | -98.3% |
| Trade debts | 44 | €52,325 | €16,650 | -€35,675 | -68.2% |
| Suppliers | 440/4 | €52,325 | €16,650 | -€35,675 | -68.2% |
| Advances received on contracts in progress | 46 | €3,025 | €35,248 | +€32,223 | +1065.2% |
| Taxes, remuneration and social security | 45 | €429 | €802 | +€373 | +86.8% |
| Taxes | 450/3 | €429 | €802 | +€373 | +86.8% |
| Other amounts payable | 47/48 | €91,009 | €395,879 | +€304,870 | +335.0% |
| Non-recurring operating income | 76A | - | €698 | +€698 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,427 | €13,486 | +€60 | +0.4% |
| Other operating charges | 640/8 | €426 | €655 | +€229 | +53.9% |
| Gross operating margin | 9900 | -€69,321 | €185,745 | +€255,066 | |
| Operating profit (loss) | 9901 | -€83,174 | €171,603 | +€254,777 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €69,161 | €74,790 | +€5,629 | +8.1% |
| Recurring financial charges | 65 | €69,161 | €74,790 | +€5,629 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | -€152,335 | €96,813 | +€249,148 | |
| Income taxes | 67/77 | €429 | €373 | -€57 | -13.2% |
| Profit (loss) for the period | 9904 | -€152,764 | €96,441 | +€249,205 | |
| Profit (loss) for the period to be appropriated | 9905 | -€152,764 | €96,441 | +€249,205 |
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 6 October 2026 via checked.be.