AF-LOGI: 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-LOGI
Largest movements
- Stocks and contracts +€88,329
up €88,329 (+60.9%), from €144,986 to €233,315
- Receivables within one year +€86,569
up €86,569 (+69.0%), from €125,446 to €212,015
of which Other amounts receivable: +€104,814
- Cash -€72,796
down €72,796 (-36.3%), from €200,658 to €127,862
mainly Stocks and contracts (-€88,329) and Receivables within one year (-€86,569)
- Tangible fixed assets -€58,866
down €58,866 (-23.3%), from €253,120 to €194,254
of which Furniture and vehicles: -€49,379
- Reserves +€47,204
up €47,204 (+7.6%), from €620,656 to €667,860
- Trade debts -€34,069
down €34,069 (-43.5%), from €78,352 to €44,283
- Debts after one year +€15,384
up €15,384 (+124%), from €12,386 to €27,770
- Current portion of long-term debt +€11,805
up €11,805 (+65.8%), from €17,936 to €29,740
- Gross operating margin +€59,232
up €59,232 (+45.3%), from €130,695 to €189,927
- Taxes +€12,565
up €12,565 (+237%), from €5,297 to €17,862
- Staff costs +€8,305
new in 2025: €8,305
- Financial income +€4,199
up €4,199 (+247%), from €1,699 to €5,898
- Depreciation +€2,577
up €2,577 (+2.3%), from €111,531 to €114,108
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 | €758,293 | €798,027 | +€39,734 | +5.2% |
| Fixed assets | 21/28 | €254,998 | €195,705 | -€59,293 | -23.3% |
| Intangible fixed assets | 21 | €1,466 | €1,039 | -€427 | -29.1% |
| Tangible fixed assets | 22/27 | €253,120 | €194,254 | -€58,866 | -23.3% |
| Plant, machinery and equipment | 23 | €134,588 | €121,178 | -€13,410 | -10.0% |
| Furniture and vehicles | 24 | €114,899 | €65,520 | -€49,379 | -43.0% |
| Other tangible fixed assets | 26 | €3,633 | €7,555 | +€3,922 | +108% |
| Financial fixed assets | 28 | €412 | €412 | = | 0.0% |
| Current assets | 29/58 | €503,296 | €602,322 | +€99,026 | +19.7% |
| Stocks and contracts in progress | 3 | €144,986 | €233,315 | +€88,329 | +60.9% |
| Stocks | 30/36 | €144,986 | €233,315 | +€88,329 | +60.9% |
| Amounts receivable within one year | 40/41 | €125,446 | €212,015 | +€86,569 | +69.0% |
| Trade receivables | 40 | €46,039 | €27,795 | -€18,244 | -39.6% |
| Other amounts receivable | 41 | €79,406 | €184,220 | +€104,814 | +132% |
| Cash at bank and in hand | 54/58 | €200,658 | €127,862 | -€72,796 | -36.3% |
| Deferred charges and accrued income | 490/1 | €32,207 | €29,130 | -€3,077 | -9.6% |
| Total equity and liabilities | 10/49 | €758,293 | €798,027 | +€39,734 | +5.2% |
| Equity | 10/15 | €639,206 | €686,410 | +€47,204 | +7.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €620,656 | €667,860 | +€47,204 | +7.6% |
| Distributable reserves | 133 | €620,656 | €667,860 | +€47,204 | +7.6% |
| Amounts payable | 17/49 | €119,088 | €111,618 | -€7,470 | -6.3% |
| Amounts payable after more than one year | 17 | €12,386 | €27,770 | +€15,384 | +124% |
| Financial debts | 170/4 | €12,386 | €27,770 | +€15,384 | +124% |
| Amounts payable within one year | 42/48 | €105,540 | €83,848 | -€21,692 | -20.6% |
| Current portion of amounts payable after more than one year | 42 | €17,936 | €29,740 | +€11,805 | +65.8% |
| Trade debts | 44 | €78,352 | €44,283 | -€34,069 | -43.5% |
| Suppliers | 440/4 | €78,352 | €44,283 | -€34,069 | -43.5% |
| Advances received on contracts in progress | 46 | - | €6,210 | +€6,210 | |
| Taxes, remuneration and social security | 45 | €8,419 | €2,782 | -€5,637 | -67.0% |
| Taxes | 450/3 | €5,919 | €1,727 | -€4,191 | -70.8% |
| Remuneration and social security | 454/9 | €2,500 | €1,054 | -€1,446 | -57.8% |
| Other amounts payable | 47/48 | €833 | €833 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,163 | - | -€1,163 | |
| Non-recurring operating income | 76A | €24,500 | - | -€24,500 | |
| Remuneration, social security and pensions | 62 | - | €8,305 | +€8,305 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,531 | €114,108 | +€2,577 | +2.3% |
| Other operating charges | 640/8 | €2,335 | €2,888 | +€554 | +23.7% |
| Gross operating margin | 9900 | €130,695 | €189,927 | +€59,232 | +45.3% |
| Operating profit (loss) | 9901 | €16,829 | €64,625 | +€47,796 | +284% |
| Financial income | 75/76B | €1,699 | €5,898 | +€4,199 | +247% |
| Recurring financial income | 75 | €1,699 | €5,898 | +€4,199 | +247% |
| Financial charges | 65/66B | €3,003 | €4,624 | +€1,621 | +54.0% |
| Recurring financial charges | 65 | €3,003 | €4,624 | +€1,621 | +54.0% |
| Profit (loss) for the period before taxes | 9903 | €15,525 | €65,899 | +€50,375 | +324% |
| Income taxes | 67/77 | €5,297 | €17,862 | +€12,565 | +237% |
| Profit (loss) for the period | 9904 | €10,228 | €48,037 | +€37,809 | +370% |
| Profit (loss) for the period to be appropriated | 9905 | €10,228 | €48,037 | +€37,809 | +370% |
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.