AF PROJECTS: 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 PROJECTS
Largest movements
- Cash +€37,991
up €37,991 (+1128.3%), from €3,367 to €41,358
mainly Other debts (+€54,423) and Net result for the year (+€29,077)
- Receivables within one year -€13,699
down €13,699 (-44.8%), from €30,550 to €16,851
of which Trade receivables: -€14,990
- Deferred charges and accrued income -€3,708
down €3,708 (-23.4%), from €15,845 to €12,138
- Tangible fixed assets +€864
up €864 (+50.3%), from €1,718 to €2,582
- Other debts +€54,423
new in 2025: €54,423
- Reserves -€37,231
no longer reported in 2025 (was €37,231)
- Tax, wage and social debts +€4,011
up €4,011 (+37.1%), from €10,809 to €14,820
- Other operating charges -€14,323
down €14,323 (-93.3%), from €15,346 to €1,023
- Gross operating margin +€6,185
up €6,185 (+18.3%), from €33,788 to €39,973
- Taxes +€4,083
up €4,083 (+88.3%), from €4,626 to €8,709
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 | €51,480 | €72,929 | +€21,449 | +41.7% |
| Fixed assets | 21/28 | €1,718 | €2,582 | +€864 | +50.3% |
| Tangible fixed assets | 22/27 | €1,718 | €2,582 | +€864 | +50.3% |
| Furniture and vehicles | 24 | €1,718 | €2,582 | +€864 | +50.3% |
| Current assets | 29/58 | €49,762 | €70,347 | +€20,584 | +41.4% |
| Amounts receivable within one year | 40/41 | €30,550 | €16,851 | -€13,699 | -44.8% |
| Trade receivables | 40 | €30,550 | €15,560 | -€14,990 | -49.1% |
| Other amounts receivable | 41 | - | €1,291 | +€1,291 | |
| Cash at bank and in hand | 54/58 | €3,367 | €41,358 | +€37,991 | +1128.3% |
| Deferred charges and accrued income | 490/1 | €15,845 | €12,138 | -€3,708 | -23.4% |
| Total equity and liabilities | 10/49 | €51,480 | €72,929 | +€21,449 | +41.7% |
| Equity | 10/15 | €39,231 | €2,000 | -€37,231 | -94.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €37,231 | - | -€37,231 | |
| Distributable reserves | 133 | €37,231 | - | -€37,231 | |
| Amounts payable | 17/49 | €12,249 | €70,929 | +€58,680 | +479.1% |
| Amounts payable within one year | 42/48 | €12,249 | €70,929 | +€58,680 | +479.1% |
| Trade debts | 44 | €1,440 | €1,686 | +€246 | +17.1% |
| Suppliers | 440/4 | €1,440 | €1,686 | +€246 | +17.1% |
| Taxes, remuneration and social security | 45 | €10,809 | €14,820 | +€4,011 | +37.1% |
| Taxes | 450/3 | €10,809 | €14,820 | +€4,011 | +37.1% |
| Other amounts payable | 47/48 | - | €54,423 | +€54,423 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €703 | €1,059 | +€356 | +50.6% |
| Other operating charges | 640/8 | €15,346 | €1,023 | -€14,323 | -93.3% |
| Gross operating margin | 9900 | €33,788 | €39,973 | +€6,185 | +18.3% |
| Operating profit (loss) | 9901 | €17,739 | €37,891 | +€20,152 | +113.6% |
| Financial income | 75/76B | €2 | €0 | -€2 | -99.0% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -99.0% |
| Financial charges | 65/66B | €76 | €105 | +€29 | +38.1% |
| Recurring financial charges | 65 | €76 | €105 | +€29 | +38.1% |
| Profit (loss) for the period before taxes | 9903 | €17,665 | €37,785 | +€20,121 | +113.9% |
| Income taxes | 67/77 | €4,626 | €8,709 | +€4,083 | +88.3% |
| Profit (loss) for the period | 9904 | €13,039 | €29,077 | +€16,038 | +123.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,039 | €29,077 | +€16,038 | +123.0% |
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.