AF RENOVATION: 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 RENOVATION
Largest movements
- Receivables within one year +€95,971
up €95,971 (+726%), from €13,217 to €109,189
of which Trade receivables: +€87,726
- Cash -€39,296
down €39,296 (-40.3%), from €97,551 to €58,256
mainly Contributions, distributions and other (-€110,981) and Receivables within one year (-€95,971)
- Deferred charges and accrued income +€26,496
up €26,496 (+1,111%), from €2,386 to €28,882
- Tangible fixed assets +€16,131
up €16,131 (+47.9%), from €33,704 to €49,835
of which Furniture and vehicles: +€28,945
- Other debts +€115,798
up €115,798 (+880%), from €13,159 to €128,956
- Profit (loss) carried forward -€78,767
no longer reported in 2025 (was €78,767)
- Trade debts +€49,435
up €49,435 (+385%), from €12,852 to €62,287
- Debts after one year +€16,086
up €16,086 (+137%), from €11,731 to €27,817
- Tax, wage and social debts -€5,090
down €5,090 (-27.5%), from €18,514 to €13,424
of which Taxes: -€7,194
- Staff costs +€24,556
up €24,556 (+132%), from €18,588 to €43,145
- Gross operating margin +€18,584
up €18,584 (+20.2%), from €91,855 to €110,438
- Other operating charges +€6,291
up €6,291 (+313%), from €2,008 to €8,299
- Depreciation -€4,362
down €4,362 (-27.1%), from €16,089 to €11,727
- Financial charges +€2,096
up €2,096 (+74.6%), from €2,810 to €4,906
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 | €146,858 | €246,161 | +€99,303 | +67.6% |
| Fixed assets | 21/28 | €33,704 | €49,835 | +€16,131 | +47.9% |
| Tangible fixed assets | 22/27 | €33,704 | €49,835 | +€16,131 | +47.9% |
| Plant, machinery and equipment | 23 | €8,056 | €7,134 | -€922 | -11.4% |
| Furniture and vehicles | 24 | €13,756 | €42,701 | +€28,945 | +210% |
| Leasing and similar rights | 25 | €11,891 | - | -€11,891 | |
| Current assets | 29/58 | €113,154 | €196,326 | +€83,172 | +73.5% |
| Amounts receivable within one year | 40/41 | €13,217 | €109,189 | +€95,971 | +726% |
| Trade receivables | 40 | €10,288 | €98,014 | +€87,726 | +853% |
| Other amounts receivable | 41 | €2,929 | €11,175 | +€8,245 | +281% |
| Cash at bank and in hand | 54/58 | €97,551 | €58,256 | -€39,296 | -40.3% |
| Deferred charges and accrued income | 490/1 | €2,386 | €28,882 | +€26,496 | +1,111% |
| Total equity and liabilities | 10/49 | €146,858 | €246,161 | +€99,303 | +67.6% |
| Equity | 10/15 | €81,767 | €3,000 | -€78,767 | -96.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,767 | - | -€78,767 | |
| Amounts payable | 17/49 | €65,091 | €243,161 | +€178,070 | +274% |
| Amounts payable after more than one year | 17 | €11,731 | €27,817 | +€16,086 | +137% |
| Financial debts | 170/4 | €11,731 | €27,817 | +€16,086 | +137% |
| Amounts payable within one year | 42/48 | €53,361 | €215,345 | +€161,984 | +304% |
| Current portion of amounts payable after more than one year | 42 | €8,836 | €10,677 | +€1,841 | +20.8% |
| Trade debts | 44 | €12,852 | €62,287 | +€49,435 | +385% |
| Suppliers | 440/4 | €12,852 | €62,287 | +€49,435 | +385% |
| Taxes, remuneration and social security | 45 | €18,514 | €13,424 | -€5,090 | -27.5% |
| Taxes | 450/3 | €12,069 | €4,875 | -€7,194 | -59.6% |
| Remuneration and social security | 454/9 | €6,446 | €8,549 | +€2,103 | +32.6% |
| Other amounts payable | 47/48 | €13,159 | €128,956 | +€115,798 | +880% |
| Non-recurring operating income | 76A | - | €4,281 | +€4,281 | |
| Remuneration, social security and pensions | 62 | €18,588 | €43,145 | +€24,556 | +132% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,089 | €11,727 | -€4,362 | -27.1% |
| Other operating charges | 640/8 | €2,008 | €8,299 | +€6,291 | +313% |
| Non-recurring operating charges | 66A | €913 | - | -€913 | |
| Gross operating margin | 9900 | €91,855 | €110,438 | +€18,584 | +20.2% |
| Operating profit (loss) | 9901 | €54,257 | €47,267 | -€6,990 | -12.9% |
| Financial income | 75/76B | €569 | €481 | -€88 | -15.4% |
| Recurring financial income | 75 | €569 | €481 | -€88 | -15.4% |
| Financial charges | 65/66B | €2,810 | €4,906 | +€2,096 | +74.6% |
| Recurring financial charges | 65 | €2,810 | €4,906 | +€2,096 | +74.6% |
| Profit (loss) for the period before taxes | 9903 | €52,016 | €42,843 | -€9,173 | -17.6% |
| Income taxes | 67/77 | €10,592 | €10,628 | +€37 | +0.3% |
| Profit (loss) for the period | 9904 | €41,424 | €32,214 | -€9,209 | -22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €41,424 | €32,214 | -€9,209 | -22.2% |
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 27 October 2026 via checked.be.