AF spin world: 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 spin world
Largest movements
- Receivables within one year +€43,438
up €43,438 (+18.9%), from €229,579 to €273,017
of which Trade receivables: +€56,412
- Cash +€20,488
up €20,488 (+15.6%), from €131,465 to €151,953
mainly Net result for the year (+€97,232) and Other debts (+€60,000)
- Deferred charges and accrued income +€13,544
up €13,544 (+2110.1%), from €642 to €14,185
- Other debts +€60,000
up €60,000 (+1200.0%), from €5,000 to €65,000
- Debts after one year -€30,493
down €30,493 (-12.6%), from €241,696 to €211,203
- Trade debts +€26,818
up €26,818 (+44.6%), from €60,104 to €86,922
- Reserves +€20,000
up €20,000 (+6.3%), from €316,860 to €336,860
of which Distributable reserves: +€20,000
- Tax, wage and social debts -€14,120
down €14,120 (-14.0%), from €100,692 to €86,573
- Gross operating margin +€80,213
up €80,213 (+47.4%), from €169,133 to €249,347
- Financial charges +€42,259
up €42,259 (+109.6%), from €38,572 to €80,830
- Taxes +€13,020
up €13,020 (+42.3%), from €30,760 to €43,779
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 | €778,409 | €849,694 | +€71,285 | +9.2% |
| Fixed assets | 21/28 | €416,723 | €410,539 | -€6,184 | -1.5% |
| Tangible fixed assets | 22/27 | €416,723 | €410,539 | -€6,184 | -1.5% |
| Land and buildings | 22 | €374,475 | €361,705 | -€12,769 | -3.4% |
| Plant, machinery and equipment | 23 | €34,600 | €28,586 | -€6,014 | -17.4% |
| Furniture and vehicles | 24 | €7,648 | €20,247 | +€12,599 | +164.7% |
| Current assets | 29/58 | €361,686 | €439,155 | +€77,470 | +21.4% |
| Amounts receivable within one year | 40/41 | €229,579 | €273,017 | +€43,438 | +18.9% |
| Trade receivables | 40 | €49,734 | €106,146 | +€56,412 | +113.4% |
| Other amounts receivable | 41 | €179,845 | €166,872 | -€12,974 | -7.2% |
| Cash at bank and in hand | 54/58 | €131,465 | €151,953 | +€20,488 | +15.6% |
| Deferred charges and accrued income | 490/1 | €642 | €14,185 | +€13,544 | +2110.1% |
| Total equity and liabilities | 10/49 | €778,409 | €849,694 | +€71,285 | +9.2% |
| Equity | 10/15 | €337,272 | €369,504 | +€32,232 | +9.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €316,860 | €336,860 | +€20,000 | +6.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €315,000 | €335,000 | +€20,000 | +6.3% |
| Profit (loss) carried forward | 14 | €14,212 | €26,444 | +€12,232 | +86.1% |
| Amounts payable | 17/49 | €441,137 | €480,191 | +€39,054 | +8.9% |
| Amounts payable after more than one year | 17 | €241,696 | €211,203 | -€30,493 | -12.6% |
| Financial debts | 170/4 | €241,696 | €211,203 | -€30,493 | -12.6% |
| Amounts payable within one year | 42/48 | €199,440 | €268,987 | +€69,547 | +34.9% |
| Current portion of amounts payable after more than one year | 42 | €33,644 | €30,493 | -€3,151 | -9.4% |
| Trade debts | 44 | €60,104 | €86,922 | +€26,818 | +44.6% |
| Suppliers | 440/4 | €60,104 | €86,922 | +€26,818 | +44.6% |
| Taxes, remuneration and social security | 45 | €100,692 | €86,573 | -€14,120 | -14.0% |
| Taxes | 450/3 | €100,692 | €86,573 | -€14,120 | -14.0% |
| Other amounts payable | 47/48 | €5,000 | €65,000 | +€60,000 | +1200.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,358 | €22,759 | +€1,401 | +6.6% |
| Other operating charges | 640/8 | €3,908 | €5,060 | +€1,152 | +29.5% |
| Non-recurring operating charges | 66A | €63 | €63 | +€0 | +0.5% |
| Gross operating margin | 9900 | €169,133 | €249,347 | +€80,213 | +47.4% |
| Operating profit (loss) | 9901 | €143,804 | €221,464 | +€77,660 | +54.0% |
| Financial income | 75/76B | €154 | €377 | +€223 | +144.2% |
| Recurring financial income | 75 | €154 | €377 | +€223 | +144.2% |
| Financial charges | 65/66B | €38,572 | €80,830 | +€42,259 | +109.6% |
| Recurring financial charges | 65 | €38,572 | €80,830 | +€42,259 | +109.6% |
| Profit (loss) for the period before taxes | 9903 | €105,387 | €141,011 | +€35,624 | +33.8% |
| Income taxes | 67/77 | €30,760 | €43,779 | +€13,020 | +42.3% |
| Profit (loss) for the period | 9904 | €74,628 | €97,232 | +€22,604 | +30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €74,628 | €97,232 | +€22,604 | +30.3% |
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 2 October 2026 via checked.be.