AF-T: 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-T
Largest movements
- Stocks and contracts -€6,387
down €6,387 (-100%), from €6,387 to €0
- Receivables within one year -€2,301
down €2,301 (-2.8%), from €81,183 to €78,882
of which Other amounts receivable: -€6,330
- Cash +€1,739
up €1,739 (+8.6%), from €20,163 to €21,902
mainly Stocks and contracts (+€6,387) and Net result for the year (+€2,957)
- Intangible fixed assets -€1,400
down €1,400 (-52.2%), from €2,683 to €1,283
- Tangible fixed assets -€1,392
down €1,392 (-49.3%), from €2,824 to €1,432
of which Plant, machinery and equipment: -€1,169
- Trade debts -€12,199
down €12,199 (-28.7%), from €42,536 to €30,337
- Profit (loss) carried forward +€2,957
up €2,957, from -€2,698 to €259
- Tax, wage and social debts -€1,202
down €1,202 (-10.3%), from €11,670 to €10,469
of which Taxes: -€1,979
- Gross operating margin +€31,383
up €31,383 (+37.4%), from €83,914 to €115,298
- Other operating charges +€2,621
up €2,621 (+104%), from €2,522 to €5,143
- Staff costs +€1,589
up €1,589 (+1.5%), from €102,571 to €104,160
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 | €115,839 | €105,395 | -€10,444 | -9.0% |
| Fixed assets | 21/28 | €5,508 | €2,716 | -€2,792 | -50.7% |
| Intangible fixed assets | 21 | €2,683 | €1,283 | -€1,400 | -52.2% |
| Tangible fixed assets | 22/27 | €2,824 | €1,432 | -€1,392 | -49.3% |
| Plant, machinery and equipment | 23 | €2,381 | €1,211 | -€1,169 | -49.1% |
| Furniture and vehicles | 24 | €444 | €221 | -€223 | -50.2% |
| Current assets | 29/58 | €110,331 | €102,679 | -€7,652 | -6.9% |
| Stocks and contracts in progress | 3 | €6,387 | €0 | -€6,387 | -100% |
| Contracts in progress | 37 | €6,387 | €0 | -€6,387 | -100% |
| Amounts receivable within one year | 40/41 | €81,183 | €78,882 | -€2,301 | -2.8% |
| Trade receivables | 40 | €48,231 | €52,259 | +€4,028 | +8.4% |
| Other amounts receivable | 41 | €32,952 | €26,623 | -€6,330 | -19.2% |
| Cash at bank and in hand | 54/58 | €20,163 | €21,902 | +€1,739 | +8.6% |
| Deferred charges and accrued income | 490/1 | €2,598 | €1,895 | -€703 | -27.0% |
| Total equity and liabilities | 10/49 | €115,839 | €105,395 | -€10,444 | -9.0% |
| Equity | 10/15 | €61,632 | €64,589 | +€2,957 | +4.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €58,130 | €58,130 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €58,130 | €58,130 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,698 | €259 | +€2,957 | |
| Amounts payable | 17/49 | €54,207 | €40,806 | -€13,401 | -24.7% |
| Amounts payable within one year | 42/48 | €54,207 | €40,806 | -€13,401 | -24.7% |
| Trade debts | 44 | €42,536 | €30,337 | -€12,199 | -28.7% |
| Suppliers | 440/4 | €42,536 | €30,337 | -€12,199 | -28.7% |
| Taxes, remuneration and social security | 45 | €11,670 | €10,469 | -€1,202 | -10.3% |
| Taxes | 450/3 | €3,760 | €1,781 | -€1,979 | -52.6% |
| Remuneration and social security | 454/9 | €7,910 | €8,687 | +€777 | +9.8% |
| Remuneration, social security and pensions | 62 | €102,571 | €104,160 | +€1,589 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,272 | €2,792 | +€520 | +22.9% |
| Other operating charges | 640/8 | €2,522 | €5,143 | +€2,621 | +104% |
| Gross operating margin | 9900 | €83,914 | €115,298 | +€31,383 | +37.4% |
| Operating profit (loss) | 9901 | -€23,450 | €3,203 | +€26,653 | |
| Financial income | 75/76B | €1,791 | €1,218 | -€573 | -32.0% |
| Recurring financial income | 75 | €1,791 | €1,218 | -€573 | -32.0% |
| Financial charges | 65/66B | €755 | €1,332 | +€577 | +76.4% |
| Recurring financial charges | 65 | €755 | €1,332 | +€577 | +76.4% |
| Profit (loss) for the period before taxes | 9903 | -€22,414 | €3,089 | +€25,503 | |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | -€22,542 | €2,957 | +€25,499 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,542 | €2,957 | +€25,499 |
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 13 October 2026 via checked.be.