AFC 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.
AFC PROJECTS
Largest movements
- Current investments -€200,000
down €200,000 (-39.8%), from €502,750 to €302,750
- Cash +€141,454
up €141,454 (+29.3%), from €482,571 to €624,025
mainly Current investments (+€200,000) and Net result for the year (+€138,307)
- Trade debts -€72,922
down €72,922 (-99.7%), from €73,167 to €245
- Reserves +€15,000
up €15,000 (+1.6%), from €942,360 to €957,360
of which Distributable reserves: +€15,000
- Gross operating margin +€6,104
up €6,104 (+3.4%), from €182,036 to €188,140
- Financial income +€3,097
up €3,097 (+40.1%), from €7,717 to €10,814
- Taxes +€2,581
up €2,581 (+4.5%), from €56,795 to €59,376
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 | €1,205,958 | €1,152,527 | -€53,431 | -4.4% |
| Fixed assets | 21/28 | €32,807 | €32,349 | -€458 | -1.4% |
| Tangible fixed assets | 22/27 | €707 | €249 | -€458 | -64.8% |
| Plant, machinery and equipment | 23 | €707 | €249 | -€458 | -64.8% |
| Financial fixed assets | 28 | €32,100 | €32,100 | = | 0.0% |
| Current assets | 29/58 | €1,173,151 | €1,120,178 | -€52,973 | -4.5% |
| Amounts receivable within one year | 40/41 | €187,830 | €193,403 | +€5,573 | +3.0% |
| Trade receivables | 40 | €137,830 | €143,403 | +€5,573 | +4.0% |
| Other amounts receivable | 41 | €50,000 | €50,000 | = | 0.0% |
| Current investments | 50/53 | €502,750 | €302,750 | -€200,000 | -39.8% |
| Cash at bank and in hand | 54/58 | €482,571 | €624,025 | +€141,454 | +29.3% |
| Total equity and liabilities | 10/49 | €1,205,958 | €1,152,527 | -€53,431 | -4.4% |
| Equity | 10/15 | €1,055,154 | €1,072,628 | +€17,474 | +1.7% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €942,360 | €957,360 | +€15,000 | +1.6% |
| 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 | €940,500 | €955,500 | +€15,000 | +1.6% |
| Profit (loss) carried forward | 14 | €106,494 | €108,968 | +€2,474 | +2.3% |
| Amounts payable | 17/49 | €150,804 | €79,899 | -€70,905 | -47.0% |
| Amounts payable within one year | 42/48 | €150,804 | €79,899 | -€70,905 | -47.0% |
| Trade debts | 44 | €73,167 | €245 | -€72,922 | -99.7% |
| Suppliers | 440/4 | €73,167 | €245 | -€72,922 | -99.7% |
| Taxes, remuneration and social security | 45 | €70,403 | €71,327 | +€924 | +1.3% |
| Taxes | 450/3 | €66,647 | €71,327 | +€4,680 | +7.0% |
| Remuneration and social security | 454/9 | €3,756 | - | -€3,756 | |
| Other amounts payable | 47/48 | €7,234 | €8,327 | +€1,093 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €458 | €458 | = | 0.0% |
| Other operating charges | 640/8 | €1,408 | €87 | -€1,321 | -93.8% |
| Gross operating margin | 9900 | €182,036 | €188,140 | +€6,104 | +3.4% |
| Operating profit (loss) | 9901 | €180,170 | €187,595 | +€7,425 | +4.1% |
| Financial income | 75/76B | €7,717 | €10,814 | +€3,097 | +40.1% |
| Recurring financial income | 75 | €7,717 | €10,814 | +€3,097 | +40.1% |
| Financial charges | 65/66B | €1,151 | €726 | -€425 | -36.9% |
| Recurring financial charges | 65 | €1,151 | €726 | -€425 | -36.9% |
| Profit (loss) for the period before taxes | 9903 | €186,736 | €197,683 | +€10,947 | +5.9% |
| Income taxes | 67/77 | €56,795 | €59,376 | +€2,581 | +4.5% |
| Profit (loss) for the period | 9904 | €129,941 | €138,307 | +€8,366 | +6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €129,941 | €138,307 | +€8,366 | +6.4% |
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 8 October 2026 via checked.be.