AFDS: 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.
AFDS
Largest movements
- Tangible fixed assets -€16,087
down €16,087 (-39.7%), from €40,538 to €24,451
of which Furniture and vehicles: -€16,087
- Receivables within one year -€8,306
down €8,306 (-21.6%), from €38,474 to €30,168
of which Trade receivables: -€11,482
- Deferred charges and accrued income -€8,206
down €8,206 (-50.7%), from €16,200 to €7,994
- Cash -€1,824
no longer reported in 2025 (was €1,824)
mainly Net result for the year (-€43,076) and Debts after one year (-€11,421)
- Profit (loss) carried forward -€43,076
down €43,076, from €19,955 to -€23,120
- Short-term financial debts +€21,211
new in 2025: €21,211
- Debts after one year -€11,421
down €11,421 (-41.7%), from €27,370 to €15,949
- Tax, wage and social debts -€8,065
no longer reported in 2025 (was €8,065)
- Trade debts +€5,639
up €5,639 (+364.6%), from €1,547 to €7,186
- Gross operating margin -€35,330
down €35,330, from €11,154 to -€24,176
- Financial income -€1,804
down €1,804 (-55.0%), from €3,279 to €1,474
- Depreciation -€604
down €604 (-3.6%), from €16,691 to €16,087
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 | €148,724 | €115,753 | -€32,971 | -22.2% |
| Fixed assets | 21/28 | €40,538 | €24,451 | -€16,087 | -39.7% |
| Tangible fixed assets | 22/27 | €40,538 | €24,451 | -€16,087 | -39.7% |
| Furniture and vehicles | 24 | €36,888 | €20,801 | -€16,087 | -43.6% |
| Other tangible fixed assets | 26 | €3,650 | €3,650 | = | 0.0% |
| Current assets | 29/58 | €108,186 | €91,302 | -€16,884 | -15.6% |
| Amounts receivable after more than one year | 29 | €51,688 | €53,140 | +€1,452 | +2.8% |
| Other amounts receivable | 291 | €51,688 | €53,140 | +€1,452 | +2.8% |
| Amounts receivable within one year | 40/41 | €38,474 | €30,168 | -€8,306 | -21.6% |
| Trade receivables | 40 | €12,503 | €1,022 | -€11,482 | -91.8% |
| Other amounts receivable | 41 | €25,971 | €29,146 | +€3,176 | +12.2% |
| Cash at bank and in hand | 54/58 | €1,824 | - | -€1,824 | |
| Deferred charges and accrued income | 490/1 | €16,200 | €7,994 | -€8,206 | -50.7% |
| Total equity and liabilities | 10/49 | €148,724 | €115,753 | -€32,971 | -22.2% |
| Equity | 10/15 | €99,663 | €56,588 | -€43,076 | -43.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €61,108 | €61,108 | = | 0.0% |
| 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 | €59,248 | €59,248 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,955 | -€23,120 | -€43,076 | |
| Amounts payable | 17/49 | €49,060 | €59,165 | +€10,105 | +20.6% |
| Amounts payable after more than one year | 17 | €27,370 | €15,949 | -€11,421 | -41.7% |
| Financial debts | 170/4 | €27,370 | €15,949 | -€11,421 | -41.7% |
| Amounts payable within one year | 42/48 | €21,690 | €43,216 | +€21,526 | +99.2% |
| Current portion of amounts payable after more than one year | 42 | €11,803 | €12,240 | +€437 | +3.7% |
| Financial debts | 43 | - | €21,211 | +€21,211 | |
| Credit institutions | 430/8 | - | €21,211 | +€21,211 | |
| Trade debts | 44 | €1,547 | €7,186 | +€5,639 | +364.6% |
| Suppliers | 440/4 | €1,547 | €7,186 | +€5,639 | +364.6% |
| Advances received on contracts in progress | 46 | - | €2,260 | +€2,260 | |
| Taxes, remuneration and social security | 45 | €8,065 | - | -€8,065 | |
| Taxes | 450/3 | €8,065 | - | -€8,065 | |
| Other amounts payable | 47/48 | €275 | €320 | +€45 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,691 | €16,087 | -€604 | -3.6% |
| Other operating charges | 640/8 | €313 | €448 | +€135 | +43.2% |
| Gross operating margin | 9900 | €11,154 | -€24,176 | -€35,330 | |
| Operating profit (loss) | 9901 | -€5,850 | -€40,711 | -€34,861 | -595.9% |
| Financial income | 75/76B | €3,279 | €1,474 | -€1,804 | -55.0% |
| Recurring financial income | 75 | €3,279 | €1,474 | -€1,804 | -55.0% |
| Financial charges | 65/66B | €3,784 | €3,676 | -€108 | -2.9% |
| Recurring financial charges | 65 | €3,784 | €3,676 | -€108 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | -€6,356 | -€42,913 | -€36,557 | -575.2% |
| Income taxes | 67/77 | €175 | €163 | -€12 | -6.8% |
| Profit (loss) for the period | 9904 | -€6,531 | -€43,076 | -€36,545 | -559.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,531 | -€43,076 | -€36,545 | -559.6% |
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.