AFECO: 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.
AFECO
Largest movements
- Cash +€96,419
up €96,419 (+124.4%), from €77,477 to €173,896
mainly Net result for the year (+€75,140) and Depreciation (+€22,796)
- Tangible fixed assets -€12,796
down €12,796 (-24.6%), from €52,089 to €39,293
of which Furniture and vehicles: -€8,440
- Receivables within one year +€3,073
up €3,073 (+3043.9%), from €101 to €3,174
of which Trade receivables: +€3,000
- Reserves +€75,140
up €75,140 (+79.9%), from €94,059 to €169,200
- Tax, wage and social debts +€11,579
up €11,579 (+26.9%), from €43,060 to €54,639
of which Taxes: +€11,072
- Trade debts +€3,232
up €3,232 (+77.9%), from €4,150 to €7,382
- Gross operating margin +€57,392
up €57,392 (+47.7%), from €120,293 to €177,685
- Staff costs +€35,174
up €35,174 (+192.6%), from €18,260 to €53,435
- Depreciation +€11,203
up €11,203 (+96.6%), from €11,593 to €22,796
- Taxes +€4,559
up €4,559 (+24.1%), from €18,884 to €23,444
- Other operating charges +€2,296
up €2,296 (+518.9%), from €442 to €2,738
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 | €144,269 | €234,220 | +€89,951 | +62.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €52,089 | €39,293 | -€12,796 | -24.6% |
| Tangible fixed assets | 22/27 | €52,089 | €39,293 | -€12,796 | -24.6% |
| Furniture and vehicles | 24 | €31,406 | €22,966 | -€8,440 | -26.9% |
| Other tangible fixed assets | 26 | €20,683 | €16,327 | -€4,356 | -21.1% |
| Current assets | 29/58 | €92,180 | €194,927 | +€102,747 | +111.5% |
| Amounts receivable after more than one year | 29 | €11,878 | €12,964 | +€1,086 | +9.1% |
| Other amounts receivable | 291 | €11,878 | €12,964 | +€1,086 | +9.1% |
| Amounts receivable within one year | 40/41 | €101 | €3,174 | +€3,073 | +3043.9% |
| Trade receivables | 40 | €0 | €3,000 | +€3,000 | |
| Other amounts receivable | 41 | €101 | €174 | +€73 | +72.1% |
| Cash at bank and in hand | 54/58 | €77,477 | €173,896 | +€96,419 | +124.4% |
| Deferred charges and accrued income | 490/1 | €2,725 | €4,894 | +€2,169 | +79.6% |
| Total equity and liabilities | 10/49 | €144,269 | €234,220 | +€89,951 | +62.3% |
| Equity | 10/15 | €97,059 | €172,200 | +€75,140 | +77.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €94,059 | €169,200 | +€75,140 | +79.9% |
| Distributable reserves | 133 | €94,059 | €169,200 | +€75,140 | +79.9% |
| Amounts payable | 17/49 | €47,210 | €62,021 | +€14,811 | +31.4% |
| Amounts payable within one year | 42/48 | €47,210 | €62,021 | +€14,811 | +31.4% |
| Trade debts | 44 | €4,150 | €7,382 | +€3,232 | +77.9% |
| Suppliers | 440/4 | €4,150 | €7,382 | +€3,232 | +77.9% |
| Taxes, remuneration and social security | 45 | €43,060 | €54,639 | +€11,579 | +26.9% |
| Taxes | 450/3 | €43,005 | €54,077 | +€11,072 | +25.7% |
| Remuneration and social security | 454/9 | €55 | €562 | +€507 | +919.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €18,260 | €53,435 | +€35,174 | +192.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,593 | €22,796 | +€11,203 | +96.6% |
| Other operating charges | 640/8 | €442 | €2,738 | +€2,296 | +518.9% |
| Gross operating margin | 9900 | €120,293 | €177,685 | +€57,392 | +47.7% |
| Operating profit (loss) | 9901 | €89,998 | €98,717 | +€8,719 | +9.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €53 | €133 | +€80 | +149.9% |
| Recurring financial charges | 65 | €53 | €133 | +€80 | +149.9% |
| Profit (loss) for the period before taxes | 9903 | €89,945 | €98,584 | +€8,639 | +9.6% |
| Income taxes | 67/77 | €18,884 | €23,444 | +€4,559 | +24.1% |
| Profit (loss) for the period | 9904 | €71,061 | €75,140 | +€4,080 | +5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €71,061 | €75,140 | +€4,080 | +5.7% |
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 29 September 2026 via checked.be.