AFERVA: 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.
AFERVA
Largest movements
- Receivables within one year +€142,700
up €142,700 (+27.1%), from €526,924 to €669,623
of which Trade receivables: +€137,750
- Cash -€108,738
down €108,738 (-62.4%), from €174,347 to €65,609
mainly Receivables within one year (-€142,700) and Advances received (-€96,922)
- Trade debts +€116,982
up €116,982 (+86.7%), from €134,890 to €251,872
- Advances received -€96,922
down €96,922 (-31.8%), from €304,985 to €208,063
- Profit (loss) carried forward +€25,818
up €25,818 (+3.5%), from -€733,864 to -€708,046
- Debts after one year -€16,123
down €16,123 (-51.1%), from €31,551 to €15,428
- Gross operating margin -€96,216
down €96,216 (-16.4%), from €586,774 to €490,557
- Write-downs -€22,540
down €22,540, from €8,699 to -€13,841
- Staff costs -€22,078
down €22,078 (-4.9%), from €450,282 to €428,204
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 | €808,159 | €837,069 | +€28,910 | +3.6% |
| Fixed assets | 21/28 | €101,657 | €101,104 | -€553 | -0.5% |
| Tangible fixed assets | 22/27 | €74,588 | €74,035 | -€553 | -0.7% |
| Plant, machinery and equipment | 23 | €1,513 | €478 | -€1,035 | -68.4% |
| Furniture and vehicles | 24 | €73,075 | €73,557 | +€482 | +0.7% |
| Financial fixed assets | 28 | €27,069 | €27,069 | = | 0.0% |
| Current assets | 29/58 | €706,502 | €735,964 | +€29,463 | +4.2% |
| Amounts receivable within one year | 40/41 | €526,924 | €669,623 | +€142,700 | +27.1% |
| Trade receivables | 40 | €522,875 | €660,625 | +€137,750 | +26.3% |
| Other amounts receivable | 41 | €4,048 | €8,998 | +€4,950 | +122% |
| Cash at bank and in hand | 54/58 | €174,347 | €65,609 | -€108,738 | -62.4% |
| Deferred charges and accrued income | 490/1 | €5,232 | €733 | -€4,499 | -86.0% |
| Total equity and liabilities | 10/49 | €808,159 | €837,069 | +€28,910 | +3.6% |
| Equity | 10/15 | €316,396 | €342,214 | +€25,818 | +8.2% |
| Contributions | 10/11 | €1,036,600 | €1,036,600 | = | 0.0% |
| Capital | 10 | €1,036,600 | €1,036,600 | = | 0.0% |
| Issued capital | 100 | €1,036,600 | €1,036,600 | = | 0.0% |
| Reserves | 13 | €13,660 | €13,660 | = | 0.0% |
| Non-distributable reserves | 130/1 | €13,660 | €13,660 | = | 0.0% |
| Legal reserve | 130 | €13,660 | €13,660 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€733,864 | -€708,046 | +€25,818 | +3.5% |
| Amounts payable | 17/49 | €491,763 | €494,855 | +€3,092 | +0.6% |
| Amounts payable after more than one year | 17 | €31,551 | €15,428 | -€16,123 | -51.1% |
| Financial debts | 170/4 | €31,551 | €15,428 | -€16,123 | -51.1% |
| Amounts payable within one year | 42/48 | €460,212 | €479,427 | +€19,215 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €15,416 | €16,123 | +€707 | +4.6% |
| Trade debts | 44 | €134,890 | €251,872 | +€116,982 | +86.7% |
| Suppliers | 440/4 | €134,890 | €251,872 | +€116,982 | +86.7% |
| Advances received on contracts in progress | 46 | €304,985 | €208,063 | -€96,922 | -31.8% |
| Taxes, remuneration and social security | 45 | €4,921 | €3,369 | -€1,552 | -31.5% |
| Taxes | 450/3 | €39 | €151 | +€111 | +284% |
| Remuneration and social security | 454/9 | €4,882 | €3,219 | -€1,663 | -34.1% |
| Remuneration, social security and pensions | 62 | €450,282 | €428,204 | -€22,078 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,201 | €27,792 | -€408 | -1.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,699 | -€13,841 | -€22,540 | |
| Other operating charges | 640/8 | €15,592 | €15,626 | +€34 | +0.2% |
| Gross operating margin | 9900 | €586,774 | €490,557 | -€96,216 | -16.4% |
| Operating profit (loss) | 9901 | €84,000 | €32,776 | -€51,225 | -61.0% |
| Financial income | 75/76B | €588 | €313 | -€276 | -46.9% |
| Recurring financial income | 75 | €588 | €313 | -€276 | -46.9% |
| Financial charges | 65/66B | €9,376 | €7,120 | -€2,256 | -24.1% |
| Recurring financial charges | 65 | €9,376 | €7,120 | -€2,256 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €75,213 | €25,969 | -€49,244 | -65.5% |
| Income taxes | 67/77 | €39 | €151 | +€111 | +284% |
| Profit (loss) for the period | 9904 | €75,174 | €25,818 | -€49,356 | -65.7% |
| Profit (loss) for the period to be appropriated | 9905 | €75,174 | €25,818 | -€49,356 | -65.7% |
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 19 October 2026 via checked.be.