AFGRO: 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.
AFGRO
Largest movements
- Receivables within one year +€77,891
up €77,891 (+39.6%), from €196,781 to €274,672
of which Trade receivables: +€72,692
- Tangible fixed assets -€73,277
down €73,277 (-25.0%), from €293,505 to €220,228
of which Leasing and similar rights: -€74,562
- Cash -€49,196
down €49,196 (-34.3%), from €143,603 to €94,407
mainly Receivables within one year (-€77,891) and Debts after one year (-€51,757)
- Debts after one year -€51,757
down €51,757 (-47.7%), from €108,464 to €56,707
- Trade debts +€25,026
up €25,026 (+14.3%), from €174,985 to €200,011
- Current portion of long-term debt -€13,159
down €13,159 (-21.6%), from €60,810 to €47,651
- Tax, wage and social debts -€7,707
down €7,707 (-40.1%), from €19,244 to €11,537
of which Taxes: -€6,457
- Gross operating margin +€47,352
up €47,352 (+35.4%), from €133,681 to €181,033
- Depreciation +€3,412
up €3,412 (+2.9%), from €118,967 to €122,378
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 | €644,424 | €599,843 | -€44,581 | -6.9% |
| Fixed assets | 21/28 | €302,359 | €229,082 | -€73,277 | -24.2% |
| Tangible fixed assets | 22/27 | €293,505 | €220,228 | -€73,277 | -25.0% |
| Plant, machinery and equipment | 23 | €93,929 | €86,059 | -€7,869 | -8.4% |
| Furniture and vehicles | 24 | €55,094 | €64,248 | +€9,154 | +16.6% |
| Leasing and similar rights | 25 | €144,482 | €69,920 | -€74,562 | -51.6% |
| Financial fixed assets | 28 | €8,854 | €8,854 | = | 0.0% |
| Current assets | 29/58 | €342,066 | €370,761 | +€28,695 | +8.4% |
| Amounts receivable within one year | 40/41 | €196,781 | €274,672 | +€77,891 | +39.6% |
| Trade receivables | 40 | €96,430 | €169,122 | +€72,692 | +75.4% |
| Other amounts receivable | 41 | €100,351 | €105,550 | +€5,199 | +5.2% |
| Cash at bank and in hand | 54/58 | €143,603 | €94,407 | -€49,196 | -34.3% |
| Deferred charges and accrued income | 490/1 | €1,681 | €1,681 | = | 0.0% |
| Total equity and liabilities | 10/49 | €644,424 | €599,843 | -€44,581 | -6.9% |
| Equity | 10/15 | €280,921 | €283,936 | +€3,015 | +1.1% |
| Contributions | 10/11 | €14,500 | €14,500 | = | 0.0% |
| Reserves | 13 | €183,750 | €186,760 | +€3,010 | +1.6% |
| Distributable reserves | 133 | €183,750 | €186,760 | +€3,010 | +1.6% |
| Profit (loss) carried forward | 14 | €82,671 | €82,676 | +€5 | 0.0% |
| Amounts payable | 17/49 | €363,503 | €315,906 | -€47,597 | -13.1% |
| Amounts payable after more than one year | 17 | €108,464 | €56,707 | -€51,757 | -47.7% |
| Financial debts | 170/4 | €108,464 | €56,707 | -€51,757 | -47.7% |
| Amounts payable within one year | 42/48 | €255,039 | €259,199 | +€4,160 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €60,810 | €47,651 | -€13,159 | -21.6% |
| Trade debts | 44 | €174,985 | €200,011 | +€25,026 | +14.3% |
| Suppliers | 440/4 | €174,985 | €200,011 | +€25,026 | +14.3% |
| Taxes, remuneration and social security | 45 | €19,244 | €11,537 | -€7,707 | -40.1% |
| Taxes | 450/3 | €17,994 | €11,537 | -€6,457 | -35.9% |
| Remuneration and social security | 454/9 | €1,250 | - | -€1,250 | |
| Non-recurring operating income | 76A | - | €7,602 | +€7,602 | |
| Remuneration, social security and pensions | 62 | €44,907 | €45,654 | +€747 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,967 | €122,378 | +€3,412 | +2.9% |
| Other operating charges | 640/8 | €1,758 | €3,327 | +€1,569 | +89.3% |
| Gross operating margin | 9900 | €133,681 | €181,033 | +€47,352 | +35.4% |
| Operating profit (loss) | 9901 | -€31,951 | €9,674 | +€41,625 | |
| Financial income | 75/76B | €7,126 | €5,409 | -€1,717 | -24.1% |
| Recurring financial income | 75 | €7,126 | €5,409 | -€1,717 | -24.1% |
| Financial charges | 65/66B | €12,620 | €11,767 | -€853 | -6.8% |
| Recurring financial charges | 65 | €12,620 | €11,767 | -€853 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | -€37,445 | €3,316 | +€40,761 | |
| Income taxes | 67/77 | €24 | €301 | +€277 | +1,133% |
| Profit (loss) for the period | 9904 | -€37,469 | €3,015 | +€40,485 | |
| Profit (loss) for the period to be appropriated | 9905 | -€37,469 | €3,015 | +€40,485 |
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 25 October 2026 via checked.be.