AFGT: 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.
AFGT
Largest movements
- Tangible fixed assets -€34,676
down €34,676 (-10.9%), from €318,315 to €283,639
of which Furniture and vehicles: -€22,471
- Cash -€25,805
down €25,805 (-99.7%), from €25,879 to €75
mainly Trade debts (-€74,101) and Current portion of long-term debt (-€16,366)
- Receivables within one year -€4,941
down €4,941 (-33.1%), from €14,925 to €9,984
of which Other amounts receivable: -€5,949
- Trade debts -€74,101
down €74,101 (-86.7%), from €85,441 to €11,341
- Other debts +€36,017
up €36,017 (+51.7%), from €69,605 to €105,623
- Current portion of long-term debt -€16,366
down €16,366 (-50.2%), from €32,633 to €16,267
- Debts after one year -€16,267
down €16,267 (-8.9%), from €181,990 to €165,723
of which Financial debts: -€16,267
- Profit (loss) carried forward +€8,267
up €8,267 (+9.1%), from -€90,345 to -€82,079
- Staff costs -€38,652
down €38,652 (-93.7%), from €41,254 to €2,602
- Other operating charges -€26,161
down €26,161 (-61.7%), from €42,388 to €16,227
- Gross operating margin +€9,967
up €9,967 (+19.9%), from €49,991 to €59,958
- Write-downs -€8,960
down €8,960, from €0 to -€8,960
- Depreciation +€2,707
up €2,707 (+8.5%), from €32,008 to €34,716
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 | €386,597 | €320,961 | -€65,637 | -17.0% |
| Fixed assets | 21/28 | €318,685 | €283,639 | -€35,046 | -11.0% |
| Tangible fixed assets | 22/27 | €318,315 | €283,639 | -€34,676 | -10.9% |
| Land and buildings | 22 | €273,533 | €260,992 | -€12,541 | -4.6% |
| Plant, machinery and equipment | 23 | €1,358 | €1,693 | +€336 | +24.7% |
| Furniture and vehicles | 24 | €43,424 | €20,953 | -€22,471 | -51.7% |
| Financial fixed assets | 28 | €370 | €0 | -€370 | -100% |
| Current assets | 29/58 | €67,912 | €37,322 | -€30,590 | -45.0% |
| Stocks and contracts in progress | 3 | €25,024 | €24,873 | -€151 | -0.6% |
| Stocks | 30/36 | €25,024 | €24,873 | -€151 | -0.6% |
| Amounts receivable within one year | 40/41 | €14,925 | €9,984 | -€4,941 | -33.1% |
| Trade receivables | 40 | €0 | €1,008 | +€1,008 | |
| Other amounts receivable | 41 | €14,925 | €8,976 | -€5,949 | -39.9% |
| Cash at bank and in hand | 54/58 | €25,879 | €75 | -€25,805 | -99.7% |
| Deferred charges and accrued income | 490/1 | €2,084 | €2,390 | +€306 | +14.7% |
| Total equity and liabilities | 10/49 | €386,597 | €320,961 | -€65,637 | -17.0% |
| Equity | 10/15 | €12,583 | €20,324 | +€7,741 | +61.5% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€90,345 | -€82,079 | +€8,267 | +9.1% |
| Investment grants | 15 | €12,929 | €12,403 | -€526 | -4.1% |
| Amounts payable | 17/49 | €374,014 | €300,637 | -€73,377 | -19.6% |
| Amounts payable after more than one year | 17 | €181,990 | €165,723 | -€16,267 | -8.9% |
| Financial debts | 170/4 | €179,620 | €163,353 | -€16,267 | -9.1% |
| Other amounts payable | 178/9 | €2,370 | €2,370 | = | 0.0% |
| Amounts payable within one year | 42/48 | €192,024 | €134,913 | -€57,110 | -29.7% |
| Current portion of amounts payable after more than one year | 42 | €32,633 | €16,267 | -€16,366 | -50.2% |
| Trade debts | 44 | €85,441 | €11,341 | -€74,101 | -86.7% |
| Suppliers | 440/4 | €85,441 | €11,341 | -€74,101 | -86.7% |
| Taxes, remuneration and social security | 45 | €4,343 | €1,683 | -€2,660 | -61.3% |
| Taxes | 450/3 | €1,198 | €1,683 | +€485 | +40.4% |
| Remuneration and social security | 454/9 | €3,145 | €0 | -€3,145 | -100% |
| Other amounts payable | 47/48 | €69,605 | €105,623 | +€36,017 | +51.7% |
| Remuneration, social security and pensions | 62 | €41,254 | €2,602 | -€38,652 | -93.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,008 | €34,716 | +€2,707 | +8.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€8,960 | -€8,960 | |
| Other operating charges | 640/8 | €42,388 | €16,227 | -€26,161 | -61.7% |
| Non-recurring operating charges | 66A | - | €2,116 | +€2,116 | |
| Gross operating margin | 9900 | €49,991 | €59,958 | +€9,967 | +19.9% |
| Operating profit (loss) | 9901 | -€65,658 | €13,258 | +€78,916 | |
| Financial income | 75/76B | €848 | €689 | -€159 | -18.8% |
| Recurring financial income | 75 | €848 | €689 | -€159 | -18.8% |
| Financial charges | 65/66B | €6,211 | €5,680 | -€531 | -8.6% |
| Recurring financial charges | 65 | €6,211 | €5,680 | -€531 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | -€71,021 | €8,267 | +€79,288 | |
| Profit (loss) for the period | 9904 | -€71,021 | €8,267 | +€79,288 | |
| Profit (loss) for the period to be appropriated | 9905 | -€71,021 | €8,267 | +€79,288 |
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 17 October 2026 via checked.be.