AFI: 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.
AFI
Largest movements
- Tangible fixed assets -€545,190
down €545,190 (-4.1%), from €13.4m to €12.8m
of which Land and buildings: -€450,512
- Cash -€395,267
down €395,267 (-72.6%), from €544,313 to €149,046
mainly Debts after one year (-€532,787) and Receivables within one year (-€239,230)
- Receivables within one year +€239,230
up €239,230 (+169.2%), from €141,388 to €380,618
of which Other amounts receivable: +€239,760
- Debts after one year -€532,787
down €532,787 (-4.4%), from €12.1m to €11.6m
of which Financial debts: -€533,537
- Gross operating margin +€226,838
up €226,838 (+31.0%), from €731,997 to €958,835
- Depreciation +€197,526
up €197,526 (+47.4%), from €416,648 to €614,174
- Financial charges -€22,022
down €22,022 (-5.5%), from €400,740 to €378,718
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 | €14,077,283 | €13,439,362 | -€637,921 | -4.5% |
| Fixed assets | 21/28 | €13,368,884 | €12,823,693 | -€545,190 | -4.1% |
| Tangible fixed assets | 22/27 | €13,368,884 | €12,823,693 | -€545,190 | -4.1% |
| Land and buildings | 22 | €12,616,939 | €12,166,427 | -€450,512 | -3.6% |
| Plant, machinery and equipment | 23 | €751,945 | €657,267 | -€94,678 | -12.6% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €708,400 | €615,669 | -€92,731 | -13.1% |
| Amounts receivable within one year | 40/41 | €141,388 | €380,618 | +€239,230 | +169.2% |
| Trade receivables | 40 | €122,315 | €121,785 | -€530 | -0.4% |
| Other amounts receivable | 41 | €19,073 | €258,833 | +€239,760 | +1257.1% |
| Cash at bank and in hand | 54/58 | €544,313 | €149,046 | -€395,267 | -72.6% |
| Deferred charges and accrued income | 490/1 | €22,699 | €86,004 | +€63,305 | +278.9% |
| Total equity and liabilities | 10/49 | €14,077,283 | €13,439,362 | -€637,921 | -4.5% |
| Equity | 10/15 | €640,115 | €610,555 | -€29,560 | -4.6% |
| Contributions | 10/11 | €675,000 | €675,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,525,224 | €1,481,106 | -€44,118 | -2.9% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€1,560,109 | -€1,545,551 | +€14,558 | +0.9% |
| Provisions and deferred taxes | 16 | €40,286 | €40,286 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €40,286 | €40,286 | = | 0.0% |
| Major repairs and maintenance | 162 | €40,286 | €40,286 | = | 0.0% |
| Amounts payable | 17/49 | €13,396,883 | €12,788,522 | -€608,361 | -4.5% |
| Amounts payable after more than one year | 17 | €12,140,009 | €11,607,222 | -€532,787 | -4.4% |
| Financial debts | 170/4 | €12,125,167 | €11,591,630 | -€533,537 | -4.4% |
| Other amounts payable | 178/9 | €14,842 | €15,592 | +€750 | +5.1% |
| Amounts payable within one year | 42/48 | €1,104,346 | €1,088,177 | -€16,169 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €673,986 | €773,496 | +€99,510 | +14.8% |
| Trade debts | 44 | €95,077 | €121,992 | +€26,915 | +28.3% |
| Suppliers | 440/4 | €95,077 | €121,992 | +€26,915 | +28.3% |
| Taxes, remuneration and social security | 45 | €62,677 | €17,321 | -€45,355 | -72.4% |
| Taxes | 450/3 | €62,677 | €17,321 | -€45,355 | -72.4% |
| Other amounts payable | 47/48 | €272,605 | €175,367 | -€97,238 | -35.7% |
| Accrued charges and deferred income | 492/3 | €152,528 | €93,122 | -€59,406 | -38.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €416,648 | €614,174 | +€197,526 | +47.4% |
| Other operating charges | 640/8 | €1,020 | €1,148 | +€128 | +12.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €731,997 | €958,835 | +€226,838 | +31.0% |
| Operating profit (loss) | 9901 | €314,329 | €343,513 | +€29,184 | +9.3% |
| Financial income | 75/76B | €122 | €5,645 | +€5,522 | +4510.2% |
| Recurring financial income | 75 | €122 | €5,645 | +€5,522 | +4510.2% |
| Financial charges | 65/66B | €400,740 | €378,718 | -€22,022 | -5.5% |
| Recurring financial charges | 65 | €400,740 | €378,718 | -€22,022 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | -€86,289 | -€29,560 | +€56,729 | +65.7% |
| Profit (loss) for the period | 9904 | -€86,289 | -€29,560 | +€56,729 | +65.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€86,289 | -€29,560 | +€56,729 | +65.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.