AFIM: 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.
AFIM
Largest movements
- Financial fixed assets -€2.3m
down €2.3m (-43.2%), from €5.3m to €3.0m
- Receivables after one year -€497,986
down €497,986 (-5.2%), from €9.6m to €9.1m
- Cash -€325,434
down €325,434 (-38.0%), from €857,454 to €532,020
mainly Debts after one year (-€4.6m) and Provisions (-€375,849)
- Debts after one year -€4.6m
down €4.6m (-28.2%), from €16.2m to €11.6m
of which Other amounts payable: -€4.2m
- Profit (loss) carried forward +€2.4m
up €2.4m (+91.9%), from €2.6m to €5.0m
- Reserves -€1.1m
down €1.1m (-41.6%), from €2.7m to €1.6m
of which Tax-exempt reserves: -€1.1m
- Provisions -€375,849
down €375,849 (-42.5%), from €883,405 to €507,555
- Tax, wage and social debts +€329,000
up €329,000 (+802.4%), from €41,003 to €370,003
- Financial income +€1.2m
up €1.2m (+662.4%), from €180,854 to €1.4m
of which Non-recurring financial income: +€1.2m
- Gross operating margin -€942,971
down €942,971 (-84.7%), from €1.1m to €170,485
- Taxes +€327,001
up €327,001 (+873.9%), from €37,418 to €364,419
- Other operating charges -€239,604
down €239,604 (-93.4%), from €256,581 to €16,977
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 | €23,686,081 | €20,414,701 | -€3.3m | -13.8% |
| Fixed assets | 21/28 | €9,683,689 | €7,303,244 | -€2.4m | -24.6% |
| Tangible fixed assets | 22/27 | €4,398,106 | €4,302,948 | -€95,158 | -2.2% |
| Land and buildings | 22 | €4,383,591 | €4,289,411 | -€94,179 | -2.1% |
| Plant, machinery and equipment | 23 | €14,515 | €12,459 | -€2,057 | -14.2% |
| Furniture and vehicles | 24 | - | €1,078 | +€1,078 | |
| Financial fixed assets | 28 | €5,285,583 | €3,000,296 | -€2.3m | -43.2% |
| Current assets | 29/58 | €14,002,392 | €13,111,456 | -€890,936 | -6.4% |
| Amounts receivable after more than one year | 29 | €9,562,015 | €9,064,028 | -€497,986 | -5.2% |
| Other amounts receivable | 291 | €9,562,015 | €9,064,028 | -€497,986 | -5.2% |
| Amounts receivable within one year | 40/41 | €3,532,084 | €3,465,395 | -€66,689 | -1.9% |
| Trade receivables | 40 | €12,000 | €1,378 | -€10,622 | -88.5% |
| Other amounts receivable | 41 | €3,520,084 | €3,464,017 | -€56,067 | -1.6% |
| Cash at bank and in hand | 54/58 | €857,454 | €532,020 | -€325,434 | -38.0% |
| Deferred charges and accrued income | 490/1 | €50,840 | €50,013 | -€827 | -1.6% |
| Total equity and liabilities | 10/49 | €23,686,081 | €20,414,701 | -€3.3m | -13.8% |
| Equity | 10/15 | €5,464,725 | €6,754,503 | +€1.3m | +23.6% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €2,707,934 | €1,580,385 | -€1.1m | -41.6% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,650,214 | €1,522,665 | -€1.1m | -42.5% |
| Distributable reserves | 133 | €45,220 | €45,220 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,631,792 | €5,049,118 | +€2.4m | +91.9% |
| Provisions and deferred taxes | 16 | €883,405 | €507,555 | -€375,849 | -42.5% |
| Deferred taxes | 168 | €883,405 | €507,555 | -€375,849 | -42.5% |
| Amounts payable | 17/49 | €17,337,951 | €13,152,642 | -€4.2m | -24.1% |
| Amounts payable after more than one year | 17 | €16,153,939 | €11,596,149 | -€4.6m | -28.2% |
| Financial debts | 170/4 | €3,980,853 | €3,665,386 | -€315,467 | -7.9% |
| Other amounts payable | 178/9 | €12,173,086 | €7,930,763 | -€4.2m | -34.9% |
| Amounts payable within one year | 42/48 | €1,069,349 | €1,407,674 | +€338,325 | +31.6% |
| Current portion of amounts payable after more than one year | 42 | €310,929 | €315,467 | +€4,538 | +1.5% |
| Financial debts | 43 | €600,000 | €600,000 | = | 0.0% |
| Credit institutions | 430/8 | €600,000 | €600,000 | = | 0.0% |
| Trade debts | 44 | €9,417 | €14,204 | +€4,787 | +50.8% |
| Suppliers | 440/4 | €9,417 | €14,204 | +€4,787 | +50.8% |
| Taxes, remuneration and social security | 45 | €41,003 | €370,003 | +€329,000 | +802.4% |
| Taxes | 450/3 | €41,003 | €370,003 | +€329,000 | +802.4% |
| Other amounts payable | 47/48 | €108,000 | €108,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €114,663 | €148,820 | +€34,156 | +29.8% |
| Non-recurring operating income | 76A | €964,364 | - | -€964,364 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,981 | €95,936 | +€955 | +1.0% |
| Other operating charges | 640/8 | €256,581 | €16,977 | -€239,604 | -93.4% |
| Gross operating margin | 9900 | €1,113,455 | €170,485 | -€942,971 | -84.7% |
| Operating profit (loss) | 9901 | €761,893 | €57,571 | -€704,322 | -92.4% |
| Financial income | 75/76B | €180,854 | €1,378,817 | +€1.2m | +662.4% |
| Recurring financial income | 75 | €180,854 | €176,516 | -€4,338 | -2.4% |
| Non-recurring financial income | 76B | - | €1,202,302 | +€1.2m | |
| Financial charges | 65/66B | €160,721 | €158,042 | -€2,679 | -1.7% |
| Recurring financial charges | 65 | €160,721 | €158,042 | -€2,679 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €782,026 | €1,278,347 | +€496,321 | +63.5% |
| Transfer from deferred taxes | 780 | €18,622 | €375,849 | +€357,228 | +1918.3% |
| Income taxes | 67/77 | €37,418 | €364,419 | +€327,001 | +873.9% |
| Profit (loss) for the period | 9904 | €763,230 | €1,289,778 | +€526,548 | +69.0% |
| Transfer from tax-exempt reserves | 789 | €55,865 | €1,127,548 | +€1.1m | +1918.3% |
| Profit (loss) for the period to be appropriated | 9905 | €819,095 | €2,417,326 | +€1.6m | +195.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.