AFISEC: 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.
AFISEC
Largest movements
- Current investments +€15,000
up €15,000 (+29.8%), from €50,400 to €65,400
- Receivables within one year -€8,341
down €8,341 (-19.5%), from €42,820 to €34,480
of which Trade receivables: -€11,668
- Cash -€4,977
down €4,977 (-11.7%), from €42,476 to €37,499
mainly Current investments (-€15,000) and Investment in fixed assets (net) (-€7,560)
- Reserves +€6,340
up €6,340 (+9.5%), from €67,019 to €73,359
of which Distributable reserves: +€6,340
- Other debts -€3,099
down €3,099 (-94.6%), from €3,277 to €179
- Trade debts -€2,142
down €2,142 (-88.5%), from €2,421 to €280
- Gross operating margin -€9,198
down €9,198 (-12.8%), from €71,893 to €62,694
- Financial charges +€2,063
up €2,063 (+404.0%), from €511 to €2,574
- Taxes -€1,893
down €1,893 (-26.4%), from €7,158 to €5,265
- Staff costs +€1,084
up €1,084 (+2.8%), from €38,058 to €39,143
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 | €163,438 | €164,847 | +€1,409 | +0.9% |
| Fixed assets | 21/28 | €27,741 | €26,131 | -€1,610 | -5.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €27,741 | €26,131 | -€1,610 | -5.8% |
| Furniture and vehicles | 24 | €27,741 | €22,184 | -€5,558 | -20.0% |
| Other tangible fixed assets | 26 | €0 | €3,947 | +€3,947 | |
| Current assets | 29/58 | €135,697 | €138,716 | +€3,020 | +2.2% |
| Amounts receivable within one year | 40/41 | €42,820 | €34,480 | -€8,341 | -19.5% |
| Trade receivables | 40 | €42,820 | €31,152 | -€11,668 | -27.2% |
| Other amounts receivable | 41 | - | €3,327 | +€3,327 | |
| Current investments | 50/53 | €50,400 | €65,400 | +€15,000 | +29.8% |
| Cash at bank and in hand | 54/58 | €42,476 | €37,499 | -€4,977 | -11.7% |
| Deferred charges and accrued income | 490/1 | - | €1,338 | +€1,338 | |
| Total equity and liabilities | 10/49 | €163,438 | €164,847 | +€1,409 | +0.9% |
| Equity | 10/15 | €141,667 | €148,008 | +€6,341 | +4.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €67,019 | €73,359 | +€6,340 | +9.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €65,160 | €71,500 | +€6,340 | +9.7% |
| Profit (loss) carried forward | 14 | €56,056 | €56,057 | +€1 | 0.0% |
| Amounts payable | 17/49 | €21,770 | €16,839 | -€4,932 | -22.7% |
| Amounts payable within one year | 42/48 | €21,770 | €15,614 | -€6,157 | -28.3% |
| Trade debts | 44 | €2,421 | €280 | -€2,142 | -88.5% |
| Suppliers | 440/4 | €2,421 | €280 | -€2,142 | -88.5% |
| Taxes, remuneration and social security | 45 | €16,072 | €15,156 | -€916 | -5.7% |
| Taxes | 450/3 | €10,829 | €15,085 | +€4,256 | +39.3% |
| Remuneration and social security | 454/9 | €5,243 | €71 | -€5,172 | -98.7% |
| Other amounts payable | 47/48 | €3,277 | €179 | -€3,099 | -94.6% |
| Accrued charges and deferred income | 492/3 | - | €1,225 | +€1,225 | |
| Remuneration, social security and pensions | 62 | €38,058 | €39,143 | +€1,084 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,189 | €9,170 | -€19 | -0.2% |
| Other operating charges | 640/8 | €245 | €465 | +€220 | +89.8% |
| Gross operating margin | 9900 | €71,893 | €62,694 | -€9,198 | -12.8% |
| Operating profit (loss) | 9901 | €24,400 | €13,917 | -€10,484 | -43.0% |
| Financial income | 75/76B | €231 | €264 | +€33 | +14.2% |
| Recurring financial income | 75 | €231 | €264 | +€33 | +14.2% |
| Financial charges | 65/66B | €511 | €2,574 | +€2,063 | +404.0% |
| Recurring financial charges | 65 | €511 | €2,574 | +€2,063 | +404.0% |
| Profit (loss) for the period before taxes | 9903 | €24,120 | €11,606 | -€12,514 | -51.9% |
| Income taxes | 67/77 | €7,158 | €5,265 | -€1,893 | -26.4% |
| Profit (loss) for the period | 9904 | €16,962 | €6,341 | -€10,621 | -62.6% |
| Profit (loss) for the period to be appropriated | 9905 | €16,962 | €6,341 | -€10,621 | -62.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.