AFISEN: 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.
AFISEN
Largest movements
- Receivables within one year -€502,382
down €502,382 (-59.0%), from €852,018 to €349,636
of which Trade receivables: -€516,715
- Tangible fixed assets -€266,282
down €266,282 (-9.0%), from €3.0m to €2.7m
of which Plant, machinery and equipment: -€239,109
- Stocks and contracts +€92,225
up €92,225 (+14.4%), from €639,794 to €732,019
- Trade debts -€410,227
down €410,227 (-22.2%), from €1.9m to €1.4m
- Debts after one year -€270,993
down €270,993 (-9.8%), from €2.8m to €2.5m
of which Financial debts: -€270,993
- Tax, wage and social debts -€221,045
down €221,045 (-49.3%), from €448,463 to €227,417
of which Taxes: -€209,753
- Short-term financial debts +€173,539
up €173,539 (+66.6%), from €260,665 to €434,205
- Profit (loss) carried forward +€156,527
up €156,527 (+22.0%), from €711,437 to €867,963
- Taxes -€192,834
down €192,834 (-94.6%), from €203,940 to €11,106
- Gross operating margin -€69,005
down €69,005 (-3.2%), from €2.2m to €2.1m
- Staff costs -€41,729
down €41,729 (-2.8%), from €1.5m to €1.5m
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 | €6,480,240 | €5,849,381 | -€630,859 | -9.7% |
| Fixed assets | 21/28 | €3,869,212 | €3,602,930 | -€266,282 | -6.9% |
| Tangible fixed assets | 22/27 | €2,950,119 | €2,683,837 | -€266,282 | -9.0% |
| Plant, machinery and equipment | 23 | €2,869,206 | €2,630,097 | -€239,109 | -8.3% |
| Furniture and vehicles | 24 | €22,615 | €41,369 | +€18,754 | +82.9% |
| Other tangible fixed assets | 26 | €58,298 | €12,371 | -€45,927 | -78.8% |
| Financial fixed assets | 28 | €919,093 | €919,093 | = | 0.0% |
| Current assets | 29/58 | €2,611,028 | €2,246,452 | -€364,577 | -14.0% |
| Stocks and contracts in progress | 3 | €639,794 | €732,019 | +€92,225 | +14.4% |
| Stocks | 30/36 | €639,794 | €732,019 | +€92,225 | +14.4% |
| Amounts receivable within one year | 40/41 | €852,018 | €349,636 | -€502,382 | -59.0% |
| Trade receivables | 40 | €804,847 | €288,132 | -€516,715 | -64.2% |
| Other amounts receivable | 41 | €47,170 | €61,504 | +€14,334 | +30.4% |
| Cash at bank and in hand | 54/58 | €1,116,018 | €1,155,374 | +€39,356 | +3.5% |
| Deferred charges and accrued income | 490/1 | €3,199 | €9,423 | +€6,224 | +195% |
| Total equity and liabilities | 10/49 | €6,480,240 | €5,849,381 | -€630,859 | -9.7% |
| Equity | 10/15 | €786,437 | €942,963 | +€156,527 | +19.9% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Uncalled capital | 101 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €12,500 | €12,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €711,437 | €867,963 | +€156,527 | +22.0% |
| Amounts payable | 17/49 | €5,693,803 | €4,906,418 | -€787,385 | -13.8% |
| Amounts payable after more than one year | 17 | €2,770,390 | €2,499,397 | -€270,993 | -9.8% |
| Financial debts | 170/4 | €2,766,590 | €2,495,597 | -€270,993 | -9.8% |
| Other amounts payable | 178/9 | €3,800 | €3,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,923,413 | €2,407,021 | -€516,392 | -17.7% |
| Current portion of amounts payable after more than one year | 42 | €362,442 | €303,993 | -€58,449 | -16.1% |
| Financial debts | 43 | €260,665 | €434,205 | +€173,539 | +66.6% |
| Credit institutions | 430/8 | €260,665 | €434,205 | +€173,539 | +66.6% |
| Trade debts | 44 | €1,851,487 | €1,441,260 | -€410,227 | -22.2% |
| Suppliers | 440/4 | €1,851,487 | €1,441,260 | -€410,227 | -22.2% |
| Taxes, remuneration and social security | 45 | €448,463 | €227,417 | -€221,045 | -49.3% |
| Taxes | 450/3 | €228,936 | €19,183 | -€209,753 | -91.6% |
| Remuneration and social security | 454/9 | €219,527 | €208,235 | -€11,292 | -5.1% |
| Other amounts payable | 47/48 | €357 | €146 | -€210 | -59.0% |
| Remuneration, social security and pensions | 62 | €1,511,120 | €1,469,390 | -€41,729 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €324,945 | €307,092 | -€17,853 | -5.5% |
| Other operating charges | 640/8 | €50,109 | €38,094 | -€12,015 | -24.0% |
| Gross operating margin | 9900 | €2,183,394 | €2,114,388 | -€69,005 | -3.2% |
| Operating profit (loss) | 9901 | €297,220 | €299,811 | +€2,591 | +0.9% |
| Financial income | 75/76B | €5,058 | €17,951 | +€12,893 | +255% |
| Recurring financial income | 75 | €5,058 | €8,019 | +€2,961 | +58.5% |
| Non-recurring financial income | 76B | - | €9,932 | +€9,932 | |
| Financial charges | 65/66B | €164,992 | €150,130 | -€14,862 | -9.0% |
| Recurring financial charges | 65 | €164,992 | €150,130 | -€14,862 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €137,286 | €167,632 | +€30,346 | +22.1% |
| Income taxes | 67/77 | €203,940 | €11,106 | -€192,834 | -94.6% |
| Profit (loss) for the period | 9904 | -€66,654 | €156,527 | +€223,181 | |
| Profit (loss) for the period to be appropriated | 9905 | -€66,654 | €156,527 | +€223,181 |
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 30 October 2026 via checked.be.