AFJA: 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.
AFJA
Largest movements
- Tangible fixed assets +€266,437
up €266,437 (+134.0%), from €198,847 to €465,284
of which Land and buildings: +€268,884
- Receivables within one year +€75,173
up €75,173 (+23.5%), from €320,358 to €395,531
of which Trade receivables: +€82,305
- Current investments -€62,543
down €62,543 (-100.0%), from €62,543 to €0
- Debts after one year +€199,810
new in 2025: €199,810
- Other debts +€37,885
up €37,885 (+4.2%), from €903,253 to €941,138
- Gross operating margin +€32,081
up €32,081 (+156.3%), from €20,524 to €52,605
- Financial charges +€15,783
up €15,783, from -€4,210 to €11,573
- Depreciation +€6,062
up €6,062 (+93.7%), from €6,467 to €12,529
- Financial income +€3,330
up €3,330 (+64.4%), from €5,168 to €8,498
- Taxes +€806
up €806 (+12.1%), from €6,666 to €7,473
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 | €2,699,327 | €2,985,785 | +€286,457 | +10.6% |
| Fixed assets | 21/28 | €2,313,537 | €2,579,974 | +€266,437 | +11.5% |
| Tangible fixed assets | 22/27 | €198,847 | €465,284 | +€266,437 | +134.0% |
| Land and buildings | 22 | €196,300 | €465,185 | +€268,884 | +137.0% |
| Furniture and vehicles | 24 | €2,547 | €99 | -€2,448 | -96.1% |
| Financial fixed assets | 28 | €2,114,690 | €2,114,690 | = | 0.0% |
| Current assets | 29/58 | €385,790 | €405,811 | +€20,021 | +5.2% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €320,358 | €395,531 | +€75,173 | +23.5% |
| Trade receivables | 40 | €46,636 | €128,941 | +€82,305 | +176.5% |
| Other amounts receivable | 41 | €273,722 | €266,590 | -€7,131 | -2.6% |
| Current investments | 50/53 | €62,543 | €0 | -€62,543 | -100.0% |
| Cash at bank and in hand | 54/58 | €186 | €7,146 | +€6,960 | +3750.6% |
| Deferred charges and accrued income | 490/1 | €2,704 | €3,134 | +€430 | +15.9% |
| Total equity and liabilities | 10/49 | €2,699,327 | €2,985,785 | +€286,457 | +10.6% |
| Equity | 10/15 | €1,704,451 | €1,731,161 | +€26,710 | +1.6% |
| Contributions | 10/11 | €1,196,788 | €1,196,788 | = | 0.0% |
| Reserves | 13 | €507,663 | €534,373 | +€26,710 | +5.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €216,099 | €216,099 | = | 0.0% |
| Distributable reserves | 133 | €291,564 | €318,274 | +€26,710 | +9.2% |
| Provisions and deferred taxes | 16 | €72,033 | €72,033 | = | 0.0% |
| Deferred taxes | 168 | €72,033 | €72,033 | = | 0.0% |
| Amounts payable | 17/49 | €922,843 | €1,182,591 | +€259,748 | +28.1% |
| Amounts payable after more than one year | 17 | - | €199,810 | +€199,810 | |
| Financial debts | 170/4 | - | €199,810 | +€199,810 | |
| Amounts payable within one year | 42/48 | €916,624 | €975,299 | +€58,675 | +6.4% |
| Trade debts | 44 | €1,244 | €25,473 | +€24,230 | +1948.1% |
| Suppliers | 440/4 | €1,244 | €25,473 | +€24,230 | +1948.1% |
| Taxes, remuneration and social security | 45 | €12,127 | €8,688 | -€3,440 | -28.4% |
| Taxes | 450/3 | €12,127 | €8,688 | -€3,440 | -28.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €903,253 | €941,138 | +€37,885 | +4.2% |
| Accrued charges and deferred income | 492/3 | €6,220 | €7,482 | +€1,262 | +20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,467 | €12,529 | +€6,062 | +93.7% |
| Other operating charges | 640/8 | €2,794 | €2,819 | +€25 | +0.9% |
| Gross operating margin | 9900 | €20,524 | €52,605 | +€32,081 | +156.3% |
| Operating profit (loss) | 9901 | €11,264 | €37,258 | +€25,994 | +230.8% |
| Financial income | 75/76B | €5,168 | €8,498 | +€3,330 | +64.4% |
| Recurring financial income | 75 | €5,168 | €8,498 | +€3,330 | +64.4% |
| Financial charges | 65/66B | -€4,210 | €11,573 | +€15,783 | |
| Recurring financial charges | 65 | -€4,210 | €11,573 | +€15,783 | |
| Profit (loss) for the period before taxes | 9903 | €20,641 | €34,182 | +€13,541 | +65.6% |
| Income taxes | 67/77 | €6,666 | €7,473 | +€806 | +12.1% |
| Profit (loss) for the period | 9904 | €13,974 | €26,710 | +€12,735 | +91.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,974 | €26,710 | +€12,735 | +91.1% |
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 8 October 2026 via checked.be.