AFKOR: 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.
AFKOR
Largest movements
- Deferred charges and accrued income -€217,185
down €217,185 (-70.2%), from €309,402 to €92,217
- Cash +€206,392
up €206,392 (+194.9%), from €105,906 to €312,298
mainly Depreciation (+€231,277) and Deferred charges and accrued income (+€217,185)
- Receivables within one year -€102,242
down €102,242 (-11.3%), from €901,188 to €798,946
of which Trade receivables: -€118,566
- Tangible fixed assets +€101,178
up €101,178 (+17.7%), from €572,083 to €673,261
of which Plant, machinery and equipment: +€77,283
- Formation expenses -€60,103
down €60,103 (-26.1%), from €229,934 to €169,831
- Trade debts -€173,039
down €173,039 (-32.4%), from €533,945 to €360,906
- Current portion of long-term debt +€80,104
up €80,104 (+59.7%), from €134,150 to €214,254
- Debts after one year +€59,831
up €59,831 (+12.2%), from €492,380 to €552,211
- Reserves +€31,874
up €31,874 (+4.0%), from €795,095 to €826,969
of which Distributable reserves: +€31,874
- Gross operating margin +€718,085
up €718,085 (+39.5%), from €1.8m to €2.5m
- Staff costs +€408,990
up €408,990 (+23.3%), from €1.8m to €2.2m
- Write-downs +€27,072
up €27,072 (+91.5%), from -€29,601 to -€2,529
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 | €3,147,445 | €3,108,482 | -€38,963 | -1.2% |
| Formation expenses | 20 | €229,934 | €169,831 | -€60,103 | -26.1% |
| Fixed assets | 21/28 | €683,151 | €793,737 | +€110,586 | +16.2% |
| Intangible fixed assets | 21 | €62,442 | €62,259 | -€183 | -0.3% |
| Tangible fixed assets | 22/27 | €572,083 | €673,261 | +€101,178 | +17.7% |
| Plant, machinery and equipment | 23 | €416,679 | €493,962 | +€77,283 | +18.5% |
| Furniture and vehicles | 24 | €149,728 | €175,492 | +€25,764 | +17.2% |
| Other tangible fixed assets | 26 | €5,676 | €3,807 | -€1,869 | -32.9% |
| Financial fixed assets | 28 | €48,626 | €58,217 | +€9,591 | +19.7% |
| Current assets | 29/58 | €2,234,360 | €2,144,914 | -€89,446 | -4.0% |
| Stocks and contracts in progress | 3 | €915,214 | €938,803 | +€23,589 | +2.6% |
| Stocks | 30/36 | €915,214 | €938,803 | +€23,589 | +2.6% |
| Amounts receivable within one year | 40/41 | €901,188 | €798,946 | -€102,242 | -11.3% |
| Trade receivables | 40 | €843,451 | €724,885 | -€118,566 | -14.1% |
| Other amounts receivable | 41 | €57,737 | €74,061 | +€16,324 | +28.3% |
| Current investments | 50/53 | €2,650 | €2,650 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €105,906 | €312,298 | +€206,392 | +194.9% |
| Deferred charges and accrued income | 490/1 | €309,402 | €92,217 | -€217,185 | -70.2% |
| Total equity and liabilities | 10/49 | €3,147,445 | €3,108,482 | -€38,963 | -1.2% |
| Equity | 10/15 | €839,352 | €871,226 | +€31,874 | +3.8% |
| Contributions | 10/11 | €44,257 | €44,257 | = | 0.0% |
| Capital | 10 | €44,257 | €44,257 | = | 0.0% |
| Issued capital | 100 | €44,257 | €44,257 | = | 0.0% |
| Reserves | 13 | €795,095 | €826,969 | +€31,874 | +4.0% |
| Non-distributable reserves | 130/1 | €4,441 | €4,441 | = | 0.0% |
| Legal reserve | 130 | €4,441 | €4,441 | = | 0.0% |
| Tax-exempt reserves | 132 | €220,919 | €220,919 | = | 0.0% |
| Distributable reserves | 133 | €569,735 | €601,609 | +€31,874 | +5.6% |
| Amounts payable | 17/49 | €2,308,093 | €2,237,256 | -€70,837 | -3.1% |
| Amounts payable after more than one year | 17 | €492,380 | €552,211 | +€59,831 | +12.2% |
| Financial debts | 170/4 | €492,380 | €552,211 | +€59,831 | +12.2% |
| Amounts payable within one year | 42/48 | €1,754,431 | €1,622,777 | -€131,654 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €134,150 | €214,254 | +€80,104 | +59.7% |
| Financial debts | 43 | €830,864 | €834,133 | +€3,269 | +0.4% |
| Credit institutions | 430/8 | €830,864 | €834,133 | +€3,269 | +0.4% |
| Trade debts | 44 | €533,945 | €360,906 | -€173,039 | -32.4% |
| Suppliers | 440/4 | €533,945 | €360,906 | -€173,039 | -32.4% |
| Taxes, remuneration and social security | 45 | €226,140 | €213,135 | -€13,005 | -5.8% |
| Taxes | 450/3 | €27,067 | €498 | -€26,569 | -98.2% |
| Remuneration and social security | 454/9 | €199,073 | €212,637 | +€13,564 | +6.8% |
| Other amounts payable | 47/48 | €29,332 | €349 | -€28,983 | -98.8% |
| Accrued charges and deferred income | 492/3 | €61,282 | €62,268 | +€986 | +1.6% |
| Remuneration, social security and pensions | 62 | €1,756,155 | €2,165,145 | +€408,990 | +23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €205,976 | €231,277 | +€25,301 | +12.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€29,601 | -€2,529 | +€27,072 | +91.5% |
| Other operating charges | 640/8 | €15,383 | €10,314 | -€5,069 | -33.0% |
| Operating charges capitalised as restructuring costs | 649 | -€246,471 | - | +€246,471 | |
| Gross operating margin | 9900 | €1,819,351 | €2,537,436 | +€718,085 | +39.5% |
| Operating profit (loss) | 9901 | €117,909 | €133,229 | +€15,320 | +13.0% |
| Financial income | 75/76B | €268 | €2,159 | +€1,891 | +705.6% |
| Recurring financial income | 75 | €268 | €2,159 | +€1,891 | +705.6% |
| Financial charges | 65/66B | €109,758 | €101,837 | -€7,921 | -7.2% |
| Recurring financial charges | 65 | €109,758 | €101,837 | -€7,921 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €8,419 | €33,551 | +€25,132 | +298.5% |
| Income taxes | 67/77 | €1,266 | €1,677 | +€411 | +32.5% |
| Profit (loss) for the period | 9904 | €7,153 | €31,874 | +€24,721 | +345.6% |
| Profit (loss) for the period to be appropriated | 9905 | €7,153 | €31,874 | +€24,721 | +345.6% |
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 2 October 2026 via checked.be.