AFL MANAGEMENT: 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.
AFL MANAGEMENT
Largest movements
- Cash +€806,004
up €806,004 (+617.3%), from €130,560 to €936,565
mainly Current investments (+€657,837) and Net result for the year (+€467,728)
- Current investments -€657,837
down €657,837 (-27.7%), from €2.4m to €1.7m
- Reserves +€147,800
up €147,800 (+5.8%), from €2.6m to €2.7m
of which Distributable reserves: +€147,800
- Financial income -€57,888
down €57,888 (-47.2%), from €122,711 to €64,823
- Financial charges +€25,590
up €25,590 (+3525.4%), from €726 to €26,316
of which Financial charges: +€25,598
- Taxes -€10,256
down €10,256 (-3.3%), from €306,180 to €295,925
- Depreciation -€9,118
down €9,118 (-46.2%), from €19,716 to €10,598
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 | €2,707,807 | €2,854,087 | +€146,280 | +5.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €146,755 | €136,157 | -€10,598 | -7.2% |
| Tangible fixed assets | 22/27 | €146,755 | €136,157 | -€10,598 | -7.2% |
| Land and buildings | 22 | €146,755 | €136,157 | -€10,598 | -7.2% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €2,561,052 | €2,717,930 | +€156,878 | +6.1% |
| Amounts receivable within one year | 40/41 | €25,838 | €47,269 | +€21,431 | +82.9% |
| Trade receivables | 40 | €25,838 | €14,106 | -€11,733 | -45.4% |
| Other amounts receivable | 41 | - | €33,163 | +€33,163 | |
| Current investments | 50/53 | €2,373,880 | €1,716,043 | -€657,837 | -27.7% |
| Cash at bank and in hand | 54/58 | €130,560 | €936,565 | +€806,004 | +617.3% |
| Deferred charges and accrued income | 490/1 | €30,773 | €18,053 | -€12,720 | -41.3% |
| Total equity and liabilities | 10/49 | €2,707,807 | €2,854,087 | +€146,280 | +5.4% |
| Equity | 10/15 | €2,564,035 | €2,712,563 | +€148,528 | +5.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,552,717 | €2,700,517 | +€147,800 | +5.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €2,550,857 | €2,698,657 | +€147,800 | +5.8% |
| Profit (loss) carried forward | 14 | €5,117 | €5,845 | +€728 | +14.2% |
| Amounts payable | 17/49 | €143,772 | €141,524 | -€2,248 | -1.6% |
| Amounts payable within one year | 42/48 | €132,824 | €136,629 | +€3,805 | +2.9% |
| Financial debts | 43 | €1,511 | - | -€1,511 | |
| Credit institutions | 430/8 | €1,511 | - | -€1,511 | |
| Trade debts | 44 | €4,950 | €2,363 | -€2,587 | -52.3% |
| Suppliers | 440/4 | €4,950 | €2,363 | -€2,587 | -52.3% |
| Taxes, remuneration and social security | 45 | €51,227 | €73,925 | +€22,699 | +44.3% |
| Taxes | 450/3 | €51,227 | €73,925 | +€22,699 | +44.3% |
| Other amounts payable | 47/48 | €75,136 | €60,340 | -€14,796 | -19.7% |
| Accrued charges and deferred income | 492/3 | €10,949 | €4,895 | -€6,054 | -55.3% |
| Non-recurring operating income | 76A | €24 | €14 | -€10 | -41.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,716 | €10,598 | -€9,118 | -46.2% |
| Other operating charges | 640/8 | €2,815 | €2,866 | +€51 | +1.8% |
| Gross operating margin | 9900 | €743,435 | €738,609 | -€4,826 | -0.6% |
| Operating profit (loss) | 9901 | €720,905 | €725,145 | +€4,241 | +0.6% |
| Financial income | 75/76B | €122,711 | €64,823 | -€57,888 | -47.2% |
| Recurring financial income | 75 | €122,711 | €64,823 | -€57,888 | -47.2% |
| Financial charges | 65/66B | €726 | €26,316 | +€25,590 | +3525.4% |
| Recurring financial charges | 65 | €718 | €26,316 | +€25,598 | +3566.9% |
| Non-recurring financial charges | 66B | €8 | - | -€8 | |
| Profit (loss) for the period before taxes | 9903 | €842,890 | €763,653 | -€79,237 | -9.4% |
| Income taxes | 67/77 | €306,180 | €295,925 | -€10,256 | -3.3% |
| Profit (loss) for the period | 9904 | €536,710 | €467,728 | -€68,982 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €536,710 | €467,728 | -€68,982 | -12.9% |
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 11 October 2026 via checked.be.