AFM MANAGEMENT: 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.
AFM MANAGEMENT
Largest movements
- Receivables within one year +€55,359
up €55,359 (+529.5%), from €10,454 to €65,814
of which Trade receivables: +€54,028
- Cash +€9,471
up €9,471 (+91.8%), from €10,318 to €19,789
mainly Net result for the year (+€50,060) and Tax, wage and social debts (+€14,838)
- Reserves +€49,227
up €49,227 (+3230.7%), from €1,524 to €50,750
- Tax, wage and social debts +€14,838
up €14,838 (+100.9%), from €14,710 to €29,548
of which Taxes: +€12,936
- Trade debts +€1,233
up €1,233 (+839.2%), from €147 to €1,380
- Gross operating margin +€69,468
up €69,468 (+976.1%), from €7,117 to €76,585
- Taxes +€22,245
up €22,245 (+968.8%), from €2,296 to €24,541
- Depreciation -€1,391
no longer reported in 2025 (was €1,391)
- Financial charges +€778
up €778 (+116.1%), from €670 to €1,447
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 | €21,430 | €86,462 | +€65,032 | +303.5% |
| Current assets | 29/58 | €21,430 | €86,462 | +€65,032 | +303.5% |
| Amounts receivable within one year | 40/41 | €10,454 | €65,814 | +€55,359 | +529.5% |
| Trade receivables | 40 | €9,751 | €63,778 | +€54,028 | +554.1% |
| Other amounts receivable | 41 | €704 | €2,036 | +€1,332 | +189.2% |
| Cash at bank and in hand | 54/58 | €10,318 | €19,789 | +€9,471 | +91.8% |
| Deferred charges and accrued income | 490/1 | €657 | €859 | +€202 | +30.7% |
| Total equity and liabilities | 10/49 | €21,430 | €86,462 | +€65,032 | +303.5% |
| Equity | 10/15 | €4,924 | €54,150 | +€49,227 | +999.8% |
| Contributions | 10/11 | €3,400 | €3,400 | = | 0.0% |
| Reserves | 13 | €1,524 | €50,750 | +€49,227 | +3230.7% |
| Distributable reserves | 133 | €1,524 | €50,750 | +€49,227 | +3230.7% |
| Amounts payable | 17/49 | €16,506 | €32,312 | +€15,806 | +95.8% |
| Amounts payable within one year | 42/48 | €16,506 | €31,761 | +€15,255 | +92.4% |
| Trade debts | 44 | €147 | €1,380 | +€1,233 | +839.2% |
| Suppliers | 440/4 | €147 | €1,380 | +€1,233 | +839.2% |
| Taxes, remuneration and social security | 45 | €14,710 | €29,548 | +€14,838 | +100.9% |
| Taxes | 450/3 | €13,232 | €26,168 | +€12,936 | +97.8% |
| Remuneration and social security | 454/9 | €1,478 | €3,380 | +€1,902 | +128.7% |
| Other amounts payable | 47/48 | €1,649 | €833 | -€816 | -49.5% |
| Accrued charges and deferred income | 492/3 | €0 | €551 | +€551 | +367046.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,391 | - | -€1,391 | |
| Other operating charges | 640/8 | €387 | €645 | +€258 | +66.5% |
| Gross operating margin | 9900 | €7,117 | €76,585 | +€69,468 | +976.1% |
| Operating profit (loss) | 9901 | €5,339 | €75,940 | +€70,601 | +1322.4% |
| Financial income | 75/76B | €10 | €108 | +€98 | +983.1% |
| Recurring financial income | 75 | €10 | €108 | +€98 | +983.1% |
| Financial charges | 65/66B | €670 | €1,447 | +€778 | +116.1% |
| Recurring financial charges | 65 | €670 | €1,447 | +€778 | +116.1% |
| Profit (loss) for the period before taxes | 9903 | €4,679 | €74,601 | +€69,922 | +1494.4% |
| Income taxes | 67/77 | €2,296 | €24,541 | +€22,245 | +968.8% |
| Profit (loss) for the period | 9904 | €2,383 | €50,060 | +€47,677 | +2001.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,383 | €50,060 | +€47,677 | +2001.0% |
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.