AFOREST BELGIUM: 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.
AFOREST BELGIUM
Largest movements
- Tangible fixed assets -€26,347
down €26,347 (-15.8%), from €166,629 to €140,282
- Receivables within one year -€5,846
down €5,846 (-3.6%), from €161,454 to €155,608
of which Trade receivables: -€8,892
- Cash -€5,814
down €5,814 (-6.9%), from €84,143 to €78,329
mainly Tax, wage and social debts (-€32,068) and Investment in fixed assets (net) (-€7,214)
- Tax, wage and social debts -€32,068
down €32,068 (-39.7%), from €80,692 to €48,624
of which Taxes: -€19,128
- Profit (loss) carried forward -€6,826
down €6,826 (-10.7%), from €63,643 to €56,817
- Gross operating margin +€63,305
up €63,305 (+39.4%), from €160,686 to €223,991
- Staff costs +€43,833
up €43,833 (+42.3%), from €103,537 to €147,370
- Taxes +€15,355
up €15,355 (+114%), from €13,454 to €28,809
- Other operating charges +€9,190
up €9,190 (+83.3%), from €11,036 to €20,226
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 | €426,549 | €391,057 | -€35,491 | -8.3% |
| Fixed assets | 21/28 | €180,952 | €153,642 | -€27,309 | -15.1% |
| Intangible fixed assets | 21 | €963 | - | -€963 | |
| Tangible fixed assets | 22/27 | €166,629 | €140,282 | -€26,347 | -15.8% |
| Plant, machinery and equipment | 23 | €38,634 | €32,427 | -€6,207 | -16.1% |
| Furniture and vehicles | 24 | €41,022 | €30,103 | -€10,920 | -26.6% |
| Other tangible fixed assets | 26 | €86,973 | €77,753 | -€9,220 | -10.6% |
| Financial fixed assets | 28 | €13,360 | €13,360 | = | 0.0% |
| Current assets | 29/58 | €245,597 | €237,415 | -€8,182 | -3.3% |
| Amounts receivable within one year | 40/41 | €161,454 | €155,608 | -€5,846 | -3.6% |
| Trade receivables | 40 | €156,530 | €147,637 | -€8,892 | -5.7% |
| Other amounts receivable | 41 | €4,924 | €7,970 | +€3,046 | +61.9% |
| Cash at bank and in hand | 54/58 | €84,143 | €78,329 | -€5,814 | -6.9% |
| Deferred charges and accrued income | 490/1 | - | €3,478 | +€3,478 | |
| Total equity and liabilities | 10/49 | €426,549 | €391,057 | -€35,491 | -8.3% |
| Equity | 10/15 | €84,218 | €77,393 | -€6,826 | -8.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,983 | €1,983 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €124 | €124 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,643 | €56,817 | -€6,826 | -10.7% |
| Amounts payable | 17/49 | €342,331 | €313,665 | -€28,666 | -8.4% |
| Amounts payable within one year | 42/48 | €342,331 | €313,665 | -€28,666 | -8.4% |
| Trade debts | 44 | €261,639 | €265,041 | +€3,402 | +1.3% |
| Suppliers | 440/4 | €261,639 | €265,041 | +€3,402 | +1.3% |
| Taxes, remuneration and social security | 45 | €80,692 | €48,624 | -€32,068 | -39.7% |
| Taxes | 450/3 | €62,672 | €43,544 | -€19,128 | -30.5% |
| Remuneration and social security | 454/9 | €18,020 | €5,080 | -€12,940 | -71.8% |
| Remuneration, social security and pensions | 62 | €103,537 | €147,370 | +€43,833 | +42.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,370 | €34,524 | +€154 | +0.4% |
| Other operating charges | 640/8 | €11,036 | €20,226 | +€9,190 | +83.3% |
| Non-recurring operating charges | 66A | €347 | - | -€347 | |
| Gross operating margin | 9900 | €160,686 | €223,991 | +€63,305 | +39.4% |
| Operating profit (loss) | 9901 | €11,395 | €21,871 | +€10,476 | +91.9% |
| Financial income | 75/76B | €10 | €247 | +€237 | +2,283% |
| Recurring financial income | 75 | €10 | €247 | +€237 | +2,283% |
| Financial charges | 65/66B | €399 | €135 | -€264 | -66.2% |
| Recurring financial charges | 65 | €399 | €135 | -€264 | -66.2% |
| Profit (loss) for the period before taxes | 9903 | €11,007 | €21,983 | +€10,976 | +99.7% |
| Income taxes | 67/77 | €13,454 | €28,809 | +€15,355 | +114% |
| Profit (loss) for the period | 9904 | -€2,447 | -€6,826 | -€4,378 | -179% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,447 | -€6,826 | -€4,378 | -179% |
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 13 October 2026 via checked.be.