AFP 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.
AFP MANAGEMENT
Largest movements
- Tangible fixed assets -€21,113
down €21,113 (-10.1%), from €208,720 to €187,607
of which Land and buildings: -€12,088
- Receivables within one year -€16,292
down €16,292 (-74.9%), from €21,762 to €5,470
of which Trade receivables: -€17,812
- Stocks and contracts +€2,956
up €2,956 (+7.7%), from €38,168 to €41,124
- Debts after one year -€19,609
down €19,609 (-26.7%), from €73,463 to €53,854
- Tax, wage and social debts -€6,737
down €6,737 (-59.6%), from €11,295 to €4,558
- Other debts -€3,960
down €3,960 (-2.9%), from €134,741 to €130,781
- Staff costs +€4,547
up €4,547 (+21.2%), from €21,483 to €26,030
- Depreciation +€4,522
up €4,522 (+27.3%), from €16,591 to €21,113
- Gross operating margin +€3,116
up €3,116 (+6.3%), from €49,678 to €52,795
- Purchases and services -€2,978
down €2,978 (-1.5%), from €193,234 to €190,256
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 | €275,366 | €243,632 | -€31,733 | -11.5% |
| Fixed assets | 21/28 | €208,720 | €187,607 | -€21,113 | -10.1% |
| Tangible fixed assets | 22/27 | €208,720 | €187,607 | -€21,113 | -10.1% |
| Land and buildings | 22 | €183,267 | €171,179 | -€12,088 | -6.6% |
| Plant, machinery and equipment | 23 | €1,535 | €758 | -€778 | -50.6% |
| Furniture and vehicles | 24 | €8,917 | €7,032 | -€1,884 | -21.1% |
| Other tangible fixed assets | 26 | €9,218 | €8,638 | -€580 | -6.3% |
| Assets under construction and advance payments | 27 | €5,783 | - | -€5,783 | |
| Current assets | 29/58 | €66,646 | €56,025 | -€10,620 | -15.9% |
| Stocks and contracts in progress | 3 | €38,168 | €41,124 | +€2,956 | +7.7% |
| Stocks | 30/36 | €38,168 | €41,124 | +€2,956 | +7.7% |
| Amounts receivable within one year | 40/41 | €21,762 | €5,470 | -€16,292 | -74.9% |
| Trade receivables | 40 | €19,962 | €2,151 | -€17,812 | -89.2% |
| Other amounts receivable | 41 | €1,800 | €3,320 | +€1,520 | +84.4% |
| Cash at bank and in hand | 54/58 | €6,715 | €9,431 | +€2,715 | +40.4% |
| Total equity and liabilities | 10/49 | €275,366 | €243,632 | -€31,733 | -11.5% |
| Equity | 10/15 | €12,933 | €13,106 | +€172 | +1.3% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €13,983 | €13,983 | = | 0.0% |
| Distributable reserves | 133 | €13,983 | €13,983 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,109 | -€8,937 | +€172 | +1.9% |
| Amounts payable | 17/49 | €262,432 | €230,527 | -€31,905 | -12.2% |
| Amounts payable after more than one year | 17 | €73,463 | €53,854 | -€19,609 | -26.7% |
| Financial debts | 170/4 | €73,463 | €53,854 | -€19,609 | -26.7% |
| Amounts payable within one year | 42/48 | €188,969 | €176,673 | -€12,296 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €18,954 | €19,609 | +€655 | +3.5% |
| Trade debts | 44 | €23,980 | €21,724 | -€2,255 | -9.4% |
| Suppliers | 440/4 | €23,980 | €21,724 | -€2,255 | -9.4% |
| Taxes, remuneration and social security | 45 | €11,295 | €4,558 | -€6,737 | -59.6% |
| Taxes | 450/3 | €11,295 | €4,558 | -€6,737 | -59.6% |
| Other amounts payable | 47/48 | €134,741 | €130,781 | -€3,960 | -2.9% |
| Turnover | 70 | €176,938 | €176,603 | -€334 | -0.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €193,234 | €190,256 | -€2,978 | -1.5% |
| Remuneration, social security and pensions | 62 | €21,483 | €26,030 | +€4,547 | +21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,591 | €21,113 | +€4,522 | +27.3% |
| Other operating charges | 640/8 | €1,001 | €400 | -€601 | -60.0% |
| Gross operating margin | 9900 | €49,678 | €52,795 | +€3,116 | +6.3% |
| Operating profit (loss) | 9901 | €10,603 | €5,252 | -€5,352 | -50.5% |
| Financial income | 75/76B | €11 | €4 | -€7 | -61.9% |
| Recurring financial income | 75 | €11 | €4 | -€7 | -61.9% |
| Financial charges | 65/66B | €3,727 | €3,009 | -€718 | -19.3% |
| Recurring financial charges | 65 | €3,727 | €3,009 | -€718 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €6,887 | €2,247 | -€4,640 | -67.4% |
| Income taxes | 67/77 | €2,684 | €2,075 | -€609 | -22.7% |
| Profit (loss) for the period | 9904 | €4,203 | €172 | -€4,031 | -95.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,203 | €172 | -€4,031 | -95.9% |
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 9 October 2026 via checked.be.