AFRGO: 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.
AFRGO
Largest movements
- Receivables within one year +€231,428
up €231,428 (+4,096%), from €5,650 to €237,078
of which Trade receivables: +€233,317
- Cash -€14,620
down €14,620 (-24.3%), from €60,171 to €45,552
mainly Receivables within one year (-€231,428) and Other debts (-€147,269)
- Tangible fixed assets -€7,149
down €7,149 (-35.6%), from €20,056 to €12,907
of which Furniture and vehicles: -€7,076
- Trade debts +€225,772
up €225,772 (+12,439%), from €1,815 to €227,587
- Other debts -€147,269
down €147,269 (-60.8%), from €242,209 to €94,940
- Advances received +€126,642
up €126,642 (+251%), from €50,524 to €177,166
- Profit (loss) carried forward +€6,259
up €6,259 (+3.3%), from -€187,811 to -€181,553
- Gross operating margin +€6,659
up €6,659 (+71.1%), from €9,367 to €16,026
- Financial charges +€3,554
up €3,554 (+201%), from €1,765 to €5,320
of which Financial charges: +€3,799
- Financial income +€2,576
up €2,576 (+157%), from €1,637 to €4,213
- Staff costs -€199
down €199 (-54.0%), from €369 to €170
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 | €125,619 | €337,700 | +€212,081 | +169% |
| Fixed assets | 21/28 | €20,056 | €12,907 | -€7,149 | -35.6% |
| Tangible fixed assets | 22/27 | €20,056 | €12,907 | -€7,149 | -35.6% |
| Plant, machinery and equipment | 23 | €212 | €139 | -€73 | -34.4% |
| Furniture and vehicles | 24 | €19,844 | €12,768 | -€7,076 | -35.7% |
| Current assets | 29/58 | €105,564 | €324,794 | +€219,230 | +208% |
| Stocks and contracts in progress | 3 | €39,742 | €42,164 | +€2,422 | +6.1% |
| Stocks | 30/36 | €39,742 | €42,164 | +€2,422 | +6.1% |
| Amounts receivable within one year | 40/41 | €5,650 | €237,078 | +€231,428 | +4,096% |
| Trade receivables | 40 | €3,638 | €236,954 | +€233,317 | +6,414% |
| Other amounts receivable | 41 | €2,012 | €123 | -€1,889 | -93.9% |
| Cash at bank and in hand | 54/58 | €60,171 | €45,552 | -€14,620 | -24.3% |
| Total equity and liabilities | 10/49 | €125,619 | €337,700 | +€212,081 | +169% |
| Equity | 10/15 | -€169,211 | -€162,953 | +€6,259 | +3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€187,811 | -€181,553 | +€6,259 | +3.3% |
| Amounts payable | 17/49 | €294,831 | €500,653 | +€205,822 | +69.8% |
| Amounts payable within one year | 42/48 | €294,831 | €500,653 | +€205,822 | +69.8% |
| Trade debts | 44 | €1,815 | €227,587 | +€225,772 | +12,439% |
| Suppliers | 440/4 | €1,815 | €227,587 | +€225,772 | +12,439% |
| Advances received on contracts in progress | 46 | €50,524 | €177,166 | +€126,642 | +251% |
| Taxes, remuneration and social security | 45 | €283 | €960 | +€677 | +239% |
| Taxes | 450/3 | €283 | €960 | +€677 | +239% |
| Other amounts payable | 47/48 | €242,209 | €94,940 | -€147,269 | -60.8% |
| Non-recurring operating income | 76A | - | €2,018 | +€2,018 | |
| Remuneration, social security and pensions | 62 | €369 | €170 | -€199 | -54.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,420 | €7,486 | +€66 | +0.9% |
| Other operating charges | 640/8 | €691 | €546 | -€145 | -21.0% |
| Non-recurring operating charges | 66A | - | €93 | +€93 | |
| Gross operating margin | 9900 | €9,367 | €16,026 | +€6,659 | +71.1% |
| Operating profit (loss) | 9901 | €886 | €7,732 | +€6,845 | +772% |
| Financial income | 75/76B | €1,637 | €4,213 | +€2,576 | +157% |
| Recurring financial income | 75 | €1,637 | €4,213 | +€2,576 | +157% |
| Financial charges | 65/66B | €1,765 | €5,320 | +€3,554 | +201% |
| Recurring financial charges | 65 | €1,520 | €5,320 | +€3,799 | +250% |
| Non-recurring financial charges | 66B | €245 | €0 | -€245 | -100% |
| Profit (loss) for the period before taxes | 9903 | €758 | €6,625 | +€5,867 | +774% |
| Income taxes | 67/77 | €283 | €367 | +€84 | +29.7% |
| Profit (loss) for the period | 9904 | €475 | €6,259 | +€5,783 | +1,217% |
| Profit (loss) for the period to be appropriated | 9905 | €475 | €6,259 | +€5,783 | +1,217% |
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.