Africa Infrastructure Fellowship Program: 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.
Africa Infrastructure Fellowship Program
Largest movements
- Cash -€1,596
down €1,596 (-81.5%), from €1,958 to €362
mainly Trade debts (-€94,578) and Tax, wage and social debts (-€4,423)
- Deferred charges and accrued income +€129
up €129 (+5.0%), from €2,587 to €2,715
- Profit (loss) carried forward +€97,534
up €97,534 (+49.4%), from -€197,381 to -€99,847
- Trade debts -€94,578
down €94,578 (-55.0%), from €172,111 to €77,532
- Tax, wage and social debts -€4,423
down €4,423 (-22.3%), from €19,815 to €15,392
of which Remuneration and social security: -€4,575
- Gross operating margin +€187,057
up €187,057, from -€12,689 to €174,367
- Staff costs -€28,786
down €28,786 (-27.5%), from €104,567 to €75,782
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 | €4,545 | €3,077 | -€1,468 | -32.3% |
| Current assets | 29/58 | €4,545 | €3,077 | -€1,468 | -32.3% |
| Cash at bank and in hand | 54/58 | €1,958 | €362 | -€1,596 | -81.5% |
| Deferred charges and accrued income | 490/1 | €2,587 | €2,715 | +€129 | +5.0% |
| Total equity and liabilities | 10/49 | €4,545 | €3,077 | -€1,468 | -32.3% |
| Equity | 10/15 | -€187,381 | -€89,847 | +€97,534 | +52.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€197,381 | -€99,847 | +€97,534 | +49.4% |
| Amounts payable | 17/49 | €191,926 | €92,925 | -€99,001 | -51.6% |
| Amounts payable within one year | 42/48 | €191,926 | €92,925 | -€99,001 | -51.6% |
| Trade debts | 44 | €172,111 | €77,532 | -€94,578 | -55.0% |
| Suppliers | 440/4 | €172,111 | €77,532 | -€94,578 | -55.0% |
| Taxes, remuneration and social security | 45 | €19,815 | €15,392 | -€4,423 | -22.3% |
| Taxes | 450/3 | €235 | €387 | +€152 | +64.9% |
| Remuneration and social security | 454/9 | €19,581 | €15,005 | -€4,575 | -23.4% |
| Remuneration, social security and pensions | 62 | €104,567 | €75,782 | -€28,786 | -27.5% |
| Non-recurring operating charges | 66A | €25,000 | - | -€25,000 | |
| Gross operating margin | 9900 | -€12,689 | €174,367 | +€187,057 | |
| Operating profit (loss) | 9901 | -€142,257 | €98,586 | +€240,843 | |
| Financial income | 75/76B | - | €401 | +€401 | |
| Recurring financial income | 75 | - | €401 | +€401 | |
| Financial charges | 65/66B | €2,500 | €1,453 | -€1,047 | -41.9% |
| Recurring financial charges | 65 | €2,500 | €1,453 | -€1,047 | -41.9% |
| Profit (loss) for the period before taxes | 9903 | -€144,757 | €97,534 | +€242,291 | |
| Profit (loss) for the period | 9904 | -€144,757 | €97,534 | +€242,291 | |
| Profit (loss) for the period to be appropriated | 9905 | -€144,757 | €97,534 | +€242,291 |
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 30 October 2026 via checked.be.