AFRICAN WAY: what changed
AFRICAN WAY
Largest movements
- Tangible fixed assets +€63,730
up €63,730 (+230%), from €27,700 to €91,429
of which Furniture and vehicles: +€60,814
- Stocks and contracts -€40,935
down €40,935 (-26.8%), from €152,935 to €112,000
- Receivables within one year +€15,122
up €15,122 (+208%), from €7,263 to €22,385
of which Other amounts receivable: +€15,103
- Cash +€3,493
up €3,493 (+9.0%), from €38,963 to €42,456
mainly Stocks and contracts (+€40,935) and Debts after one year (+€23,202)
- Deferred charges and accrued income +€3,037
new in 2025: €3,037
- Debts after one year +€23,202
up €23,202 (+97.9%), from €23,708 to €46,909
- Profit (loss) carried forward +€19,650
up €19,650 (+54.4%), from €36,140 to €55,790
- Current portion of long-term debt +€8,463
up €8,463 (+80.8%), from €10,479 to €18,942
- Trade debts -€3,523
down €3,523 (-2.4%), from €148,140 to €144,618
- Tax, wage and social debts -€3,344
no longer reported in 2025 (was €3,344)
- Gross operating margin +€12,100
up €12,100 (+9.0%), from €134,198 to €146,298
- Other operating charges +€6,732
up €6,732 (+272%), from €2,479 to €9,211
- Staff costs -€5,634
down €5,634 (-6.3%), from €89,196 to €83,562
- Taxes -€4,735
no longer reported in 2025 (was €4,735)
- Depreciation +€4,166
up €4,166 (+25.3%), from €16,492 to €20,658
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €226,861 | €271,308 | +€44,448 | +19.6% |
| Fixed assets | 21/28 | €27,700 | €91,429 | +€63,730 | +230% |
| Tangible fixed assets | 22/27 | €27,700 | €91,429 | +€63,730 | +230% |
| Plant, machinery and equipment | 23 | - | €2,916 | +€2,916 | |
| Furniture and vehicles | 24 | €27,700 | €88,514 | +€60,814 | +220% |
| Current assets | 29/58 | €199,161 | €179,879 | -€19,282 | -9.7% |
| Stocks and contracts in progress | 3 | €152,935 | €112,000 | -€40,935 | -26.8% |
| Stocks | 30/36 | €152,935 | €112,000 | -€40,935 | -26.8% |
| Amounts receivable within one year | 40/41 | €7,263 | €22,385 | +€15,122 | +208% |
| Trade receivables | 40 | - | €19 | +€19 | |
| Other amounts receivable | 41 | €7,263 | €22,367 | +€15,103 | +208% |
| Cash at bank and in hand | 54/58 | €38,963 | €42,456 | +€3,493 | +9.0% |
| Deferred charges and accrued income | 490/1 | - | €3,037 | +€3,037 | |
| Total equity and liabilities | 10/49 | €226,861 | €271,308 | +€44,448 | +19.6% |
| Equity | 10/15 | €41,189 | €60,839 | +€19,650 | +47.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €49 | €49 | = | 0.0% |
| Non-distributable reserves | 130/1 | €49 | €49 | = | 0.0% |
| Legal reserve | 130 | €49 | €49 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,140 | €55,790 | +€19,650 | +54.4% |
| Amounts payable | 17/49 | €185,671 | €210,469 | +€24,798 | +13.4% |
| Amounts payable after more than one year | 17 | €23,708 | €46,909 | +€23,202 | +97.9% |
| Financial debts | 170/4 | €23,708 | €46,909 | +€23,202 | +97.9% |
| Amounts payable within one year | 42/48 | €161,964 | €163,560 | +€1,596 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €10,479 | €18,942 | +€8,463 | +80.8% |
| Trade debts | 44 | €148,140 | €144,618 | -€3,523 | -2.4% |
| Suppliers | 440/4 | €148,140 | €144,618 | -€3,523 | -2.4% |
| Taxes, remuneration and social security | 45 | €3,344 | - | -€3,344 | |
| Taxes | 450/3 | €3,344 | - | -€3,344 | |
| Non-recurring operating income | 76A | - | €34,180 | +€34,180 | |
| Remuneration, social security and pensions | 62 | €89,196 | €83,562 | -€5,634 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,492 | €20,658 | +€4,166 | +25.3% |
| Other operating charges | 640/8 | €2,479 | €9,211 | +€6,732 | +272% |
| Non-recurring operating charges | 66A | - | €5,207 | +€5,207 | |
| Gross operating margin | 9900 | €134,198 | €146,298 | +€12,100 | +9.0% |
| Operating profit (loss) | 9901 | €26,030 | €27,660 | +€1,629 | +6.3% |
| Financial charges | 65/66B | €4,185 | €8,010 | +€3,825 | +91.4% |
| Recurring financial charges | 65 | €4,185 | €8,010 | +€3,825 | +91.4% |
| Profit (loss) for the period before taxes | 9903 | €21,846 | €19,650 | -€2,196 | -10.1% |
| Income taxes | 67/77 | €4,735 | - | -€4,735 | |
| Profit (loss) for the period | 9904 | €17,110 | €19,650 | +€2,540 | +14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €17,110 | €19,650 | +€2,540 | +14.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.