AFRICO: 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.
AFRICO
Largest movements
- Receivables within one year -€105,734
down €105,734 (-48.6%), from €217,735 to €112,001
of which Other amounts receivable: -€105,802
- Cash +€42,181
up €42,181 (+53.1%), from €79,500 to €121,681
mainly Receivables within one year (+€105,734) and Trade debts (+€41,301)
- Financial fixed assets -€16,800
no longer reported in 2025 (was €16,800)
- Other debts -€140,847
down €140,847 (-98.3%), from €143,343 to €2,496
- Trade debts +€41,301
up €41,301 (+36.2%), from €114,017 to €155,318
- Reserves +€25,315
up €25,315 (+63.8%), from €39,649 to €64,964
- Tax, wage and social debts -€4,757
down €4,757 (-30.4%), from €15,638 to €10,881
of which Taxes: -€11,035
- Financial income +€233,206
up €233,206 (+2,293,080%), from €10 to €233,216
of which Non-recurring financial income: +€233,200
- Gross operating margin -€193,018
down €193,018, from €24,284 to -€168,734
- Staff costs +€13,157
up €13,157 (+57.6%), from €22,835 to €35,993
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 | €315,647 | €236,659 | -€78,988 | -25.0% |
| Fixed assets | 21/28 | €18,413 | €2,977 | -€15,435 | -83.8% |
| Tangible fixed assets | 22/27 | €1,613 | €2,977 | +€1,365 | +84.6% |
| Furniture and vehicles | 24 | €1,613 | €2,977 | +€1,365 | +84.6% |
| Financial fixed assets | 28 | €16,800 | - | -€16,800 | |
| Current assets | 29/58 | €297,235 | €233,682 | -€63,553 | -21.4% |
| Amounts receivable within one year | 40/41 | €217,735 | €112,001 | -€105,734 | -48.6% |
| Trade receivables | 40 | €10,000 | €10,068 | +€68 | +0.7% |
| Other amounts receivable | 41 | €207,735 | €101,933 | -€105,802 | -50.9% |
| Cash at bank and in hand | 54/58 | €79,500 | €121,681 | +€42,181 | +53.1% |
| Total equity and liabilities | 10/49 | €315,647 | €236,659 | -€78,988 | -25.0% |
| Equity | 10/15 | €42,649 | €67,964 | +€25,315 | +59.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €39,649 | €64,964 | +€25,315 | +63.8% |
| Distributable reserves | 133 | €39,649 | €64,964 | +€25,315 | +63.8% |
| Amounts payable | 17/49 | €272,998 | €168,695 | -€104,303 | -38.2% |
| Amounts payable within one year | 42/48 | €272,998 | €168,695 | -€104,303 | -38.2% |
| Trade debts | 44 | €114,017 | €155,318 | +€41,301 | +36.2% |
| Suppliers | 440/4 | €114,017 | €155,318 | +€41,301 | +36.2% |
| Taxes, remuneration and social security | 45 | €15,638 | €10,881 | -€4,757 | -30.4% |
| Taxes | 450/3 | €11,035 | - | -€11,035 | |
| Remuneration and social security | 454/9 | €4,603 | €10,881 | +€6,278 | +136% |
| Other amounts payable | 47/48 | €143,343 | €2,496 | -€140,847 | -98.3% |
| Remuneration, social security and pensions | 62 | €22,835 | €35,993 | +€13,157 | +57.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74 | €1,400 | +€1,326 | +1,794% |
| Other operating charges | 640/8 | €50 | €929 | +€879 | +1,758% |
| Gross operating margin | 9900 | €24,284 | -€168,734 | -€193,018 | |
| Operating profit (loss) | 9901 | €1,325 | -€207,056 | -€208,380 | |
| Financial income | 75/76B | €10 | €233,216 | +€233,206 | +2,293,080% |
| Recurring financial income | 75 | €10 | €16 | +€6 | +61.2% |
| Non-recurring financial income | 76B | - | €233,200 | +€233,200 | |
| Financial charges | 65/66B | €254 | €846 | +€591 | +233% |
| Recurring financial charges | 65 | €254 | €846 | +€591 | +233% |
| Profit (loss) for the period before taxes | 9903 | €1,080 | €25,315 | +€24,234 | +2,243% |
| Income taxes | 67/77 | -€1,435 | - | +€1,435 | |
| Profit (loss) for the period | 9904 | €2,515 | €25,315 | +€22,799 | +906% |
| Profit (loss) for the period to be appropriated | 9905 | €2,515 | €25,315 | +€22,799 | +906% |
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 29 October 2026 via checked.be.