AFS: 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.
What changed
AFS
NACE 47.730, Retail sale of pharmaceutical products
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€274,052
2024 · €264,594+€9,458
Equity
€10.8m
2024 · €10.5m+€274,052
Cash
€290,300
2024 · €115,039+€175,261
Balance sheet total
€22.0m
2024 · €20.2m+€1.7m
Largest movements
Assets
- Receivables within one year +€1.0m
up €1.0m (+43.7%), from €2.4m to €3.4m
of which Other amounts receivable: +€1.1m
- Tangible fixed assets +€496,853
up €496,853 (+10.2%), from €4.9m to €5.4m
of which Assets under construction and advance payments: +€523,132
Equity and liabilities
- Debts after one year +€1.8m
up €1.8m (+47.6%), from €3.7m to €5.5m
- Short-term financial debts -€219,846
down €219,846 (-12.3%), from €1.8m to €1.6m
Income statement
- Turnover +€741,922
up €741,922 (+9.0%), from €8.3m to €9.0m
- Goods and materials +€570,456
up €570,456 (+9.9%), from €5.7m to €6.3m
of which Purchases: +€533,694
- Services and other goods +€157,177
up €157,177 (+22.2%), from €708,948 to €866,125
- Staff costs -€138,311
down €138,311 (-4.9%), from €2.8m to €2.7m
- Other operating income -€113,226
down €113,226 (-6.9%), from €1.6m to €1.5m
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.
Result 2024
€264,594
Turnover
+€741,922
Other operating income
-€113,226
Goods and materials
-€570,456
Services and other goods
-€157,177
Staff costs
+€138,311
Depreciation
+€21,611
Write-downs
+€5,301
Provisions
+€4,500
Other operating charges
-€40,874
Financial income
+€58,214
Financial charges
-€74,483
Taxes
-€3,850
Deferred taxes and other
-€335
Result 2025
€274,052
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.
From operations
-€693,655
Investment
-€768,781
Financing
+€1.6m
Cash 2024
€115,039
From operations (derived)
-€693,655
Net result for the year
+€274,052
Depreciation
+€274,091
Stocks and contracts
-€14,190
Receivables within one year
-€1.0m
Deferred charges and accrued income
-€12,065
Provisions
-€16,029
Trade debts
+€65,433
Tax, wage and social debts
+€65,193
Other debts
-€192,061
Accrued charges and deferred income
-€97,904
Investment (derived)
-€768,781
Investment in fixed assets (net)
-€768,781
Financing
+€1.6m
Debts after one year
+€1.8m
Current portion of long-term debt
+€83,280
Short-term financial debts
-€219,846
Cash 2025
€290,300
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,239,698 | €21,976,079 | +€1.7m | +8.6% |
| Fixed assets | 21/28 | €16,219,514 | €16,714,205 | +€494,691 | +3.0% |
| Intangible fixed assets | 21 | €5,335 | €2,435 | -€2,900 | -54.4% |
| Tangible fixed assets | 22/27 | €4,855,789 | €5,352,642 | +€496,853 | +10.2% |
| Land and buildings | 22 | €4,458,910 | €4,487,028 | +€28,119 | +0.6% |
| Plant, machinery and equipment | 23 | €113,941 | €92,646 | -€21,295 | -18.7% |
| Furniture and vehicles | 24 | €4,034 | €4,511 | +€477 | +11.8% |
| Other tangible fixed assets | 26 | €194,905 | €161,325 | -€33,581 | -17.2% |
| Assets under construction and advance payments | 27 | €84,000 | €607,132 | +€523,132 | +622.8% |
| Financial fixed assets | 28 | €11,358,390 | €11,359,128 | +€738 | 0.0% |
| Affiliated companies | 280/1 | €11,314,506 | €11,315,257 | +€751 | 0.0% |
| Participating interests | 280 | €11,314,506 | €11,315,257 | +€751 | 0.0% |
| Other financial fixed assets | 284/8 | €43,884 | €43,871 | -€13 | 0.0% |
| Shares | 284 | €1,239 | €1,239 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €42,644 | €42,632 | -€13 | 0.0% |
| Current assets | 29/58 | €4,020,184 | €5,261,875 | +€1.2m | +30.9% |
| Amounts receivable after more than one year | 29 | €850,000 | €850,000 | = | 0.0% |
| Other amounts receivable | 291 | €850,000 | €850,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €652,174 | €666,363 | +€14,190 | +2.2% |
| Stocks | 30/36 | €652,174 | €666,363 | +€14,190 | +2.2% |
| Goods purchased for resale | 34 | €652,174 | €666,363 | +€14,190 | +2.2% |
| Amounts receivable within one year | 40/41 | €2,378,015 | €3,418,191 | +€1.0m | +43.7% |
| Trade receivables | 40 | €552,682 | €473,365 | -€79,317 | -14.4% |
| Other amounts receivable | 41 | €1,825,333 | €2,944,825 | +€1.1m | +61.3% |
| Current investments | 50/53 | €968 | €968 | = | 0.0% |
| Other investments | 51/53 | €968 | €968 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €115,039 | €290,300 | +€175,261 | +152.3% |
| Deferred charges and accrued income | 490/1 | €23,987 | €36,052 | +€12,065 | +50.3% |
| Total equity and liabilities | 10/49 | €20,239,698 | €21,976,079 | +€1.7m | +8.6% |
| Equity | 10/15 | €10,541,423 | €10,815,475 | +€274,052 | +2.6% |
| Contributions | 10/11 | €4,868,058 | €4,868,058 | = | 0.0% |
| Reserves | 13 | €5,324,344 | €5,509,658 | +€185,314 | +3.5% |
| Non-distributable reserves | 130/1 | €195,137 | €195,137 | = | 0.0% |
| Reserves not available under the articles | 1311 | €195,137 | €195,137 | = | 0.0% |
| Tax-exempt reserves | 132 | €647,449 | €612,863 | -€34,586 | -5.3% |
| Distributable reserves | 133 | €4,481,758 | €4,701,658 | +€219,900 | +4.9% |
| Profit (loss) carried forward | 14 | €349,021 | €437,759 | +€88,738 | +25.4% |
| Provisions and deferred taxes | 16 | €249,135 | €233,106 | -€16,029 | -6.4% |
| Provisions for liabilities and charges | 160/5 | €31,963 | €27,463 | -€4,500 | -14.1% |
| Major repairs and maintenance | 162 | €31,963 | €27,463 | -€4,500 | -14.1% |
| Deferred taxes | 168 | €217,172 | €205,643 | -€11,529 | -5.3% |
| Amounts payable | 17/49 | €9,449,140 | €10,927,498 | +€1.5m | +15.6% |
| Amounts payable after more than one year | 17 | €3,730,605 | €5,504,868 | +€1.8m | +47.6% |
| Financial debts | 170/4 | €3,730,605 | €5,504,868 | +€1.8m | +47.6% |
| Credit institutions | 173 | €3,730,605 | €5,504,868 | +€1.8m | +47.6% |
| Amounts payable within one year | 42/48 | €5,585,012 | €5,387,011 | -€198,002 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €733,813 | €817,093 | +€83,280 | +11.3% |
| Financial debts | 43 | €1,783,250 | €1,563,405 | -€219,846 | -12.3% |
| Credit institutions | 430/8 | €1,783,250 | €1,563,405 | -€219,846 | -12.3% |
| Trade debts | 44 | €759,192 | €824,625 | +€65,433 | +8.6% |
| Suppliers | 440/4 | €759,192 | €824,625 | +€65,433 | +8.6% |
| Taxes, remuneration and social security | 45 | €480,865 | €546,058 | +€65,193 | +13.6% |
| Taxes | 450/3 | €102,560 | €131,860 | +€29,300 | +28.6% |
| Remuneration and social security | 454/9 | €378,305 | €414,197 | +€35,893 | +9.5% |
| Other amounts payable | 47/48 | €1,827,892 | €1,635,830 | -€192,061 | -10.5% |
| Accrued charges and deferred income | 492/3 | €133,523 | €35,619 | -€97,904 | -73.3% |
| Operating income | 70/76A | €9,921,801 | €10,550,497 | +€628,695 | +6.3% |
| Turnover | 70 | €8,283,035 | €9,024,957 | +€741,922 | +9.0% |
| Other operating income | 74 | €1,638,766 | €1,525,540 | -€113,226 | -6.9% |
| Operating charges | 60/66A | €9,588,286 | €10,187,069 | +€598,783 | +6.2% |
| Goods for resale, raw materials and consumables | 60 | €5,743,971 | €6,314,427 | +€570,456 | +9.9% |
| Purchases | 600/8 | €5,794,923 | €6,328,617 | +€533,694 | +9.2% |
| Change in stocks: decrease (increase) | 609 | -€50,952 | -€14,190 | +€36,762 | +72.2% |
| Services and other goods | 61 | €708,948 | €866,125 | +€157,177 | +22.2% |
| Remuneration, social security and pensions | 62 | €2,828,891 | €2,690,580 | -€138,311 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €295,701 | €274,091 | -€21,611 | -7.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,164 | -€7,466 | -€5,301 | -244.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€4,500 | -€4,500 | |
| Other operating charges | 640/8 | €12,938 | €53,812 | +€40,874 | +315.9% |
| Operating profit (loss) | 9901 | €333,516 | €363,428 | +€29,913 | +9.0% |
| Financial income | 75/76B | €292,444 | €350,658 | +€58,214 | +19.9% |
| Recurring financial income | 75 | €262,023 | €350,658 | +€88,635 | +33.8% |
| Income from financial fixed assets | 750 | €234,959 | €264,738 | +€29,779 | +12.7% |
| Income from current assets | 751 | €18,054 | €79,372 | +€61,318 | +339.6% |
| Other financial income | 752/9 | €9,010 | €6,548 | -€2,462 | -27.3% |
| Non-recurring financial income | 76B | €30,421 | - | -€30,421 | |
| Financial charges | 65/66B | €302,900 | €377,383 | +€74,483 | +24.6% |
| Recurring financial charges | 65 | €202,900 | €277,383 | +€74,483 | +36.7% |
| Debt charges | 650 | €169,605 | €241,296 | +€71,691 | +42.3% |
| Other financial charges | 652/9 | €33,296 | €36,087 | +€2,792 | +8.4% |
| Non-recurring financial charges | 66B | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €323,060 | €336,703 | +€13,643 | +4.2% |
| Transfer from deferred taxes | 780 | €11,864 | €11,529 | -€335 | -2.8% |
| Income taxes | 67/77 | €70,329 | €74,179 | +€3,850 | +5.5% |
| Taxes | 670/3 | €70,329 | €74,179 | +€3,850 | +5.5% |
| Profit (loss) for the period | 9904 | €264,594 | €274,052 | +€9,458 | +3.6% |
| Transfer from tax-exempt reserves | 789 | €35,934 | €34,586 | -€1,348 | -3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €300,528 | €308,638 | +€8,110 | +2.7% |
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 11 October 2026 via checked.be.