AFSAM: 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.
AFSAM
Largest movements
- Cash +€103,842
up €103,842 (+151%), from €68,883 to €172,725
mainly Current portion of long-term debt (+€106,245) and Net result for the year (+€73,795)
- Receivables within one year +€44,374
up €44,374 (+107%), from €41,485 to €85,860
of which Trade receivables: +€37,708
- Tangible fixed assets -€12,612
down €12,612 (-7.7%), from €164,009 to €151,397
of which Plant, machinery and equipment: -€17,981
- Stocks and contracts -€11,761
down €11,761 (-11.7%), from €100,150 to €88,389
- Current portion of long-term debt +€106,245
up €106,245 (+580%), from €18,320 to €124,565
- Short-term financial debts -€100,000
no longer reported in 2025 (was €100,000)
- Profit (loss) carried forward +€73,795
up €73,795 (+225%), from €32,850 to €106,646
- Advances received +€62,315
new in 2025: €62,315
- Debts after one year -€17,251
down €17,251 (-53.6%), from €32,170 to €14,918
- Purchases and services +€524,563
new in 2025: €524,563
- Gross operating margin +€109,966
up €109,966 (+28.5%), from €386,157 to €496,123
- Staff costs +€64,353
up €64,353 (+23.4%), from €275,182 to €339,536
- Taxes -€11,410
no longer reported in 2025 (was €11,410)
- Financial charges +€8,942
up €8,942 (+74.8%), from €11,952 to €20,895
of which Financial charges: +€10,624
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 | €395,376 | €522,722 | +€127,347 | +32.2% |
| Fixed assets | 21/28 | €167,009 | €154,397 | -€12,612 | -7.6% |
| Tangible fixed assets | 22/27 | €164,009 | €151,397 | -€12,612 | -7.7% |
| Plant, machinery and equipment | 23 | €55,934 | €37,953 | -€17,981 | -32.1% |
| Furniture and vehicles | 24 | €108,075 | €113,444 | +€5,369 | +5.0% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €228,367 | €368,325 | +€139,959 | +61.3% |
| Amounts receivable after more than one year | 29 | €11,454 | €11,454 | = | 0.0% |
| Other amounts receivable | 291 | €11,454 | €11,454 | = | 0.0% |
| Stocks and contracts in progress | 3 | €100,150 | €88,389 | -€11,761 | -11.7% |
| Stocks | 30/36 | €100,150 | €88,389 | -€11,761 | -11.7% |
| Amounts receivable within one year | 40/41 | €41,485 | €85,860 | +€44,374 | +107% |
| Trade receivables | 40 | €33,855 | €71,562 | +€37,708 | +111% |
| Other amounts receivable | 41 | €7,631 | €14,297 | +€6,667 | +87.4% |
| Cash at bank and in hand | 54/58 | €68,883 | €172,725 | +€103,842 | +151% |
| Deferred charges and accrued income | 490/1 | €6,394 | €9,897 | +€3,503 | +54.8% |
| Total equity and liabilities | 10/49 | €395,376 | €522,722 | +€127,347 | +32.2% |
| Equity | 10/15 | €177,310 | €251,105 | +€73,795 | +41.6% |
| Contributions | 10/11 | €12,200 | €12,200 | = | 0.0% |
| Reserves | 13 | €132,260 | €132,260 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €130,400 | €130,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,850 | €106,646 | +€73,795 | +225% |
| Amounts payable | 17/49 | €218,066 | €271,617 | +€53,551 | +24.6% |
| Amounts payable after more than one year | 17 | €32,170 | €14,918 | -€17,251 | -53.6% |
| Financial debts | 170/4 | €32,170 | €14,918 | -€17,251 | -53.6% |
| Amounts payable within one year | 42/48 | €185,896 | €256,699 | +€70,803 | +38.1% |
| Current portion of amounts payable after more than one year | 42 | €18,320 | €124,565 | +€106,245 | +580% |
| Financial debts | 43 | €100,000 | - | -€100,000 | |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €34,697 | €39,341 | +€4,644 | +13.4% |
| Suppliers | 440/4 | €34,697 | €39,341 | +€4,644 | +13.4% |
| Advances received on contracts in progress | 46 | - | €62,315 | +€62,315 | |
| Taxes, remuneration and social security | 45 | €32,879 | €30,478 | -€2,401 | -7.3% |
| Taxes | 450/3 | €1,974 | €1,974 | = | 0.0% |
| Remuneration and social security | 454/9 | €30,905 | €28,504 | -€2,401 | -7.8% |
| Non-recurring operating income | 76A | €2,525 | - | -€2,525 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €524,563 | +€524,563 | |
| Remuneration, social security and pensions | 62 | €275,182 | €339,536 | +€64,353 | +23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,458 | €50,829 | +€7,371 | +17.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €416 | +€416 | |
| Other operating charges | 640/8 | €11,305 | €10,654 | -€651 | -5.8% |
| Gross operating margin | 9900 | €386,157 | €496,123 | +€109,966 | +28.5% |
| Operating profit (loss) | 9901 | €56,212 | €94,689 | +€38,477 | +68.4% |
| Financial income | 75/76B | €1 | €1 | +€1 | +69.9% |
| Recurring financial income | 75 | €1 | €1 | +€1 | +69.9% |
| Financial charges | 65/66B | €11,952 | €20,895 | +€8,942 | +74.8% |
| Recurring financial charges | 65 | €7,645 | €18,268 | +€10,624 | +139% |
| Non-recurring financial charges | 66B | €4,308 | €2,626 | -€1,682 | -39.0% |
| Profit (loss) for the period before taxes | 9903 | €44,260 | €73,795 | +€29,535 | +66.7% |
| Income taxes | 67/77 | €11,410 | - | -€11,410 | |
| Profit (loss) for the period | 9904 | €32,850 | €73,795 | +€40,945 | +125% |
| Profit (loss) for the period to be appropriated | 9905 | €32,850 | €73,795 | +€40,945 | +125% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.