AFSART: what changed
Two fiscal 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.
AFSART
Largest movements
- Stocks and contracts -€35,824
down €35,824 (-26.9%), from €133,293 to €97,469
- Cash +€3,292
up €3,292 (+26.5%), from €12,408 to €15,700
mainly Stocks and contracts (+€35,824) and Tax, wage and social debts (+€13,980)
- Profit (loss) carried forward -€43,239
new in 2025: -€43,239
- Tax, wage and social debts +€13,980
up €13,980 (+85.1%), from €16,419 to €30,399
of which Taxes: +€14,456
- Trade debts -€3,831
down €3,831 (-6.3%), from €61,008 to €57,177
- Short-term financial debts +€2,000
up €2,000 (+8.7%), from €23,000 to €25,000
- Gross operating margin -€62,621
down €62,621, from €58,850 to -€3,770
- Taxes -€3,638
down €3,638 (-93.1%), from €3,908 to €271
- Financial charges -€2,742
down €2,742 (-25.9%), from €10,602 to €7,859
- Staff costs -€2,660
down €2,660 (-8.1%), from €32,819 to €30,159
- Other operating charges -€922
down €922 (-54.6%), from €1,687 to €766
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €151,006 | €120,583 | -€30,424 | -20.1% |
| Fixed assets | 21/28 | €2,121 | €1,692 | -€429 | -20.2% |
| Tangible fixed assets | 22/27 | €1,371 | €942 | -€429 | -31.3% |
| Furniture and vehicles | 24 | €1,371 | €942 | -€429 | -31.3% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €148,886 | €118,891 | -€29,995 | -20.1% |
| Stocks and contracts in progress | 3 | €133,293 | €97,469 | -€35,824 | -26.9% |
| Stocks | 30/36 | €133,293 | €97,469 | -€35,824 | -26.9% |
| Amounts receivable within one year | 40/41 | €3,185 | €4,610 | +€1,425 | +44.7% |
| Trade receivables | 40 | €426 | €1,880 | +€1,454 | +341.1% |
| Other amounts receivable | 41 | €2,758 | €2,729 | -€29 | -1.0% |
| Cash at bank and in hand | 54/58 | €12,408 | €15,700 | +€3,292 | +26.5% |
| Deferred charges and accrued income | 490/1 | - | €1,111 | +€1,111 | |
| Total equity and liabilities | 10/49 | €151,006 | €120,583 | -€30,424 | -20.1% |
| Equity | 10/15 | €45,718 | €2,479 | -€43,239 | -94.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €27,118 | €27,118 | = | 0.0% |
| Distributable reserves | 133 | €27,118 | €27,118 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€43,239 | -€43,239 | |
| Amounts payable | 17/49 | €105,288 | €118,103 | +€12,815 | +12.2% |
| Amounts payable within one year | 42/48 | €105,288 | €118,103 | +€12,815 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €1,000 | €1,000 | = | 0.0% |
| Financial debts | 43 | €23,000 | €25,000 | +€2,000 | +8.7% |
| Credit institutions | 430/8 | €23,000 | €25,000 | +€2,000 | +8.7% |
| Trade debts | 44 | €61,008 | €57,177 | -€3,831 | -6.3% |
| Suppliers | 440/4 | €61,008 | €57,177 | -€3,831 | -6.3% |
| Taxes, remuneration and social security | 45 | €16,419 | €30,399 | +€13,980 | +85.1% |
| Taxes | 450/3 | €9,826 | €24,283 | +€14,456 | +147.1% |
| Remuneration and social security | 454/9 | €6,592 | €6,117 | -€476 | -7.2% |
| Other amounts payable | 47/48 | €3,861 | €4,527 | +€666 | +17.3% |
| Non-recurring operating income | 76A | €89 | - | -€89 | |
| Remuneration, social security and pensions | 62 | €32,819 | €30,159 | -€2,660 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €944 | €429 | -€516 | -54.6% |
| Other operating charges | 640/8 | €1,687 | €766 | -€922 | -54.6% |
| Gross operating margin | 9900 | €58,850 | -€3,770 | -€62,621 | |
| Operating profit (loss) | 9901 | €23,400 | -€35,123 | -€58,524 | |
| Financial income | 75/76B | €42 | €14 | -€27 | -65.9% |
| Recurring financial income | 75 | €42 | €14 | -€27 | -65.9% |
| Financial charges | 65/66B | €10,602 | €7,859 | -€2,742 | -25.9% |
| Recurring financial charges | 65 | €10,602 | €7,859 | -€2,742 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €12,840 | -€42,969 | -€55,809 | |
| Income taxes | 67/77 | €3,908 | €271 | -€3,638 | -93.1% |
| Profit (loss) for the period | 9904 | €8,932 | -€43,239 | -€52,171 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,932 | -€43,239 | -€52,171 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.