AFT: 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.
AFT
Largest movements
- Cash +€451,576
up €451,576 (+224.3%), from €201,334 to €652,911
mainly Trade debts (+€234,984) and Net result for the year (+€158,044)
- Stocks and contracts +€30,308
up €30,308 (+12.4%), from €244,280 to €274,588
- Trade debts +€234,984
up €234,984 (+60.4%), from €388,793 to €623,777
- Reserves +€100,000
up €100,000 (+65.9%), from €151,855 to €251,855
- Profit (loss) carried forward +€58,044
up €58,044 (+11.5%), from €503,514 to €561,559
- Tax, wage and social debts +€47,078
up €47,078 (+33.5%), from €140,593 to €187,671
of which Taxes: +€45,649
- Advances received +€30,089
new in 2025: €30,089
- Other operating charges -€52,273
down €52,273 (-77.5%), from €67,413 to €15,140
- Gross operating margin -€49,664
down €49,664 (-12.5%), from €397,611 to €347,946
- Write-downs -€12,949
down €12,949 (-24.2%), from €53,543 to €40,594
- Taxes +€6,780
up €6,780 (+10.9%), from €62,037 to €68,817
- Staff costs +€5,179
up €5,179 (+11.0%), from €47,181 to €52,360
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 | €1,280,979 | €1,771,901 | +€490,923 | +38.3% |
| Fixed assets | 21/28 | €20,520 | €12,749 | -€7,771 | -37.9% |
| Tangible fixed assets | 22/27 | €20,520 | €12,749 | -€7,771 | -37.9% |
| Plant, machinery and equipment | 23 | €1,675 | €2,563 | +€888 | +53.0% |
| Furniture and vehicles | 24 | €16,200 | €8,100 | -€8,100 | -50.0% |
| Other tangible fixed assets | 26 | €2,645 | €2,086 | -€560 | -21.2% |
| Current assets | 29/58 | €1,260,458 | €1,759,152 | +€498,694 | +39.6% |
| Stocks and contracts in progress | 3 | €244,280 | €274,588 | +€30,308 | +12.4% |
| Stocks | 30/36 | €244,280 | €274,588 | +€30,308 | +12.4% |
| Amounts receivable within one year | 40/41 | €811,221 | €827,499 | +€16,278 | +2.0% |
| Trade receivables | 40 | €724,253 | €801,217 | +€76,964 | +10.6% |
| Other amounts receivable | 41 | €86,968 | €26,281 | -€60,686 | -69.8% |
| Cash at bank and in hand | 54/58 | €201,334 | €652,911 | +€451,576 | +224.3% |
| Deferred charges and accrued income | 490/1 | €3,623 | €4,155 | +€531 | +14.7% |
| Total equity and liabilities | 10/49 | €1,280,979 | €1,771,901 | +€490,923 | +38.3% |
| Equity | 10/15 | €673,919 | €831,964 | +€158,044 | +23.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €151,855 | €251,855 | +€100,000 | +65.9% |
| Distributable reserves | 133 | €151,855 | €251,855 | +€100,000 | +65.9% |
| Profit (loss) carried forward | 14 | €503,514 | €561,559 | +€58,044 | +11.5% |
| Amounts payable | 17/49 | €607,059 | €939,937 | +€332,878 | +54.8% |
| Amounts payable after more than one year | 17 | €77,644 | €90,634 | +€12,990 | +16.7% |
| Financial debts | 170/4 | €77,644 | €90,634 | +€12,990 | +16.7% |
| Amounts payable within one year | 42/48 | €529,416 | €848,804 | +€319,388 | +60.3% |
| Current portion of amounts payable after more than one year | 42 | - | €7,263 | +€7,263 | |
| Trade debts | 44 | €388,793 | €623,777 | +€234,984 | +60.4% |
| Suppliers | 440/4 | €388,793 | €623,777 | +€234,984 | +60.4% |
| Advances received on contracts in progress | 46 | - | €30,089 | +€30,089 | |
| Taxes, remuneration and social security | 45 | €140,593 | €187,671 | +€47,078 | +33.5% |
| Taxes | 450/3 | €129,908 | €175,558 | +€45,649 | +35.1% |
| Remuneration and social security | 454/9 | €10,685 | €12,114 | +€1,429 | +13.4% |
| Other amounts payable | 47/48 | €30 | €4 | -€26 | -86.7% |
| Accrued charges and deferred income | 492/3 | - | €500 | +€500 | |
| Remuneration, social security and pensions | 62 | €47,181 | €52,360 | +€5,179 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,400 | €10,191 | +€791 | +8.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €53,543 | €40,594 | -€12,949 | -24.2% |
| Other operating charges | 640/8 | €67,413 | €15,140 | -€52,273 | -77.5% |
| Gross operating margin | 9900 | €397,611 | €347,946 | -€49,664 | -12.5% |
| Operating profit (loss) | 9901 | €220,074 | €229,662 | +€9,587 | +4.4% |
| Financial income | 75/76B | €13,343 | €12,132 | -€1,211 | -9.1% |
| Recurring financial income | 75 | €13,343 | €12,132 | -€1,211 | -9.1% |
| Financial charges | 65/66B | €12,174 | €14,932 | +€2,758 | +22.7% |
| Recurring financial charges | 65 | €12,174 | €14,932 | +€2,758 | +22.7% |
| Profit (loss) for the period before taxes | 9903 | €221,243 | €226,861 | +€5,618 | +2.5% |
| Income taxes | 67/77 | €62,037 | €68,817 | +€6,780 | +10.9% |
| Profit (loss) for the period | 9904 | €159,206 | €158,044 | -€1,162 | -0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €159,206 | €158,044 | -€1,162 | -0.7% |
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 6 October 2026 via checked.be.