AFTAT: 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.
AFTAT
Largest movements
- Stocks and contracts +€45,732
up €45,732 (+14.7%), from €310,423 to €356,154
- Cash -€5,775
down €5,775 (-38.8%), from €14,875 to €9,100
mainly Contributions, distributions and other (-€63,506) and Stocks and contracts (-€45,732)
- Other debts +€60,331
new in 2025: €60,331
- Reserves -€51,250
down €51,250 (-31.3%), from €163,597 to €112,347
- Profit (loss) carried forward +€48,883
no longer reported in 2025 (was -€48,883)
- Debts after one year -€24,948
down €24,948 (-51.9%), from €48,055 to €23,107
of which Financial debts: -€21,008
- Trade debts +€11,963
up €11,963 (+9.1%), from €131,952 to €143,916
- Gross operating margin +€127,047
up €127,047 (+473.3%), from €26,843 to €153,890
- Taxes +€12,133
up €12,133 (+2233.7%), from €543 to €12,676
- Staff costs +€6,673
up €6,673 (+15.7%), from €42,623 to €49,296
- Depreciation +€5,737
up €5,737 (+44.9%), from €12,781 to €18,519
- Financial income +€3,701
up €3,701 (+5351.6%), from €69 to €3,770
of which Non-recurring financial income: +€3,768
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 | €509,962 | €552,594 | +€42,632 | +8.4% |
| Fixed assets | 21/28 | €83,391 | €85,915 | +€2,523 | +3.0% |
| Tangible fixed assets | 22/27 | €83,271 | €85,795 | +€2,523 | +3.0% |
| Plant, machinery and equipment | 23 | €1,441 | €2,255 | +€814 | +56.4% |
| Furniture and vehicles | 24 | €2,801 | €18,340 | +€15,539 | +554.7% |
| Other tangible fixed assets | 26 | €79,028 | €65,199 | -€13,829 | -17.5% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €426,571 | €466,679 | +€40,109 | +9.4% |
| Stocks and contracts in progress | 3 | €310,423 | €356,154 | +€45,732 | +14.7% |
| Stocks | 30/36 | €310,423 | €356,154 | +€45,732 | +14.7% |
| Amounts receivable within one year | 40/41 | €99,265 | €99,696 | +€431 | +0.4% |
| Trade receivables | 40 | €29,608 | €28,137 | -€1,471 | -5.0% |
| Other amounts receivable | 41 | €69,657 | €71,559 | +€1,901 | +2.7% |
| Cash at bank and in hand | 54/58 | €14,875 | €9,100 | -€5,775 | -38.8% |
| Deferred charges and accrued income | 490/1 | €2,008 | €1,730 | -€279 | -13.9% |
| Total equity and liabilities | 10/49 | €509,962 | €552,594 | +€42,632 | +8.4% |
| Equity | 10/15 | €114,714 | €112,347 | -€2,368 | -2.1% |
| Reserves | 13 | €163,597 | €112,347 | -€51,250 | -31.3% |
| Distributable reserves | 133 | €163,597 | €112,347 | -€51,250 | -31.3% |
| Profit (loss) carried forward | 14 | -€48,883 | - | +€48,883 | |
| Amounts payable | 17/49 | €395,247 | €440,247 | +€45,000 | +11.4% |
| Amounts payable after more than one year | 17 | €48,055 | €23,107 | -€24,948 | -51.9% |
| Financial debts | 170/4 | €41,408 | €20,400 | -€21,008 | -50.7% |
| Other amounts payable | 178/9 | €6,647 | €2,707 | -€3,940 | -59.3% |
| Amounts payable within one year | 42/48 | €347,192 | €417,093 | +€69,901 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €49,453 | €43,165 | -€6,288 | -12.7% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €131,952 | €143,916 | +€11,963 | +9.1% |
| Suppliers | 440/4 | €131,952 | €143,916 | +€11,963 | +9.1% |
| Taxes, remuneration and social security | 45 | €65,787 | €69,682 | +€3,895 | +5.9% |
| Taxes | 450/3 | €57,403 | €65,726 | +€8,323 | +14.5% |
| Remuneration and social security | 454/9 | €8,383 | €3,956 | -€4,427 | -52.8% |
| Other amounts payable | 47/48 | - | €60,331 | +€60,331 | |
| Accrued charges and deferred income | 492/3 | - | €47 | +€47 | |
| Remuneration, social security and pensions | 62 | €42,623 | €49,296 | +€6,673 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,781 | €18,519 | +€5,737 | +44.9% |
| Other operating charges | 640/8 | €2,446 | €1,153 | -€1,293 | -52.9% |
| Gross operating margin | 9900 | €26,843 | €153,890 | +€127,047 | +473.3% |
| Operating profit (loss) | 9901 | -€31,008 | €84,923 | +€115,930 | |
| Financial income | 75/76B | €69 | €3,770 | +€3,701 | +5351.6% |
| Recurring financial income | 75 | €69 | €1 | -€68 | -98.0% |
| Non-recurring financial income | 76B | - | €3,768 | +€3,768 | |
| Financial charges | 65/66B | €12,165 | €14,878 | +€2,714 | +22.3% |
| Recurring financial charges | 65 | €11,402 | €13,312 | +€1,910 | +16.8% |
| Non-recurring financial charges | 66B | €763 | €1,567 | +€804 | +105.4% |
| Profit (loss) for the period before taxes | 9903 | -€43,103 | €73,814 | +€116,917 | |
| Income taxes | 67/77 | €543 | €12,676 | +€12,133 | +2233.7% |
| Profit (loss) for the period | 9904 | -€43,646 | €61,138 | +€104,785 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,646 | €61,138 | +€104,785 |
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 9 October 2026 via checked.be.