AFW-BOUW: 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.
AFW-BOUW
Largest movements
- Stocks and contracts +€65,922
up €65,922 (+61.3%), from €107,584 to €173,507
of which Contracts in progress: +€70,663
- Receivables within one year -€40,641
down €40,641 (-21.4%), from €189,774 to €149,133
of which Trade receivables: -€31,369
- Receivables after one year -€15,693
down €15,693 (-9.9%), from €159,003 to €143,310
- Tangible fixed assets -€14,868
down €14,868 (-3.2%), from €460,749 to €445,880
of which Land and buildings: -€16,372
- Reserves +€55,866
up €55,866 (+55.5%), from €100,700 to €156,566
of which Distributable reserves: +€55,866
- Current portion of long-term debt -€47,802
down €47,802 (-51.7%), from €92,493 to €44,691
- Debts after one year -€25,206
down €25,206 (-13.5%), from €187,111 to €161,905
- Staff costs -€29,119
down €29,119 (-9.5%), from €306,291 to €277,172
- Financial charges -€18,578
down €18,578 (-11.9%), from €156,082 to €137,505
- Gross operating margin -€18,037
down €18,037 (-3.2%), from €561,179 to €543,141
- Financial income +€17,685
up €17,685 (+250%), from €7,075 to €24,760
- Taxes +€9,968
up €9,968 (+34.8%), from €28,635 to €38,603
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 | €941,281 | €936,978 | -€4,304 | -0.5% |
| Fixed assets | 21/28 | €460,749 | €445,880 | -€14,868 | -3.2% |
| Tangible fixed assets | 22/27 | €460,749 | €445,880 | -€14,868 | -3.2% |
| Land and buildings | 22 | €425,907 | €409,534 | -€16,372 | -3.8% |
| Plant, machinery and equipment | 23 | €18,735 | €14,621 | -€4,115 | -22.0% |
| Furniture and vehicles | 24 | €16,107 | €21,725 | +€5,618 | +34.9% |
| Current assets | 29/58 | €480,533 | €491,098 | +€10,565 | +2.2% |
| Amounts receivable after more than one year | 29 | €159,003 | €143,310 | -€15,693 | -9.9% |
| Other amounts receivable | 291 | €159,003 | €143,310 | -€15,693 | -9.9% |
| Stocks and contracts in progress | 3 | €107,584 | €173,507 | +€65,922 | +61.3% |
| Stocks | 30/36 | €19,295 | €14,555 | -€4,741 | -24.6% |
| Contracts in progress | 37 | €88,289 | €158,952 | +€70,663 | +80.0% |
| Amounts receivable within one year | 40/41 | €189,774 | €149,133 | -€40,641 | -21.4% |
| Trade receivables | 40 | €118,807 | €87,438 | -€31,369 | -26.4% |
| Other amounts receivable | 41 | €70,967 | €61,695 | -€9,272 | -13.1% |
| Cash at bank and in hand | 54/58 | €18,060 | €25,148 | +€7,087 | +39.2% |
| Deferred charges and accrued income | 490/1 | €6,111 | €0 | -€6,111 | -100% |
| Total equity and liabilities | 10/49 | €941,281 | €936,978 | -€4,304 | -0.5% |
| Equity | 10/15 | €348,959 | €404,824 | +€55,866 | +16.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €100,700 | €156,566 | +€55,866 | +55.5% |
| 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 | €98,840 | €154,706 | +€55,866 | +56.5% |
| Profit (loss) carried forward | 14 | €229,659 | €229,659 | = | 0.0% |
| Amounts payable | 17/49 | €592,322 | €532,153 | -€60,169 | -10.2% |
| Amounts payable after more than one year | 17 | €187,111 | €161,905 | -€25,206 | -13.5% |
| Financial debts | 170/4 | €187,111 | €161,905 | -€25,206 | -13.5% |
| Amounts payable within one year | 42/48 | €405,211 | €370,249 | -€34,963 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €92,493 | €44,691 | -€47,802 | -51.7% |
| Financial debts | 43 | - | €431 | +€431 | |
| Credit institutions | 430/8 | - | €431 | +€431 | |
| Trade debts | 44 | €287,575 | €295,585 | +€8,010 | +2.8% |
| Suppliers | 440/4 | €287,575 | €295,585 | +€8,010 | +2.8% |
| Taxes, remuneration and social security | 45 | €25,144 | €23,012 | -€2,132 | -8.5% |
| Taxes | 450/3 | €3,324 | €5,851 | +€2,527 | +76.0% |
| Remuneration and social security | 454/9 | €21,820 | €17,161 | -€4,658 | -21.3% |
| Other amounts payable | 47/48 | €0 | €6,530 | +€6,530 | |
| Non-recurring operating income | 76A | €3,928 | €0 | -€3,928 | -100% |
| Remuneration, social security and pensions | 62 | €306,291 | €277,172 | -€29,119 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,781 | €28,580 | +€3,799 | +15.3% |
| Other operating charges | 640/8 | €20,242 | €29,344 | +€9,102 | +45.0% |
| Non-recurring operating charges | 66A | €665 | €0 | -€665 | -100% |
| Gross operating margin | 9900 | €561,179 | €543,141 | -€18,037 | -3.2% |
| Operating profit (loss) | 9901 | €209,200 | €208,046 | -€1,154 | -0.6% |
| Financial income | 75/76B | €7,075 | €24,760 | +€17,685 | +250% |
| Recurring financial income | 75 | €7,075 | €24,760 | +€17,685 | +250% |
| Financial charges | 65/66B | €156,082 | €137,505 | -€18,578 | -11.9% |
| Recurring financial charges | 65 | €156,082 | €137,505 | -€18,578 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €60,193 | €95,302 | +€35,109 | +58.3% |
| Income taxes | 67/77 | €28,635 | €38,603 | +€9,968 | +34.8% |
| Profit (loss) for the period | 9904 | €31,558 | €56,699 | +€25,140 | +79.7% |
| Profit (loss) for the period to be appropriated | 9905 | €31,558 | €56,699 | +€25,140 | +79.7% |
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 13 October 2026 via checked.be.