ANF CONSTRUCT: 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.
ANF CONSTRUCT
Largest movements
- Receivables within one year -€24,511
down €24,511 (-19.6%), from €124,970 to €100,459
of which Trade receivables: -€20,756
- Receivables after one year +€22,240
new in 2025: €22,240
- Tangible fixed assets +€10,787
up €10,787 (+36.2%), from €29,800 to €40,588
of which Furniture and vehicles: +€12,687
- Stocks and contracts +€10,167
new in 2025: €10,167
- Cash +€8,015
up €8,015 (+1.7%), from €465,836 to €473,851
mainly Other debts (+€56,483) and Net result for the year (+€32,884)
- Trade debts -€75,576
down €75,576 (-22.5%), from €336,484 to €260,908
- Other debts +€56,483
up €56,483 (+822.5%), from €6,868 to €63,351
- Reserves +€47,884
up €47,884 (+61.3%), from €78,063 to €125,947
of which Distributable reserves: +€47,884
- Profit (loss) carried forward -€34,500
down €34,500 (-25.0%), from €138,112 to €103,612
- Debts after one year +€26,542
up €26,542 (+136.2%), from €19,483 to €46,025
- Write-downs +€33,740
new in 2025: €33,740
- Taxes +€11,294
up €11,294 (+54.0%), from €20,907 to €32,201
- Financial income +€10,468
up €10,468 (+10876.1%), from €96 to €10,565
- Financial charges +€5,404
up €5,404 (+200.7%), from €2,692 to €8,097
- Gross operating margin +€4,620
up €4,620 (+1.7%), from €265,429 to €270,049
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 | €624,566 | €652,490 | +€27,924 | +4.5% |
| Fixed assets | 21/28 | €29,800 | €40,588 | +€10,787 | +36.2% |
| Tangible fixed assets | 22/27 | €29,800 | €40,588 | +€10,787 | +36.2% |
| Furniture and vehicles | 24 | €26,001 | €38,688 | +€12,687 | +48.8% |
| Leasing and similar rights | 25 | €3,799 | €1,900 | -€1,899 | -50.0% |
| Current assets | 29/58 | €594,765 | €611,902 | +€17,137 | +2.9% |
| Amounts receivable after more than one year | 29 | - | €22,240 | +€22,240 | |
| Trade receivables | 290 | - | €22,240 | +€22,240 | |
| Stocks and contracts in progress | 3 | - | €10,167 | +€10,167 | |
| Stocks | 30/36 | - | €10,167 | +€10,167 | |
| Amounts receivable within one year | 40/41 | €124,970 | €100,459 | -€24,511 | -19.6% |
| Trade receivables | 40 | €106,396 | €85,639 | -€20,756 | -19.5% |
| Other amounts receivable | 41 | €18,574 | €14,820 | -€3,754 | -20.2% |
| Cash at bank and in hand | 54/58 | €465,836 | €473,851 | +€8,015 | +1.7% |
| Deferred charges and accrued income | 490/1 | €3,960 | €5,185 | +€1,226 | +31.0% |
| Total equity and liabilities | 10/49 | €624,566 | €652,490 | +€27,924 | +4.5% |
| Equity | 10/15 | €236,175 | €249,559 | +€13,384 | +5.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | €20,000 | = | 0.0% |
| Issued capital | 100 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €78,063 | €125,947 | +€47,884 | +61.3% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Legal reserve | 130 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €76,063 | €123,947 | +€47,884 | +63.0% |
| Profit (loss) carried forward | 14 | €138,112 | €103,612 | -€34,500 | -25.0% |
| Amounts payable | 17/49 | €388,391 | €402,931 | +€14,540 | +3.7% |
| Amounts payable after more than one year | 17 | €19,483 | €46,025 | +€26,542 | +136.2% |
| Financial debts | 170/4 | €19,483 | €46,025 | +€26,542 | +136.2% |
| Amounts payable within one year | 42/48 | €365,282 | €356,906 | -€8,376 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €1,589 | €17,801 | +€16,212 | +1020.3% |
| Trade debts | 44 | €336,484 | €260,908 | -€75,576 | -22.5% |
| Suppliers | 440/4 | €336,484 | €260,908 | -€75,576 | -22.5% |
| Taxes, remuneration and social security | 45 | €20,342 | €14,846 | -€5,495 | -27.0% |
| Taxes | 450/3 | €11,350 | €4,680 | -€6,670 | -58.8% |
| Remuneration and social security | 454/9 | €8,992 | €10,167 | +€1,175 | +13.1% |
| Other amounts payable | 47/48 | €6,868 | €63,351 | +€56,483 | +822.5% |
| Accrued charges and deferred income | 492/3 | €3,626 | - | -€3,626 | |
| Non-recurring operating income | 76A | - | €15,213 | +€15,213 | |
| Remuneration, social security and pensions | 62 | €153,658 | €157,275 | +€3,616 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,149 | €16,418 | +€1,269 | +8.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €33,740 | +€33,740 | |
| Gross operating margin | 9900 | €265,429 | €270,049 | +€4,620 | +1.7% |
| Operating profit (loss) | 9901 | €96,622 | €62,617 | -€34,005 | -35.2% |
| Financial income | 75/76B | €96 | €10,565 | +€10,468 | +10876.1% |
| Recurring financial income | 75 | €96 | €10,565 | +€10,468 | +10876.1% |
| Financial charges | 65/66B | €2,692 | €8,097 | +€5,404 | +200.7% |
| Recurring financial charges | 65 | €2,692 | €8,097 | +€5,404 | +200.7% |
| Profit (loss) for the period before taxes | 9903 | €94,026 | €65,085 | -€28,941 | -30.8% |
| Income taxes | 67/77 | €20,907 | €32,201 | +€11,294 | +54.0% |
| Profit (loss) for the period | 9904 | €73,120 | €32,884 | -€40,235 | -55.0% |
| Profit (loss) for the period to be appropriated | 9905 | €73,120 | €32,884 | -€40,235 | -55.0% |
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 8 October 2026 via checked.be.