ANFA 123: 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.
ANFA 123
Largest movements
- Stocks and contracts +€294,043
up €294,043 (+41.2%), from €713,033 to €1.0m
- Receivables within one year -€150,174
down €150,174 (-70.3%), from €213,536 to €63,363
of which Trade receivables: -€196,713
- Cash -€24,227
down €24,227 (-78.5%), from €30,855 to €6,628
mainly Stocks and contracts (-€294,043) and Net result for the year (-€45,290)
- Trade debts +€158,492
up €158,492 (+275%), from €57,569 to €216,061
- Profit (loss) carried forward -€45,290
down €45,290 (-5.7%), from €793,044 to €747,753
- Tax, wage and social debts -€15,095
down €15,095 (-76.7%), from €19,681 to €4,586
of which Remuneration and social security: -€15,095
- Other debts +€12,907
up €12,907 (+6,454%), from €200 to €13,107
- Turnover -€169,470
down €169,470 (-6.5%), from €2.6m to €2.5m
- Gross operating margin -€106,233
down €106,233 (-40.4%), from €263,150 to €156,917
- Taxes -€72,477
down €72,477 (-70.1%), from €103,384 to €30,907
- Purchases and services -€58,283
down €58,283 (-2.5%), from €2.4m to €2.3m
- Staff costs -€31,589
down €31,589 (-16.5%), from €191,878 to €160,289
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 | €971,281 | €1,085,795 | +€114,515 | +11.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €13,856 | €8,729 | -€5,127 | -37.0% |
| Tangible fixed assets | 22/27 | €13,856 | €8,729 | -€5,127 | -37.0% |
| Land and buildings | 22 | €6,450 | €6,450 | = | 0.0% |
| Plant, machinery and equipment | 23 | €6,257 | €2,279 | -€3,977 | -63.6% |
| Furniture and vehicles | 24 | €1,150 | €0 | -€1,150 | -100% |
| Current assets | 29/58 | €957,425 | €1,077,066 | +€119,642 | +12.5% |
| Stocks and contracts in progress | 3 | €713,033 | €1,007,075 | +€294,043 | +41.2% |
| Stocks | 30/36 | €713,033 | €1,007,075 | +€294,043 | +41.2% |
| Amounts receivable within one year | 40/41 | €213,536 | €63,363 | -€150,174 | -70.3% |
| Trade receivables | 40 | €206,393 | €9,680 | -€196,713 | -95.3% |
| Other amounts receivable | 41 | €7,144 | €53,683 | +€46,539 | +651% |
| Cash at bank and in hand | 54/58 | €30,855 | €6,628 | -€24,227 | -78.5% |
| Total equity and liabilities | 10/49 | €971,281 | €1,085,795 | +€114,515 | +11.8% |
| Equity | 10/15 | €882,166 | €836,876 | -€45,290 | -5.1% |
| Contributions | 10/11 | €82,000 | €82,000 | = | 0.0% |
| Capital | 10 | €82,000 | €82,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Uncalled capital | 101 | €42,000 | €42,000 | = | 0.0% |
| Reserves | 13 | €7,123 | €7,123 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,123 | €7,123 | = | 0.0% |
| Legal reserve | 130 | €7,123 | €7,123 | = | 0.0% |
| Profit (loss) carried forward | 14 | €793,044 | €747,753 | -€45,290 | -5.7% |
| Amounts payable | 17/49 | €89,114 | €248,919 | +€159,805 | +179% |
| Amounts payable within one year | 42/48 | €89,114 | €248,919 | +€159,805 | +179% |
| Current portion of amounts payable after more than one year | 42 | €11,664 | €15,165 | +€3,501 | +30.0% |
| Trade debts | 44 | €57,569 | €216,061 | +€158,492 | +275% |
| Suppliers | 440/4 | €57,569 | €216,061 | +€158,492 | +275% |
| Taxes, remuneration and social security | 45 | €19,681 | €4,586 | -€15,095 | -76.7% |
| Taxes | 450/3 | €0 | €0 | = | |
| Remuneration and social security | 454/9 | €19,681 | €4,586 | -€15,095 | -76.7% |
| Other amounts payable | 47/48 | €200 | €13,107 | +€12,907 | +6,454% |
| Turnover | 70 | €2,619,569 | €2,450,099 | -€169,470 | -6.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €2,356,548 | €2,298,265 | -€58,283 | -2.5% |
| Remuneration, social security and pensions | 62 | €191,878 | €160,289 | -€31,589 | -16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,407 | €5,127 | -€280 | -5.2% |
| Other operating charges | 640/8 | €4,784 | €2,028 | -€2,756 | -57.6% |
| Gross operating margin | 9900 | €263,150 | €156,917 | -€106,233 | -40.4% |
| Operating profit (loss) | 9901 | €61,081 | -€10,527 | -€71,609 | |
| Financial charges | 65/66B | €2,828 | €3,856 | +€1,027 | +36.3% |
| Recurring financial charges | 65 | €2,828 | €3,856 | +€1,027 | +36.3% |
| Profit (loss) for the period before taxes | 9903 | €58,253 | -€14,383 | -€72,636 | |
| Income taxes | 67/77 | €103,384 | €30,907 | -€72,477 | -70.1% |
| Profit (loss) for the period | 9904 | -€45,131 | -€45,290 | -€159 | -0.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,131 | -€45,290 | -€159 | -0.4% |
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 17 October 2026 via checked.be.