ANFI: 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.
ANFI
Largest movements
- Tangible fixed assets +€187,159
up €187,159 (+64.0%), from €292,422 to €479,581
of which Land and buildings: +€188,621
- Receivables within one year +€123,239
up €123,239 (+142%), from €86,523 to €209,762
of which Other amounts receivable: +€121,869
- Debts after one year +€177,354
up €177,354 (+2,498%), from €7,100 to €184,454
- Reserves +€78,967
up €78,967 (+7.5%), from €1.0m to €1.1m
of which Distributable reserves: +€78,967
- Trade debts +€46,284
up €46,284 (+8,243%), from €562 to €46,846
- Tax, wage and social debts +€16,123
up €16,123 (+169%), from €9,555 to €25,678
of which Taxes: +€16,123
- Taxes +€17,365
up €17,365 (+60.5%), from €28,700 to €46,066
- Gross operating margin -€9,354
down €9,354 (-5.4%), from €172,441 to €163,087
- Depreciation +€8,490
up €8,490 (+27.7%), from €30,670 to €39,160
- Financial income +€7,880
up €7,880 (+290%), from €2,717 to €10,597
- Other operating charges -€3,011
down €3,011 (-45.8%), from €6,580 to €3,569
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 | €1,176,181 | €1,491,710 | +€315,530 | +26.8% |
| Fixed assets | 21/28 | €1,087,857 | €1,279,416 | +€191,559 | +17.6% |
| Tangible fixed assets | 22/27 | €292,422 | €479,581 | +€187,159 | +64.0% |
| Land and buildings | 22 | €287,833 | €476,454 | +€188,621 | +65.5% |
| Furniture and vehicles | 24 | €4,589 | €3,127 | -€1,462 | -31.9% |
| Financial fixed assets | 28 | €795,435 | €799,835 | +€4,400 | +0.6% |
| Current assets | 29/58 | €88,323 | €212,294 | +€123,971 | +140% |
| Amounts receivable within one year | 40/41 | €86,523 | €209,762 | +€123,239 | +142% |
| Trade receivables | 40 | €3,630 | €5,000 | +€1,370 | +37.7% |
| Other amounts receivable | 41 | €82,893 | €204,762 | +€121,869 | +147% |
| Cash at bank and in hand | 54/58 | €61 | €49 | -€13 | -20.7% |
| Deferred charges and accrued income | 490/1 | €1,739 | €2,483 | +€744 | +42.8% |
| Total equity and liabilities | 10/49 | €1,176,181 | €1,491,710 | +€315,530 | +26.8% |
| Equity | 10/15 | €1,108,926 | €1,187,893 | +€78,967 | +7.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,046,926 | €1,125,893 | +€78,967 | +7.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €385 | €385 | = | 0.0% |
| Distributable reserves | 133 | €1,040,342 | €1,119,308 | +€78,967 | +7.6% |
| Amounts payable | 17/49 | €67,254 | €303,817 | +€236,563 | +352% |
| Amounts payable after more than one year | 17 | €7,100 | €184,454 | +€177,354 | +2,498% |
| Financial debts | 170/4 | €7,100 | €184,454 | +€177,354 | +2,498% |
| Amounts payable within one year | 42/48 | €60,155 | €119,363 | +€59,208 | +98.4% |
| Current portion of amounts payable after more than one year | 42 | €32,387 | €26,314 | -€6,072 | -18.7% |
| Financial debts | 43 | €17,651 | €20,525 | +€2,874 | +16.3% |
| Credit institutions | 430/8 | €17,651 | €20,525 | +€2,874 | +16.3% |
| Trade debts | 44 | €562 | €46,846 | +€46,284 | +8,243% |
| Suppliers | 440/4 | €562 | €46,846 | +€46,284 | +8,243% |
| Taxes, remuneration and social security | 45 | €9,555 | €25,678 | +€16,123 | +169% |
| Taxes | 450/3 | €6,555 | €22,678 | +€16,123 | +246% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,670 | €39,160 | +€8,490 | +27.7% |
| Other operating charges | 640/8 | €6,580 | €3,569 | -€3,011 | -45.8% |
| Gross operating margin | 9900 | €172,441 | €163,087 | -€9,354 | -5.4% |
| Operating profit (loss) | 9901 | €135,191 | €120,357 | -€14,834 | -11.0% |
| Financial income | 75/76B | €2,717 | €10,597 | +€7,880 | +290% |
| Recurring financial income | 75 | €2,717 | €10,597 | +€7,880 | +290% |
| Financial charges | 65/66B | €3,107 | €5,922 | +€2,815 | +90.6% |
| Recurring financial charges | 65 | €3,107 | €5,922 | +€2,815 | +90.6% |
| Profit (loss) for the period before taxes | 9903 | €134,801 | €125,033 | -€9,769 | -7.2% |
| Income taxes | 67/77 | €28,700 | €46,066 | +€17,365 | +60.5% |
| Profit (loss) for the period | 9904 | €106,101 | €78,967 | -€27,134 | -25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €106,101 | €78,967 | -€27,134 | -25.6% |
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 14 October 2026 via checked.be.