ANFI: 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.
ANFI
Largest movements
- Tangible fixed assets -€50,094
down €50,094 (-3.7%), from €1.4m to €1.3m
of which Land and buildings: -€35,032
- Cash +€32,494
up €32,494 (+139.3%), from €23,327 to €55,820
mainly Depreciation (+€66,974) and Net result for the year (+€44,912)
- Debts after one year -€78,236
down €78,236 (-11.2%), from €696,752 to €618,515
- Profit (loss) carried forward +€44,912
up €44,912 (+16.5%), from €272,407 to €317,319
- Financial income +€50,001
up €50,001 (+100.0%), from €50,000 to €100,001
- Depreciation +€19,792
up €19,792 (+41.9%), from €47,182 to €66,974
- Gross operating margin -€12,540
down €12,540 (-24.1%), from €51,995 to €39,454
- Other operating charges -€4,615
down €4,615 (-52.7%), from €8,751 to €4,136
- Financial charges -€2,878
down €2,878 (-10.9%), from €26,312 to €23,434
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 | €1,674,280 | €1,653,579 | -€20,701 | -1.2% |
| Fixed assets | 21/28 | €1,630,655 | €1,577,461 | -€53,194 | -3.3% |
| Intangible fixed assets | 21 | €3,100 | €0 | -€3,100 | -100.0% |
| Tangible fixed assets | 22/27 | €1,362,127 | €1,312,032 | -€50,094 | -3.7% |
| Land and buildings | 22 | €1,301,389 | €1,266,357 | -€35,032 | -2.7% |
| Plant, machinery and equipment | 23 | €59,121 | €44,597 | -€14,524 | -24.6% |
| Furniture and vehicles | 24 | €1,617 | €1,078 | -€539 | -33.3% |
| Financial fixed assets | 28 | €265,429 | €265,429 | = | 0.0% |
| Current assets | 29/58 | €43,624 | €76,118 | +€32,494 | +74.5% |
| Amounts receivable within one year | 40/41 | €20,297 | €20,297 | = | 0.0% |
| Trade receivables | 40 | €20,297 | €20,297 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €23,327 | €55,820 | +€32,494 | +139.3% |
| Total equity and liabilities | 10/49 | €1,674,280 | €1,653,579 | -€20,701 | -1.2% |
| Equity | 10/15 | €292,867 | €337,779 | +€44,912 | +15.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €272,407 | €317,319 | +€44,912 | +16.5% |
| Amounts payable | 17/49 | €1,381,412 | €1,315,800 | -€65,613 | -4.7% |
| Amounts payable after more than one year | 17 | €696,752 | €618,515 | -€78,236 | -11.2% |
| Financial debts | 170/4 | €696,752 | €618,515 | -€78,236 | -11.2% |
| Amounts payable within one year | 42/48 | €684,661 | €697,284 | +€12,624 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €75,425 | €78,236 | +€2,811 | +3.7% |
| Trade debts | 44 | €1,773 | €778 | -€995 | -56.1% |
| Suppliers | 440/4 | €1,773 | €778 | -€995 | -56.1% |
| Advances received on contracts in progress | 46 | €26,396 | €26,396 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €17,030 | €23,462 | +€6,432 | +37.8% |
| Taxes | 450/3 | €2,630 | €5,462 | +€2,832 | +107.7% |
| Remuneration and social security | 454/9 | €14,400 | €18,000 | +€3,600 | +25.0% |
| Other amounts payable | 47/48 | €564,036 | €568,412 | +€4,376 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,182 | €66,974 | +€19,792 | +41.9% |
| Other operating charges | 640/8 | €8,751 | €4,136 | -€4,615 | -52.7% |
| Gross operating margin | 9900 | €51,995 | €39,454 | -€12,540 | -24.1% |
| Operating profit (loss) | 9901 | -€3,939 | -€31,655 | -€27,717 | -703.7% |
| Financial income | 75/76B | €50,000 | €100,001 | +€50,001 | +100.0% |
| Recurring financial income | 75 | €50,000 | €100,001 | +€50,001 | +100.0% |
| Financial charges | 65/66B | €26,312 | €23,434 | -€2,878 | -10.9% |
| Recurring financial charges | 65 | €26,312 | €23,434 | -€2,878 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €19,750 | €44,912 | +€25,162 | +127.4% |
| Profit (loss) for the period | 9904 | €19,750 | €44,912 | +€25,162 | +127.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,750 | €44,912 | +€25,162 | +127.4% |
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 4 October 2026 via checked.be.