ANFIMA: 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.
ANFIMA
Largest movements
- Financial fixed assets +€24.5m
up €24.5m (+96.0%), from €25.5m to €50.1m
of which Companies linked by participating interests: +€24.5m
- Cash +€1.6m
up €1.6m (+14938.0%), from €11,013 to €1.7m
mainly Contributions, distributions and other (+€21.5m) and Debts after one year (+€6.4m)
- Contributions +€21.5m
up €21.5m (+424.5%), from €5.1m to €26.6m
of which Capital: +€21.5m
- Debts after one year +€6.4m
up €6.4m (+31.3%), from €20.6m to €27.0m
- Profit (loss) carried forward -€1.4m
down €1.4m (-44.0%), from -€3.1m to -€4.4m
No income-statement line moved by more than 1% of the activity.
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 | €25,626,880 | €51,760,216 | +€26.1m | +102.0% |
| Fixed assets | 21/28 | €25,538,798 | €50,054,954 | +€24.5m | +96.0% |
| Financial fixed assets | 28 | €25,538,798 | €50,054,954 | +€24.5m | +96.0% |
| Affiliated companies | 280/1 | €3,000,040 | €3,000,040 | +€0 | 0.0% |
| Participating interests | 280 | €3,000,040 | €3,000,040 | +€0 | 0.0% |
| Companies linked by participating interests | 282/3 | €22,538,758 | €47,054,914 | +€24.5m | +108.8% |
| Participating interests | 282 | €22,538,758 | €47,054,914 | +€24.5m | +108.8% |
| Current assets | 29/58 | €88,082 | €1,705,262 | +€1.6m | +1836.0% |
| Amounts receivable within one year | 40/41 | €59,778 | €29,778 | -€30,000 | -50.2% |
| Other amounts receivable | 41 | €59,778 | €29,778 | -€30,000 | -50.2% |
| Cash at bank and in hand | 54/58 | €11,013 | €1,656,107 | +€1.6m | +14938.0% |
| Deferred charges and accrued income | 490/1 | €17,291 | €19,377 | +€2,086 | +12.1% |
| Total equity and liabilities | 10/49 | €25,626,880 | €51,760,216 | +€26.1m | +102.0% |
| Equity | 10/15 | €3,052,671 | €23,193,079 | +€20.1m | +659.8% |
| Contributions | 10/11 | €5,064,766 | €26,564,766 | +€21.5m | +424.5% |
| Capital | 10 | €5,064,700 | €26,564,700 | +€21.5m | +424.5% |
| Issued capital | 100 | €5,064,700 | €26,564,700 | +€21.5m | +424.5% |
| Outside capital | 11 | €66 | €66 | = | 0.0% |
| Share premium | 1100/10 | €66 | €66 | = | 0.0% |
| Reserves | 13 | €1,077,000 | €1,077,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,077,000 | €1,077,000 | = | 0.0% |
| Legal reserve | 130 | €1,077,000 | €1,077,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,089,095 | -€4,448,687 | -€1.4m | -44.0% |
| Amounts payable | 17/49 | €22,574,209 | €28,567,137 | +€6.0m | +26.5% |
| Amounts payable after more than one year | 17 | €20,557,720 | €26,987,720 | +€6.4m | +31.3% |
| Financial debts | 170/4 | €20,557,720 | €26,987,720 | +€6.4m | +31.3% |
| Other loans | 174 | €20,557,720 | €26,987,720 | +€6.4m | +31.3% |
| Amounts payable within one year | 42/48 | €688,515 | €683,836 | -€4,679 | -0.7% |
| Trade debts | 44 | €10,170 | €5,168 | -€5,002 | -49.2% |
| Suppliers | 440/4 | €10,170 | €5,168 | -€5,002 | -49.2% |
| Taxes, remuneration and social security | 45 | - | €323 | +€323 | |
| Taxes | 450/3 | - | €323 | +€323 | |
| Other amounts payable | 47/48 | €678,345 | €678,345 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,327,974 | €895,581 | -€432,393 | -32.6% |
| Operating charges | 60/66A | €277,508 | €218,589 | -€58,919 | -21.2% |
| Services and other goods | 61 | €276,422 | €217,471 | -€58,952 | -21.3% |
| Other operating charges | 640/8 | €1,086 | €1,118 | +€33 | +3.0% |
| Operating profit (loss) | 9901 | -€277,508 | -€218,589 | +€58,919 | +21.2% |
| Financial income | 75/76B | €71,164 | €7,882 | -€63,282 | -88.9% |
| Recurring financial income | 75 | €6,167 | €7,882 | +€1,715 | +27.8% |
| Income from current assets | 751 | €1,215 | €3,054 | +€1,839 | +151.3% |
| Other financial income | 752/9 | €4,952 | €4,828 | -€124 | -2.5% |
| Non-recurring financial income | 76B | €64,997 | - | -€64,997 | |
| Financial charges | 65/66B | €873,860 | €1,148,885 | +€275,025 | +31.5% |
| Recurring financial charges | 65 | €873,860 | €1,148,885 | +€275,025 | +31.5% |
| Debt charges | 650 | €850,803 | €895,581 | +€44,778 | +5.3% |
| Other financial charges | 652/9 | €23,056 | €253,304 | +€230,247 | +998.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,080,203 | -€1,359,592 | -€279,389 | -25.9% |
| Income taxes | 67/77 | €57 | - | -€57 | |
| Taxes | 670/3 | €57 | - | -€57 | |
| Profit (loss) for the period | 9904 | -€1,080,261 | -€1,359,592 | -€279,332 | -25.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,080,261 | -€1,359,592 | -€279,332 | -25.9% |
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 2 October 2026 via checked.be.