ANFOR: 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.
ANFOR
Largest movements
- Receivables within one year -€34,489
down €34,489 (-78.7%), from €43,805 to €9,316
of which Trade receivables: -€30,440
- Cash -€30,214
down €30,214 (-85.4%), from €35,381 to €5,167
mainly Trade debts (-€21,634) and Stocks and contracts (-€20,834)
- Stocks and contracts +€20,834
up €20,834 (+35.7%), from €58,428 to €79,262
- Tangible fixed assets -€17,253
down €17,253 (-15.3%), from €112,478 to €95,225
of which Furniture and vehicles: -€14,368
- Trade debts -€21,634
down €21,634 (-42.0%), from €51,467 to €29,833
- Tax, wage and social debts -€19,358
down €19,358 (-62.4%), from €31,002 to €11,645
of which Taxes: -€16,758
- Profit (loss) carried forward -€9,149
down €9,149 (-9.5%), from €95,987 to €86,838
- Current portion of long-term debt -€8,890
down €8,890 (-68.1%), from €13,044 to €4,155
- Debts after one year -€4,155
no longer reported in 2025 (was €4,155)
- Gross operating margin -€37,270
down €37,270 (-57.5%), from €64,772 to €27,502
- Taxes -€10,547
down €10,547 (-97.3%), from €10,839 to €291
- Depreciation +€2,873
up €2,873 (+9.2%), from €31,335 to €34,208
- Other operating charges -€1,118
down €1,118 (-45.1%), from €2,481 to €1,363
- Financial charges -€766
down €766 (-45.1%), from €1,698 to €931
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 | €251,106 | €190,949 | -€60,157 | -24.0% |
| Fixed assets | 21/28 | €113,445 | €95,911 | -€17,533 | -15.5% |
| Intangible fixed assets | 21 | €967 | €687 | -€280 | -29.0% |
| Tangible fixed assets | 22/27 | €112,478 | €95,225 | -€17,253 | -15.3% |
| Land and buildings | 22 | - | €11,247 | +€11,247 | |
| Plant, machinery and equipment | 23 | €51,875 | €37,743 | -€14,132 | -27.2% |
| Furniture and vehicles | 24 | €60,604 | €46,235 | -€14,368 | -23.7% |
| Current assets | 29/58 | €137,661 | €95,037 | -€42,624 | -31.0% |
| Stocks and contracts in progress | 3 | €58,428 | €79,262 | +€20,834 | +35.7% |
| Stocks | 30/36 | €58,428 | €79,262 | +€20,834 | +35.7% |
| Amounts receivable within one year | 40/41 | €43,805 | €9,316 | -€34,489 | -78.7% |
| Trade receivables | 40 | €39,756 | €9,316 | -€30,440 | -76.6% |
| Other amounts receivable | 41 | €4,049 | - | -€4,049 | |
| Cash at bank and in hand | 54/58 | €35,381 | €5,167 | -€30,214 | -85.4% |
| Deferred charges and accrued income | 490/1 | €47 | €1,293 | +€1,246 | +2635.5% |
| Total equity and liabilities | 10/49 | €251,106 | €190,949 | -€60,157 | -24.0% |
| Equity | 10/15 | €151,438 | €142,289 | -€9,149 | -6.0% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €35,000 | €35,000 | = | 0.0% |
| Distributable reserves | 133 | €35,000 | €35,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €95,987 | €86,838 | -€9,149 | -9.5% |
| Amounts payable | 17/49 | €99,668 | €48,660 | -€51,009 | -51.2% |
| Amounts payable after more than one year | 17 | €4,155 | - | -€4,155 | |
| Financial debts | 170/4 | €4,155 | - | -€4,155 | |
| Amounts payable within one year | 42/48 | €95,514 | €48,660 | -€46,854 | -49.1% |
| Current portion of amounts payable after more than one year | 42 | €13,044 | €4,155 | -€8,890 | -68.1% |
| Trade debts | 44 | €51,467 | €29,833 | -€21,634 | -42.0% |
| Suppliers | 440/4 | €51,467 | €29,833 | -€21,634 | -42.0% |
| Taxes, remuneration and social security | 45 | €31,002 | €11,645 | -€19,358 | -62.4% |
| Taxes | 450/3 | €28,402 | €11,645 | -€16,758 | -59.0% |
| Remuneration and social security | 454/9 | €2,600 | - | -€2,600 | |
| Other amounts payable | 47/48 | - | €3,028 | +€3,028 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,335 | €34,208 | +€2,873 | +9.2% |
| Other operating charges | 640/8 | €2,481 | €1,363 | -€1,118 | -45.1% |
| Gross operating margin | 9900 | €64,772 | €27,502 | -€37,270 | -57.5% |
| Operating profit (loss) | 9901 | €30,956 | -€8,068 | -€39,025 | |
| Financial income | 75/76B | €1 | €142 | +€141 | +13560.6% |
| Recurring financial income | 75 | €1 | €142 | +€141 | +13560.6% |
| Financial charges | 65/66B | €1,698 | €931 | -€766 | -45.1% |
| Recurring financial charges | 65 | €1,698 | €931 | -€766 | -45.1% |
| Profit (loss) for the period before taxes | 9903 | €29,260 | -€8,857 | -€38,117 | |
| Income taxes | 67/77 | €10,839 | €291 | -€10,547 | -97.3% |
| Profit (loss) for the period | 9904 | €18,421 | -€9,149 | -€27,570 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,421 | -€9,149 | -€27,570 |
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 12 October 2026 via checked.be.