ANFRA: 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.
ANFRA
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+166.3%), from €825,299 to €2.2m
of which Land and buildings: +€1.4m
- Receivables within one year +€38,375
up €38,375 (+337.5%), from €11,370 to €49,745
of which Other amounts receivable: +€43,830
- Debts after one year +€1.3m
up €1.3m (+3059.2%), from €42,879 to €1.4m
- Other debts +€149,688
up €149,688 (+881.4%), from €16,984 to €166,671
- Reserves -€88,186
down €88,186 (-12.3%), from €719,525 to €631,339
- Current portion of long-term debt +€54,965
up €54,965 (+190.6%), from €28,831 to €83,796
- Depreciation +€128,003
up €128,003 (+557.2%), from €22,971 to €150,974
- Taxes -€10,456
down €10,456 (-100.0%), from €10,456 to €0
- Gross operating margin +€5,502
up €5,502 (+7.1%), from €77,207 to €82,708
- Financial charges +€4,825
up €4,825 (+126.7%), from €3,809 to €8,633
- Other operating charges +€3,017
up €3,017 (+33.4%), from €9,028 to €12,046
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 | €841,622 | €2,257,835 | +€1.4m | +168.3% |
| Fixed assets | 21/28 | €825,299 | €2,197,520 | +€1.4m | +166.3% |
| Tangible fixed assets | 22/27 | €825,299 | €2,197,520 | +€1.4m | +166.3% |
| Land and buildings | 22 | €822,402 | €2,197,520 | +€1.4m | +167.2% |
| Plant, machinery and equipment | 23 | €2,897 | €0 | -€2,897 | -100.0% |
| Current assets | 29/58 | €16,323 | €60,316 | +€43,993 | +269.5% |
| Amounts receivable within one year | 40/41 | €11,370 | €49,745 | +€38,375 | +337.5% |
| Trade receivables | 40 | €8,114 | €2,659 | -€5,455 | -67.2% |
| Other amounts receivable | 41 | €3,256 | €47,086 | +€43,830 | +1346.3% |
| Cash at bank and in hand | 54/58 | €4,953 | €10,571 | +€5,618 | +113.4% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €841,622 | €2,257,835 | +€1.4m | +168.3% |
| Equity | 10/15 | €741,418 | €652,410 | -€89,008 | -12.0% |
| Contributions | 10/11 | €21,071 | €21,071 | = | 0.0% |
| Reserves | 13 | €719,525 | €631,339 | -€88,186 | -12.3% |
| Distributable reserves | 133 | €719,525 | €631,339 | -€88,186 | -12.3% |
| Profit (loss) carried forward | 14 | €822 | €0 | -€822 | -100.0% |
| Amounts payable | 17/49 | €100,204 | €1,605,426 | +€1.5m | +1502.2% |
| Amounts payable after more than one year | 17 | €42,879 | €1,354,640 | +€1.3m | +3059.2% |
| Financial debts | 170/4 | €42,879 | €1,354,640 | +€1.3m | +3059.2% |
| Amounts payable within one year | 42/48 | €53,648 | €250,594 | +€196,946 | +367.1% |
| Current portion of amounts payable after more than one year | 42 | €28,831 | €83,796 | +€54,965 | +190.6% |
| Trade debts | 44 | €4,877 | €127 | -€4,751 | -97.4% |
| Suppliers | 440/4 | €4,877 | €127 | -€4,751 | -97.4% |
| Taxes, remuneration and social security | 45 | €2,956 | €0 | -€2,956 | -100.0% |
| Taxes | 450/3 | €2,956 | €0 | -€2,956 | -100.0% |
| Other amounts payable | 47/48 | €16,984 | €166,671 | +€149,688 | +881.4% |
| Accrued charges and deferred income | 492/3 | €3,677 | €192 | -€3,485 | -94.8% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,971 | €150,974 | +€128,003 | +557.2% |
| Other operating charges | 640/8 | €9,028 | €12,046 | +€3,017 | +33.4% |
| Non-recurring operating charges | 66A | - | €1,988 | +€1,988 | |
| Gross operating margin | 9900 | €77,207 | €82,708 | +€5,502 | +7.1% |
| Operating profit (loss) | 9901 | €45,208 | -€82,299 | -€127,506 | |
| Financial income | 75/76B | €0 | €1,924 | +€1,924 | |
| Recurring financial income | 75 | €0 | €1,924 | +€1,924 | |
| Financial charges | 65/66B | €3,809 | €8,633 | +€4,825 | +126.7% |
| Recurring financial charges | 65 | €3,809 | €8,633 | +€4,825 | +126.7% |
| Profit (loss) for the period before taxes | 9903 | €41,399 | -€89,008 | -€130,407 | |
| Income taxes | 67/77 | €10,456 | €0 | -€10,456 | -100.0% |
| Profit (loss) for the period | 9904 | €30,943 | -€89,008 | -€119,951 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,943 | -€89,008 | -€119,951 |
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.