AS AFRICA: 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.
AS AFRICA
Largest movements
- Intangible fixed assets +€114,865
new in 2025: €114,865
- Stocks and contracts -€32,842
down €32,842 (-53.5%), from €61,360 to €28,519
- Cash +€32,466
up €32,466 (+1,327%), from €2,446 to €34,912
mainly Other debts (+€45,132) and Stocks and contracts (+€32,842)
- Receivables within one year +€28,938
up €28,938 (+30.2%), from €95,782 to €124,720
of which Trade receivables: +€16,626
- Tangible fixed assets -€15,493
down €15,493 (-37.1%), from €41,715 to €26,222
- Other debts +€45,132
new in 2025: €45,132
- Profit (loss) carried forward +€31,411
up €31,411 (+115%), from €27,366 to €58,776
- Tax, wage and social debts +€27,698
up €27,698 (+106%), from €26,098 to €53,796
of which Taxes: +€20,808
- Trade debts +€26,255
up €26,255 (+17.6%), from €148,980 to €175,234
- Gross operating margin +€40,740
up €40,740 (+49.6%), from €82,114 to €122,854
- Financial charges +€15,371
up €15,371 (+404%), from €3,801 to €19,172
- Depreciation +€13,304
up €13,304 (+313%), from €4,249 to €17,553
- Staff costs -€6,325
down €6,325 (-13.8%), from €45,685 to €39,360
- Other operating charges +€3,597
up €3,597 (+148%), from €2,427 to €6,023
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 | €202,443 | €332,938 | +€130,495 | +64.5% |
| Fixed assets | 21/28 | €41,715 | €141,087 | +€99,372 | +238% |
| Intangible fixed assets | 21 | - | €114,865 | +€114,865 | |
| Tangible fixed assets | 22/27 | €41,715 | €26,222 | -€15,493 | -37.1% |
| Furniture and vehicles | 24 | €41,715 | €26,222 | -€15,493 | -37.1% |
| Current assets | 29/58 | €160,728 | €191,852 | +€31,123 | +19.4% |
| Stocks and contracts in progress | 3 | €61,360 | €28,519 | -€32,842 | -53.5% |
| Stocks | 30/36 | €61,360 | €28,519 | -€32,842 | -53.5% |
| Amounts receivable within one year | 40/41 | €95,782 | €124,720 | +€28,938 | +30.2% |
| Trade receivables | 40 | €93,696 | €110,322 | +€16,626 | +17.7% |
| Other amounts receivable | 41 | €2,086 | €14,398 | +€12,312 | +590% |
| Cash at bank and in hand | 54/58 | €2,446 | €34,912 | +€32,466 | +1,327% |
| Deferred charges and accrued income | 490/1 | €1,140 | €3,701 | +€2,561 | +225% |
| Total equity and liabilities | 10/49 | €202,443 | €332,938 | +€130,495 | +64.5% |
| Equity | 10/15 | €27,366 | €58,776 | +€31,411 | +115% |
| Profit (loss) carried forward | 14 | €27,366 | €58,776 | +€31,411 | +115% |
| Amounts payable | 17/49 | €175,078 | €274,162 | +€99,085 | +56.6% |
| Amounts payable within one year | 42/48 | €175,078 | €274,162 | +€99,085 | +56.6% |
| Trade debts | 44 | €148,980 | €175,234 | +€26,255 | +17.6% |
| Suppliers | 440/4 | €148,980 | €175,234 | +€26,255 | +17.6% |
| Taxes, remuneration and social security | 45 | €26,098 | €53,796 | +€27,698 | +106% |
| Taxes | 450/3 | €9,922 | €30,730 | +€20,808 | +210% |
| Remuneration and social security | 454/9 | €16,176 | €23,065 | +€6,889 | +42.6% |
| Other amounts payable | 47/48 | - | €45,132 | +€45,132 | |
| Remuneration, social security and pensions | 62 | €45,685 | €39,360 | -€6,325 | -13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,249 | €17,553 | +€13,304 | +313% |
| Other operating charges | 640/8 | €2,427 | €6,023 | +€3,597 | +148% |
| Non-recurring operating charges | 66A | €193 | €778 | +€585 | +303% |
| Gross operating margin | 9900 | €82,114 | €122,854 | +€40,740 | +49.6% |
| Operating profit (loss) | 9901 | €29,560 | €59,139 | +€29,579 | +100% |
| Financial income | 75/76B | €110 | €18 | -€92 | -83.3% |
| Recurring financial income | 75 | €110 | €18 | -€92 | -83.3% |
| Financial charges | 65/66B | €3,801 | €19,172 | +€15,371 | +404% |
| Recurring financial charges | 65 | €3,801 | €19,172 | +€15,371 | +404% |
| Profit (loss) for the period before taxes | 9903 | €25,869 | €39,985 | +€14,116 | +54.6% |
| Income taxes | 67/77 | €6,157 | €8,575 | +€2,418 | +39.3% |
| Profit (loss) for the period | 9904 | €19,712 | €31,411 | +€11,698 | +59.3% |
| Profit (loss) for the period to be appropriated | 9905 | €19,712 | €31,411 | +€11,698 | +59.3% |
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 29 October 2026 via checked.be.