AVF: 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.
AVF
Largest movements
- Tangible fixed assets -€28,695
down €28,695 (-38.1%), from €75,243 to €46,548
of which Furniture and vehicles: -€24,796
- Deferred charges and accrued income +€17,320
up €17,320 (+90.3%), from €19,186 to €36,506
- Current investments +€12,198
up €12,198 (+55.1%), from €22,157 to €34,354
- Receivables within one year -€11,029
down €11,029 (-34.8%), from €31,657 to €20,628
of which Other amounts receivable: -€8,138
- Stocks and contracts -€10,000
down €10,000 (-22.2%), from €45,000 to €35,000
- Debts after one year -€12,476
down €12,476 (-49.0%), from €25,469 to €12,993
- Current portion of long-term debt -€5,720
down €5,720 (-21.6%), from €26,500 to €20,780
- Reserves +€5,027
up €5,027 (+5.9%), from €84,494 to €89,521
of which Distributable reserves: +€8,138
- Accrued charges and deferred income +€3,311
up €3,311 (+39321.5%), from €8 to €3,319
- Trade debts -€2,776
down €2,776 (-25.5%), from €10,887 to €8,111
- Gross operating margin -€12,449
down €12,449 (-22.6%), from €55,035 to €42,586
- Taxes -€2,249
down €2,249 (-29.5%), from €7,613 to €5,364
- Depreciation -€1,425
down €1,425 (-4.7%), from €30,120 to €28,695
- Financial charges -€920
down €920 (-23.7%), from €3,888 to €2,968
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 | €229,346 | €214,435 | -€14,912 | -6.5% |
| Fixed assets | 21/28 | €75,781 | €47,086 | -€28,695 | -37.9% |
| Tangible fixed assets | 22/27 | €75,243 | €46,548 | -€28,695 | -38.1% |
| Plant, machinery and equipment | 23 | €25,186 | €21,288 | -€3,898 | -15.5% |
| Furniture and vehicles | 24 | €50,057 | €25,260 | -€24,796 | -49.5% |
| Financial fixed assets | 28 | €538 | €538 | = | 0.0% |
| Current assets | 29/58 | €153,566 | €167,348 | +€13,783 | +9.0% |
| Stocks and contracts in progress | 3 | €45,000 | €35,000 | -€10,000 | -22.2% |
| Stocks | 30/36 | €45,000 | €35,000 | -€10,000 | -22.2% |
| Amounts receivable within one year | 40/41 | €31,657 | €20,628 | -€11,029 | -34.8% |
| Trade receivables | 40 | €3,632 | €741 | -€2,891 | -79.6% |
| Other amounts receivable | 41 | €28,024 | €19,887 | -€8,138 | -29.0% |
| Current investments | 50/53 | €22,157 | €34,354 | +€12,198 | +55.1% |
| Cash at bank and in hand | 54/58 | €35,566 | €40,860 | +€5,294 | +14.9% |
| Deferred charges and accrued income | 490/1 | €19,186 | €36,506 | +€17,320 | +90.3% |
| Total equity and liabilities | 10/49 | €229,346 | €214,435 | -€14,912 | -6.5% |
| Equity | 10/15 | €153,176 | €158,203 | +€5,027 | +3.3% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €84,494 | €89,521 | +€5,027 | +5.9% |
| Tax-exempt reserves | 132 | €3,111 | - | -€3,111 | |
| Distributable reserves | 133 | €81,383 | €89,521 | +€8,138 | +10.0% |
| Profit (loss) carried forward | 14 | €60,622 | €60,622 | = | 0.0% |
| Amounts payable | 17/49 | €76,171 | €56,232 | -€19,939 | -26.2% |
| Amounts payable after more than one year | 17 | €25,469 | €12,993 | -€12,476 | -49.0% |
| Financial debts | 170/4 | €25,469 | €12,993 | -€12,476 | -49.0% |
| Amounts payable within one year | 42/48 | €50,694 | €39,920 | -€10,774 | -21.3% |
| Current portion of amounts payable after more than one year | 42 | €26,500 | €20,780 | -€5,720 | -21.6% |
| Trade debts | 44 | €10,887 | €8,111 | -€2,776 | -25.5% |
| Suppliers | 440/4 | €10,887 | €8,111 | -€2,776 | -25.5% |
| Taxes, remuneration and social security | 45 | €13,307 | €11,029 | -€2,278 | -17.1% |
| Taxes | 450/3 | €13,307 | €11,029 | -€2,278 | -17.1% |
| Accrued charges and deferred income | 492/3 | €8 | €3,319 | +€3,311 | +39321.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,120 | €28,695 | -€1,425 | -4.7% |
| Other operating charges | 640/8 | €684 | €535 | -€149 | -21.8% |
| Gross operating margin | 9900 | €55,035 | €42,586 | -€12,449 | -22.6% |
| Operating profit (loss) | 9901 | €24,231 | €13,357 | -€10,874 | -44.9% |
| Financial income | 75/76B | €56 | €2 | -€54 | -96.0% |
| Recurring financial income | 75 | €56 | €2 | -€54 | -96.0% |
| Financial charges | 65/66B | €3,888 | €2,968 | -€920 | -23.7% |
| Recurring financial charges | 65 | €3,888 | €2,968 | -€920 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €20,399 | €10,391 | -€10,008 | -49.1% |
| Income taxes | 67/77 | €7,613 | €5,364 | -€2,249 | -29.5% |
| Profit (loss) for the period | 9904 | €12,786 | €5,027 | -€7,759 | -60.7% |
| Transfer from tax-exempt reserves | 789 | - | €3,111 | +€3,111 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,786 | €8,138 | -€4,648 | -36.4% |
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.