FONDATION A.F.: 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.
FONDATION A.F.
Largest movements
- Tangible fixed assets +€4.6m
up €4.6m (+236%), from €2.0m to €6.6m
of which Assets under construction and advance payments: +€4.0m
- Cash -€690,917
down €690,917 (-16.9%), from €4.1m to €3.4m
mainly Investment in fixed assets (net) (-€4.7m)
- Receivables within one year -€289,637
down €289,637 (-81.4%), from €355,749 to €66,112
of which Other amounts receivable: -€290,220
- Profit (loss) carried forward +€3.0m
up €3.0m (+38.0%), from €7.9m to €10.9m
- Trade debts +€612,891
up €612,891 (+255%), from €240,201 to €853,092
- Gross operating margin +€2.1m
up €2.1m, from -€128,908 to €2.0m
- Financial income +€77,082
up €77,082 (+7.4%), from €1.0m to €1.1m
- Depreciation +€51,840
up €51,840 (+230%), from €22,504 to €74,344
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 | €8,185,920 | €11,813,124 | +€3.6m | +44.3% |
| Fixed assets | 21/28 | €1,951,104 | €6,558,808 | +€4.6m | +236% |
| Tangible fixed assets | 22/27 | €1,951,104 | €6,558,808 | +€4.6m | +236% |
| Land and buildings | 22 | €610,754 | €871,825 | +€261,071 | +42.7% |
| Furniture and vehicles | 24 | €7,832 | €6,477 | -€1,355 | -17.3% |
| Other tangible fixed assets | 26 | - | €309,808 | +€309,808 | |
| Assets under construction and advance payments | 27 | €1,332,518 | €5,370,698 | +€4.0m | +303% |
| Current assets | 29/58 | €6,234,816 | €5,254,316 | -€980,500 | -15.7% |
| Amounts receivable within one year | 40/41 | €355,749 | €66,112 | -€289,637 | -81.4% |
| Trade receivables | 40 | - | €583 | +€583 | |
| Other amounts receivable | 41 | €355,749 | €65,529 | -€290,220 | -81.6% |
| Current investments | 50/53 | €1,796,464 | €1,796,464 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,080,586 | €3,389,669 | -€690,917 | -16.9% |
| Deferred charges and accrued income | 490/1 | €2,017 | €2,071 | +€54 | +2.7% |
| Total equity and liabilities | 10/49 | €8,185,920 | €11,813,124 | +€3.6m | +44.3% |
| Equity | 10/15 | €7,931,153 | €10,945,341 | +€3.0m | +38.0% |
| Profit (loss) carried forward | 14 | €7,931,153 | €10,945,341 | +€3.0m | +38.0% |
| Amounts payable | 17/49 | €254,767 | €867,783 | +€613,016 | +241% |
| Amounts payable within one year | 42/48 | €248,878 | €861,769 | +€612,891 | +246% |
| Trade debts | 44 | €240,201 | €853,092 | +€612,891 | +255% |
| Suppliers | 440/4 | €240,201 | €853,092 | +€612,891 | +255% |
| Taxes, remuneration and social security | 45 | €8,677 | €8,677 | = | 0.0% |
| Taxes | 450/3 | €8,677 | €8,677 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,889 | €6,013 | +€124 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,504 | €74,344 | +€51,840 | +230% |
| Other operating charges | 640/8 | €2,712 | €9,198 | +€6,486 | +239% |
| Gross operating margin | 9900 | -€128,908 | €1,977,741 | +€2.1m | |
| Operating profit (loss) | 9901 | -€154,123 | €1,894,200 | +€2.0m | |
| Financial income | 75/76B | €1,042,918 | €1,120,000 | +€77,082 | +7.4% |
| Recurring financial income | 75 | €1,042,918 | €1,120,000 | +€77,082 | +7.4% |
| Financial charges | 65/66B | -€6,946 | €12 | +€6,958 | |
| Recurring financial charges | 65 | -€6,946 | €12 | +€6,958 | |
| Profit (loss) for the period before taxes | 9903 | €895,741 | €3,014,188 | +€2.1m | +237% |
| Income taxes | 67/77 | €19,322 | - | -€19,322 | |
| Profit (loss) for the period | 9904 | €876,419 | €3,014,188 | +€2.1m | +244% |
| Profit (loss) for the period to be appropriated | 9905 | €876,419 | €3,014,188 | +€2.1m | +244% |
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 17 October 2026 via checked.be.