The spin-wave band structure of a two-dimensional square array of NiFe circular antidots (hole diameter 120 nm, periodicity 800 nm) is investigated. Brillouin light scattering experiments and band structure calculations, carried out by means of the dynamical matrix method, provide evidence for either extended or localized magnonic modes. Both families exhibit band gaps at Brillouin zone boundaries, attributed to Bragg reflection. Their calculated magnitude agrees with the one obtained by using an analytical model that takes into account the periodic variation of the internal field. This is in contrast to antidots in photonics and electronics, where the back-reflection is directly caused by the presence of holes. The results are important for advancing research on nanostructured two-dimensional magnonic crystals.