A.G.A.: 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.
A.G.A.
Largest movements
- Cash +€497,088
up €497,088 (+628%), from €79,206 to €576,294
mainly Current investments (+€350,000) and Net result for the year (+€105,704)
- Current investments -€350,000
no longer reported in 2025 (was €350,000)
- Tangible fixed assets -€69,075
down €69,075 (-25.5%), from €270,974 to €201,899
of which Land and buildings: -€56,990
- Receivables within one year -€15,603
down €15,603 (-19.8%), from €78,924 to €63,321
of which Trade receivables: -€17,830
- Profit (loss) carried forward +€135,766
up €135,766 (+33.7%), from €402,343 to €538,109
- Reserves -€30,062
down €30,062 (-26.3%), from €114,125 to €84,062
of which Tax-exempt reserves: -€30,062
- Accrued charges and deferred income -€23,686
no longer reported in 2025 (was €23,686)
- Provisions -€15,480
down €15,480 (-19.6%), from €78,916 to €63,436
- Debts after one year -€11,419
no longer reported in 2025 (was €11,419)
- Gross operating margin +€21,633
up €21,633 (+7.9%), from €274,817 to €296,450
- Taxes +€17,300
up €17,300 (+33.1%), from €52,335 to €69,635
- Depreciation -€7,194
down €7,194 (-9.4%), from €76,893 to €69,699
- Other operating charges +€5,601
up €5,601 (+17.4%), from €32,179 to €37,780
- Write-downs -€5,563
down €5,563 (-12.9%), from €43,146 to €37,583
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 | €786,059 | €848,649 | +€62,590 | +8.0% |
| Fixed assets | 21/28 | €273,199 | €204,124 | -€69,075 | -25.3% |
| Tangible fixed assets | 22/27 | €270,974 | €201,899 | -€69,075 | -25.5% |
| Land and buildings | 22 | €232,526 | €175,536 | -€56,990 | -24.5% |
| Plant, machinery and equipment | 23 | €6,383 | €4,716 | -€1,668 | -26.1% |
| Furniture and vehicles | 24 | €32,065 | €21,648 | -€10,417 | -32.5% |
| Financial fixed assets | 28 | €2,225 | €2,225 | = | 0.0% |
| Current assets | 29/58 | €512,860 | €644,525 | +€131,665 | +25.7% |
| Amounts receivable within one year | 40/41 | €78,924 | €63,321 | -€15,603 | -19.8% |
| Trade receivables | 40 | €75,503 | €57,674 | -€17,830 | -23.6% |
| Other amounts receivable | 41 | €3,421 | €5,648 | +€2,227 | +65.1% |
| Current investments | 50/53 | €350,000 | - | -€350,000 | |
| Cash at bank and in hand | 54/58 | €79,206 | €576,294 | +€497,088 | +628% |
| Deferred charges and accrued income | 490/1 | €4,730 | €4,910 | +€180 | +3.8% |
| Total equity and liabilities | 10/49 | €786,059 | €848,649 | +€62,590 | +8.0% |
| Equity | 10/15 | €591,468 | €697,172 | +€105,704 | +17.9% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €114,125 | €84,062 | -€30,062 | -26.3% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €106,625 | €76,562 | -€30,062 | -28.2% |
| Profit (loss) carried forward | 14 | €402,343 | €538,109 | +€135,766 | +33.7% |
| Provisions and deferred taxes | 16 | €78,916 | €63,436 | -€15,480 | -19.6% |
| Deferred taxes | 168 | €78,916 | €63,436 | -€15,480 | -19.6% |
| Amounts payable | 17/49 | €115,675 | €88,041 | -€27,634 | -23.9% |
| Amounts payable after more than one year | 17 | €11,419 | - | -€11,419 | |
| Financial debts | 170/4 | €11,419 | - | -€11,419 | |
| Amounts payable within one year | 42/48 | €80,570 | €88,041 | +€7,471 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €12,341 | €11,419 | -€921 | -7.5% |
| Trade debts | 44 | €3,376 | €1,395 | -€1,981 | -58.7% |
| Suppliers | 440/4 | €3,376 | €1,395 | -€1,981 | -58.7% |
| Taxes, remuneration and social security | 45 | €64,853 | €75,227 | +€10,373 | +16.0% |
| Taxes | 450/3 | €64,853 | €74,227 | +€9,373 | +14.5% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Accrued charges and deferred income | 492/3 | €23,686 | - | -€23,686 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,893 | €69,699 | -€7,194 | -9.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €43,146 | €37,583 | -€5,563 | -12.9% |
| Other operating charges | 640/8 | €32,179 | €37,780 | +€5,601 | +17.4% |
| Gross operating margin | 9900 | €274,817 | €296,450 | +€21,633 | +7.9% |
| Operating profit (loss) | 9901 | €122,599 | €151,388 | +€28,789 | +23.5% |
| Financial income | 75/76B | €14,868 | €10,112 | -€4,756 | -32.0% |
| Recurring financial income | 75 | €14,868 | €10,112 | -€4,756 | -32.0% |
| Financial charges | 65/66B | €714 | €1,641 | +€927 | +130% |
| Recurring financial charges | 65 | €714 | €1,641 | +€927 | +130% |
| Profit (loss) for the period before taxes | 9903 | €136,752 | €159,859 | +€23,106 | +16.9% |
| Transfer from deferred taxes | 780 | €15,480 | €15,480 | = | 0.0% |
| Income taxes | 67/77 | €52,335 | €69,635 | +€17,300 | +33.1% |
| Profit (loss) for the period | 9904 | €99,898 | €105,704 | +€5,806 | +5.8% |
| Transfer from tax-exempt reserves | 789 | €30,062 | €30,062 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €129,960 | €135,766 | +€5,806 | +4.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.