A.G.H.: 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.H.
Largest movements
- Tangible fixed assets -€26,014
down €26,014 (-5.2%), from €498,892 to €472,879
- Reserves +€17,217
up €17,217 (+6.8%), from €253,453 to €270,670
of which Distributable reserves: +€25,000
- Trade debts -€11,734
down €11,734 (-100%), from €11,734 to €0
- Debts after one year -€10,489
down €10,489 (-25.0%), from €41,880 to €31,391
- Gross operating margin +€10,808
up €10,808 (+18.9%), from €57,109 to €67,917
- Taxes +€2,537
up €2,537 (+36.7%), from €6,906 to €9,443
- Depreciation +€953
up €953 (+3.8%), from €25,060 to €26,014
- Financial charges -€726
down €726 (-23.7%), from €3,062 to €2,336
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 | €675,881 | €656,833 | -€19,048 | -2.8% |
| Fixed assets | 21/28 | €499,472 | €473,458 | -€26,014 | -5.2% |
| Tangible fixed assets | 22/27 | €498,892 | €472,879 | -€26,014 | -5.2% |
| Land and buildings | 22 | €498,892 | €472,879 | -€26,014 | -5.2% |
| Financial fixed assets | 28 | €580 | €580 | = | 0.0% |
| Current assets | 29/58 | €176,410 | €183,375 | +€6,965 | +3.9% |
| Amounts receivable within one year | 40/41 | €163,503 | €168,730 | +€5,226 | +3.2% |
| Trade receivables | 40 | - | €967 | +€967 | |
| Other amounts receivable | 41 | €163,503 | €167,763 | +€4,259 | +2.6% |
| Cash at bank and in hand | 54/58 | €8,552 | €11,645 | +€3,093 | +36.2% |
| Deferred charges and accrued income | 490/1 | €4,354 | €3,000 | -€1,354 | -31.1% |
| Total equity and liabilities | 10/49 | €675,881 | €656,833 | -€19,048 | -2.8% |
| Equity | 10/15 | €318,392 | €335,196 | +€16,804 | +5.3% |
| Contributions | 10/11 | €64,083 | €64,083 | = | 0.0% |
| Capital | 10 | €64,083 | €64,083 | = | 0.0% |
| Issued capital | 100 | €64,083 | €64,083 | = | 0.0% |
| Reserves | 13 | €253,453 | €270,670 | +€17,217 | +6.8% |
| Non-distributable reserves | 130/1 | €200 | €200 | = | 0.0% |
| Legal reserve | 130 | €200 | €200 | = | 0.0% |
| Tax-exempt reserves | 132 | €171,253 | €163,470 | -€7,783 | -4.5% |
| Distributable reserves | 133 | €82,000 | €107,000 | +€25,000 | +30.5% |
| Profit (loss) carried forward | 14 | €855 | €442 | -€413 | -48.3% |
| Provisions and deferred taxes | 16 | €88,182 | €84,175 | -€4,007 | -4.5% |
| Deferred taxes | 168 | €88,182 | €84,175 | -€4,007 | -4.5% |
| Amounts payable | 17/49 | €269,308 | €237,463 | -€31,845 | -11.8% |
| Amounts payable after more than one year | 17 | €41,880 | €31,391 | -€10,489 | -25.0% |
| Financial debts | 170/4 | €41,880 | €31,391 | -€10,489 | -25.0% |
| Amounts payable within one year | 42/48 | €223,334 | €201,978 | -€21,356 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €12,950 | €10,489 | -€2,461 | -19.0% |
| Trade debts | 44 | €11,734 | €0 | -€11,734 | -100% |
| Suppliers | 440/4 | €11,734 | €0 | -€11,734 | -100% |
| Taxes, remuneration and social security | 45 | €12,463 | €9,443 | -€3,020 | -24.2% |
| Taxes | 450/3 | €12,463 | €9,443 | -€3,020 | -24.2% |
| Other amounts payable | 47/48 | €186,187 | €182,046 | -€4,141 | -2.2% |
| Accrued charges and deferred income | 492/3 | €4,094 | €4,094 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,060 | €26,014 | +€953 | +3.8% |
| Other operating charges | 640/8 | €16,763 | €17,328 | +€565 | +3.4% |
| Gross operating margin | 9900 | €57,109 | €67,917 | +€10,808 | +18.9% |
| Operating profit (loss) | 9901 | €15,286 | €24,575 | +€9,289 | +60.8% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €3,062 | €2,336 | -€726 | -23.7% |
| Recurring financial charges | 65 | €3,062 | €2,336 | -€726 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €12,224 | €22,240 | +€10,016 | +81.9% |
| Transfer from deferred taxes | 780 | €4,007 | €4,007 | = | 0.0% |
| Income taxes | 67/77 | €6,906 | €9,443 | +€2,537 | +36.7% |
| Profit (loss) for the period | 9904 | €9,325 | €16,804 | +€7,479 | +80.2% |
| Transfer from tax-exempt reserves | 789 | €7,783 | €7,783 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,108 | €24,587 | +€7,479 | +43.7% |
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 19 October 2026 via checked.be.