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
- Stocks and contracts +€105,500
new in 2025: €105,500
- Receivables within one year -€4,834
down €4,834 (-2.3%), from €211,893 to €207,059
of which Trade receivables: -€30,109
- Trade debts +€64,552
up €64,552 (+156%), from €41,407 to €105,960
- Short-term financial debts +€45,000
up €45,000 (+81.8%), from €55,000 to €100,000
- Profit (loss) carried forward -€13,748
down €13,748 (-5.5%), from -€250,620 to -€264,368
- Debts after one year +€10,000
up €10,000 (+9.1%), from €110,000 to €120,000
- Gross operating margin -€4,572
down €4,572 (-239%), from -€1,915 to -€6,487
- Depreciation -€2,418
down €2,418 (-64.9%), from €3,725 to €1,306
- Other operating charges -€242
down €242 (-21.0%), from €1,152 to €910
- Financial charges +€73
up €73 (+1.5%), from €4,888 to €4,961
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 | €217,559 | €319,286 | +€101,728 | +46.8% |
| Fixed assets | 21/28 | €1,415 | €109 | -€1,306 | -92.3% |
| Tangible fixed assets | 22/27 | €1,306 | €0 | -€1,306 | -100% |
| Furniture and vehicles | 24 | €1,306 | €0 | -€1,306 | -100% |
| Financial fixed assets | 28 | €109 | €109 | = | 0.0% |
| Current assets | 29/58 | €216,144 | €319,177 | +€103,034 | +47.7% |
| Stocks and contracts in progress | 3 | - | €105,500 | +€105,500 | |
| Stocks | 30/36 | - | €105,500 | +€105,500 | |
| Amounts receivable within one year | 40/41 | €211,893 | €207,059 | -€4,834 | -2.3% |
| Trade receivables | 40 | €70,109 | €40,000 | -€30,109 | -42.9% |
| Other amounts receivable | 41 | €141,784 | €167,059 | +€25,275 | +17.8% |
| Cash at bank and in hand | 54/58 | €4,033 | €6,618 | +€2,585 | +64.1% |
| Deferred charges and accrued income | 490/1 | €218 | €0 | -€218 | -100% |
| Total equity and liabilities | 10/49 | €217,559 | €319,286 | +€101,728 | +46.8% |
| Equity | 10/15 | -€4,829 | -€18,578 | -€13,748 | -285% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €227,190 | €227,190 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €227,190 | €227,190 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€250,620 | -€264,368 | -€13,748 | -5.5% |
| Amounts payable | 17/49 | €222,388 | €337,864 | +€115,476 | +51.9% |
| Amounts payable after more than one year | 17 | €110,000 | €120,000 | +€10,000 | +9.1% |
| Financial debts | 170/4 | €110,000 | €120,000 | +€10,000 | +9.1% |
| Amounts payable within one year | 42/48 | €112,388 | €217,864 | +€105,476 | +93.8% |
| Financial debts | 43 | €55,000 | €100,000 | +€45,000 | +81.8% |
| Credit institutions | 430/8 | €55,000 | €100,000 | +€45,000 | +81.8% |
| Trade debts | 44 | €41,407 | €105,960 | +€64,552 | +156% |
| Suppliers | 440/4 | €41,407 | €105,960 | +€64,552 | +156% |
| Taxes, remuneration and social security | 45 | €1,542 | €168 | -€1,374 | -89.1% |
| Taxes | 450/3 | €1,542 | €168 | -€1,374 | -89.1% |
| Other amounts payable | 47/48 | €14,439 | €11,737 | -€2,703 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,725 | €1,306 | -€2,418 | -64.9% |
| Other operating charges | 640/8 | €1,152 | €910 | -€242 | -21.0% |
| Gross operating margin | 9900 | -€1,915 | -€6,487 | -€4,572 | -239% |
| Operating profit (loss) | 9901 | -€6,791 | -€8,703 | -€1,912 | -28.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €4,888 | €4,961 | +€73 | +1.5% |
| Recurring financial charges | 65 | €4,888 | €4,961 | +€73 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | -€11,679 | -€13,664 | -€1,985 | -17.0% |
| Income taxes | 67/77 | €84 | €84 | +€1 | +0.7% |
| Profit (loss) for the period | 9904 | -€11,763 | -€13,748 | -€1,986 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,763 | -€13,748 | -€1,986 | -16.9% |
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 29 October 2026 via checked.be.