A.G.M.: 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.M.
Largest movements
- Cash +€26,266
up €26,266 (+43.5%), from €60,315 to €86,581
mainly Other debts (+€62,456) and Depreciation (+€11,466)
- Tangible fixed assets -€11,466
down €11,466 (-29.3%), from €39,128 to €27,662
- Receivables within one year -€4,423
down €4,423 (-53.2%), from €8,319 to €3,896
of which Trade receivables: -€3,551
- Other debts +€62,456
up €62,456 (+317%), from €19,682 to €82,138
- Reserves -€55,060
down €55,060 (-43.9%), from €125,456 to €70,396
- Tax, wage and social debts +€7,160
up €7,160 (+177%), from €4,048 to €11,208
- Debts after one year -€5,397
no longer reported in 2025 (was €5,397)
- Advances received +€2,063
new in 2025: €2,063
- Gross operating margin -€16,157
down €16,157 (-35.5%), from €45,456 to €29,299
- Taxes -€3,940
down €3,940 (-39.1%), from €10,069 to €6,129
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 | €162,019 | €172,482 | +€10,463 | +6.5% |
| Fixed assets | 21/28 | €39,128 | €27,662 | -€11,466 | -29.3% |
| Tangible fixed assets | 22/27 | €39,128 | €27,662 | -€11,466 | -29.3% |
| Furniture and vehicles | 24 | €39,128 | €27,662 | -€11,466 | -29.3% |
| Current assets | 29/58 | €122,891 | €144,820 | +€21,929 | +17.8% |
| Amounts receivable within one year | 40/41 | €8,319 | €3,896 | -€4,423 | -53.2% |
| Trade receivables | 40 | €4,985 | €1,434 | -€3,551 | -71.2% |
| Other amounts receivable | 41 | €3,334 | €2,462 | -€872 | -26.2% |
| Current investments | 50/53 | €52,883 | €52,883 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €60,315 | €86,581 | +€26,266 | +43.5% |
| Deferred charges and accrued income | 490/1 | €1,374 | €1,460 | +€86 | +6.3% |
| Total equity and liabilities | 10/49 | €162,019 | €172,482 | +€10,463 | +6.5% |
| Equity | 10/15 | €125,456 | €70,396 | -€55,060 | -43.9% |
| Reserves | 13 | €125,456 | €70,396 | -€55,060 | -43.9% |
| Distributable reserves | 133 | €125,456 | €70,396 | -€55,060 | -43.9% |
| Amounts payable | 17/49 | €36,563 | €102,086 | +€65,523 | +179% |
| Amounts payable after more than one year | 17 | €5,397 | - | -€5,397 | |
| Financial debts | 170/4 | €5,397 | - | -€5,397 | |
| Amounts payable within one year | 42/48 | €31,166 | €102,086 | +€70,920 | +228% |
| Current portion of amounts payable after more than one year | 42 | €7,196 | €5,397 | -€1,799 | -25.0% |
| Trade debts | 44 | €240 | €1,280 | +€1,040 | +433% |
| Suppliers | 440/4 | €240 | €1,280 | +€1,040 | +433% |
| Advances received on contracts in progress | 46 | - | €2,063 | +€2,063 | |
| Taxes, remuneration and social security | 45 | €4,048 | €11,208 | +€7,160 | +177% |
| Taxes | 450/3 | €4,048 | €11,208 | +€7,160 | +177% |
| Other amounts payable | 47/48 | €19,682 | €82,138 | +€62,456 | +317% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,787 | €11,466 | -€321 | -2.7% |
| Other operating charges | 640/8 | €577 | €735 | +€158 | +27.4% |
| Gross operating margin | 9900 | €45,456 | €29,299 | -€16,157 | -35.5% |
| Operating profit (loss) | 9901 | €33,092 | €17,098 | -€15,994 | -48.3% |
| Financial income | 75/76B | €695 | €859 | +€164 | +23.6% |
| Recurring financial income | 75 | €695 | €859 | +€164 | +23.6% |
| Financial charges | 65/66B | €874 | €755 | -€119 | -13.6% |
| Recurring financial charges | 65 | €874 | €755 | -€119 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €32,913 | €17,202 | -€15,711 | -47.7% |
| Income taxes | 67/77 | €10,069 | €6,129 | -€3,940 | -39.1% |
| Profit (loss) for the period | 9904 | €22,844 | €11,073 | -€11,771 | -51.5% |
| Profit (loss) for the period to be appropriated | 9905 | €22,844 | €11,073 | -€11,771 | -51.5% |
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 18 October 2026 via checked.be.