A.G.M.: what changed
Two fiscal 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 +€139,898
up €139,898 (+36.0%), from €388,298 to €528,196
mainly Net result for the year (+€140,602) and Depreciation (+€36,819)
- Tangible fixed assets -€36,819
down €36,819 (-11.4%), from €323,804 to €286,985
- Receivables within one year -€34,834
down €34,834 (-14.2%), from €245,893 to €211,059
of which Trade receivables: -€39,672
- Stocks and contracts -€17,396
down €17,396 (-5.9%), from €293,000 to €275,605
- Reserves +€140,602
up €140,602 (+30.7%), from €458,369 to €598,971
of which Distributable reserves: +€140,602
- Trade debts -€77,324
down €77,324 (-43.5%), from €177,713 to €100,389
- Debts after one year -€26,391
down €26,391 (-13.5%), from €195,055 to €168,663
- Current portion of long-term debt +€16,169
up €16,169 (+45.9%), from €35,222 to €51,391
- Turnover +€1.7m
new in 2025: €1.7m
- Purchases and services +€1.5m
new in 2025: €1.5m
- Other operating charges -€34,847
down €34,847 (-73.5%), from €47,424 to €12,577
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.
Cash bridge derived
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 | €1,251,122 | €1,301,971 | +€50,849 | +4.1% |
| Fixed assets | 21/28 | €323,930 | €287,111 | -€36,819 | -11.4% |
| Tangible fixed assets | 22/27 | €323,804 | €286,985 | -€36,819 | -11.4% |
| Land and buildings | 22 | €230,654 | €221,009 | -€9,645 | -4.2% |
| Plant, machinery and equipment | 23 | €8,260 | €5,381 | -€2,879 | -34.9% |
| Furniture and vehicles | 24 | €34,095 | €16,474 | -€17,621 | -51.7% |
| Other tangible fixed assets | 26 | €50,795 | €44,121 | -€6,674 | -13.1% |
| Financial fixed assets | 28 | €126 | €126 | = | 0.0% |
| Current assets | 29/58 | €927,192 | €1,014,860 | +€87,669 | +9.5% |
| Stocks and contracts in progress | 3 | €293,000 | €275,605 | -€17,396 | -5.9% |
| Stocks | 30/36 | €293,000 | €275,605 | -€17,396 | -5.9% |
| Amounts receivable within one year | 40/41 | €245,893 | €211,059 | -€34,834 | -14.2% |
| Trade receivables | 40 | €189,194 | €149,522 | -€39,672 | -21.0% |
| Other amounts receivable | 41 | €56,700 | €61,537 | +€4,837 | +8.5% |
| Cash at bank and in hand | 54/58 | €388,298 | €528,196 | +€139,898 | +36.0% |
| Total equity and liabilities | 10/49 | €1,251,122 | €1,301,971 | +€50,849 | +4.1% |
| Equity | 10/15 | €805,502 | €946,104 | +€140,602 | +17.5% |
| Contributions | 10/11 | €37,000 | €37,000 | = | 0.0% |
| Outside capital | 11 | €37,000 | - | -€37,000 | |
| Share premium | 1100/10 | €37,000 | - | -€37,000 | |
| Reserves | 13 | €458,369 | €598,971 | +€140,602 | +30.7% |
| Non-distributable reserves | 130/1 | €3,700 | €3,700 | = | 0.0% |
| Legal reserve | 130 | €3,700 | - | -€3,700 | |
| Reserves not available under the articles | 1311 | - | €3,700 | +€3,700 | |
| Tax-exempt reserves | 132 | €44,750 | €44,750 | = | 0.0% |
| Distributable reserves | 133 | €409,919 | €550,521 | +€140,602 | +34.3% |
| Profit (loss) carried forward | 14 | €310,133 | €310,133 | = | 0.0% |
| Amounts payable | 17/49 | €445,620 | €355,867 | -€89,753 | -20.1% |
| Amounts payable after more than one year | 17 | €195,055 | €168,663 | -€26,391 | -13.5% |
| Financial debts | 170/4 | €195,055 | €168,663 | -€26,391 | -13.5% |
| Amounts payable within one year | 42/48 | €250,565 | €187,204 | -€63,361 | -25.3% |
| Current portion of amounts payable after more than one year | 42 | €35,222 | €51,391 | +€16,169 | +45.9% |
| Trade debts | 44 | €177,713 | €100,389 | -€77,324 | -43.5% |
| Suppliers | 440/4 | €177,713 | €100,389 | -€77,324 | -43.5% |
| Advances received on contracts in progress | 46 | €658 | - | -€658 | |
| Taxes, remuneration and social security | 45 | €35,524 | €34,281 | -€1,243 | -3.5% |
| Taxes | 450/3 | €30,654 | €29,577 | -€1,077 | -3.5% |
| Remuneration and social security | 454/9 | €4,870 | €4,704 | -€166 | -3.4% |
| Other amounts payable | 47/48 | €1,448 | €1,142 | -€306 | -21.2% |
| Turnover | 70 | - | €1,710,585 | +€1.7m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €1,450,263 | +€1.5m | |
| Remuneration, social security and pensions | 62 | €27,880 | €32,087 | +€4,207 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,355 | €36,819 | -€3,535 | -8.8% |
| Other operating charges | 640/8 | €47,424 | €12,577 | -€34,847 | -73.5% |
| Non-recurring operating charges | 66A | - | €2,045 | +€2,045 | |
| Gross operating margin | 9900 | €295,921 | €278,989 | -€16,932 | -5.7% |
| Operating profit (loss) | 9901 | €180,263 | €195,461 | +€15,198 | +8.4% |
| Financial income | 75/76B | €103 | - | -€103 | |
| Recurring financial income | 75 | €103 | - | -€103 | |
| Financial charges | 65/66B | €6,027 | €5,428 | -€599 | -9.9% |
| Recurring financial charges | 65 | €6,027 | €5,428 | -€599 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €174,339 | €190,033 | +€15,694 | +9.0% |
| Income taxes | 67/77 | €39,153 | €49,431 | +€10,278 | +26.3% |
| Profit (loss) for the period | 9904 | €135,186 | €140,602 | +€5,416 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €135,186 | €140,602 | +€5,416 | +4.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.