A.G.N.D.: 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.N.D.
Largest movements
- Financial fixed assets -€90,000
down €90,000 (-28.3%), from €317,528 to €227,528
- Tangible fixed assets +€71,835
up €71,835 (+9.2%), from €783,800 to €855,634
of which Plant, machinery and equipment: +€41,164
- Receivables within one year -€23,445
down €23,445 (-14.3%), from €164,155 to €140,709
of which Other amounts receivable: -€30,325
- Other debts +€101,449
up €101,449 (+293%), from €34,670 to €136,119
- Debts after one year -€70,887
down €70,887 (-26.9%), from €263,914 to €193,027
- Reserves -€45,215
down €45,215 (-14.5%), from €311,587 to €266,372
of which Tax-exempt reserves: -€45,215
- Trade debts +€30,057
up €30,057 (+73.6%), from €40,818 to €70,875
- Profit (loss) carried forward -€26,527
down €26,527 (-49.2%), from €53,929 to €27,403
- Financial charges +€86,640
up €86,640 (+565%), from €15,342 to €101,983
of which Non-recurring financial charges: +€90,000
- Gross operating margin +€28,601
up €28,601 (+27.2%), from €105,325 to €133,927
- Depreciation +€9,155
up €9,155 (+11.2%), from €81,754 to €90,909
- Financial income -€7,408
down €7,408 (-100.0%), from €7,408 to €0
- Other operating charges +€5,259
up €5,259 (+26.2%), from €20,043 to €25,302
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 | €1,281,433 | €1,232,027 | -€49,406 | -3.9% |
| Fixed assets | 21/28 | €1,111,379 | €1,083,162 | -€28,218 | -2.5% |
| Intangible fixed assets | 21 | €10,052 | - | -€10,052 | |
| Tangible fixed assets | 22/27 | €783,800 | €855,634 | +€71,835 | +9.2% |
| Land and buildings | 22 | €328,485 | €359,462 | +€30,977 | +9.4% |
| Plant, machinery and equipment | 23 | €453,783 | €494,947 | +€41,164 | +9.1% |
| Furniture and vehicles | 24 | €1,532 | €1,225 | -€306 | -20.0% |
| Financial fixed assets | 28 | €317,528 | €227,528 | -€90,000 | -28.3% |
| Current assets | 29/58 | €170,054 | €148,865 | -€21,188 | -12.5% |
| Amounts receivable within one year | 40/41 | €164,155 | €140,709 | -€23,445 | -14.3% |
| Trade receivables | 40 | €23,162 | €30,042 | +€6,880 | +29.7% |
| Other amounts receivable | 41 | €140,993 | €110,667 | -€30,325 | -21.5% |
| Cash at bank and in hand | 54/58 | €1,138 | €8,156 | +€7,018 | +617% |
| Deferred charges and accrued income | 490/1 | €4,761 | - | -€4,761 | |
| Total equity and liabilities | 10/49 | €1,281,433 | €1,232,027 | -€49,406 | -3.9% |
| Equity | 10/15 | €652,539 | €580,797 | -€71,741 | -11.0% |
| Contributions | 10/11 | €276,866 | €276,866 | = | 0.0% |
| Capital | 10 | €276,866 | €276,866 | = | 0.0% |
| Issued capital | 100 | €276,866 | €276,866 | = | 0.0% |
| Revaluation surpluses | 12 | €10,157 | €10,157 | = | 0.0% |
| Reserves | 13 | €311,587 | €266,372 | -€45,215 | -14.5% |
| Non-distributable reserves | 130/1 | €27,687 | €27,687 | = | 0.0% |
| Legal reserve | 130 | €27,687 | €27,687 | = | 0.0% |
| Tax-exempt reserves | 132 | €283,900 | €238,685 | -€45,215 | -15.9% |
| Profit (loss) carried forward | 14 | €53,929 | €27,403 | -€26,527 | -49.2% |
| Provisions and deferred taxes | 16 | €134,023 | €118,952 | -€15,072 | -11.2% |
| Provisions for liabilities and charges | 160/5 | €32,263 | €32,263 | = | 0.0% |
| Other liabilities and charges | 164/5 | €32,263 | €32,263 | = | 0.0% |
| Deferred taxes | 168 | €101,760 | €86,688 | -€15,072 | -14.8% |
| Amounts payable | 17/49 | €494,872 | €532,278 | +€37,407 | +7.6% |
| Amounts payable after more than one year | 17 | €263,914 | €193,027 | -€70,887 | -26.9% |
| Financial debts | 170/4 | €263,914 | €193,027 | -€70,887 | -26.9% |
| Amounts payable within one year | 42/48 | €229,314 | €337,561 | +€108,247 | +47.2% |
| Current portion of amounts payable after more than one year | 42 | €70,184 | €50,567 | -€19,618 | -28.0% |
| Financial debts | 43 | €83,641 | €80,000 | -€3,641 | -4.4% |
| Credit institutions | 430/8 | €83,641 | €80,000 | -€3,641 | -4.4% |
| Trade debts | 44 | €40,818 | €70,875 | +€30,057 | +73.6% |
| Suppliers | 440/4 | €40,818 | €70,875 | +€30,057 | +73.6% |
| Other amounts payable | 47/48 | €34,670 | €136,119 | +€101,449 | +293% |
| Accrued charges and deferred income | 492/3 | €1,644 | €1,690 | +€46 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,754 | €90,909 | +€9,155 | +11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,545 | +€2,545 | |
| Other operating charges | 640/8 | €20,043 | €25,302 | +€5,259 | +26.2% |
| Gross operating margin | 9900 | €105,325 | €133,927 | +€28,601 | +27.2% |
| Operating profit (loss) | 9901 | €3,527 | €15,170 | +€11,642 | +330% |
| Financial income | 75/76B | €7,408 | €0 | -€7,408 | -100.0% |
| Recurring financial income | 75 | €7,408 | €0 | -€7,408 | -100.0% |
| Financial charges | 65/66B | €15,342 | €101,983 | +€86,640 | +565% |
| Recurring financial charges | 65 | €15,342 | €11,983 | -€3,360 | -21.9% |
| Non-recurring financial charges | 66B | - | €90,000 | +€90,000 | |
| Profit (loss) for the period before taxes | 9903 | -€4,407 | -€86,813 | -€82,406 | -1,870% |
| Transfer from deferred taxes | 780 | €1,712 | €15,072 | +€13,359 | +780% |
| Income taxes | 67/77 | €3,318 | - | -€3,318 | |
| Profit (loss) for the period | 9904 | -€6,013 | -€71,741 | -€65,729 | -1,093% |
| Transfer from tax-exempt reserves | 789 | €5,137 | €45,215 | +€40,077 | +780% |
| Profit (loss) for the period to be appropriated | 9905 | -€876 | -€26,527 | -€25,651 | -2,930% |
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 1 November 2026 via checked.be.