A.G.R.T.: what changed
A.G.R.T.
Largest movements
- Receivables within one year +€51,180
up €51,180 (+36.0%), from €142,127 to €193,306
of which Trade receivables: +€42,686
- Stocks and contracts +€19,588
up €19,588 (+8.6%), from €228,178 to €247,766
- Cash -€17,102
down €17,102 (-81.9%), from €20,894 to €3,792
mainly Debts after one year (-€61,707) and Investment in fixed assets (net) (-€54,176)
- Tangible fixed assets -€13,867
down €13,867 (-2.3%), from €595,251 to €581,384
of which Plant, machinery and equipment: -€14,151
- Short-term financial debts +€88,886
up €88,886 (+44.0%), from €201,937 to €290,823
- Debts after one year -€61,707
down €61,707 (-26.2%), from €235,352 to €173,646
- Other debts -€13,693
no longer reported in 2025 (was €13,693)
- Profit (loss) carried forward +€12,665
up €12,665 (+122%), from €10,380 to €23,045
- Gross operating margin +€76,282
up €76,282 (+21.5%), from €354,921 to €431,202
- Staff costs +€31,373
up €31,373 (+13.2%), from €237,175 to €268,548
- Other operating charges +€16,517
up €16,517 (+120%), from €13,757 to €30,274
- Taxes +€13,219
up €13,219, from -€1,781 to €11,438
- Depreciation +€11,258
up €11,258 (+19.8%), from €56,786 to €68,043
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €986,449 | €1,028,578 | +€42,128 | +4.3% |
| Fixed assets | 21/28 | €595,251 | €581,384 | -€13,867 | -2.3% |
| Tangible fixed assets | 22/27 | €595,251 | €581,384 | -€13,867 | -2.3% |
| Land and buildings | 22 | €300,046 | €310,759 | +€10,713 | +3.6% |
| Plant, machinery and equipment | 23 | €278,831 | €264,680 | -€14,151 | -5.1% |
| Furniture and vehicles | 24 | €16,373 | €5,944 | -€10,429 | -63.7% |
| Current assets | 29/58 | €391,199 | €447,194 | +€55,995 | +14.3% |
| Stocks and contracts in progress | 3 | €228,178 | €247,766 | +€19,588 | +8.6% |
| Stocks | 30/36 | €228,178 | €247,766 | +€19,588 | +8.6% |
| Amounts receivable within one year | 40/41 | €142,127 | €193,306 | +€51,180 | +36.0% |
| Trade receivables | 40 | €141,572 | €184,259 | +€42,686 | +30.2% |
| Other amounts receivable | 41 | €554 | €9,048 | +€8,493 | +1,532% |
| Cash at bank and in hand | 54/58 | €20,894 | €3,792 | -€17,102 | -81.9% |
| Deferred charges and accrued income | 490/1 | - | €2,330 | +€2,330 | |
| Total equity and liabilities | 10/49 | €986,449 | €1,028,578 | +€42,128 | +4.3% |
| Equity | 10/15 | €273,261 | €285,926 | +€12,665 | +4.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €235,000 | €235,000 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,380 | €23,045 | +€12,665 | +122% |
| Investment grants | 15 | €7,429 | €7,429 | = | 0.0% |
| Amounts payable | 17/49 | €713,188 | €742,652 | +€29,463 | +4.1% |
| Amounts payable after more than one year | 17 | €235,352 | €173,646 | -€61,707 | -26.2% |
| Financial debts | 170/4 | €235,352 | €173,646 | -€61,707 | -26.2% |
| Amounts payable within one year | 42/48 | €477,836 | €569,006 | +€91,170 | +19.1% |
| Current portion of amounts payable after more than one year | 42 | €98,561 | €107,052 | +€8,490 | +8.6% |
| Financial debts | 43 | €201,937 | €290,823 | +€88,886 | +44.0% |
| Credit institutions | 430/8 | €201,937 | €290,823 | +€88,886 | +44.0% |
| Trade debts | 44 | €83,480 | €91,479 | +€7,999 | +9.6% |
| Suppliers | 440/4 | €83,480 | €91,479 | +€7,999 | +9.6% |
| Taxes, remuneration and social security | 45 | €80,165 | €79,652 | -€513 | -0.6% |
| Taxes | 450/3 | €36,169 | €37,929 | +€1,760 | +4.9% |
| Remuneration and social security | 454/9 | €43,996 | €41,724 | -€2,273 | -5.2% |
| Other amounts payable | 47/48 | €13,693 | - | -€13,693 | |
| Remuneration, social security and pensions | 62 | €237,175 | €268,548 | +€31,373 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,786 | €68,043 | +€11,258 | +19.8% |
| Other operating charges | 640/8 | €13,757 | €30,274 | +€16,517 | +120% |
| Gross operating margin | 9900 | €354,921 | €431,202 | +€76,282 | +21.5% |
| Operating profit (loss) | 9901 | €47,202 | €64,337 | +€17,134 | +36.3% |
| Financial income | 75/76B | €3,294 | €159 | -€3,135 | -95.2% |
| Recurring financial income | 75 | €3,294 | €159 | -€3,135 | -95.2% |
| Financial charges | 65/66B | €44,273 | €40,393 | -€3,880 | -8.8% |
| Recurring financial charges | 65 | €44,273 | €40,393 | -€3,880 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €6,224 | €24,103 | +€17,880 | +287% |
| Income taxes | 67/77 | -€1,781 | €11,438 | +€13,219 | |
| Profit (loss) for the period | 9904 | €8,004 | €12,665 | +€4,661 | +58.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,004 | €12,665 | +€4,661 | +58.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.