A.G.S.: 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.S.
Largest movements
- Stocks and contracts -€151,838
down €151,838 (-60.2%), from €252,165 to €100,327
- Cash +€71,520
up €71,520 (+40.2%), from €177,865 to €249,384
mainly Stocks and contracts (+€151,838) and Net result for the year (+€103,446)
- Receivables within one year +€53,927
up €53,927 (+156%), from €34,646 to €88,574
of which Trade receivables: +€53,927
- Tangible fixed assets +€15,950
up €15,950 (+3.6%), from €438,546 to €454,496
of which Furniture and vehicles: +€32,424
- Tax, wage and social debts +€46,349
up €46,349 (+57.8%), from €80,200 to €126,548
of which Taxes: +€45,925
- Advances received -€25,892
down €25,892 (-100%), from €25,892 to €0
- Other debts -€17,388
down €17,388 (-16.8%), from €103,625 to €86,238
- Trade debts -€16,956
down €16,956 (-15.4%), from €110,114 to €93,158
- Provisions +€100,103
up €100,103, from -€100,103 to €0
- Gross operating margin +€99,337
up €99,337 (+29.2%), from €339,762 to €439,099
- Staff costs -€7,633
down €7,633 (-2.9%), from €262,076 to €254,444
- Other operating charges +€6,627
up €6,627 (+50.2%), from €13,210 to €19,836
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 | €904,197 | €893,756 | -€10,441 | -1.2% |
| Fixed assets | 21/28 | €439,521 | €455,471 | +€15,950 | +3.6% |
| Tangible fixed assets | 22/27 | €438,546 | €454,496 | +€15,950 | +3.6% |
| Land and buildings | 22 | €383,117 | €371,856 | -€11,261 | -2.9% |
| Plant, machinery and equipment | 23 | €39,792 | €34,579 | -€5,213 | -13.1% |
| Furniture and vehicles | 24 | €15,638 | €48,061 | +€32,424 | +207% |
| Financial fixed assets | 28 | €975 | €975 | = | 0.0% |
| Current assets | 29/58 | €464,675 | €438,285 | -€26,391 | -5.7% |
| Stocks and contracts in progress | 3 | €252,165 | €100,327 | -€151,838 | -60.2% |
| Stocks | 30/36 | €252,165 | €100,327 | -€151,838 | -60.2% |
| Amounts receivable within one year | 40/41 | €34,646 | €88,574 | +€53,927 | +156% |
| Trade receivables | 40 | €34,646 | €88,574 | +€53,927 | +156% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €177,865 | €249,384 | +€71,520 | +40.2% |
| Total equity and liabilities | 10/49 | €904,197 | €893,756 | -€10,441 | -1.2% |
| Equity | 10/15 | €584,366 | €587,812 | +€3,446 | +0.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €210,000 | €210,000 | = | 0.0% |
| Reserves | 13 | €312,366 | €315,812 | +€3,446 | +1.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €306,166 | €309,612 | +€3,446 | +1.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Amounts payable | 17/49 | €319,831 | €305,944 | -€13,887 | -4.3% |
| Amounts payable within one year | 42/48 | €319,831 | €305,944 | -€13,887 | -4.3% |
| Trade debts | 44 | €110,114 | €93,158 | -€16,956 | -15.4% |
| Suppliers | 440/4 | €110,114 | €93,158 | -€16,956 | -15.4% |
| Advances received on contracts in progress | 46 | €25,892 | €0 | -€25,892 | -100% |
| Taxes, remuneration and social security | 45 | €80,200 | €126,548 | +€46,349 | +57.8% |
| Taxes | 450/3 | €21,386 | €67,311 | +€45,925 | +215% |
| Remuneration and social security | 454/9 | €58,813 | €59,237 | +€423 | +0.7% |
| Other amounts payable | 47/48 | €103,625 | €86,238 | -€17,388 | -16.8% |
| Remuneration, social security and pensions | 62 | €262,076 | €254,444 | -€7,633 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,654 | €24,098 | +€3,444 | +16.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€100,103 | €0 | +€100,103 | |
| Other operating charges | 640/8 | €13,210 | €19,836 | +€6,627 | +50.2% |
| Gross operating margin | 9900 | €339,762 | €439,099 | +€99,337 | +29.2% |
| Operating profit (loss) | 9901 | €143,925 | €140,721 | -€3,204 | -2.2% |
| Financial income | 75/76B | €12 | €0 | -€11 | -96.7% |
| Recurring financial income | 75 | €12 | €0 | -€11 | -96.7% |
| Financial charges | 65/66B | €7,161 | €4,907 | -€2,254 | -31.5% |
| Recurring financial charges | 65 | €7,161 | €4,907 | -€2,254 | -31.5% |
| Profit (loss) for the period before taxes | 9903 | €136,776 | €135,814 | -€961 | -0.7% |
| Income taxes | 67/77 | €31,717 | €32,369 | +€651 | +2.1% |
| Profit (loss) for the period | 9904 | €105,058 | €103,446 | -€1,613 | -1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €105,058 | €103,446 | -€1,613 | -1.5% |
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 19 October 2026 via checked.be.