A.G.S. LIEGE: what changed
A.G.S. LIEGE
Largest movements
- Receivables within one year +€142,436
up €142,436 (+503%), from €28,298 to €170,734
of which Other amounts receivable: +€89,373
- Cash -€43,319
down €43,319 (-30.3%), from €143,120 to €99,801
mainly Receivables within one year (-€142,436) and Debts after one year (-€38,158)
- Intangible fixed assets -€25,286
down €25,286 (-17.7%), from €143,053 to €117,767
- Deferred charges and accrued income -€16,486
no longer reported in 2025 (was €16,486)
- Stocks and contracts +€9,255
up €9,255 (+203%), from €4,561 to €13,816
- Profit (loss) carried forward +€55,018
up €55,018 (+108%), from €51,126 to €106,144
- Debts after one year -€38,158
down €38,158 (-16.0%), from €238,684 to €200,526
- Trade debts +€25,443
up €25,443 (+104%), from €24,487 to €49,930
- Tax, wage and social debts +€9,975
up €9,975 (+16.9%), from €59,179 to €69,153
of which Taxes: +€7,057
- Current portion of long-term debt +€7,555
up €7,555 (+24.7%), from €30,603 to €38,158
- Gross operating margin +€109,414
up €109,414 (+24.9%), from €439,431 to €548,845
- Staff costs +€90,706
up €90,706 (+28.1%), from €323,083 to €413,789
- Depreciation +€10,520
up €10,520 (+34.0%), from €30,961 to €41,481
- Taxes +€8,137
up €8,137 (+209%), from €3,902 to €12,039
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 | €437,055 | €497,151 | +€60,096 | +13.8% |
| Fixed assets | 21/28 | €244,590 | €212,800 | -€31,790 | -13.0% |
| Intangible fixed assets | 21 | €143,053 | €117,767 | -€25,286 | -17.7% |
| Tangible fixed assets | 22/27 | €101,537 | €95,033 | -€6,505 | -6.4% |
| Plant, machinery and equipment | 23 | €20,378 | €16,943 | -€3,435 | -16.9% |
| Furniture and vehicles | 24 | €1,663 | €2,889 | +€1,226 | +73.7% |
| Other tangible fixed assets | 26 | €79,496 | €75,201 | -€4,296 | -5.4% |
| Current assets | 29/58 | €192,465 | €284,351 | +€91,886 | +47.7% |
| Stocks and contracts in progress | 3 | €4,561 | €13,816 | +€9,255 | +203% |
| Stocks | 30/36 | €4,561 | €13,816 | +€9,255 | +203% |
| Amounts receivable within one year | 40/41 | €28,298 | €170,734 | +€142,436 | +503% |
| Trade receivables | 40 | €4,858 | €57,921 | +€53,063 | +1,092% |
| Other amounts receivable | 41 | €23,440 | €112,813 | +€89,373 | +381% |
| Cash at bank and in hand | 54/58 | €143,120 | €99,801 | -€43,319 | -30.3% |
| Deferred charges and accrued income | 490/1 | €16,486 | - | -€16,486 | |
| Total equity and liabilities | 10/49 | €437,055 | €497,151 | +€60,096 | +13.8% |
| Equity | 10/15 | €61,126 | €116,144 | +€55,018 | +90.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,126 | €106,144 | +€55,018 | +108% |
| Amounts payable | 17/49 | €375,929 | €381,007 | +€5,078 | +1.4% |
| Amounts payable after more than one year | 17 | €238,684 | €200,526 | -€38,158 | -16.0% |
| Financial debts | 170/4 | €238,684 | €200,526 | -€38,158 | -16.0% |
| Amounts payable within one year | 42/48 | €137,245 | €180,480 | +€43,236 | +31.5% |
| Current portion of amounts payable after more than one year | 42 | €30,603 | €38,158 | +€7,555 | +24.7% |
| Trade debts | 44 | €24,487 | €49,930 | +€25,443 | +104% |
| Suppliers | 440/4 | €24,487 | €49,930 | +€25,443 | +104% |
| Taxes, remuneration and social security | 45 | €59,179 | €69,153 | +€9,975 | +16.9% |
| Taxes | 450/3 | €12,280 | €19,337 | +€7,057 | +57.5% |
| Remuneration and social security | 454/9 | €46,899 | €49,817 | +€2,918 | +6.2% |
| Other amounts payable | 47/48 | €22,977 | €23,240 | +€263 | +1.1% |
| Remuneration, social security and pensions | 62 | €323,083 | €413,789 | +€90,706 | +28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,961 | €41,481 | +€10,520 | +34.0% |
| Other operating charges | 640/8 | €3,739 | €793 | -€2,946 | -78.8% |
| Gross operating margin | 9900 | €439,431 | €548,845 | +€109,414 | +24.9% |
| Operating profit (loss) | 9901 | €81,649 | €92,782 | +€11,133 | +13.6% |
| Financial income | 75/76B | - | €295 | +€295 | |
| Recurring financial income | 75 | - | €295 | +€295 | |
| Financial charges | 65/66B | €24,722 | €26,020 | +€1,298 | +5.3% |
| Recurring financial charges | 65 | €24,722 | €26,020 | +€1,298 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €56,927 | €67,057 | +€10,130 | +17.8% |
| Income taxes | 67/77 | €3,902 | €12,039 | +€8,137 | +209% |
| Profit (loss) for the period | 9904 | €53,025 | €55,018 | +€1,993 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,025 | €55,018 | +€1,993 | +3.8% |
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 4 November 2026 via checked.be.