A.G.V.: 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.V.
Largest movements
- Current investments -€5.0m
down €5.0m (-41.6%), from €11.9m to €7.0m
- Financial fixed assets -€1.5m
down €1.5m (-25.2%), from €6.0m to €4.5m
- Other debts -€12.8m
down €12.8m (-41.5%), from €30.8m to €18.0m
- Profit (loss) carried forward +€6.1m
up €6.1m, from -€3.9m to €2.2m
- Financial income +€5.4m
up €5.4m (+599%), from €905,916 to €6.3m
- Gross operating margin +€156,306
up €156,306, from -€57,862 to €98,444
- Other operating charges -€8,611
down €8,611 (-30.8%), from €27,996 to €19,386
- Financial charges -€5,535
down €5,535 (-55.2%), from €10,027 to €4,491
- Depreciation +€3,076
up €3,076 (+1.1%), from €287,460 to €290,536
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 | €26,892,149 | €20,250,413 | -€6.6m | -24.7% |
| Fixed assets | 21/28 | €14,176,924 | €12,475,546 | -€1.7m | -12.0% |
| Tangible fixed assets | 22/27 | €8,130,904 | €7,953,211 | -€177,694 | -2.2% |
| Land and buildings | 22 | €8,089,530 | €7,918,247 | -€171,283 | -2.1% |
| Plant, machinery and equipment | 23 | €41,375 | €34,964 | -€6,411 | -15.5% |
| Financial fixed assets | 28 | €6,046,020 | €4,522,336 | -€1.5m | -25.2% |
| Current assets | 29/58 | €12,715,224 | €7,774,866 | -€4.9m | -38.9% |
| Amounts receivable within one year | 40/41 | €327,572 | €311,457 | -€16,115 | -4.9% |
| Other amounts receivable | 41 | €327,572 | €311,457 | -€16,115 | -4.9% |
| Current investments | 50/53 | €11,939,942 | €6,967,294 | -€5.0m | -41.6% |
| Cash at bank and in hand | 54/58 | €445,994 | €494,393 | +€48,398 | +10.9% |
| Deferred charges and accrued income | 490/1 | €1,715 | €1,723 | +€7 | +0.4% |
| Total equity and liabilities | 10/49 | €26,892,149 | €20,250,413 | -€6.6m | -24.7% |
| Equity | 10/15 | -€3,864,929 | €2,253,804 | +€6.1m | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,883,529 | €2,235,204 | +€6.1m | |
| Amounts payable | 17/49 | €30,757,077 | €17,996,609 | -€12.8m | -41.5% |
| Amounts payable within one year | 42/48 | €30,757,077 | €17,996,609 | -€12.8m | -41.5% |
| Trade debts | 44 | €2,159 | €1,054 | -€1,105 | -51.2% |
| Suppliers | 440/4 | €2,159 | €1,054 | -€1,105 | -51.2% |
| Other amounts payable | 47/48 | €30,754,918 | €17,995,555 | -€12.8m | -41.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €287,460 | €290,536 | +€3,076 | +1.1% |
| Other operating charges | 640/8 | €27,996 | €19,386 | -€8,611 | -30.8% |
| Gross operating margin | 9900 | -€57,862 | €98,444 | +€156,306 | |
| Operating profit (loss) | 9901 | -€373,318 | -€211,477 | +€161,841 | +43.4% |
| Financial income | 75/76B | €905,916 | €6,334,701 | +€5.4m | +599% |
| Recurring financial income | 75 | €905,916 | €6,334,701 | +€5.4m | +599% |
| Financial charges | 65/66B | €10,027 | €4,491 | -€5,535 | -55.2% |
| Recurring financial charges | 65 | €10,027 | €4,491 | -€5,535 | -55.2% |
| Profit (loss) for the period before taxes | 9903 | €522,571 | €6,118,733 | +€5.6m | +1,071% |
| Profit (loss) for the period | 9904 | €522,571 | €6,118,733 | +€5.6m | +1,071% |
| Profit (loss) for the period to be appropriated | 9905 | €522,571 | €6,118,733 | +€5.6m | +1,071% |
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 15 October 2026 via checked.be.