AAG PROJECTS: 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.
AAG PROJECTS
Largest movements
- Tangible fixed assets -€17,457
down €17,457 (-21.5%), from €81,379 to €63,922
of which Furniture and vehicles: -€10,262
- Deferred charges and accrued income -€9,989
down €9,989 (-48.9%), from €20,434 to €10,445
- Cash -€3,118
down €3,118 (-6.3%), from €49,160 to €46,042
mainly Debts after one year (-€18,017) and Tax, wage and social debts (-€12,189)
- Stocks and contracts +€2,375
up €2,375 (+11.6%), from €20,455 to €22,830
- Debts after one year -€18,017
down €18,017 (-44.6%), from €40,417 to €22,400
- Trade debts +€12,965
up €12,965 (+266%), from €4,869 to €17,833
- Tax, wage and social debts -€12,189
down €12,189 (-42.0%), from €29,016 to €16,827
of which Taxes: -€12,195
- Current portion of long-term debt -€6,806
down €6,806 (-35.5%), from €19,156 to €12,350
- Other debts -€4,574
down €4,574 (-16.0%), from €28,600 to €24,026
- Gross operating margin -€15,045
down €15,045 (-30.5%), from €49,391 to €34,346
- Financial income -€1,312
down €1,312 (-99.3%), from €1,321 to €9
- Taxes -€1,285
down €1,285 (-49.3%), from €2,608 to €1,324
- Depreciation +€1,120
up €1,120 (+4.6%), from €24,562 to €25,682
- Financial charges +€939
up €939 (+18.0%), from €5,211 to €6,150
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 | €202,794 | €173,436 | -€29,358 | -14.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €81,379 | €63,922 | -€17,457 | -21.5% |
| Tangible fixed assets | 22/27 | €81,379 | €63,922 | -€17,457 | -21.5% |
| Plant, machinery and equipment | 23 | €19,632 | €13,845 | -€5,787 | -29.5% |
| Furniture and vehicles | 24 | €57,130 | €46,868 | -€10,262 | -18.0% |
| Other tangible fixed assets | 26 | €4,618 | €3,209 | -€1,409 | -30.5% |
| Current assets | 29/58 | €121,415 | €109,514 | -€11,901 | -9.8% |
| Stocks and contracts in progress | 3 | €20,455 | €22,830 | +€2,375 | +11.6% |
| Stocks | 30/36 | €20,455 | €22,830 | +€2,375 | +11.6% |
| Amounts receivable within one year | 40/41 | €31,366 | €30,198 | -€1,168 | -3.7% |
| Trade receivables | 40 | €30,515 | €29,643 | -€872 | -2.9% |
| Other amounts receivable | 41 | €851 | €554 | -€296 | -34.8% |
| Cash at bank and in hand | 54/58 | €49,160 | €46,042 | -€3,118 | -6.3% |
| Deferred charges and accrued income | 490/1 | €20,434 | €10,445 | -€9,989 | -48.9% |
| Total equity and liabilities | 10/49 | €202,794 | €173,436 | -€29,358 | -14.5% |
| Equity | 10/15 | €79,321 | €78,711 | -€610 | -0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €60,721 | €60,111 | -€610 | -1.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €58,861 | €60,111 | +€1,250 | +2.1% |
| Amounts payable | 17/49 | €123,473 | €94,725 | -€28,748 | -23.3% |
| Amounts payable after more than one year | 17 | €40,417 | €22,400 | -€18,017 | -44.6% |
| Financial debts | 170/4 | €40,417 | €22,400 | -€18,017 | -44.6% |
| Amounts payable within one year | 42/48 | €81,641 | €71,037 | -€10,604 | -13.0% |
| Current portion of amounts payable after more than one year | 42 | €19,156 | €12,350 | -€6,806 | -35.5% |
| Trade debts | 44 | €4,869 | €17,833 | +€12,965 | +266% |
| Suppliers | 440/4 | €4,869 | €17,833 | +€12,965 | +266% |
| Taxes, remuneration and social security | 45 | €29,016 | €16,827 | -€12,189 | -42.0% |
| Taxes | 450/3 | €26,683 | €14,489 | -€12,195 | -45.7% |
| Remuneration and social security | 454/9 | €2,333 | €2,338 | +€6 | +0.2% |
| Other amounts payable | 47/48 | €28,600 | €24,026 | -€4,574 | -16.0% |
| Accrued charges and deferred income | 492/3 | €1,415 | €1,288 | -€127 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,562 | €25,682 | +€1,120 | +4.6% |
| Other operating charges | 640/8 | €949 | €976 | +€27 | +2.9% |
| Non-recurring operating charges | 66A | €9,765 | - | -€9,765 | |
| Gross operating margin | 9900 | €49,391 | €34,346 | -€15,045 | -30.5% |
| Operating profit (loss) | 9901 | €14,115 | €7,688 | -€6,427 | -45.5% |
| Financial income | 75/76B | €1,321 | €9 | -€1,312 | -99.3% |
| Recurring financial income | 75 | €1,321 | €9 | -€1,312 | -99.3% |
| Financial charges | 65/66B | €5,211 | €6,150 | +€939 | +18.0% |
| Recurring financial charges | 65 | €5,211 | €6,150 | +€939 | +18.0% |
| Profit (loss) for the period before taxes | 9903 | €10,225 | €1,547 | -€8,679 | -84.9% |
| Income taxes | 67/77 | €2,608 | €1,324 | -€1,285 | -49.3% |
| Profit (loss) for the period | 9904 | €7,617 | €223 | -€7,394 | -97.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,617 | €223 | -€7,394 | -97.1% |
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 14 October 2026 via checked.be.