AG FINANCE: 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.
What changed
AG FINANCE
NACE 64.929, Financial service activities, except insurance and pension funding
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€44.8m
2024 · €43.5m+€1.3m
Equity
€1.62bn
2024 · €1.61bn+€9.8m
Cash
€31.3m
2024 · €25.4m+€5.8m
Balance sheet total
€2.07bn
2024 · €1.96bn+€110.6m
Largest movements
Assets
- Receivables within one year +€55.7m
up €55.7m (+18.1%), from €307.2m to €362.9m
of which Other amounts receivable: +€55.7m
- Financial fixed assets +€49.1m
up €49.1m (+3.1%), from €1.59bn to €1.64bn
of which Affiliated companies: +€53.7m
Equity and liabilities
- Other debts +€102.5m
up €102.5m (+29.3%), from €350.0m to €452.5m
Income statement
No income-statement line moved by more than 1% of the activity.
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.
Result 2024
€43.5m
Staff costs
-€60,333
Other operating charges
+€101
Other operating items
+€86,890
Financial income
-€11.5m
Financial charges
+€11.0m
Taxes
+€1.8m
Result 2025
€44.8m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€90.0m
Investment
-€49.1m
Financing
-€35.0m
Cash 2024
€25.4m
From operations (derived)
+€90.0m
Net result for the year
+€44.8m
Receivables within one year
-€55.7m
Deferred charges and accrued income
+€113,804
Trade debts
-€279,581
Tax, wage and social debts
-€1.7m
Other debts
+€102.5m
Accrued charges and deferred income
+€293,993
Investment (derived)
-€49.1m
Investment in fixed assets (net)
-€49.1m
Financing
-€35.0m
Contributions, distributions and other
-€35.0m
Cash 2025
€31.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,961,615,278 | €2,072,184,034 | +€110.6m | +5.6% |
| Fixed assets | 21/28 | €1,590,040,649 | €1,639,182,653 | +€49.1m | +3.1% |
| Financial fixed assets | 28 | €1,590,040,649 | €1,639,182,653 | +€49.1m | +3.1% |
| Affiliated companies | 280/1 | €1,581,125,617 | €1,634,807,428 | +€53.7m | +3.4% |
| Participating interests | 280 | €23,351 | €30,014 | +€6,663 | +28.5% |
| Amounts receivable | 281 | €1,581,102,265 | €1,634,777,414 | +€53.7m | +3.4% |
| Other financial fixed assets | 284/8 | €8,915,033 | €4,375,225 | -€4.5m | -50.9% |
| Shares | 284 | €8,251,141 | €3,750,929 | -€4.5m | -54.5% |
| Amounts receivable and cash guarantees | 285/8 | €663,891 | €624,296 | -€39,596 | -6.0% |
| Current assets | 29/58 | €371,574,628 | €433,001,381 | +€61.4m | +16.5% |
| Amounts receivable within one year | 40/41 | €307,231,688 | €362,937,901 | +€55.7m | +18.1% |
| Trade receivables | 40 | €271,881 | €254,991 | -€16,890 | -6.2% |
| Other amounts receivable | 41 | €306,959,806 | €362,682,910 | +€55.7m | +18.2% |
| Cash at bank and in hand | 54/58 | €25,433,175 | €31,267,519 | +€5.8m | +22.9% |
| Deferred charges and accrued income | 490/1 | €38,909,765 | €38,795,961 | -€113,804 | -0.3% |
| Total equity and liabilities | 10/49 | €1,961,615,278 | €2,072,184,034 | +€110.6m | +5.6% |
| Equity | 10/15 | €1,606,064,979 | €1,615,834,826 | +€9.8m | +0.6% |
| Contributions | 10/11 | €1,278,369,664 | €1,278,369,664 | = | 0.0% |
| Capital | 10 | €617,406,750 | €617,406,750 | = | 0.0% |
| Issued capital | 100 | €617,406,750 | €617,406,750 | = | 0.0% |
| Contributions outside capital | 11 | €660,962,915 | €660,962,915 | = | 0.0% |
| Share premium | 1100/10 | €660,962,915 | €660,962,915 | = | 0.0% |
| Reserves | 13 | €69,072,424 | €69,072,424 | = | 0.0% |
| Non-distributable reserves | 130/1 | €67,722,424 | €67,722,424 | = | 0.0% |
| Legal reserve | 130 | €67,722,424 | €67,722,424 | = | 0.0% |
| Tax-exempt reserves | 132 | €500,000 | €500,000 | = | 0.0% |
| Distributable reserves | 133 | €850,000 | €850,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €258,622,890 | €268,392,738 | +€9.8m | +3.8% |
| Amounts payable | 17/49 | €355,550,299 | €456,349,208 | +€100.8m | +28.4% |
| Amounts payable within one year | 42/48 | €355,550,299 | €456,055,215 | +€100.5m | +28.3% |
| Trade debts | 44 | €365,971 | €86,390 | -€279,581 | -76.4% |
| Suppliers | 440/4 | €365,971 | €86,390 | -€279,581 | -76.4% |
| Taxes, remuneration and social security | 45 | €5,213,939 | €3,509,093 | -€1.7m | -32.7% |
| Taxes | 450/3 | €5,057,180 | €3,292,927 | -€1.8m | -34.9% |
| Remuneration and social security | 454/9 | €156,759 | €216,165 | +€59,406 | +37.9% |
| Other amounts payable | 47/48 | €349,970,388 | €452,459,732 | +€102.5m | +29.3% |
| Accrued charges and deferred income | 492/3 | - | €293,993 | +€293,993 | |
| Operating income | 70/76A | €540,233 | €424,953 | -€115,280 | -21.3% |
| Other operating income | 74 | €540,233 | €424,953 | -€115,280 | -21.3% |
| Operating charges | 60/66A | €2,112,549 | €1,970,611 | -€141,937 | -6.7% |
| Services and other goods | 61 | €1,364,621 | €1,162,451 | -€202,170 | -14.8% |
| Remuneration, social security and pensions | 62 | €735,105 | €795,439 | +€60,333 | +8.2% |
| Other operating charges | 640/8 | €12,823 | €12,722 | -€101 | -0.8% |
| Operating profit (loss) | 9901 | -€1,572,316 | -€1,545,659 | +€26,657 | +1.7% |
| Financial income | 75/76B | €81,074,660 | €69,609,035 | -€11.5m | -14.1% |
| Recurring financial income | 75 | €81,074,660 | €69,606,362 | -€11.5m | -14.1% |
| Income from financial fixed assets | 750 | €64,808,519 | €60,176,454 | -€4.6m | -7.1% |
| Income from current assets | 751 | €16,181,006 | €9,405,804 | -€6.8m | -41.9% |
| Other financial income | 752/9 | €85,135 | €24,104 | -€61,031 | -71.7% |
| Non-recurring financial income | 76B | - | €2,673 | +€2,673 | |
| Financial charges | 65/66B | €18,975,451 | €8,001,564 | -€11.0m | -57.8% |
| Recurring financial charges | 65 | €11,214,394 | €6,858,762 | -€4.4m | -38.8% |
| Debt charges | 650 | €11,190,544 | €6,829,275 | -€4.4m | -39.0% |
| Other financial charges | 652/9 | €23,850 | €29,487 | +€5,636 | +23.6% |
| Non-recurring financial charges | 66B | €7,761,057 | €1,142,802 | -€6.6m | -85.3% |
| Profit (loss) for the period before taxes | 9903 | €60,526,892 | €60,061,812 | -€465,081 | -0.8% |
| Income taxes | 67/77 | €17,072,652 | €15,291,964 | -€1.8m | -10.4% |
| Taxes | 670/3 | €17,072,652 | €15,291,964 | -€1.8m | -10.4% |
| Profit (loss) for the period | 9904 | €43,454,240 | €44,769,848 | +€1.3m | +3.0% |
| Transfer to tax-exempt reserves | 689 | €500,000 | - | -€500,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,954,240 | €44,769,848 | +€1.8m | +4.2% |
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 26 October 2026 via checked.be.