AG46: 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.
AG46
Largest movements
- Receivables within one year +€106,475
up €106,475 (+202%), from €52,617 to €159,093
of which Trade receivables: +€111,420
- Tangible fixed assets +€37,147
up €37,147 (+68.4%), from €54,336 to €91,483
- Cash +€14,353
up €14,353 (+151%), from €9,477 to €23,830
mainly Debts after one year (+€50,695) and Trade debts (+€37,460)
- Financial fixed assets +€3,600
up €3,600 (+9.2%), from €39,245 to €42,845
- Debts after one year +€50,695
up €50,695 (+96.1%), from €52,764 to €103,458
of which Financial debts: +€50,695
- Trade debts +€37,460
up €37,460 (+334%), from €11,223 to €48,683
- Tax, wage and social debts +€31,768
up €31,768 (+119%), from €26,765 to €58,533
of which Taxes: +€17,753
- Profit (loss) carried forward +€25,960
up €25,960 (+51.1%), from €50,850 to €76,810
- Current portion of long-term debt +€15,693
up €15,693 (+199%), from €7,873 to €23,566
- Gross operating margin +€154,697
up €154,697 (+159%), from €97,421 to €252,117
- Staff costs +€98,725
up €98,725 (+155%), from €63,582 to €162,307
- Taxes +€12,874
up €12,874 (+608%), from €2,117 to €14,990
- Other operating charges +€9,759
up €9,759 (+142%), from €6,878 to €16,637
- Depreciation +€7,360
up €7,360 (+49.9%), from €14,743 to €22,103
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 | €155,675 | €317,250 | +€161,575 | +104% |
| Fixed assets | 21/28 | €93,581 | €134,328 | +€40,747 | +43.5% |
| Tangible fixed assets | 22/27 | €54,336 | €91,483 | +€37,147 | +68.4% |
| Furniture and vehicles | 24 | €54,336 | €91,483 | +€37,147 | +68.4% |
| Financial fixed assets | 28 | €39,245 | €42,845 | +€3,600 | +9.2% |
| Current assets | 29/58 | €62,094 | €182,923 | +€120,829 | +195% |
| Amounts receivable within one year | 40/41 | €52,617 | €159,093 | +€106,475 | +202% |
| Trade receivables | 40 | €45,169 | €156,589 | +€111,420 | +247% |
| Other amounts receivable | 41 | €7,449 | €2,504 | -€4,945 | -66.4% |
| Cash at bank and in hand | 54/58 | €9,477 | €23,830 | +€14,353 | +151% |
| Total equity and liabilities | 10/49 | €155,675 | €317,250 | +€161,575 | +104% |
| Equity | 10/15 | €57,050 | €83,010 | +€25,960 | +45.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,850 | €76,810 | +€25,960 | +51.1% |
| Amounts payable | 17/49 | €98,626 | €234,241 | +€135,615 | +138% |
| Amounts payable after more than one year | 17 | €52,764 | €103,458 | +€50,695 | +96.1% |
| Financial debts | 170/4 | €18,764 | €69,458 | +€50,695 | +270% |
| Other amounts payable | 178/9 | €34,000 | €34,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €45,862 | €130,782 | +€84,920 | +185% |
| Current portion of amounts payable after more than one year | 42 | €7,873 | €23,566 | +€15,693 | +199% |
| Trade debts | 44 | €11,223 | €48,683 | +€37,460 | +334% |
| Suppliers | 440/4 | €11,223 | €48,683 | +€37,460 | +334% |
| Taxes, remuneration and social security | 45 | €26,765 | €58,533 | +€31,768 | +119% |
| Taxes | 450/3 | €26,189 | €43,941 | +€17,753 | +67.8% |
| Remuneration and social security | 454/9 | €577 | €14,592 | +€14,015 | +2,430% |
| Remuneration, social security and pensions | 62 | €63,582 | €162,307 | +€98,725 | +155% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,743 | €22,103 | +€7,360 | +49.9% |
| Other operating charges | 640/8 | €6,878 | €16,637 | +€9,759 | +142% |
| Gross operating margin | 9900 | €97,421 | €252,117 | +€154,697 | +159% |
| Operating profit (loss) | 9901 | €12,217 | €51,070 | +€38,853 | +318% |
| Financial charges | 65/66B | €5,956 | €10,120 | +€4,164 | +69.9% |
| Recurring financial charges | 65 | €5,956 | €10,120 | +€4,164 | +69.9% |
| Profit (loss) for the period before taxes | 9903 | €6,261 | €40,951 | +€34,689 | +554% |
| Income taxes | 67/77 | €2,117 | €14,990 | +€12,874 | +608% |
| Profit (loss) for the period | 9904 | €4,144 | €25,960 | +€21,816 | +526% |
| Profit (loss) for the period to be appropriated | 9905 | €4,144 | €25,960 | +€21,816 | +526% |
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 13 October 2026 via checked.be.