AGAM: 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.
AGAM
Largest movements
- Receivables within one year -€11,046
down €11,046 (-47.6%), from €23,198 to €12,151
- Tangible fixed assets -€6,500
down €6,500 (-8.0%), from €81,630 to €75,130
of which Land and buildings: -€6,328
- Deferred charges and accrued income -€2,566
down €2,566 (-19.6%), from €13,107 to €10,541
- Profit (loss) carried forward -€5,125
down €5,125 (-2.0%), from -€255,313 to -€260,438
- Other debts -€5,085
down €5,085 (-3.9%), from €131,006 to €125,921
- Trade debts -€4,874
down €4,874 (-37.2%), from €13,100 to €8,226
- Debts after one year -€2,081
no longer reported in 2025 (was €2,081)
- Current portion of long-term debt -€2,026
down €2,026 (-49.3%), from €4,107 to €2,081
- Gross operating margin +€10,239
up €10,239 (+50.5%), from €20,266 to €30,505
- Other operating charges -€5,287
down €5,287 (-30.1%), from €17,584 to €12,296
- Depreciation +€1,558
up €1,558 (+20.6%), from €7,551 to €9,109
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 | €119,380 | €98,605 | -€20,775 | -17.4% |
| Fixed assets | 21/28 | €81,630 | €75,130 | -€6,500 | -8.0% |
| Tangible fixed assets | 22/27 | €81,630 | €75,130 | -€6,500 | -8.0% |
| Land and buildings | 22 | €81,247 | €74,919 | -€6,328 | -7.8% |
| Furniture and vehicles | 24 | €384 | €211 | -€173 | -45.0% |
| Current assets | 29/58 | €37,749 | €23,475 | -€14,274 | -37.8% |
| Amounts receivable within one year | 40/41 | €23,198 | €12,151 | -€11,046 | -47.6% |
| Other amounts receivable | 41 | €23,198 | €12,151 | -€11,046 | -47.6% |
| Cash at bank and in hand | 54/58 | €1,445 | €783 | -€662 | -45.8% |
| Deferred charges and accrued income | 490/1 | €13,107 | €10,541 | -€2,566 | -19.6% |
| Total equity and liabilities | 10/49 | €119,380 | €98,605 | -€20,775 | -17.4% |
| Equity | 10/15 | -€42,484 | -€47,609 | -€5,125 | -12.1% |
| Contributions | 10/11 | €152,000 | €152,000 | = | 0.0% |
| Capital | 10 | €152,000 | €152,000 | = | 0.0% |
| Issued capital | 100 | €152,000 | €152,000 | = | 0.0% |
| Reserves | 13 | €60,829 | €60,829 | = | 0.0% |
| Non-distributable reserves | 130/1 | €60,829 | €60,829 | = | 0.0% |
| Legal reserve | 130 | €1,335 | €1,335 | = | 0.0% |
| Other | 1319 | €59,494 | €59,494 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€255,313 | -€260,438 | -€5,125 | -2.0% |
| Amounts payable | 17/49 | €161,864 | €146,214 | -€15,650 | -9.7% |
| Amounts payable after more than one year | 17 | €2,081 | - | -€2,081 | |
| Financial debts | 170/4 | €2,081 | - | -€2,081 | |
| Amounts payable within one year | 42/48 | €159,765 | €146,214 | -€13,551 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €4,107 | €2,081 | -€2,026 | -49.3% |
| Trade debts | 44 | €13,100 | €8,226 | -€4,874 | -37.2% |
| Suppliers | 440/4 | €13,100 | €8,226 | -€4,874 | -37.2% |
| Taxes, remuneration and social security | 45 | €11,552 | €9,986 | -€1,567 | -13.6% |
| Taxes | 450/3 | €11,552 | €9,986 | -€1,567 | -13.6% |
| Other amounts payable | 47/48 | €131,006 | €125,921 | -€5,085 | -3.9% |
| Accrued charges and deferred income | 492/3 | €18 | - | -€18 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,551 | €9,109 | +€1,558 | +20.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,046 | €11,046 | = | 0.0% |
| Other operating charges | 640/8 | €17,584 | €12,296 | -€5,287 | -30.1% |
| Gross operating margin | 9900 | €20,266 | €30,505 | +€10,239 | +50.5% |
| Operating profit (loss) | 9901 | -€15,915 | -€1,947 | +€13,968 | +87.8% |
| Financial income | 75/76B | €11 | €3 | -€8 | -72.8% |
| Recurring financial income | 75 | €11 | €3 | -€8 | -72.8% |
| Financial charges | 65/66B | €2,705 | €2,441 | -€264 | -9.8% |
| Recurring financial charges | 65 | €2,705 | €2,441 | -€264 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | -€18,609 | -€4,385 | +€14,224 | +76.4% |
| Income taxes | 67/77 | €767 | €740 | -€28 | -3.6% |
| Profit (loss) for the period | 9904 | -€19,377 | -€5,125 | +€14,252 | +73.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,377 | -€5,125 | +€14,252 | +73.6% |
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 16 October 2026 via checked.be.