AGAPI: 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.
AGAPI
Largest movements
- Stocks and contracts +€95,283
up €95,283 (+10,952%), from €870 to €96,153
- Tangible fixed assets -€80,587
down €80,587 (-9.2%), from €874,392 to €793,805
of which Land and buildings: -€80,098
- Cash +€29,503
up €29,503 (+2.4%), from €1.2m to €1.3m
mainly Investment in fixed assets (net) (+€73,764) and Net result for the year (+€53,094)
- Reserves +€53,094
up €53,094 (+12.0%), from €441,248 to €494,342
of which Distributable reserves: +€53,094
- Staff costs +€8,991
up €8,991 (+6.0%), from €149,478 to €158,469
- Depreciation -€4,969
down €4,969 (-42.1%), from €11,791 to €6,823
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 | €2,308,582 | €2,339,199 | +€30,617 | +1.3% |
| Fixed assets | 21/28 | €874,392 | €793,805 | -€80,587 | -9.2% |
| Tangible fixed assets | 22/27 | €874,392 | €793,805 | -€80,587 | -9.2% |
| Land and buildings | 22 | €870,280 | €790,182 | -€80,098 | -9.2% |
| Plant, machinery and equipment | 23 | €4,112 | €2,376 | -€1,736 | -42.2% |
| Furniture and vehicles | 24 | €0 | €1,247 | +€1,247 | |
| Current assets | 29/58 | €1,434,190 | €1,545,394 | +€111,204 | +7.8% |
| Stocks and contracts in progress | 3 | €870 | €96,153 | +€95,283 | +10,952% |
| Stocks | 30/36 | €870 | €96,153 | +€95,283 | +10,952% |
| Amounts receivable within one year | 40/41 | €94,954 | €82,285 | -€12,670 | -13.3% |
| Trade receivables | 40 | €92,165 | €79,197 | -€12,968 | -14.1% |
| Other amounts receivable | 41 | €2,790 | €3,088 | +€298 | +10.7% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,229,828 | €1,259,331 | +€29,503 | +2.4% |
| Deferred charges and accrued income | 490/1 | €8,538 | €7,626 | -€912 | -10.7% |
| Total equity and liabilities | 10/49 | €2,308,582 | €2,339,199 | +€30,617 | +1.3% |
| Equity | 10/15 | €2,194,911 | €2,248,005 | +€53,094 | +2.4% |
| Contributions | 10/11 | €1,243,000 | €1,243,000 | = | 0.0% |
| Capital | 10 | €1,242,767 | €1,242,767 | = | 0.0% |
| Issued capital | 100 | €1,242,767 | €1,242,767 | = | 0.0% |
| Contributions outside capital | 11 | €233 | €233 | = | 0.0% |
| Share premium | 1100/10 | €233 | €233 | = | 0.0% |
| Revaluation surpluses | 12 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €441,248 | €494,342 | +€53,094 | +12.0% |
| Non-distributable reserves | 130/1 | €124,277 | €124,277 | = | 0.0% |
| Legal reserve | 130 | €124,277 | €124,277 | = | 0.0% |
| Distributable reserves | 133 | €316,971 | €370,065 | +€53,094 | +16.8% |
| Profit (loss) carried forward | 14 | €465,663 | €465,663 | = | 0.0% |
| Amounts payable | 17/49 | €113,671 | €91,194 | -€22,477 | -19.8% |
| Amounts payable within one year | 42/48 | €105,051 | €85,232 | -€19,818 | -18.9% |
| Trade debts | 44 | €37,827 | €30,785 | -€7,042 | -18.6% |
| Suppliers | 440/4 | €37,827 | €30,785 | -€7,042 | -18.6% |
| Taxes, remuneration and social security | 45 | €67,224 | €54,448 | -€12,776 | -19.0% |
| Taxes | 450/3 | €39,455 | €34,781 | -€4,674 | -11.8% |
| Remuneration and social security | 454/9 | €27,769 | €19,667 | -€8,102 | -29.2% |
| Accrued charges and deferred income | 492/3 | €8,621 | €5,962 | -€2,659 | -30.8% |
| Remuneration, social security and pensions | 62 | €149,478 | €158,469 | +€8,991 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,791 | €6,823 | -€4,969 | -42.1% |
| Other operating charges | 640/8 | €32,047 | €32,999 | +€952 | +3.0% |
| Gross operating margin | 9900 | €276,855 | €278,969 | +€2,114 | +0.8% |
| Operating profit (loss) | 9901 | €83,539 | €80,678 | -€2,861 | -3.4% |
| Financial income | 75/76B | €2,436 | €2,411 | -€25 | -1.0% |
| Recurring financial income | 75 | €2,436 | €2,411 | -€25 | -1.0% |
| Financial charges | 65/66B | €63 | €178 | +€115 | +184% |
| Recurring financial charges | 65 | €63 | €178 | +€115 | +184% |
| Profit (loss) for the period before taxes | 9903 | €85,913 | €82,911 | -€3,002 | -3.5% |
| Income taxes | 67/77 | €31,135 | €29,817 | -€1,318 | -4.2% |
| Profit (loss) for the period | 9904 | €54,777 | €53,094 | -€1,683 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €54,777 | €53,094 | -€1,683 | -3.1% |
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 15 October 2026 via checked.be.