AGAU: 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.
AGAU
Largest movements
- Tangible fixed assets +€502,812
up €502,812 (+776.6%), from €64,748 to €567,560
of which Assets under construction and advance payments: +€503,568
- Cash -€27,981
down €27,981 (-34.1%), from €82,098 to €54,118
mainly Investment in fixed assets (net) (-€504,724) and Contributions, distributions and other (-€25,000)
- Receivables within one year +€17,463
up €17,463 (+43.2%), from €40,437 to €57,900
of which Other amounts receivable: +€8,993
- Reserves +€240,824
up €240,824 (+55.8%), from €431,640 to €672,464
- Trade debts +€190,969
up €190,969 (+3950.1%), from €4,834 to €195,803
- Debts after one year +€47,658
up €47,658 (+11.6%), from €409,236 to €456,895
- Financial income +€75,000
new in 2025: €75,000
- Gross operating margin -€32,789
down €32,789 (-8.9%), from €367,031 to €334,242
- Financial charges +€10,399
up €10,399 (+30.6%), from €33,975 to €44,374
- Taxes -€9,210
down €9,210 (-9.2%), from €99,661 to €90,451
- Other operating charges +€4,206
up €4,206 (+170.0%), from €2,475 to €6,681
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.
Cash bridge derived
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 | €1,022,295 | €1,518,127 | +€495,832 | +48.5% |
| Fixed assets | 21/28 | €899,440 | €1,402,252 | +€502,812 | +55.9% |
| Tangible fixed assets | 22/27 | €64,748 | €567,560 | +€502,812 | +776.6% |
| Furniture and vehicles | 24 | €691 | €1,341 | +€650 | +94.0% |
| Other tangible fixed assets | 26 | €3,277 | €1,871 | -€1,406 | -42.9% |
| Assets under construction and advance payments | 27 | €60,780 | €564,349 | +€503,568 | +828.5% |
| Financial fixed assets | 28 | €834,692 | €834,692 | = | 0.0% |
| Current assets | 29/58 | €122,856 | €115,875 | -€6,980 | -5.7% |
| Amounts receivable within one year | 40/41 | €40,437 | €57,900 | +€17,463 | +43.2% |
| Trade receivables | 40 | €39,930 | €48,400 | +€8,470 | +21.2% |
| Other amounts receivable | 41 | €507 | €9,500 | +€8,993 | +1772.2% |
| Cash at bank and in hand | 54/58 | €82,098 | €54,118 | -€27,981 | -34.1% |
| Deferred charges and accrued income | 490/1 | €320 | €3,858 | +€3,538 | +1104.3% |
| Total equity and liabilities | 10/49 | €1,022,295 | €1,518,127 | +€495,832 | +48.5% |
| Equity | 10/15 | €436,640 | €677,464 | +€240,824 | +55.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €431,640 | €672,464 | +€240,824 | +55.8% |
| Distributable reserves | 133 | €431,640 | €672,464 | +€240,824 | +55.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €585,655 | €840,663 | +€255,008 | +43.5% |
| Amounts payable after more than one year | 17 | €409,236 | €456,895 | +€47,658 | +11.6% |
| Financial debts | 170/4 | €409,236 | €456,895 | +€47,658 | +11.6% |
| Amounts payable within one year | 42/48 | €176,419 | €383,768 | +€207,349 | +117.5% |
| Current portion of amounts payable after more than one year | 42 | €128,255 | €134,231 | +€5,976 | +4.7% |
| Trade debts | 44 | €4,834 | €195,803 | +€190,969 | +3950.1% |
| Suppliers | 440/4 | €4,834 | €195,803 | +€190,969 | +3950.1% |
| Taxes, remuneration and social security | 45 | €43,329 | €53,734 | +€10,405 | +24.0% |
| Taxes | 450/3 | €43,329 | €53,734 | +€10,405 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,994 | €1,912 | -€82 | -4.1% |
| Other operating charges | 640/8 | €2,475 | €6,681 | +€4,206 | +170.0% |
| Gross operating margin | 9900 | €367,031 | €334,242 | -€32,789 | -8.9% |
| Operating profit (loss) | 9901 | €362,562 | €325,649 | -€36,913 | -10.2% |
| Financial income | 75/76B | - | €75,000 | +€75,000 | |
| Recurring financial income | 75 | - | €75,000 | +€75,000 | |
| Financial charges | 65/66B | €33,975 | €44,374 | +€10,399 | +30.6% |
| Recurring financial charges | 65 | €33,975 | €44,374 | +€10,399 | +30.6% |
| Profit (loss) for the period before taxes | 9903 | €328,587 | €356,275 | +€27,688 | +8.4% |
| Income taxes | 67/77 | €99,661 | €90,451 | -€9,210 | -9.2% |
| Profit (loss) for the period | 9904 | €228,926 | €265,824 | +€36,898 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €228,926 | €265,824 | +€36,898 | +16.1% |
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 9 October 2026 via checked.be.