AGD: what changed
Two fiscal 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.
AGD
Largest movements
- Tangible fixed assets -€11,969
down €11,969 (-10.3%), from €116,128 to €104,159
of which Land and buildings: -€8,860
- Cash +€7,904
up €7,904 (+407.1%), from €1,941 to €9,845
mainly Depreciation (+€11,969) and Other debts (+€10,307)
- Debts after one year -€16,793
no longer reported in 2025 (was €16,793)
- Other debts +€10,307
up €10,307 (+35.0%), from €29,468 to €39,775
- Reserves +€3,711
up €3,711 (+8.9%), from €41,737 to €45,448
of which Distributable reserves: +€3,711
- Trade debts -€1,290
no longer reported in 2025 (was €1,290)
- Turnover -€8,695
down €8,695 (-21.0%), from €41,475 to €32,780
- Purchases and services -€8,210
down €8,210 (-34.7%), from €23,638 to €15,428
- Taxes +€1,465
up €1,465 (+774.2%), from €189 to €1,655
- Gross operating margin -€485
down €485 (-2.7%), from €17,837 to €17,352
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 | €119,035 | €114,970 | -€4,065 | -3.4% |
| Fixed assets | 21/28 | €117,094 | €105,125 | -€11,969 | -10.2% |
| Tangible fixed assets | 22/27 | €116,128 | €104,159 | -€11,969 | -10.3% |
| Land and buildings | 22 | €105,177 | €96,317 | -€8,860 | -8.4% |
| Plant, machinery and equipment | 23 | €5,009 | €3,430 | -€1,579 | -31.5% |
| Furniture and vehicles | 24 | €5,942 | €4,412 | -€1,530 | -25.8% |
| Financial fixed assets | 28 | €966 | €966 | = | 0.0% |
| Current assets | 29/58 | €1,941 | €9,845 | +€7,904 | +407.1% |
| Cash at bank and in hand | 54/58 | €1,941 | €9,845 | +€7,904 | +407.1% |
| Total equity and liabilities | 10/49 | €119,035 | €114,970 | -€4,065 | -3.4% |
| Equity | 10/15 | €71,485 | €75,195 | +€3,711 | +5.2% |
| Contributions | 10/11 | €29,747 | €29,747 | = | 0.0% |
| Outside capital | 11 | €29,747 | €29,747 | = | 0.0% |
| Share premium | 1100/10 | €29,747 | €29,747 | = | 0.0% |
| Reserves | 13 | €41,737 | €45,448 | +€3,711 | +8.9% |
| Non-distributable reserves | 130/1 | €2,975 | €2,975 | = | 0.0% |
| Legal reserve | 130 | €2,975 | €2,975 | = | 0.0% |
| Distributable reserves | 133 | €38,763 | €42,473 | +€3,711 | +9.6% |
| Amounts payable | 17/49 | €47,551 | €39,775 | -€7,776 | -16.4% |
| Amounts payable after more than one year | 17 | €16,793 | - | -€16,793 | |
| Financial debts | 170/4 | €16,793 | - | -€16,793 | |
| Amounts payable within one year | 42/48 | €30,758 | €39,775 | +€9,017 | +29.3% |
| Trade debts | 44 | €1,290 | - | -€1,290 | |
| Suppliers | 440/4 | €1,290 | - | -€1,290 | |
| Other amounts payable | 47/48 | €29,468 | €39,775 | +€10,307 | +35.0% |
| Turnover | 70 | €41,475 | €32,780 | -€8,695 | -21.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €23,638 | €15,428 | -€8,210 | -34.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,892 | €11,969 | +€77 | +0.6% |
| Gross operating margin | 9900 | €17,837 | €17,352 | -€485 | -2.7% |
| Operating profit (loss) | 9901 | €5,945 | €5,383 | -€562 | -9.5% |
| Financial charges | 65/66B | €154 | €18 | -€136 | -88.5% |
| Recurring financial charges | 65 | €154 | €18 | -€136 | -88.5% |
| Profit (loss) for the period before taxes | 9903 | €5,791 | €5,365 | -€426 | -7.4% |
| Income taxes | 67/77 | €189 | €1,655 | +€1,465 | +774.2% |
| Profit (loss) for the period | 9904 | €5,602 | €3,711 | -€1,891 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,602 | €3,711 | -€1,891 | -33.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.