AGDF: 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.
AGDF
Largest movements
- Cash +€1.5m
up €1.5m (+779.1%), from €191,641 to €1.7m
mainly Net result for the year (+€1.1m) and Receivables within one year (+€526,081)
- Receivables within one year -€526,081
down €526,081 (-97.7%), from €538,649 to €12,568
of which Trade receivables: -€526,035
- Stocks and contracts -€281,100
no longer reported in 2025 (was €281,100)
- Current investments +€219,746
new in 2025: €219,746
- Profit (loss) carried forward +€633,674
up €633,674 (+160.6%), from €394,686 to €1.0m
- Reserves +€421,000
up €421,000 (+200.0%), from €210,500 to €631,500
- Trade debts -€87,932
down €87,932 (-44.5%), from €197,740 to €109,808
- Tax, wage and social debts -€81,470
down €81,470 (-75.1%), from €108,465 to €26,995
- Other debts +€20,000
up €20,000 (+40.0%), from €50,000 to €70,000
- Gross operating margin +€591,003
up €591,003 (+74.0%), from €798,401 to €1.4m
- Taxes +€146,499
up €146,499 (+76.5%), from €191,500 to €337,999
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 | €1,011,391 | €1,917,062 | +€905,671 | +89.5% |
| Current assets | 29/58 | €1,011,391 | €1,917,062 | +€905,671 | +89.5% |
| Stocks and contracts in progress | 3 | €281,100 | - | -€281,100 | |
| Stocks | 30/36 | €281,100 | - | -€281,100 | |
| Amounts receivable within one year | 40/41 | €538,649 | €12,568 | -€526,081 | -97.7% |
| Trade receivables | 40 | €530,149 | €4,115 | -€526,035 | -99.2% |
| Other amounts receivable | 41 | €8,500 | €8,454 | -€46 | -0.5% |
| Current investments | 50/53 | - | €219,746 | +€219,746 | |
| Cash at bank and in hand | 54/58 | €191,641 | €1,684,748 | +€1.5m | +779.1% |
| Total equity and liabilities | 10/49 | €1,011,391 | €1,917,062 | +€905,671 | +89.5% |
| Equity | 10/15 | €655,186 | €1,709,860 | +€1.1m | +161.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €210,500 | €631,500 | +€421,000 | +200.0% |
| Tax-exempt reserves | 132 | €210,500 | €631,500 | +€421,000 | +200.0% |
| Profit (loss) carried forward | 14 | €394,686 | €1,028,360 | +€633,674 | +160.6% |
| Amounts payable | 17/49 | €356,205 | €207,203 | -€149,002 | -41.8% |
| Amounts payable within one year | 42/48 | €356,205 | €206,803 | -€149,402 | -41.9% |
| Trade debts | 44 | €197,740 | €109,808 | -€87,932 | -44.5% |
| Suppliers | 440/4 | €197,740 | €109,808 | -€87,932 | -44.5% |
| Taxes, remuneration and social security | 45 | €108,465 | €26,995 | -€81,470 | -75.1% |
| Taxes | 450/3 | €108,465 | €26,995 | -€81,470 | -75.1% |
| Other amounts payable | 47/48 | €50,000 | €70,000 | +€20,000 | +40.0% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,609 | - | -€1,609 | |
| Other operating charges | 640/8 | - | €573 | +€573 | |
| Gross operating margin | 9900 | €798,401 | €1,389,404 | +€591,003 | +74.0% |
| Operating profit (loss) | 9901 | €796,792 | €1,388,831 | +€592,038 | +74.3% |
| Financial income | 75/76B | - | €6,176 | +€6,176 | |
| Recurring financial income | 75 | - | €6,176 | +€6,176 | |
| Financial charges | 65/66B | €106 | €2,334 | +€2,227 | +2092.9% |
| Recurring financial charges | 65 | €106 | €2,334 | +€2,227 | +2092.9% |
| Profit (loss) for the period before taxes | 9903 | €796,686 | €1,392,673 | +€595,987 | +74.8% |
| Income taxes | 67/77 | €191,500 | €337,999 | +€146,499 | +76.5% |
| Profit (loss) for the period | 9904 | €605,186 | €1,054,674 | +€449,488 | +74.3% |
| Transfer to tax-exempt reserves | 689 | €210,500 | €421,000 | +€210,500 | +100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €394,686 | €633,674 | +€238,988 | +60.6% |
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 30 September 2026 via checked.be.