AGECO: 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.
AGECO
Largest movements
- Tangible fixed assets -€260,638
down €260,638 (-18.9%), from €1.4m to €1.1m
of which Leasing and similar rights: -€243,533
- Receivables within one year +€133,780
up €133,780 (+23.4%), from €571,088 to €704,868
of which Trade receivables: +€163,157
- Cash -€96,600
down €96,600 (-51.2%), from €188,854 to €92,255
mainly Debts after one year (-€212,034) and Receivables within one year (-€133,780)
- Debts after one year -€212,034
down €212,034 (-27.2%), from €780,676 to €568,641
- Trade debts +€45,371
up €45,371 (+10.0%), from €452,773 to €498,143
- Tax, wage and social debts -€43,331
down €43,331 (-21.1%), from €205,741 to €162,411
of which Taxes: -€57,298
- Other debts -€25,331
down €25,331 (-48.0%), from €52,730 to €27,399
- Reserves +€24,038
up €24,038 (+6.3%), from €380,059 to €404,097
of which Distributable reserves: +€24,038
- Gross operating margin +€159,202
up €159,202 (+18.0%), from €885,590 to €1.0m
- Staff costs +€111,883
up €111,883 (+22.8%), from €491,785 to €603,668
- Depreciation +€67,932
up €67,932 (+24.9%), from €272,432 to €340,364
- Financial charges +€17,520
up €17,520 (+35.3%), from €49,642 to €67,162
- Other operating charges -€15,841
down €15,841 (-71.5%), from €22,160 to €6,319
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 | €2,145,998 | €1,923,087 | -€222,911 | -10.4% |
| Fixed assets | 21/28 | €1,386,056 | €1,123,618 | -€262,438 | -18.9% |
| Tangible fixed assets | 22/27 | €1,376,511 | €1,115,873 | -€260,638 | -18.9% |
| Plant, machinery and equipment | 23 | €119,123 | €144,601 | +€25,478 | +21.4% |
| Furniture and vehicles | 24 | €232,609 | €190,026 | -€42,583 | -18.3% |
| Leasing and similar rights | 25 | €1,024,780 | €781,246 | -€243,533 | -23.8% |
| Financial fixed assets | 28 | €9,545 | €7,745 | -€1,800 | -18.9% |
| Current assets | 29/58 | €759,942 | €799,470 | +€39,527 | +5.2% |
| Amounts receivable within one year | 40/41 | €571,088 | €704,868 | +€133,780 | +23.4% |
| Trade receivables | 40 | €529,422 | €692,579 | +€163,157 | +30.8% |
| Other amounts receivable | 41 | €41,666 | €12,289 | -€29,377 | -70.5% |
| Cash at bank and in hand | 54/58 | €188,854 | €92,255 | -€96,600 | -51.2% |
| Deferred charges and accrued income | 490/1 | €0 | €2,347 | +€2,347 | |
| Total equity and liabilities | 10/49 | €2,145,998 | €1,923,087 | -€222,911 | -10.4% |
| Equity | 10/15 | €403,563 | €427,601 | +€24,038 | +6.0% |
| Contributions | 10/11 | €20,405 | €20,405 | = | 0.0% |
| Reserves | 13 | €380,059 | €404,097 | +€24,038 | +6.3% |
| Tax-exempt reserves | 132 | €5,508 | €5,508 | = | 0.0% |
| Distributable reserves | 133 | €374,552 | €398,590 | +€24,038 | +6.4% |
| Profit (loss) carried forward | 14 | €3,098 | €3,098 | = | 0.0% |
| Amounts payable | 17/49 | €1,742,436 | €1,495,487 | -€246,949 | -14.2% |
| Amounts payable after more than one year | 17 | €780,676 | €568,641 | -€212,034 | -27.2% |
| Financial debts | 170/4 | €780,676 | €568,641 | -€212,034 | -27.2% |
| Amounts payable within one year | 42/48 | €960,602 | €926,845 | -€33,757 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €217,712 | €215,093 | -€2,619 | -1.2% |
| Trade debts | 44 | €452,773 | €498,143 | +€45,371 | +10.0% |
| Suppliers | 440/4 | €452,773 | €498,143 | +€45,371 | +10.0% |
| Advances received on contracts in progress | 46 | €31,646 | €23,800 | -€7,846 | -24.8% |
| Taxes, remuneration and social security | 45 | €205,741 | €162,411 | -€43,331 | -21.1% |
| Taxes | 450/3 | €74,459 | €17,161 | -€57,298 | -77.0% |
| Remuneration and social security | 454/9 | €131,282 | €145,249 | +€13,967 | +10.6% |
| Other amounts payable | 47/48 | €52,730 | €27,399 | -€25,331 | -48.0% |
| Accrued charges and deferred income | 492/3 | €1,158 | - | -€1,158 | |
| Non-recurring operating income | 76A | €118,439 | - | -€118,439 | |
| Remuneration, social security and pensions | 62 | €491,785 | €603,668 | +€111,883 | +22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €272,432 | €340,364 | +€67,932 | +24.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€10,058 | -€10,058 | |
| Other operating charges | 640/8 | €22,160 | €6,319 | -€15,841 | -71.5% |
| Non-recurring operating charges | 66A | - | €1,178 | +€1,178 | |
| Gross operating margin | 9900 | €885,590 | €1,044,792 | +€159,202 | +18.0% |
| Operating profit (loss) | 9901 | €99,213 | €103,322 | +€4,109 | +4.1% |
| Financial income | 75/76B | €206 | €296 | +€90 | +43.7% |
| Recurring financial income | 75 | €206 | €296 | +€90 | +43.7% |
| Financial charges | 65/66B | €49,642 | €67,162 | +€17,520 | +35.3% |
| Recurring financial charges | 65 | €49,642 | €67,162 | +€17,520 | +35.3% |
| Profit (loss) for the period before taxes | 9903 | €49,777 | €36,456 | -€13,321 | -26.8% |
| Income taxes | 67/77 | €14,734 | €12,418 | -€2,316 | -15.7% |
| Profit (loss) for the period | 9904 | €35,043 | €24,038 | -€11,005 | -31.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,043 | €24,038 | -€11,005 | -31.4% |
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.