AGEMAR: 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.
AGEMAR
Largest movements
- Current investments -€10.0m
no longer reported in 2025 (was €10.0m)
- Cash +€5.0m
up €5.0m (+1350.0%), from €373,423 to €5.4m
mainly Current investments (+€10.0m) and Receivables within one year (+€180,707)
- Receivables within one year -€180,707
down €180,707 (-18.8%), from €959,525 to €778,818
of which Other amounts receivable: -€178,570
- Debts after one year -€5.0m
no longer reported in 2025 (was €5.0m)
- Financial income -€8.6m
down €8.6m (-97.7%), from €8.8m to €206,248
of which Non-recurring financial income: -€7.9m
- Taxes -€700,000
no longer reported in 2025 (was €700,000)
- Financial charges -€283,456
down €283,456 (-96.0%), from €295,265 to €11,809
- Staff costs -€16,082
down €16,082 (-18.8%), from €85,574 to €69,492
- Gross operating margin +€3,864
up €3,864 (+3.9%), from -€98,850 to -€94,985
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 | €15,833,782 | €10,749,613 | -€5.1m | -32.1% |
| Fixed assets | 21/28 | €1,000,834 | €1,003,820 | +€2,986 | +0.3% |
| Tangible fixed assets | 22/27 | €1,000,749 | €1,003,735 | +€2,986 | +0.3% |
| Land and buildings | 22 | €949,111 | €965,224 | +€16,113 | +1.7% |
| Plant, machinery and equipment | 23 | €37,558 | €33,006 | -€4,552 | -12.1% |
| Furniture and vehicles | 24 | €14,079 | €5,505 | -€8,575 | -60.9% |
| Financial fixed assets | 28 | €85 | €85 | = | 0.0% |
| Current assets | 29/58 | €14,832,948 | €9,745,793 | -€5.1m | -34.3% |
| Amounts receivable after more than one year | 29 | €3,500,000 | €3,500,000 | = | 0.0% |
| Other amounts receivable | 291 | €3,500,000 | €3,500,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €959,525 | €778,818 | -€180,707 | -18.8% |
| Trade receivables | 40 | €2,136 | - | -€2,136 | |
| Other amounts receivable | 41 | €957,388 | €778,818 | -€178,570 | -18.7% |
| Current investments | 50/53 | €10,000,000 | - | -€10.0m | |
| Cash at bank and in hand | 54/58 | €373,423 | €5,414,464 | +€5.0m | +1350.0% |
| Deferred charges and accrued income | 490/1 | - | €52,510 | +€52,510 | |
| Total equity and liabilities | 10/49 | €15,833,782 | €10,749,613 | -€5.1m | -32.1% |
| Equity | 10/15 | €10,289,821 | €10,275,543 | -€14,279 | -0.1% |
| Contributions | 10/11 | €118,049 | €118,049 | = | 0.0% |
| Capital | 10 | €118,049 | €118,049 | = | 0.0% |
| Issued capital | 100 | €118,049 | €118,049 | = | 0.0% |
| Reserves | 13 | €7,081,805 | €7,081,805 | = | 0.0% |
| Non-distributable reserves | 130/1 | €81,805 | €81,805 | = | 0.0% |
| Legal reserve | 130 | €81,805 | €81,805 | = | 0.0% |
| Distributable reserves | 133 | €7,000,000 | €7,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,089,968 | €3,075,689 | -€14,279 | -0.5% |
| Amounts payable | 17/49 | €5,543,961 | €474,070 | -€5.1m | -91.4% |
| Amounts payable after more than one year | 17 | €5,000,000 | - | -€5.0m | |
| Financial debts | 170/4 | €5,000,000 | - | -€5.0m | |
| Amounts payable within one year | 42/48 | €497,322 | €474,070 | -€23,252 | -4.7% |
| Trade debts | 44 | €2,108 | €8,934 | +€6,826 | +323.8% |
| Suppliers | 440/4 | €2,108 | €8,934 | +€6,826 | +323.8% |
| Taxes, remuneration and social security | 45 | €494,966 | €464,650 | -€30,316 | -6.1% |
| Taxes | 450/3 | €486,652 | €459,813 | -€26,839 | -5.5% |
| Remuneration and social security | 454/9 | €8,314 | €4,837 | -€3,477 | -41.8% |
| Other amounts payable | 47/48 | €248 | €486 | +€239 | +96.5% |
| Accrued charges and deferred income | 492/3 | €46,639 | - | -€46,639 | |
| Remuneration, social security and pensions | 62 | €85,574 | €69,492 | -€16,082 | -18.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,638 | €27,070 | -€1,568 | -5.5% |
| Other operating charges | 640/8 | €15,807 | €17,170 | +€1,364 | +8.6% |
| Gross operating margin | 9900 | -€98,850 | -€94,985 | +€3,864 | +3.9% |
| Operating profit (loss) | 9901 | -€228,868 | -€208,718 | +€20,150 | +8.8% |
| Financial income | 75/76B | €8,802,601 | €206,248 | -€8.6m | -97.7% |
| Recurring financial income | 75 | €857,116 | €206,248 | -€650,868 | -75.9% |
| Non-recurring financial income | 76B | €7,945,485 | - | -€7.9m | |
| Financial charges | 65/66B | €295,265 | €11,809 | -€283,456 | -96.0% |
| Recurring financial charges | 65 | €295,265 | €11,809 | -€283,456 | -96.0% |
| Profit (loss) for the period before taxes | 9903 | €8,278,468 | -€14,279 | -€8.3m | |
| Income taxes | 67/77 | €700,000 | - | -€700,000 | |
| Profit (loss) for the period | 9904 | €7,578,468 | -€14,279 | -€7.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €7,578,468 | -€14,279 | -€7.6m |
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 8 October 2026 via checked.be.