AGEMUS: 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.
AGEMUS
Largest movements
- Tangible fixed assets +€435,625
up €435,625 (+26.0%), from €1.7m to €2.1m
of which Land and buildings: +€1.9m
- Receivables within one year -€328,767
down €328,767 (-93.1%), from €353,214 to €24,447
of which Trade receivables: -€321,125
- Cash -€213,341
down €213,341 (-72.8%), from €293,206 to €79,865
mainly Investment in fixed assets (net) (-€505,722) and Accrued charges and deferred income (-€69,967)
- Accrued charges and deferred income -€69,967
down €69,967 (-66.4%), from €105,388 to €35,421
- Trade debts -€47,030
down €47,030 (-85.3%), from €55,161 to €8,131
- Debts after one year -€43,543
down €43,543 (-5.2%), from €839,951 to €796,409
- Reserves +€42,265
up €42,265 (+4.3%), from €991,772 to €1.0m
of which Distributable reserves: +€49,689
- Other debts +€29,615
up €29,615 (+27.6%), from €107,451 to €137,066
- Gross operating margin -€466,120
down €466,120 (-74.3%), from €627,656 to €161,536
- Depreciation +€50,320
up €50,320 (+254.4%), from €19,777 to €70,096
- Taxes +€7,784
up €7,784 (+104.1%), from €7,475 to €15,259
- Financial charges +€6,772
up €6,772 (+23.9%), from €28,371 to €35,143
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 | €2,326,764 | €2,218,951 | -€107,813 | -4.6% |
| Fixed assets | 21/28 | €1,678,371 | €2,113,996 | +€435,625 | +26.0% |
| Tangible fixed assets | 22/27 | €1,678,371 | €2,113,996 | +€435,625 | +26.0% |
| Land and buildings | 22 | €53,368 | €1,970,221 | +€1.9m | +3591.8% |
| Furniture and vehicles | 24 | €2,410 | €1,686 | -€724 | -30.0% |
| Other tangible fixed assets | 26 | €5,811 | €142,089 | +€136,279 | +2345.3% |
| Assets under construction and advance payments | 27 | €1,616,782 | - | -€1.6m | |
| Current assets | 29/58 | €648,393 | €104,955 | -€543,439 | -83.8% |
| Amounts receivable within one year | 40/41 | €353,214 | €24,447 | -€328,767 | -93.1% |
| Trade receivables | 40 | €345,571 | €24,447 | -€321,125 | -92.9% |
| Other amounts receivable | 41 | €7,642 | - | -€7,642 | |
| Cash at bank and in hand | 54/58 | €293,206 | €79,865 | -€213,341 | -72.8% |
| Deferred charges and accrued income | 490/1 | €1,974 | €643 | -€1,331 | -67.4% |
| Total equity and liabilities | 10/49 | €2,326,764 | €2,218,951 | -€107,813 | -4.6% |
| Equity | 10/15 | €1,004,172 | €1,046,438 | +€42,265 | +4.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €991,772 | €1,034,038 | +€42,265 | +4.3% |
| Tax-exempt reserves | 132 | €368,639 | €361,216 | -€7,423 | -2.0% |
| Distributable reserves | 133 | €623,133 | €672,822 | +€49,689 | +8.0% |
| Provisions and deferred taxes | 16 | €122,880 | €120,405 | -€2,474 | -2.0% |
| Deferred taxes | 168 | €122,880 | €120,405 | -€2,474 | -2.0% |
| Amounts payable | 17/49 | €1,199,712 | €1,052,108 | -€147,604 | -12.3% |
| Amounts payable after more than one year | 17 | €839,951 | €796,409 | -€43,543 | -5.2% |
| Financial debts | 170/4 | €839,951 | €796,409 | -€43,543 | -5.2% |
| Amounts payable within one year | 42/48 | €254,373 | €220,279 | -€34,095 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €26,182 | €44,528 | +€18,346 | +70.1% |
| Trade debts | 44 | €55,161 | €8,131 | -€47,030 | -85.3% |
| Suppliers | 440/4 | €55,161 | €8,131 | -€47,030 | -85.3% |
| Advances received on contracts in progress | 46 | €45,419 | €20,960 | -€24,459 | -53.9% |
| Taxes, remuneration and social security | 45 | €20,161 | €9,594 | -€10,567 | -52.4% |
| Taxes | 450/3 | €20,161 | €9,594 | -€10,567 | -52.4% |
| Other amounts payable | 47/48 | €107,451 | €137,066 | +€29,615 | +27.6% |
| Accrued charges and deferred income | 492/3 | €105,388 | €35,421 | -€69,967 | -66.4% |
| Non-recurring operating income | 76A | €523,145 | - | -€523,145 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,777 | €70,096 | +€50,320 | +254.4% |
| Other operating charges | 640/8 | €4,505 | €1,993 | -€2,512 | -55.8% |
| Gross operating margin | 9900 | €627,656 | €161,536 | -€466,120 | -74.3% |
| Operating profit (loss) | 9901 | €603,375 | €89,447 | -€513,927 | -85.2% |
| Financial income | 75/76B | €406 | €1,578 | +€1,172 | +288.4% |
| Recurring financial income | 75 | €406 | €1,578 | +€1,172 | +288.4% |
| Financial charges | 65/66B | €28,371 | €35,143 | +€6,772 | +23.9% |
| Recurring financial charges | 65 | €28,371 | €35,143 | +€6,772 | +23.9% |
| Profit (loss) for the period before taxes | 9903 | €575,410 | €55,883 | -€519,527 | -90.3% |
| Transfer from deferred taxes | 780 | - | €2,474 | +€2,474 | |
| Transfer to deferred taxes | 680 | €122,880 | - | -€122,880 | |
| Income taxes | 67/77 | €7,475 | €15,259 | +€7,784 | +104.1% |
| Profit (loss) for the period | 9904 | €445,055 | €43,098 | -€401,957 | -90.3% |
| Transfer from tax-exempt reserves | 789 | - | €7,423 | +€7,423 | |
| Transfer to tax-exempt reserves | 689 | €368,639 | - | -€368,639 | |
| Profit (loss) for the period to be appropriated | 9905 | €76,416 | €50,522 | -€25,894 | -33.9% |
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 5 October 2026 via checked.be.