AGEPA: 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.
AGEPA
Largest movements
- Receivables within one year -€647,546
down €647,546 (-38.6%), from €1.7m to €1.0m
of which Trade receivables: -€642,434
- Cash +€232,667
up €232,667 (+65.3%), from €356,556 to €589,223
mainly Net result for the year (+€997,696) and Receivables within one year (+€647,546)
- Stocks and contracts -€32,793
down €32,793 (-4.5%), from €728,922 to €696,130
- Advances received -€793,027
down €793,027 (-96.2%), from €824,745 to €31,718
- Other debts +€358,700
up €358,700 (+29.6%), from €1.2m to €1.6m
- Trade debts -€94,696
down €94,696 (-25.5%), from €371,519 to €276,823
- Current portion of long-term debt +€65,039
up €65,039 (+79.8%), from €81,467 to €146,506
- Gross operating margin +€301,772
up €301,772 (+18.7%), from €1.6m to €1.9m
- Taxes +€78,572
up €78,572 (+29.5%), from €266,721 to €345,293
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 | €2,915,403 | €2,453,951 | -€461,452 | -15.8% |
| Fixed assets | 21/28 | €146,216 | €132,582 | -€13,634 | -9.3% |
| Tangible fixed assets | 22/27 | €146,216 | €132,582 | -€13,634 | -9.3% |
| Plant, machinery and equipment | 23 | €10,745 | €7,785 | -€2,960 | -27.5% |
| Furniture and vehicles | 24 | €69,175 | €77,303 | +€8,128 | +11.7% |
| Leasing and similar rights | 25 | €66,295 | €47,493 | -€18,802 | -28.4% |
| Current assets | 29/58 | €2,769,187 | €2,321,369 | -€447,818 | -16.2% |
| Stocks and contracts in progress | 3 | €728,922 | €696,130 | -€32,793 | -4.5% |
| Stocks | 30/36 | €728,922 | €696,130 | -€32,793 | -4.5% |
| Amounts receivable within one year | 40/41 | €1,677,723 | €1,030,177 | -€647,546 | -38.6% |
| Trade receivables | 40 | €1,653,256 | €1,010,822 | -€642,434 | -38.9% |
| Other amounts receivable | 41 | €24,467 | €19,355 | -€5,112 | -20.9% |
| Cash at bank and in hand | 54/58 | €356,556 | €589,223 | +€232,667 | +65.3% |
| Deferred charges and accrued income | 490/1 | €5,986 | €5,839 | -€147 | -2.5% |
| Total equity and liabilities | 10/49 | €2,915,403 | €2,453,951 | -€461,452 | -15.8% |
| Equity | 10/15 | €268,122 | €268,818 | +€696 | +0.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €213,122 | €213,818 | +€696 | +0.3% |
| Amounts payable | 17/49 | €2,647,281 | €2,185,132 | -€462,149 | -17.5% |
| Amounts payable after more than one year | 17 | €49,673 | €31,827 | -€17,846 | -35.9% |
| Financial debts | 170/4 | €49,673 | €31,827 | -€17,846 | -35.9% |
| Amounts payable within one year | 42/48 | €2,597,608 | €2,153,305 | -€444,303 | -17.1% |
| Current portion of amounts payable after more than one year | 42 | €81,467 | €146,506 | +€65,039 | +79.8% |
| Trade debts | 44 | €371,519 | €276,823 | -€94,696 | -25.5% |
| Suppliers | 440/4 | €371,519 | €276,823 | -€94,696 | -25.5% |
| Advances received on contracts in progress | 46 | €824,745 | €31,718 | -€793,027 | -96.2% |
| Taxes, remuneration and social security | 45 | €108,128 | €127,808 | +€19,680 | +18.2% |
| Taxes | 450/3 | €80,523 | €100,642 | +€20,119 | +25.0% |
| Remuneration and social security | 454/9 | €27,605 | €27,166 | -€438 | -1.6% |
| Other amounts payable | 47/48 | €1,211,750 | €1,570,450 | +€358,700 | +29.6% |
| Non-recurring operating income | 76A | €15,000 | - | -€15,000 | |
| Remuneration, social security and pensions | 62 | €546,109 | €533,445 | -€12,664 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,255 | €35,474 | -€6,781 | -16.0% |
| Other operating charges | 640/8 | €7,159 | €7,079 | -€80 | -1.1% |
| Non-recurring operating charges | 66A | - | €1,809 | +€1,809 | |
| Gross operating margin | 9900 | €1,609,915 | €1,911,687 | +€301,772 | +18.7% |
| Operating profit (loss) | 9901 | €1,014,392 | €1,333,879 | +€319,487 | +31.5% |
| Financial income | 75/76B | €27,552 | €19,720 | -€7,832 | -28.4% |
| Recurring financial income | 75 | €27,552 | €19,720 | -€7,832 | -28.4% |
| Financial charges | 65/66B | €9,186 | €10,610 | +€1,424 | +15.5% |
| Recurring financial charges | 65 | €9,186 | €10,610 | +€1,424 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | €1,032,758 | €1,342,990 | +€310,231 | +30.0% |
| Income taxes | 67/77 | €266,721 | €345,293 | +€78,572 | +29.5% |
| Profit (loss) for the period | 9904 | €766,037 | €997,696 | +€231,659 | +30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €766,037 | €997,696 | +€231,659 | +30.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.