AGEPE: 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.
AGEPE
Largest movements
- Tangible fixed assets +€116,882
up €116,882 (+36.9%), from €316,436 to €433,318
of which Land and buildings: +€113,075
- Cash -€116,785
down €116,785 (-59.5%), from €196,417 to €79,632
mainly Investment in fixed assets (net) (-€132,790) and Other debts (-€19,518)
- Receivables within one year -€48,868
down €48,868 (-61.7%), from €79,249 to €30,381
of which Other amounts receivable: -€50,518
- Other debts -€19,518
down €19,518 (-65.5%), from €29,787 to €10,269
- Profit (loss) carried forward -€14,551
down €14,551, from €57 to -€14,494
- Tax, wage and social debts -€11,198
no longer reported in 2025 (was €11,198)
- Gross operating margin -€44,982
down €44,982 (-57.0%), from €78,961 to €33,979
- Taxes -€11,163
no longer reported in 2025 (was €11,163)
- Other operating charges +€5,777
up €5,777 (+25.1%), from €23,060 to €28,837
- Depreciation +€1,018
up €1,018 (+6.8%), from €14,890 to €15,908
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 | €596,210 | €547,014 | -€49,196 | -8.3% |
| Fixed assets | 21/28 | €316,436 | €433,318 | +€116,882 | +36.9% |
| Tangible fixed assets | 22/27 | €316,436 | €433,318 | +€116,882 | +36.9% |
| Land and buildings | 22 | €258,840 | €371,915 | +€113,075 | +43.7% |
| Plant, machinery and equipment | 23 | €11,407 | €9,070 | -€2,337 | -20.5% |
| Furniture and vehicles | 24 | €12,400 | €11,999 | -€401 | -3.2% |
| Other tangible fixed assets | 26 | €33,789 | €40,334 | +€6,545 | +19.4% |
| Current assets | 29/58 | €279,774 | €113,696 | -€166,078 | -59.4% |
| Amounts receivable within one year | 40/41 | €79,249 | €30,381 | -€48,868 | -61.7% |
| Trade receivables | 40 | - | €1,650 | +€1,650 | |
| Other amounts receivable | 41 | €79,249 | €28,731 | -€50,518 | -63.7% |
| Cash at bank and in hand | 54/58 | €196,417 | €79,632 | -€116,785 | -59.5% |
| Deferred charges and accrued income | 490/1 | €4,108 | €3,683 | -€425 | -10.3% |
| Total equity and liabilities | 10/49 | €596,210 | €547,014 | -€49,196 | -8.3% |
| Equity | 10/15 | €548,714 | €534,163 | -€14,551 | -2.7% |
| Contributions | 10/11 | €498,000 | €498,000 | = | 0.0% |
| Capital | 10 | €498,000 | €498,000 | = | 0.0% |
| Issued capital | 100 | €498,000 | €498,000 | = | 0.0% |
| Reserves | 13 | €50,657 | €50,657 | = | 0.0% |
| Non-distributable reserves | 130/1 | €49,252 | €49,252 | = | 0.0% |
| Legal reserve | 130 | €49,252 | €49,252 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,405 | €1,405 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57 | -€14,494 | -€14,551 | |
| Amounts payable | 17/49 | €47,496 | €12,851 | -€34,645 | -72.9% |
| Amounts payable within one year | 42/48 | €44,212 | €12,851 | -€31,361 | -70.9% |
| Current portion of amounts payable after more than one year | 42 | €2,105 | €2,105 | = | 0.0% |
| Trade debts | 44 | €1,122 | €477 | -€645 | -57.5% |
| Suppliers | 440/4 | €1,122 | €477 | -€645 | -57.5% |
| Taxes, remuneration and social security | 45 | €11,198 | - | -€11,198 | |
| Taxes | 450/3 | €11,198 | - | -€11,198 | |
| Other amounts payable | 47/48 | €29,787 | €10,269 | -€19,518 | -65.5% |
| Accrued charges and deferred income | 492/3 | €3,284 | - | -€3,284 | |
| Non-recurring operating income | 76A | €18,832 | - | -€18,832 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,890 | €15,908 | +€1,018 | +6.8% |
| Other operating charges | 640/8 | €23,060 | €28,837 | +€5,777 | +25.1% |
| Non-recurring operating charges | 66A | - | €3,580 | +€3,580 | |
| Gross operating margin | 9900 | €78,961 | €33,979 | -€44,982 | -57.0% |
| Operating profit (loss) | 9901 | €41,011 | -€14,346 | -€55,357 | |
| Financial charges | 65/66B | €46 | €205 | +€159 | +345.7% |
| Recurring financial charges | 65 | €46 | €205 | +€159 | +345.7% |
| Profit (loss) for the period before taxes | 9903 | €40,965 | -€14,551 | -€55,516 | |
| Income taxes | 67/77 | €11,163 | - | -€11,163 | |
| Profit (loss) for the period | 9904 | €29,802 | -€14,551 | -€44,353 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,802 | -€14,551 | -€44,353 |
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 2 October 2026 via checked.be.