AGEPHAR: 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.
AGEPHAR
Largest movements
- Intangible fixed assets -€26,200
down €26,200 (-11.2%), from €233,617 to €207,417
- Receivables within one year +€16,959
up €16,959 (+50.8%), from €33,367 to €50,326
- Tangible fixed assets -€16,500
down €16,500 (-31.7%), from €52,125 to €35,625
- Cash -€8,849
down €8,849 (-23.2%), from €38,126 to €29,276
mainly Debts after one year (-€29,058) and Receivables within one year (-€16,959)
- Debts after one year -€29,058
down €29,058 (-10.5%), from €278,010 to €248,952
- Trade debts +€14,215
up €14,215 (+41.3%), from €34,380 to €48,595
- Other debts -€13,917
down €13,917 (-20.0%), from €69,606 to €55,689
- Gross operating margin -€25,340
down €25,340 (-18.0%), from €141,002 to €115,662
- Staff costs -€13,598
down €13,598 (-20.4%), from €66,589 to €52,991
- Depreciation -€3,558
down €3,558 (-7.7%), from €46,258 to €42,700
- Financial charges -€3,418
down €3,418 (-15.5%), from €22,042 to €18,624
- Other operating charges -€2,762
down €2,762 (-77.2%), from €3,579 to €817
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 | €468,461 | €440,640 | -€27,821 | -5.9% |
| Fixed assets | 21/28 | €285,742 | €243,042 | -€42,700 | -14.9% |
| Intangible fixed assets | 21 | €233,617 | €207,417 | -€26,200 | -11.2% |
| Tangible fixed assets | 22/27 | €52,125 | €35,625 | -€16,500 | -31.7% |
| Furniture and vehicles | 24 | €52,125 | €35,625 | -€16,500 | -31.7% |
| Current assets | 29/58 | €182,719 | €197,598 | +€14,879 | +8.1% |
| Stocks and contracts in progress | 3 | €106,069 | €109,274 | +€3,205 | +3.0% |
| Stocks | 30/36 | €106,069 | €109,274 | +€3,205 | +3.0% |
| Amounts receivable within one year | 40/41 | €33,367 | €50,326 | +€16,959 | +50.8% |
| Trade receivables | 40 | €33,367 | €50,326 | +€16,959 | +50.8% |
| Cash at bank and in hand | 54/58 | €38,126 | €29,276 | -€8,849 | -23.2% |
| Deferred charges and accrued income | 490/1 | €5,158 | €8,722 | +€3,564 | +69.1% |
| Total equity and liabilities | 10/49 | €468,461 | €440,640 | -€27,821 | -5.9% |
| Equity | 10/15 | €22,379 | €22,766 | +€387 | +1.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,379 | €2,766 | +€387 | +16.3% |
| Amounts payable | 17/49 | €446,082 | €417,874 | -€28,208 | -6.3% |
| Amounts payable after more than one year | 17 | €278,010 | €248,952 | -€29,058 | -10.5% |
| Financial debts | 170/4 | €278,010 | €248,952 | -€29,058 | -10.5% |
| Amounts payable within one year | 42/48 | €158,688 | €159,287 | +€599 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €27,660 | €29,058 | +€1,398 | +5.1% |
| Trade debts | 44 | €34,380 | €48,595 | +€14,215 | +41.3% |
| Suppliers | 440/4 | €34,380 | €48,595 | +€14,215 | +41.3% |
| Taxes, remuneration and social security | 45 | €27,041 | €25,945 | -€1,097 | -4.1% |
| Taxes | 450/3 | €4,477 | €7,150 | +€2,673 | +59.7% |
| Remuneration and social security | 454/9 | €22,565 | €18,795 | -€3,770 | -16.7% |
| Other amounts payable | 47/48 | €69,606 | €55,689 | -€13,917 | -20.0% |
| Accrued charges and deferred income | 492/3 | €9,385 | €9,636 | +€251 | +2.7% |
| Remuneration, social security and pensions | 62 | €66,589 | €52,991 | -€13,598 | -20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,258 | €42,700 | -€3,558 | -7.7% |
| Other operating charges | 640/8 | €3,579 | €817 | -€2,762 | -77.2% |
| Gross operating margin | 9900 | €141,002 | €115,662 | -€25,340 | -18.0% |
| Operating profit (loss) | 9901 | €24,575 | €19,153 | -€5,422 | -22.1% |
| Financial charges | 65/66B | €22,042 | €18,624 | -€3,418 | -15.5% |
| Recurring financial charges | 65 | €22,042 | €18,624 | -€3,418 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €2,533 | €529 | -€2,004 | -79.1% |
| Income taxes | 67/77 | €154 | €142 | -€12 | -7.8% |
| Profit (loss) for the period | 9904 | €2,379 | €387 | -€1,992 | -83.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,379 | €387 | -€1,992 | -83.7% |
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 29 September 2026 via checked.be.