AGEX: 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.
AGEX
Largest movements
- Cash +€26,478
up €26,478 (+73.5%), from €36,047 to €62,525
mainly Other debts (+€53,135) and Net result for the year (+€26,888)
- Receivables within one year +€1,130
up €1,130 (+12.1%), from €9,313 to €10,443
of which Trade receivables: +€1,519
- Deferred charges and accrued income -€1,072
down €1,072 (-37.8%), from €2,833 to €1,761
- Other debts +€53,135
up €53,135 (+7973.5%), from €666 to €53,802
- Profit (loss) carried forward -€36,358
no longer reported in 2025 (was €36,358)
- Tax, wage and social debts +€11,675
up €11,675 (+127.5%), from €9,158 to €20,832
- Trade debts -€1,410
down €1,410 (-59.3%), from €2,377 to €967
- Gross operating margin +€19,710
up €19,710 (+95.9%), from €20,555 to €40,265
- Taxes +€4,158
up €4,158 (+69.1%), from €6,020 to €10,178
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 | €50,058 | €77,101 | +€27,043 | +54.0% |
| Fixed assets | 21/28 | €1,865 | €2,372 | +€507 | +27.2% |
| Tangible fixed assets | 22/27 | €1,865 | €2,372 | +€507 | +27.2% |
| Plant, machinery and equipment | 23 | - | €734 | +€734 | |
| Other tangible fixed assets | 26 | €1,865 | €1,637 | -€228 | -12.2% |
| Current assets | 29/58 | €48,193 | €74,729 | +€26,536 | +55.1% |
| Amounts receivable within one year | 40/41 | €9,313 | €10,443 | +€1,130 | +12.1% |
| Trade receivables | 40 | €8,924 | €10,443 | +€1,519 | +17.0% |
| Other amounts receivable | 41 | €389 | - | -€389 | |
| Cash at bank and in hand | 54/58 | €36,047 | €62,525 | +€26,478 | +73.5% |
| Deferred charges and accrued income | 490/1 | €2,833 | €1,761 | -€1,072 | -37.8% |
| Total equity and liabilities | 10/49 | €50,058 | €77,101 | +€27,043 | +54.0% |
| Equity | 10/15 | €37,858 | €1,500 | -€36,358 | -96.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,358 | - | -€36,358 | |
| Amounts payable | 17/49 | €12,201 | €75,601 | +€63,400 | +519.7% |
| Amounts payable within one year | 42/48 | €12,201 | €75,601 | +€63,400 | +519.7% |
| Trade debts | 44 | €2,377 | €967 | -€1,410 | -59.3% |
| Suppliers | 440/4 | €2,377 | €967 | -€1,410 | -59.3% |
| Taxes, remuneration and social security | 45 | €9,158 | €20,832 | +€11,675 | +127.5% |
| Taxes | 450/3 | €9,158 | €20,832 | +€11,675 | +127.5% |
| Other amounts payable | 47/48 | €666 | €53,802 | +€53,135 | +7973.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €228 | €426 | +€199 | +87.2% |
| Other operating charges | 640/8 | €1,192 | €1,476 | +€283 | +23.8% |
| Gross operating margin | 9900 | €20,555 | €40,265 | +€19,710 | +95.9% |
| Operating profit (loss) | 9901 | €19,135 | €38,363 | +€19,228 | +100.5% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €1,333 | €1,298 | -€35 | -2.6% |
| Recurring financial charges | 65 | €1,333 | €1,298 | -€35 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €17,803 | €37,066 | +€19,264 | +108.2% |
| Income taxes | 67/77 | €6,020 | €10,178 | +€4,158 | +69.1% |
| Profit (loss) for the period | 9904 | €11,782 | €26,888 | +€15,106 | +128.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,782 | €26,888 | +€15,106 | +128.2% |
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 28 September 2026 via checked.be.