AGEXSO: what changed
Two financial 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.
AGEXSO
Largest movements
- Cash +€27,967
up €27,967 (+66.6%), from €41,985 to €69,952
mainly Net result for the year (+€43,671) and Trade debts (+€1,821)
- Receivables within one year +€14,674
up €14,674 (+67.3%), from €21,807 to €36,480
of which Trade receivables: +€15,125
- Reserves +€74,554
up €74,554 (+88.4%), from €84,355 to €158,909
of which Distributable reserves: +€158,909
- Profit (loss) carried forward -€30,883
no longer reported in 2025 (was €30,883)
- Gross operating margin +€48,663
up €48,663 (+234.6%), from €20,746 to €69,409
- Taxes +€15,130
up €15,130 (+231.3%), from €6,543 to €21,673
- Other operating charges +€1,541
up €1,541 (+219.9%), from €701 to €2,242
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 | €141,520 | €184,945 | +€43,425 | +30.7% |
| Fixed assets | 21/28 | €2,593 | €2,199 | -€394 | -15.2% |
| Tangible fixed assets | 22/27 | €2,593 | €2,199 | -€394 | -15.2% |
| Plant, machinery and equipment | 23 | - | €1,779 | +€1,779 | |
| Furniture and vehicles | 24 | €2,593 | €419 | -€2,173 | -83.8% |
| Current assets | 29/58 | €138,927 | €182,746 | +€43,818 | +31.5% |
| Amounts receivable after more than one year | 29 | €75,000 | €75,000 | = | 0.0% |
| Trade receivables | 290 | €75,000 | €75,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €21,807 | €36,480 | +€14,674 | +67.3% |
| Trade receivables | 40 | €21,195 | €36,320 | +€15,125 | +71.4% |
| Other amounts receivable | 41 | €612 | €160 | -€452 | -73.8% |
| Cash at bank and in hand | 54/58 | €41,985 | €69,952 | +€27,967 | +66.6% |
| Deferred charges and accrued income | 490/1 | €136 | €1,314 | +€1,178 | +867.5% |
| Total equity and liabilities | 10/49 | €141,520 | €184,945 | +€43,425 | +30.7% |
| Equity | 10/15 | €133,788 | €177,459 | +€43,671 | +32.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €84,355 | €158,909 | +€74,554 | +88.4% |
| Non-distributable reserves | 130/1 | €1,855 | - | -€1,855 | |
| Reserves not available under the articles | 1311 | €1,855 | - | -€1,855 | |
| Tax-exempt reserves | 132 | €82,500 | - | -€82,500 | |
| Distributable reserves | 133 | - | €158,909 | +€158,909 | |
| Profit (loss) carried forward | 14 | €30,883 | - | -€30,883 | |
| Amounts payable | 17/49 | €7,732 | €7,486 | -€247 | -3.2% |
| Amounts payable within one year | 42/48 | €7,258 | €7,486 | +€228 | +3.1% |
| Trade debts | 44 | €653 | €2,475 | +€1,821 | +278.8% |
| Suppliers | 440/4 | €653 | €2,475 | +€1,821 | +278.8% |
| Taxes, remuneration and social security | 45 | €6,605 | €5,011 | -€1,594 | -24.1% |
| Taxes | 450/3 | €6,605 | €5,011 | -€1,594 | -24.1% |
| Accrued charges and deferred income | 492/3 | €474 | - | -€474 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,139 | €1,509 | +€370 | +32.5% |
| Other operating charges | 640/8 | €701 | €2,242 | +€1,541 | +219.9% |
| Gross operating margin | 9900 | €20,746 | €69,409 | +€48,663 | +234.6% |
| Operating profit (loss) | 9901 | €18,906 | €65,658 | +€46,752 | +247.3% |
| Financial income | 75/76B | €317 | €311 | -€6 | -1.9% |
| Recurring financial income | 75 | €317 | €311 | -€6 | -1.9% |
| Financial charges | 65/66B | €749 | €625 | -€123 | -16.5% |
| Recurring financial charges | 65 | €749 | €625 | -€123 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €18,475 | €65,344 | +€46,869 | +253.7% |
| Income taxes | 67/77 | €6,543 | €21,673 | +€15,130 | +231.3% |
| Profit (loss) for the period | 9904 | €11,932 | €43,671 | +€31,739 | +266.0% |
| Transfer to tax-exempt reserves | 689 | €11,750 | - | -€11,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €182 | €43,671 | +€43,489 | +23841.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.