AGF-CFC: 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.
AGF-CFC
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Reserves +€312,473
up €312,473 (+12.4%), from €2.5m to €2.8m
- Debts after one year -€267,440
down €267,440 (-34.4%), from €776,749 to €509,309
of which Financial debts: -€285,399
- Taxes -€60,734
down €60,734 (-46.8%), from €129,849 to €69,115
- Gross operating margin -€28,479
down €28,479 (-6.2%), from €457,383 to €428,904
- Financial charges +€6,495
up €6,495 (+31.7%), from €20,470 to €26,965
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.
Derived cash bridge
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 | €4,403,977 | €4,411,539 | +€7,563 | +0.2% |
| Fixed assets | 21/28 | €4,236,993 | €4,220,536 | -€16,458 | -0.4% |
| Tangible fixed assets | 22/27 | €36,993 | €20,536 | -€16,458 | -44.5% |
| Furniture and vehicles | 24 | €5,323 | €20,536 | +€15,213 | +286% |
| Leasing and similar rights | 25 | €31,670 | €0 | -€31,670 | -100% |
| Financial fixed assets | 28 | €4,200,000 | €4,200,000 | = | 0.0% |
| Current assets | 29/58 | €166,983 | €191,003 | +€24,020 | +14.4% |
| Amounts receivable within one year | 40/41 | €136,920 | €164,615 | +€27,695 | +20.2% |
| Trade receivables | 40 | €64,614 | €99,228 | +€34,614 | +53.6% |
| Other amounts receivable | 41 | €72,306 | €65,387 | -€6,919 | -9.6% |
| Cash at bank and in hand | 54/58 | €26,744 | €26,064 | -€680 | -2.5% |
| Deferred charges and accrued income | 490/1 | €3,320 | €325 | -€2,995 | -90.2% |
| Total equity and liabilities | 10/49 | €4,403,977 | €4,411,539 | +€7,563 | +0.2% |
| Equity | 10/15 | €3,185,632 | €3,498,105 | +€312,473 | +9.8% |
| Contributions | 10/11 | €667,520 | €667,520 | = | 0.0% |
| Reserves | 13 | €2,518,112 | €2,830,585 | +€312,473 | +12.4% |
| Distributable reserves | 133 | €2,518,112 | €2,830,585 | +€312,473 | +12.4% |
| Amounts payable | 17/49 | €1,218,345 | €913,434 | -€304,911 | -25.0% |
| Amounts payable after more than one year | 17 | €776,749 | €509,309 | -€267,440 | -34.4% |
| Financial debts | 170/4 | €609,829 | €324,431 | -€285,399 | -46.8% |
| Other amounts payable | 178/9 | €166,920 | €184,878 | +€17,959 | +10.8% |
| Amounts payable within one year | 42/48 | €441,596 | €392,592 | -€49,004 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €304,638 | €285,399 | -€19,239 | -6.3% |
| Trade debts | 44 | €24,144 | €8,733 | -€15,411 | -63.8% |
| Suppliers | 440/4 | €24,144 | €8,733 | -€15,411 | -63.8% |
| Taxes, remuneration and social security | 45 | €112,814 | €98,460 | -€14,354 | -12.7% |
| Taxes | 450/3 | €60,164 | €22,410 | -€37,754 | -62.8% |
| Remuneration and social security | 454/9 | €52,650 | €76,050 | +€23,400 | +44.4% |
| Accrued charges and deferred income | 492/3 | - | €11,533 | +€11,533 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,035 | €17,151 | +€116 | +0.7% |
| Other operating charges | 640/8 | €4,403 | €3,200 | -€1,203 | -27.3% |
| Gross operating margin | 9900 | €457,383 | €428,904 | -€28,479 | -6.2% |
| Operating profit (loss) | 9901 | €435,945 | €408,553 | -€27,392 | -6.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €20,470 | €26,965 | +€6,495 | +31.7% |
| Recurring financial charges | 65 | €20,470 | €26,965 | +€6,495 | +31.7% |
| Profit (loss) for the period before taxes | 9903 | €415,475 | €381,588 | -€33,887 | -8.2% |
| Income taxes | 67/77 | €129,849 | €69,115 | -€60,734 | -46.8% |
| Profit (loss) for the period | 9904 | €285,626 | €312,473 | +€26,848 | +9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €285,626 | €312,473 | +€26,848 | +9.4% |
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 1 November 2026 via checked.be.