AGFA: 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.
What changed
AGFA
NACE 20.590, Manufacture of chemicals and chemical products
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€40.8m
2024 · -€35.4m-€5.4m
Equity
€66.7m
2024 · €27.5m+€39.2m
Cash
€1.5m
2024 · €1.8m-€265,923
Balance sheet total
€362.1m
2024 · €332.7m+€29.4m
Largest movements
Assets
- Receivables within one year +€58.6m
up €58.6m (+50.3%), from €116.5m to €175.1m
of which Other amounts receivable: +€65.0m
- Stocks and contracts -€18.8m
down €18.8m (-27.1%), from €69.3m to €50.6m
of which Stocks: -€18.7m
- Financial fixed assets -€7.8m
down €7.8m (-7.0%), from €110.9m to €103.1m
of which Affiliated companies: -€7.8m
Equity and liabilities
- Profit (loss) carried forward +€26.2m
up €26.2m (+51.8%), from -€50.6m to -€24.4m
- Contributions +€13.0m
up €13.0m (+17.3%), from €75.0m to €88.0m
of which Capital: +€13.0m
- Trade debts -€9.9m
down €9.9m (-11.2%), from €88.4m to €78.6m
- Other debts -€5.0m
down €5.0m (-14.5%), from €34.6m to €29.6m
Income statement
- Goods and materials -€55.5m
down €55.5m (-17.6%), from €315.8m to €260.3m
of which Purchases: -€75.7m
- Turnover -€50.6m
down €50.6m (-11.9%), from €425.3m to €374.7m
- Financial charges -€30.7m
down €30.7m (-48.4%), from €63.4m to €32.8m
of which Financial charges: -€28.5m
- Financial income -€30.0m
down €30.0m (-66.1%), from €45.4m to €15.4m
of which Financial income: -€22.7m
- Services and other goods -€9.4m
down €9.4m (-10.4%), from €90.9m to €81.4m
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.
Result 2024
-€35.4m
Turnover
-€50.6m
Other operating income
-€6.1m
Goods and materials
+€55.5m
Services and other goods
+€9.4m
Staff costs
+€1.1m
Depreciation
+€2.4m
Write-downs
-€2.3m
Provisions
+€86,859
Other operating charges
+€2,359
Other operating items
-€14.7m
Financial income
-€30.0m
Financial charges
+€30.7m
Taxes
-€1.0m
Result 2025
-€40.8m
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.
From operations
-€60.8m
Investment
-€22.0m
Financing
+€82.5m
Cash 2024
€1.8m
From operations (derived)
-€60.8m
Net result for the year
-€40.8m
Depreciation
+€32.5m
Receivables after one year
-€253,924
Stocks and contracts
+€18.8m
Receivables within one year
-€58.6m
Smaller working-capital items
+€54,766
Provisions
+€3.5m
Trade debts
-€9.9m
Advances received
-€261,161
Other debts
-€5.0m
Accrued charges and deferred income
-€769,284
Investment (derived)
-€22.0m
Investment in fixed assets (net)
-€22.0m
Financing
+€82.5m
Debts after one year
+€2.0m
Short-term financial debts
+€523,960
Contributions, distributions and other
+€80.0m
Cash 2025
€1.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €332,726,539 | €362,096,310 | +€29.4m | +8.8% |
| Fixed assets | 21/28 | €132,239,295 | €121,742,067 | -€10.5m | -7.9% |
| Intangible fixed assets | 21 | €17,237,253 | €14,567,460 | -€2.7m | -15.5% |
| Tangible fixed assets | 22/27 | €4,064,068 | €4,032,507 | -€31,561 | -0.8% |
| Land and buildings | 22 | €47,694 | €24,801 | -€22,893 | -48.0% |
| Plant, machinery and equipment | 23 | €1,302,682 | €1,850,072 | +€547,390 | +42.0% |
| Furniture and vehicles | 24 | €212,210 | €235,058 | +€22,848 | +10.8% |
| Other tangible fixed assets | 26 | €1,007,635 | €844,359 | -€163,275 | -16.2% |
| Assets under construction and advance payments | 27 | €1,493,847 | €1,078,217 | -€415,630 | -27.8% |
| Financial fixed assets | 28 | €110,937,974 | €103,142,100 | -€7.8m | -7.0% |
| Affiliated companies | 280/1 | €105,420,886 | €97,638,041 | -€7.8m | -7.4% |
| Participating interests | 280 | €105,420,886 | €97,638,041 | -€7.8m | -7.4% |
| Companies linked by participating interests | 282/3 | €5,269,534 | €5,269,534 | = | 0.0% |
| Participating interests | 282 | €5,269,534 | €5,269,534 | = | 0.0% |
| Other financial fixed assets | 284/8 | €247,554 | €234,525 | -€13,029 | -5.3% |
| Shares | 284 | €126,053 | €123,947 | -€2,106 | -1.7% |
| Amounts receivable and cash guarantees | 285/8 | €121,501 | €110,579 | -€10,923 | -9.0% |
| Current assets | 29/58 | €200,487,245 | €240,354,243 | +€39.9m | +19.9% |
| Amounts receivable after more than one year | 29 | €12,474,830 | €12,728,754 | +€253,924 | +2.0% |
| Trade receivables | 290 | €344,570 | €2,248,972 | +€1.9m | +552.7% |
| Other amounts receivable | 291 | €12,130,259 | €10,479,782 | -€1.7m | -13.6% |
| Stocks and contracts in progress | 3 | €69,330,328 | €50,576,106 | -€18.8m | -27.1% |
| Stocks | 30/36 | €69,257,607 | €50,537,022 | -€18.7m | -27.0% |
| Work in progress | 32 | €3,778,426 | €4,110,707 | +€332,280 | +8.8% |
| Finished goods | 33 | €187,837 | €0 | -€187,837 | -100.0% |
| Goods purchased for resale | 34 | €65,291,343 | €46,426,316 | -€18.9m | -28.9% |
| Contracts in progress | 37 | €72,722 | €39,083 | -€33,638 | -46.3% |
| Amounts receivable within one year | 40/41 | €116,509,368 | €175,107,993 | +€58.6m | +50.3% |
| Trade receivables | 40 | €91,461,262 | €85,107,448 | -€6.4m | -6.9% |
| Other amounts receivable | 41 | €25,048,106 | €90,000,545 | +€65.0m | +259.3% |
| Cash at bank and in hand | 54/58 | €1,765,969 | €1,500,046 | -€265,923 | -15.1% |
| Deferred charges and accrued income | 490/1 | €406,750 | €441,344 | +€34,595 | +8.5% |
| Total equity and liabilities | 10/49 | €332,726,539 | €362,096,310 | +€29.4m | +8.8% |
| Equity | 10/15 | €27,492,613 | €66,701,682 | +€39.2m | +142.6% |
| Contributions | 10/11 | €75,004,494 | €88,004,494 | +€13.0m | +17.3% |
| Capital | 10 | €75,000,000 | €88,000,000 | +€13.0m | +17.3% |
| Issued capital | 100 | €75,000,000 | €88,000,000 | +€13.0m | +17.3% |
| Contributions outside capital | 11 | €4,494 | €4,494 | = | 0.0% |
| Share premium | 1100/10 | €4,494 | €4,494 | = | 0.0% |
| Reserves | 13 | €3,085,435 | €3,085,435 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,061,854 | €3,061,854 | = | 0.0% |
| Legal reserve | 130 | €3,061,854 | €3,061,854 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,112 | €3,112 | = | 0.0% |
| Distributable reserves | 133 | €20,469 | €20,469 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,597,316 | -€24,388,247 | +€26.2m | +51.8% |
| Provisions and deferred taxes | 16 | €6,695,739 | €10,210,258 | +€3.5m | +52.5% |
| Provisions for liabilities and charges | 160/5 | €6,695,739 | €10,210,258 | +€3.5m | +52.5% |
| Pensions and similar obligations | 160 | €978,205 | €942,837 | -€35,369 | -3.6% |
| Other liabilities and charges | 164/5 | €5,717,534 | €9,267,421 | +€3.5m | +62.1% |
| Amounts payable | 17/49 | €298,538,187 | €285,184,370 | -€13.4m | -4.5% |
| Amounts payable after more than one year | 17 | €150,000,000 | €151,970,672 | +€2.0m | +1.3% |
| Financial debts | 170/4 | €150,000,000 | €151,970,672 | +€2.0m | +1.3% |
| Other loans | 174 | €150,000,000 | €151,970,672 | +€2.0m | +1.3% |
| Amounts payable within one year | 42/48 | €142,617,144 | €128,061,938 | -€14.6m | -10.2% |
| Financial debts | 43 | - | €523,960 | +€523,960 | |
| Other loans | 439 | - | €523,960 | +€523,960 | |
| Trade debts | 44 | €88,443,824 | €78,568,120 | -€9.9m | -11.2% |
| Suppliers | 440/4 | €88,443,824 | €78,568,120 | -€9.9m | -11.2% |
| Advances received on contracts in progress | 46 | €2,079,234 | €1,818,072 | -€261,161 | -12.6% |
| Taxes, remuneration and social security | 45 | €17,445,842 | €17,535,202 | +€89,360 | +0.5% |
| Taxes | 450/3 | €5,772,428 | €6,030,625 | +€258,197 | +4.5% |
| Remuneration and social security | 454/9 | €11,673,414 | €11,504,578 | -€168,836 | -1.4% |
| Other amounts payable | 47/48 | €34,648,245 | €29,616,583 | -€5.0m | -14.5% |
| Accrued charges and deferred income | 492/3 | €5,921,043 | €5,151,759 | -€769,284 | -13.0% |
| Operating income | 70/76A | €477,274,998 | €418,380,112 | -€58.9m | -12.3% |
| Turnover | 70 | €425,298,926 | €374,700,885 | -€50.6m | -11.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €642,013 | €110,805 | -€531,208 | -82.7% |
| Own construction capitalised | 72 | €31,059,234 | €28,539,559 | -€2.5m | -8.1% |
| Other operating income | 74 | €14,528,966 | €8,427,339 | -€6.1m | -42.0% |
| Non-recurring operating income | 76A | €5,745,860 | €6,601,525 | +€855,665 | +14.9% |
| Operating charges | 60/66A | €496,657,839 | €442,808,344 | -€53.8m | -10.8% |
| Goods for resale, raw materials and consumables | 60 | €315,788,325 | €260,250,174 | -€55.5m | -17.6% |
| Purchases | 600/8 | €317,667,165 | €241,970,736 | -€75.7m | -23.8% |
| Change in stocks: decrease (increase) | 609 | -€1,878,840 | €18,279,439 | +€20.2m | |
| Services and other goods | 61 | €90,875,758 | €81,425,786 | -€9.4m | -10.4% |
| Remuneration, social security and pensions | 62 | €58,161,119 | €57,019,380 | -€1.1m | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,856,465 | €32,465,441 | -€2.4m | -6.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€251,318 | €2,017,592 | +€2.3m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €139,352 | €52,493 | -€86,859 | -62.3% |
| Other operating charges | 640/8 | €368,232 | €365,873 | -€2,359 | -0.6% |
| Non-recurring operating charges | 66A | -€3,280,093 | €9,211,606 | +€12.5m | |
| Operating profit (loss) | 9901 | -€19,382,841 | -€24,428,232 | -€5.0m | -26.0% |
| Financial income | 75/76B | €45,386,780 | €15,388,686 | -€30.0m | -66.1% |
| Recurring financial income | 75 | €35,386,780 | €12,663,686 | -€22.7m | -64.2% |
| Income from financial fixed assets | 750 | €0 | €2,061,039 | +€2.1m | |
| Income from current assets | 751 | €603,621 | €560,122 | -€43,499 | -7.2% |
| Other financial income | 752/9 | €34,783,159 | €10,042,525 | -€24.7m | -71.1% |
| Non-recurring financial income | 76B | €10,000,000 | €2,725,000 | -€7.3m | -72.8% |
| Financial charges | 65/66B | €63,438,087 | €32,761,992 | -€30.7m | -48.4% |
| Recurring financial charges | 65 | €50,713,087 | €22,252,826 | -€28.5m | -56.1% |
| Debt charges | 650 | €14,043,331 | €11,382,994 | -€2.7m | -18.9% |
| Other financial charges | 652/9 | €36,669,756 | €10,869,833 | -€25.8m | -70.4% |
| Non-recurring financial charges | 66B | €12,725,000 | €10,509,165 | -€2.2m | -17.4% |
| Profit (loss) for the period before taxes | 9903 | -€37,434,148 | -€41,801,537 | -€4.4m | -11.7% |
| Income taxes | 67/77 | -€2,019,143 | -€1,010,606 | +€1.0m | +49.9% |
| Taxes | 670/3 | €609,929 | €852,570 | +€242,641 | +39.8% |
| Tax adjustments and reversals of tax provisions | 77 | €2,629,072 | €1,863,177 | -€765,895 | -29.1% |
| Profit (loss) for the period | 9904 | -€35,415,005 | -€40,790,931 | -€5.4m | -15.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,415,005 | -€40,790,931 | -€5.4m | -15.2% |
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.