AGHORA: 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.
AGHORA
Largest movements
- Financial fixed assets -€3.8m
down €3.8m (-100%), from €3.8m to €0
- Tangible fixed assets +€2.0m
new in 2025: €2.0m
of which Land and buildings: +€2.0m
- Cash +€275,239
new in 2025: €275,239
mainly Investment in fixed assets (net) (+€1.7m) and Debts after one year (+€738,522)
- Receivables within one year +€136,550
new in 2025: €136,550
- Other debts -€2.3m
down €2.3m (-100%), from €2.3m to €0
- Debts after one year +€738,522
new in 2025: €738,522
- Profit (loss) carried forward +€119,527
up €119,527 (+26.6%), from -€449,974 to -€330,447
- Current portion of long-term debt +€89,715
new in 2025: €89,715
- Financial income -€227,336
down €227,336 (-98.6%), from €230,667 to €3,331
of which Non-recurring financial income: -€230,667
- Gross operating margin +€182,227
up €182,227, from -€2,762 to €179,465
- Depreciation +€24,039
new in 2025: €24,039
- Financial charges -€8,857
down €8,857 (-20.7%), from €42,727 to €33,870
- Taxes +€5,109
new in 2025: €5,109
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 | €4,301,323 | €2,965,796 | -€1.3m | -31.0% |
| Formation expenses | 20 | - | €2,074 | +€2,074 | |
| Fixed assets | 21/28 | €3,801,323 | €2,046,269 | -€1.8m | -46.2% |
| Tangible fixed assets | 22/27 | - | €2,046,269 | +€2.0m | |
| Land and buildings | 22 | - | €2,034,685 | +€2.0m | |
| Plant, machinery and equipment | 23 | - | €11,583 | +€11,583 | |
| Financial fixed assets | 28 | €3,801,323 | €0 | -€3.8m | -100% |
| Current assets | 29/58 | €500,000 | €917,453 | +€417,453 | +83.5% |
| Amounts receivable within one year | 40/41 | - | €136,550 | +€136,550 | |
| Trade receivables | 40 | - | €136,550 | +€136,550 | |
| Current investments | 50/53 | €500,000 | €500,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | - | €275,239 | +€275,239 | |
| Deferred charges and accrued income | 490/1 | - | €5,663 | +€5,663 | |
| Total equity and liabilities | 10/49 | €4,301,323 | €2,965,796 | -€1.3m | -31.0% |
| Equity | 10/15 | €1,991,378 | €2,110,905 | +€119,527 | +6.0% |
| Contributions | 10/11 | €1,062,506 | €1,062,506 | +€0 | 0.0% |
| Capital | 10 | €1,062,506 | €1,062,506 | +€0 | 0.0% |
| Issued capital | 100 | €1,062,506 | €1,062,506 | +€0 | 0.0% |
| Reserves | 13 | €1,378,846 | €1,378,846 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €584,807 | €584,807 | -€0 | 0.0% |
| Legal reserve | 130 | €84,807 | €84,807 | -€0 | 0.0% |
| Own shares acquired | 1312 | €500,000 | €500,000 | = | 0.0% |
| Distributable reserves | 133 | €794,039 | €794,039 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€449,974 | -€330,447 | +€119,527 | +26.6% |
| Amounts payable | 17/49 | €2,309,945 | €854,891 | -€1.5m | -63.0% |
| Amounts payable after more than one year | 17 | - | €738,522 | +€738,522 | |
| Financial debts | 170/4 | - | €738,522 | +€738,522 | |
| Amounts payable within one year | 42/48 | €2,309,945 | €116,369 | -€2.2m | -95.0% |
| Current portion of amounts payable after more than one year | 42 | - | €89,715 | +€89,715 | |
| Trade debts | 44 | - | €896 | +€896 | |
| Suppliers | 440/4 | - | €896 | +€896 | |
| Taxes, remuneration and social security | 45 | - | €25,758 | +€25,758 | |
| Taxes | 450/3 | - | €25,758 | +€25,758 | |
| Other amounts payable | 47/48 | €2,309,945 | €0 | -€2.3m | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €24,039 | +€24,039 | |
| Other operating charges | 640/8 | - | €250 | +€250 | |
| Gross operating margin | 9900 | -€2,762 | €179,465 | +€182,227 | |
| Operating profit (loss) | 9901 | -€2,762 | €155,175 | +€157,937 | |
| Financial income | 75/76B | €230,667 | €3,331 | -€227,336 | -98.6% |
| Recurring financial income | 75 | €230,667 | €3,331 | -€227,336 | -98.6% |
| Non-recurring financial income | 76B | €230,667 | - | -€230,667 | |
| Financial charges | 65/66B | €42,727 | €33,870 | -€8,857 | -20.7% |
| Recurring financial charges | 65 | €42,727 | €33,870 | -€8,857 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €185,178 | €124,636 | -€60,542 | -32.7% |
| Income taxes | 67/77 | - | €5,109 | +€5,109 | |
| Profit (loss) for the period | 9904 | €185,178 | €119,527 | -€65,652 | -35.5% |
| Transfer from tax-exempt reserves | 789 | €18,750 | €0 | -€18,750 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €203,928 | €119,527 | -€84,402 | -41.4% |
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.