AGINSO: what changed
What changed
AGINSO
NACE 42.220, Construction of utility projects for electricity and telecommunications
filed annual accounts (NBB)
Net result for the year
€84,052
2024 · €29,389+€54,664
Equity
€3,000
2024 · €83,132-€80,132
Cash
€98,252
2024 · €22,743+€75,509
Balance sheet total
€326,871
2024 · €132,643+€194,228
Largest movements
Assets
- Tangible fixed assets +€118,154
up €118,154 (+458%), from €25,779 to €143,934
of which Furniture and vehicles: +€122,537
- Cash +€75,509
up €75,509 (+332%), from €22,743 to €98,252
mainly Other debts (+€163,601) and Debts after one year (+€110,239)
Equity and liabilities
- Other debts +€163,601
up €163,601 (+28,057%), from €583 to €164,184
- Debts after one year +€110,239
up €110,239, from €0 to €110,239
- Reserves -€80,132
down €80,132 (-100%), from €80,132 to €0
- Current portion of long-term debt +€18,607
up €18,607, from €0 to €18,607
- Tax, wage and social debts -€12,100
down €12,100 (-41.1%), from €29,439 to €17,339
of which Taxes: -€9,271
Income statement
- Gross operating margin +€72,300
up €72,300 (+135%), from €53,685 to €125,985
- Taxes +€11,135
up €11,135 (+110%), from €10,149 to €21,284
- Depreciation +€8,615
up €8,615 (+125%), from €6,901 to €15,516
- Other operating charges -€4,592
down €4,592 (-77.1%), from €5,959 to €1,367
- Financial charges +€1,840
up €1,840 (+85.4%), from €2,155 to €3,996
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€29,389
Gross operating margin
+€72,300
Depreciation
-€8,615
Other operating charges
+€4,592
Financial income
-€639
Financial charges
-€1,840
Taxes
-€11,135
Result 2025
€84,052
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€244,050
Investment
-€133,203
Financing
-€35,338
Cash 2024
€22,743
From operations (derived)
+€244,050
Net result for the year
+€84,052
Depreciation
+€15,516
Receivables within one year
-€3,081
Deferred charges and accrued income
+€2,049
Trade debts
-€9,511
Tax, wage and social debts
-€12,100
Advances received
+€4,840
Other debts
+€163,601
Accrued charges and deferred income
-€1,316
Investment (derived)
-€133,203
Investment in fixed assets (net)
-€133,203
Financing
-€35,338
Debts after one year
+€110,239
Current portion of long-term debt
+€18,607
Contributions, distributions and other
-€164,184
Cash 2025
€98,252
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €132,643 | €326,871 | +€194,228 | +146% |
| Fixed assets | 21/28 | €26,481 | €144,168 | +€117,687 | +444% |
| Intangible fixed assets | 21 | €701 | €234 | -€468 | -66.7% |
| Tangible fixed assets | 22/27 | €25,779 | €143,934 | +€118,154 | +458% |
| Plant, machinery and equipment | 23 | €2,408 | €1,447 | -€961 | -39.9% |
| Furniture and vehicles | 24 | €3,198 | €125,735 | +€122,537 | +3,831% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €20,173 | €16,751 | -€3,421 | -17.0% |
| Current assets | 29/58 | €106,162 | €182,703 | +€76,541 | +72.1% |
| Amounts receivable after more than one year | 29 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 291 | €25,000 | €25,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €55,550 | €58,631 | +€3,081 | +5.5% |
| Trade receivables | 40 | €52,266 | €29,610 | -€22,656 | -43.3% |
| Other amounts receivable | 41 | €3,284 | €29,021 | +€25,737 | +784% |
| Cash at bank and in hand | 54/58 | €22,743 | €98,252 | +€75,509 | +332% |
| Deferred charges and accrued income | 490/1 | €2,869 | €820 | -€2,049 | -71.4% |
| Total equity and liabilities | 10/49 | €132,643 | €326,871 | +€194,228 | +146% |
| Equity | 10/15 | €83,132 | €3,000 | -€80,132 | -96.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €80,132 | €0 | -€80,132 | -100% |
| Distributable reserves | 133 | €80,132 | €0 | -€80,132 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €49,511 | €323,871 | +€274,360 | +554% |
| Amounts payable after more than one year | 17 | €0 | €110,239 | +€110,239 | |
| Financial debts | 170/4 | €0 | €110,239 | +€110,239 | |
| Amounts payable within one year | 42/48 | €47,891 | €213,327 | +€165,436 | +345% |
| Current portion of amounts payable after more than one year | 42 | €0 | €18,607 | +€18,607 | |
| Trade debts | 44 | €17,868 | €8,357 | -€9,511 | -53.2% |
| Suppliers | 440/4 | €17,868 | €8,357 | -€9,511 | -53.2% |
| Advances received on contracts in progress | 46 | - | €4,840 | +€4,840 | |
| Taxes, remuneration and social security | 45 | €29,439 | €17,339 | -€12,100 | -41.1% |
| Taxes | 450/3 | €23,939 | €14,669 | -€9,271 | -38.7% |
| Remuneration and social security | 454/9 | €5,500 | €2,670 | -€2,830 | -51.5% |
| Other amounts payable | 47/48 | €583 | €164,184 | +€163,601 | +28,057% |
| Accrued charges and deferred income | 492/3 | €1,620 | €304 | -€1,316 | -81.2% |
| Non-recurring operating income | 76A | - | €60,794 | +€60,794 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,901 | €15,516 | +€8,615 | +125% |
| Other operating charges | 640/8 | €5,959 | €1,367 | -€4,592 | -77.1% |
| Gross operating margin | 9900 | €53,685 | €125,985 | +€72,300 | +135% |
| Operating profit (loss) | 9901 | €40,824 | €109,102 | +€68,277 | +167% |
| Financial income | 75/76B | €868 | €230 | -€639 | -73.6% |
| Recurring financial income | 75 | €868 | €230 | -€639 | -73.6% |
| Financial charges | 65/66B | €2,155 | €3,996 | +€1,840 | +85.4% |
| Recurring financial charges | 65 | €2,155 | €3,996 | +€1,840 | +85.4% |
| Profit (loss) for the period before taxes | 9903 | €39,538 | €105,336 | +€65,798 | +166% |
| Income taxes | 67/77 | €10,149 | €21,284 | +€11,135 | +110% |
| Profit (loss) for the period | 9904 | €29,389 | €84,052 | +€54,664 | +186% |
| Profit (loss) for the period to be appropriated | 9905 | €29,389 | €84,052 | +€54,664 | +186% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.