AGL: 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.
AGL
Largest movements
- Tangible fixed assets +€418,522
up €418,522 (+214.1%), from €195,525 to €614,048
of which Land and buildings: +€431,001
- Cash -€157,112
down €157,112 (-51.0%), from €307,922 to €150,811
mainly Investment in fixed assets (net) (-€450,870) and Receivables within one year (-€127,247)
- Receivables within one year +€127,247
up €127,247 (+87.8%), from €144,886 to €272,133
of which Other amounts receivable: +€113,594
- Debts after one year +€366,264
up €366,264 (+477.5%), from €76,705 to €442,969
of which Financial debts: +€366,264
- Reserves +€21,337
up €21,337 (+4.1%), from €516,468 to €537,805
- Current portion of long-term debt +€11,970
up €11,970 (+64.2%), from €18,648 to €30,619
- Tax, wage and social debts -€10,853
down €10,853 (-41.7%), from €26,037 to €15,184
of which Taxes: -€12,953
- Gross operating margin -€33,199
down €33,199 (-26.9%), from €123,586 to €90,387
- Taxes -€18,224
down €18,224 (-63.7%), from €28,630 to €10,406
- Other operating charges +€14,162
up €14,162 (+717.0%), from €1,975 to €16,137
- Depreciation +€11,810
up €11,810 (+57.5%), from €20,537 to €32,347
- Financial charges +€7,605
up €7,605 (+296.7%), from €2,563 to €10,169
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 | €649,754 | €1,038,274 | +€388,520 | +59.8% |
| Fixed assets | 21/28 | €195,525 | €614,048 | +€418,522 | +214.1% |
| Tangible fixed assets | 22/27 | €195,525 | €614,048 | +€418,522 | +214.1% |
| Land and buildings | 22 | €154,982 | €585,983 | +€431,001 | +278.1% |
| Plant, machinery and equipment | 23 | €4,866 | €3,400 | -€1,466 | -30.1% |
| Furniture and vehicles | 24 | €35,678 | €24,665 | -€11,013 | -30.9% |
| Current assets | 29/58 | €454,229 | €424,226 | -€30,003 | -6.6% |
| Amounts receivable after more than one year | 29 | €90 | €90 | = | 0.0% |
| Other amounts receivable | 291 | €90 | €90 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €144,886 | €272,133 | +€127,247 | +87.8% |
| Trade receivables | 40 | €22,490 | €36,143 | +€13,653 | +60.7% |
| Other amounts receivable | 41 | €122,396 | €235,990 | +€113,594 | +92.8% |
| Cash at bank and in hand | 54/58 | €307,922 | €150,811 | -€157,112 | -51.0% |
| Deferred charges and accrued income | 490/1 | €1,330 | €1,192 | -€138 | -10.4% |
| Total equity and liabilities | 10/49 | €649,754 | €1,038,274 | +€388,520 | +59.8% |
| Equity | 10/15 | €522,668 | €544,005 | +€21,337 | +4.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €516,468 | €537,805 | +€21,337 | +4.1% |
| Distributable reserves | 133 | €516,468 | €537,805 | +€21,337 | +4.1% |
| Amounts payable | 17/49 | €127,086 | €494,268 | +€367,182 | +288.9% |
| Amounts payable after more than one year | 17 | €76,705 | €442,969 | +€366,264 | +477.5% |
| Financial debts | 170/4 | €76,226 | €442,491 | +€366,264 | +480.5% |
| Other amounts payable | 178/9 | €479 | €479 | = | 0.0% |
| Amounts payable within one year | 42/48 | €50,381 | €51,299 | +€918 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €18,648 | €30,619 | +€11,970 | +64.2% |
| Financial debts | 43 | - | €125 | +€125 | |
| Credit institutions | 430/8 | - | €125 | +€125 | |
| Trade debts | 44 | €2,918 | €4,523 | +€1,605 | +55.0% |
| Suppliers | 440/4 | €2,918 | €4,523 | +€1,605 | +55.0% |
| Taxes, remuneration and social security | 45 | €26,037 | €15,184 | -€10,853 | -41.7% |
| Taxes | 450/3 | €26,037 | €13,084 | -€12,953 | -49.7% |
| Remuneration and social security | 454/9 | - | €2,100 | +€2,100 | |
| Other amounts payable | 47/48 | €2,777 | €848 | -€1,929 | -69.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,537 | €32,347 | +€11,810 | +57.5% |
| Other operating charges | 640/8 | €1,975 | €16,137 | +€14,162 | +717.0% |
| Non-recurring operating charges | 66A | €954 | - | -€954 | |
| Gross operating margin | 9900 | €123,586 | €90,387 | -€33,199 | -26.9% |
| Operating profit (loss) | 9901 | €100,120 | €41,903 | -€58,217 | -58.1% |
| Financial income | 75/76B | €1,335 | €10 | -€1,326 | -99.3% |
| Recurring financial income | 75 | €1,335 | €10 | -€1,326 | -99.3% |
| Financial charges | 65/66B | €2,563 | €10,169 | +€7,605 | +296.7% |
| Recurring financial charges | 65 | €2,563 | €10,169 | +€7,605 | +296.7% |
| Profit (loss) for the period before taxes | 9903 | €98,892 | €31,744 | -€67,148 | -67.9% |
| Income taxes | 67/77 | €28,630 | €10,406 | -€18,224 | -63.7% |
| Profit (loss) for the period | 9904 | €70,262 | €21,337 | -€48,924 | -69.6% |
| Profit (loss) for the period to be appropriated | 9905 | €70,262 | €21,337 | -€48,924 | -69.6% |
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.