AGMAR: what changed
Two fiscal 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.
AGMAR
Largest movements
- Cash +€17,373
up €17,373 (+4.9%), from €355,817 to €373,189
mainly Net result for the year (+€15,864) and Depreciation (+€8,622)
- Tangible fixed assets -€8,622
down €8,622 (-12.0%), from €71,891 to €63,269
- Reserves +€15,850
up €15,850 (+14.1%), from €112,255 to €128,105
of which Distributable reserves: +€15,850
- Tax, wage and social debts -€6,474
down €6,474 (-72.7%), from €8,900 to €2,425
- Gross operating margin -€4,111
down €4,111 (-8.7%), from €47,260 to €43,148
- Taxes -€1,474
down €1,474 (-16.6%), from €8,900 to €7,425
- Financial charges -€1,143
down €1,143 (-11.6%), from €9,869 to €8,726
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 | €428,286 | €437,063 | +€8,776 | +2.0% |
| Fixed assets | 21/28 | €71,891 | €63,269 | -€8,622 | -12.0% |
| Tangible fixed assets | 22/27 | €71,891 | €63,269 | -€8,622 | -12.0% |
| Land and buildings | 22 | €71,891 | €63,269 | -€8,622 | -12.0% |
| Current assets | 29/58 | €356,395 | €373,793 | +€17,398 | +4.9% |
| Cash at bank and in hand | 54/58 | €355,817 | €373,189 | +€17,373 | +4.9% |
| Deferred charges and accrued income | 490/1 | €578 | €604 | +€26 | +4.5% |
| Total equity and liabilities | 10/49 | €428,286 | €437,063 | +€8,776 | +2.0% |
| Equity | 10/15 | €285,200 | €301,064 | +€15,864 | +5.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €112,255 | €128,105 | +€15,850 | +14.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €106,055 | €121,905 | +€15,850 | +14.9% |
| Profit (loss) carried forward | 14 | €110,945 | €110,959 | +€14 | 0.0% |
| Amounts payable | 17/49 | €143,086 | €135,999 | -€7,088 | -5.0% |
| Amounts payable within one year | 42/48 | €133,246 | €125,253 | -€7,993 | -6.0% |
| Trade debts | 44 | €1,519 | €0 | -€1,519 | -100.0% |
| Suppliers | 440/4 | €1,519 | €0 | -€1,519 | -100.0% |
| Taxes, remuneration and social security | 45 | €8,900 | €2,425 | -€6,474 | -72.7% |
| Taxes | 450/3 | €8,900 | €2,425 | -€6,474 | -72.7% |
| Other amounts payable | 47/48 | €122,827 | €122,827 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €9,840 | €10,746 | +€906 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,622 | €8,622 | = | 0.0% |
| Other operating charges | 640/8 | €2,477 | €2,553 | +€77 | +3.1% |
| Gross operating margin | 9900 | €47,260 | €43,148 | -€4,111 | -8.7% |
| Operating profit (loss) | 9901 | €36,161 | €31,973 | -€4,188 | -11.6% |
| Financial income | 75/76B | €0 | €42 | +€42 | |
| Recurring financial income | 75 | €0 | €42 | +€42 | |
| Financial charges | 65/66B | €9,869 | €8,726 | -€1,143 | -11.6% |
| Recurring financial charges | 65 | €9,869 | €8,726 | -€1,143 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €26,292 | €23,289 | -€3,003 | -11.4% |
| Income taxes | 67/77 | €8,900 | €7,425 | -€1,474 | -16.6% |
| Profit (loss) for the period | 9904 | €17,392 | €15,864 | -€1,529 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €17,392 | €15,864 | -€1,529 | -8.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.