AGO IMMO: 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
AGO IMMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€123,775
2024 · €81,800+€41,975
Equity
€7.4m
2024 · €7.3m+€123,775
Cash
€114,119
2024 · €109,171+€4,949
Balance sheet total
€22.3m
2024 · €23.7m-€1.3m
Largest movements
Assets
- Receivables after one year -€674,219
down €674,219 (-100%), from €674,219 to €0
- Tangible fixed assets -€454,765
down €454,765 (-2.1%), from €21.7m to €21.2m
of which Land and buildings: -€456,810
Equity and liabilities
- Debts after one year -€1.1m
down €1.1m (-9.1%), from €12.4m to €11.3m
of which Financial debts: -€1.1m
Income statement
- Gross operating margin +€356,852
up €356,852 (+52.6%), from €677,879 to €1.0m
- Financial income -€204,810
down €204,810 (-66.9%), from €306,111 to €101,301
- Depreciation +€167,552
up €167,552 (+30.9%), from €542,434 to €709,987
- Taxes -€54,656
down €54,656, from €51,291 to -€3,365
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
€81,800
Gross operating margin
+€356,852
Depreciation
-€167,552
Write-downs
+€2,229
Other operating charges
-€6,703
Financial income
-€204,810
Financial charges
+€7,303
Taxes
+€54,656
Result 2025
€123,775
raises the resultlowers the result
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.
From operations
+€1.2m
Investment
-€39,385
Financing
-€1.1m
Cash 2024
€109,171
From operations (derived)
+€1.2m
Net result for the year
+€123,775
Depreciation
+€709,987
Receivables after one year
+€674,219
Receivables within one year
-€2,933
Smaller working-capital items
+€1,085
Provisions
-€76,251
Trade debts
-€196,556
Tax, wage and social debts
-€55,862
Accrued charges and deferred income
+€2,907
Investment (derived)
-€39,385
Investment in fixed assets (net)
-€248,744
Current investments
+€209,359
Financing
-€1.1m
Debts after one year
-€1.1m
Short-term financial debts
-€13
Cash 2025
€114,119
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,665,737 | €22,328,437 | -€1.3m | -5.7% |
| Fixed assets | 21/28 | €21,719,796 | €21,258,553 | -€461,243 | -2.1% |
| Intangible fixed assets | 21 | - | €10,469 | +€10,469 | |
| Tangible fixed assets | 22/27 | €21,696,969 | €21,242,204 | -€454,765 | -2.1% |
| Land and buildings | 22 | €21,673,947 | €21,217,137 | -€456,810 | -2.1% |
| Furniture and vehicles | 24 | €23,022 | €25,067 | +€2,045 | +8.9% |
| Financial fixed assets | 28 | €22,827 | €5,880 | -€16,947 | -74.2% |
| Current assets | 29/58 | €1,945,941 | €1,069,883 | -€876,058 | -45.0% |
| Amounts receivable after more than one year | 29 | €674,219 | €0 | -€674,219 | -100% |
| Trade receivables | 290 | €674,219 | €0 | -€674,219 | -100% |
| Amounts receivable within one year | 40/41 | €79,234 | €82,166 | +€2,933 | +3.7% |
| Trade receivables | 40 | €51,254 | €58,928 | +€7,673 | +15.0% |
| Other amounts receivable | 41 | €27,979 | €23,238 | -€4,741 | -16.9% |
| Current investments | 50/53 | €1,068,611 | €859,252 | -€209,359 | -19.6% |
| Cash at bank and in hand | 54/58 | €109,171 | €114,119 | +€4,949 | +4.5% |
| Deferred charges and accrued income | 490/1 | €14,706 | €14,346 | -€360 | -2.4% |
| Total equity and liabilities | 10/49 | €23,665,737 | €22,328,437 | -€1.3m | -5.7% |
| Equity | 10/15 | €7,269,199 | €7,392,975 | +€123,775 | +1.7% |
| Contributions | 10/11 | €8,402,518 | €8,402,518 | = | 0.0% |
| Reserves | 13 | €895,212 | €867,526 | -€27,687 | -3.1% |
| Tax-exempt reserves | 132 | €895,212 | €867,526 | -€27,687 | -3.1% |
| Profit (loss) carried forward | 14 | -€2,028,531 | -€1,877,068 | +€151,462 | +7.5% |
| Provisions and deferred taxes | 16 | €2,318,883 | €2,242,632 | -€76,251 | -3.3% |
| Deferred taxes | 168 | €2,318,883 | €2,242,632 | -€76,251 | -3.3% |
| Amounts payable | 17/49 | €14,077,655 | €12,692,830 | -€1.4m | -9.8% |
| Amounts payable after more than one year | 17 | €12,425,278 | €11,289,254 | -€1.1m | -9.1% |
| Financial debts | 170/4 | €12,418,498 | €11,280,524 | -€1.1m | -9.2% |
| Other amounts payable | 178/9 | €6,780 | €8,730 | +€1,950 | +28.8% |
| Amounts payable within one year | 42/48 | €1,649,575 | €1,397,868 | -€251,707 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €786,894 | €786,894 | = | 0.0% |
| Financial debts | 43 | €500,175 | €500,162 | -€13 | 0.0% |
| Credit institutions | 430/8 | €500,175 | €500,162 | -€13 | 0.0% |
| Trade debts | 44 | €256,568 | €60,011 | -€196,556 | -76.6% |
| Suppliers | 440/4 | €256,568 | €60,011 | -€196,556 | -76.6% |
| Advances received on contracts in progress | 46 | €35,216 | €35,941 | +€725 | +2.1% |
| Taxes, remuneration and social security | 45 | €70,722 | €14,859 | -€55,862 | -79.0% |
| Taxes | 450/3 | €70,722 | €14,859 | -€55,862 | -79.0% |
| Accrued charges and deferred income | 492/3 | €2,801 | €5,708 | +€2,907 | +104% |
| Non-recurring operating income | 76A | €222,031 | €131,359 | -€90,672 | -40.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €542,434 | €709,987 | +€167,552 | +30.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,229 | €0 | -€2,229 | -100% |
| Other operating charges | 640/8 | €59,061 | €65,764 | +€6,703 | +11.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €677,879 | €1,034,731 | +€356,852 | +52.6% |
| Operating profit (loss) | 9901 | €74,154 | €258,979 | +€184,825 | +249% |
| Financial income | 75/76B | €306,111 | €101,301 | -€204,810 | -66.9% |
| Recurring financial income | 75 | €306,111 | €101,301 | -€204,810 | -66.9% |
| Financial charges | 65/66B | €323,425 | €316,121 | -€7,303 | -2.3% |
| Recurring financial charges | 65 | €323,425 | €316,121 | -€7,303 | -2.3% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €56,840 | €44,159 | -€12,681 | -22.3% |
| Transfer from deferred taxes | 780 | €76,251 | €76,251 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €51,291 | -€3,365 | -€54,656 | |
| Profit (loss) for the period | 9904 | €81,800 | €123,775 | +€41,975 | +51.3% |
| Transfer from tax-exempt reserves | 789 | €77,642 | €27,687 | -€49,955 | -64.3% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €159,442 | €151,462 | -€7,980 | -5.0% |
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 17 October 2026 via checked.be.