AGORA 46: 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.
AGORA 46
Largest movements
- Receivables within one year -€17,180
down €17,180 (-24.2%), from €71,015 to €53,835
of which Trade receivables: -€11,569
- Cash -€1,215
down €1,215 (-18.1%), from €6,695 to €5,480
mainly Net result for the year (-€19,656) and Investment in fixed assets (net) (-€1,347)
- Profit (loss) carried forward -€19,656
down €19,656 (-23.4%), from -€83,940 to -€103,596
- Trade debts +€1,476
up €1,476 (+2.1%), from €71,947 to €73,424
- Gross operating margin +€124,639
up €124,639 (+940%), from €13,262 to €137,901
- Staff costs +€69,119
up €69,119 (+149%), from €46,246 to €115,365
- Other operating charges +€5,404
up €5,404 (+19.0%), from €28,371 to €33,775
- Taxes -€3,481
down €3,481 (-96.3%), from €3,613 to €132
- Financial charges -€2,712
down €2,712 (-26.2%), from €10,367 to €7,655
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 | €89,908 | €72,230 | -€17,679 | -19.7% |
| Fixed assets | 21/28 | €4,881 | €5,597 | +€716 | +14.7% |
| Tangible fixed assets | 22/27 | €1,981 | €2,697 | +€716 | +36.2% |
| Land and buildings | 22 | €1,981 | - | -€1,981 | |
| Plant, machinery and equipment | 23 | - | €2,697 | +€2,697 | |
| Financial fixed assets | 28 | €2,900 | €2,900 | = | 0.0% |
| Current assets | 29/58 | €85,028 | €66,633 | -€18,395 | -21.6% |
| Stocks and contracts in progress | 3 | €7,317 | €7,317 | = | 0.0% |
| Stocks | 30/36 | €7,317 | €7,317 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €71,015 | €53,835 | -€17,180 | -24.2% |
| Trade receivables | 40 | €65,404 | €53,835 | -€11,569 | -17.7% |
| Other amounts receivable | 41 | €5,611 | - | -€5,611 | |
| Cash at bank and in hand | 54/58 | €6,695 | €5,480 | -€1,215 | -18.1% |
| Total equity and liabilities | 10/49 | €89,908 | €72,230 | -€17,679 | -19.7% |
| Equity | 10/15 | -€73,940 | -€93,596 | -€19,656 | -26.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€83,940 | -€103,596 | -€19,656 | -23.4% |
| Amounts payable | 17/49 | €163,849 | €165,826 | +€1,977 | +1.2% |
| Amounts payable within one year | 42/48 | €163,849 | €165,826 | +€1,977 | +1.2% |
| Financial debts | 43 | €814 | - | -€814 | |
| Credit institutions | 430/8 | €814 | - | -€814 | |
| Trade debts | 44 | €71,947 | €73,424 | +€1,476 | +2.1% |
| Suppliers | 440/4 | €71,947 | €73,424 | +€1,476 | +2.1% |
| Taxes, remuneration and social security | 45 | €43,463 | €44,129 | +€666 | +1.5% |
| Taxes | 450/3 | €22,921 | €24,294 | +€1,373 | +6.0% |
| Remuneration and social security | 454/9 | €20,543 | €19,835 | -€708 | -3.4% |
| Other amounts payable | 47/48 | €47,624 | €48,273 | +€649 | +1.4% |
| Remuneration, social security and pensions | 62 | €46,246 | €115,365 | +€69,119 | +149% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €496 | €631 | +€135 | +27.2% |
| Other operating charges | 640/8 | €28,371 | €33,775 | +€5,404 | +19.0% |
| Gross operating margin | 9900 | €13,262 | €137,901 | +€124,639 | +940% |
| Operating profit (loss) | 9901 | -€61,851 | -€11,869 | +€49,982 | +80.8% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €10,367 | €7,655 | -€2,712 | -26.2% |
| Recurring financial charges | 65 | €10,367 | €7,655 | -€2,712 | -26.2% |
| Profit (loss) for the period before taxes | 9903 | -€72,218 | -€19,524 | +€52,694 | +73.0% |
| Income taxes | 67/77 | €3,613 | €132 | -€3,481 | -96.3% |
| Profit (loss) for the period | 9904 | -€75,831 | -€19,656 | +€56,175 | +74.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€75,831 | -€19,656 | +€56,175 | +74.1% |
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 18 October 2026 via checked.be.