Agora 54: 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 54
Largest movements
- Tangible fixed assets +€328,500
up €328,500 (+138.0%), from €238,044 to €566,544
of which Land and buildings: +€323,347
- Cash -€25,403
down €25,403 (-12.0%), from €211,621 to €186,218
mainly Investment in fixed assets (net) (-€364,340) and Contributions, distributions and other (-€230,000)
- Debts after one year +€277,968
up €277,968 (+234.0%), from €118,802 to €396,769
- Other debts +€230,000
up €230,000, from €0 to €230,000
- Reserves -€205,200
down €205,200 (-40.7%), from €503,600 to €298,400
- Gross operating margin +€55,392
up €55,392 (+268.4%), from €20,640 to €76,033
- Depreciation +€18,960
up €18,960 (+112.3%), from €16,881 to €35,840
- Taxes +€8,309
up €8,309 (+448.7%), from €1,852 to €10,160
- Financial charges +€6,018
up €6,018 (+196.5%), from €3,062 to €9,080
of which Financial charges: +€6,018
- Other operating charges +€1,321
up €1,321 (+80.1%), from €1,649 to €2,971
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 | €660,547 | €967,850 | +€307,303 | +46.5% |
| Fixed assets | 21/28 | €238,044 | €566,544 | +€328,500 | +138.0% |
| Tangible fixed assets | 22/27 | €238,044 | €566,544 | +€328,500 | +138.0% |
| Land and buildings | 22 | €207,623 | €530,970 | +€323,347 | +155.7% |
| Furniture and vehicles | 24 | €30,421 | €21,538 | -€8,883 | -29.2% |
| Assets under construction and advance payments | 27 | - | €14,036 | +€14,036 | |
| Current assets | 29/58 | €422,503 | €401,307 | -€21,197 | -5.0% |
| Amounts receivable after more than one year | 29 | €202,263 | €211,220 | +€8,956 | +4.4% |
| Other amounts receivable | 291 | €202,263 | €211,220 | +€8,956 | +4.4% |
| Amounts receivable within one year | 40/41 | €8,619 | €3,619 | -€5,000 | -58.0% |
| Trade receivables | 40 | €5,000 | €0 | -€5,000 | -100.0% |
| Other amounts receivable | 41 | €3,619 | €3,619 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €211,621 | €186,218 | -€25,403 | -12.0% |
| Deferred charges and accrued income | 490/1 | - | €250 | +€250 | |
| Total equity and liabilities | 10/49 | €660,547 | €967,850 | +€307,303 | +46.5% |
| Equity | 10/15 | €510,081 | €304,963 | -€205,119 | -40.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €503,600 | €298,400 | -€205,200 | -40.7% |
| Distributable reserves | 133 | €503,600 | €298,400 | -€205,200 | -40.7% |
| Profit (loss) carried forward | 14 | €1,481 | €1,563 | +€81 | +5.5% |
| Amounts payable | 17/49 | €150,466 | €662,888 | +€512,422 | +340.6% |
| Amounts payable after more than one year | 17 | €118,802 | €396,769 | +€277,968 | +234.0% |
| Financial debts | 170/4 | €118,802 | €396,769 | +€277,968 | +234.0% |
| Amounts payable within one year | 42/48 | €31,264 | €266,118 | +€234,854 | +751.2% |
| Current portion of amounts payable after more than one year | 42 | €26,450 | €29,562 | +€3,112 | +11.8% |
| Trade debts | 44 | €783 | €2,840 | +€2,057 | +262.7% |
| Suppliers | 440/4 | €783 | €2,840 | +€2,057 | +262.7% |
| Taxes, remuneration and social security | 45 | €4,032 | €3,717 | -€315 | -7.8% |
| Taxes | 450/3 | €4,032 | €3,717 | -€315 | -7.8% |
| Other amounts payable | 47/48 | €0 | €230,000 | +€230,000 | |
| Accrued charges and deferred income | 492/3 | €400 | €0 | -€400 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,881 | €35,840 | +€18,960 | +112.3% |
| Other operating charges | 640/8 | €1,649 | €2,971 | +€1,321 | +80.1% |
| Gross operating margin | 9900 | €20,640 | €76,033 | +€55,392 | +268.4% |
| Operating profit (loss) | 9901 | €2,111 | €37,222 | +€35,111 | +1663.6% |
| Financial income | 75/76B | €5,840 | €6,900 | +€1,060 | +18.1% |
| Recurring financial income | 75 | €5,840 | €6,900 | +€1,060 | +18.1% |
| Financial charges | 65/66B | €3,062 | €9,080 | +€6,018 | +196.5% |
| Recurring financial charges | 65 | €3,062 | €9,080 | +€6,018 | +196.5% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €4,889 | €35,042 | +€30,153 | +616.8% |
| Income taxes | 67/77 | €1,852 | €10,160 | +€8,309 | +448.7% |
| Profit (loss) for the period | 9904 | €3,037 | €24,881 | +€21,845 | +719.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,037 | €24,881 | +€21,845 | +719.3% |
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 9 October 2026 via checked.be.