AGORAZ: 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.
AGORAZ
Largest movements
- Receivables within one year -€131,740
down €131,740 (-31.5%), from €418,634 to €286,894
of which Trade receivables: -€135,405
- Deferred charges and accrued income +€89,695
up €89,695 (+2,527%), from €3,550 to €93,245
- Cash -€36,921
down €36,921 (-73.6%), from €50,181 to €13,260
mainly Trade debts (-€158,248) and Deferred charges and accrued income (-€89,695)
- Tangible fixed assets -€11,267
down €11,267 (-5.6%), from €202,633 to €191,366
- Trade debts -€158,248
down €158,248 (-49.3%), from €320,735 to €162,487
- Other debts +€60,798
up €60,798 (+152%), from €40,000 to €100,798
- Reserves -€56,450
down €56,450 (-66.4%), from €84,992 to €28,542
of which Distributable reserves: -€56,450
- Profit (loss) carried forward +€31,337
up €31,337, from -€31,319 to €18
- Short-term financial debts +€24,634
new in 2025: €24,634
- Gross operating margin +€88,198
up €88,198 (+26.1%), from €337,664 to €425,862
- Staff costs -€28,949
down €28,949 (-7.5%), from €385,846 to €356,897
- Financial charges +€8,645
up €8,645 (+102%), from €8,483 to €17,128
- Depreciation +€4,323
up €4,323 (+62.3%), from €6,943 to €11,267
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 | €675,361 | €586,078 | -€89,283 | -13.2% |
| Fixed assets | 21/28 | €202,996 | €192,679 | -€10,317 | -5.1% |
| Tangible fixed assets | 22/27 | €202,633 | €191,366 | -€11,267 | -5.6% |
| Land and buildings | 22 | €179,750 | €174,807 | -€4,943 | -2.7% |
| Plant, machinery and equipment | 23 | €1,866 | €985 | -€881 | -47.2% |
| Furniture and vehicles | 24 | €8,184 | €6,303 | -€1,881 | -23.0% |
| Other tangible fixed assets | 26 | €12,833 | €9,271 | -€3,562 | -27.8% |
| Financial fixed assets | 28 | €363 | €1,313 | +€950 | +262% |
| Current assets | 29/58 | €472,365 | €393,398 | -€78,966 | -16.7% |
| Amounts receivable within one year | 40/41 | €418,634 | €286,894 | -€131,740 | -31.5% |
| Trade receivables | 40 | €297,621 | €162,216 | -€135,405 | -45.5% |
| Other amounts receivable | 41 | €121,013 | €124,678 | +€3,665 | +3.0% |
| Cash at bank and in hand | 54/58 | €50,181 | €13,260 | -€36,921 | -73.6% |
| Deferred charges and accrued income | 490/1 | €3,550 | €93,245 | +€89,695 | +2,527% |
| Total equity and liabilities | 10/49 | €675,361 | €586,078 | -€89,283 | -13.2% |
| Equity | 10/15 | €66,173 | €41,060 | -€25,113 | -38.0% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €84,992 | €28,542 | -€56,450 | -66.4% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €83,137 | €26,687 | -€56,450 | -67.9% |
| Profit (loss) carried forward | 14 | -€31,319 | €18 | +€31,337 | |
| Amounts payable | 17/49 | €609,188 | €545,018 | -€64,170 | -10.5% |
| Amounts payable after more than one year | 17 | €138,537 | €133,304 | -€5,233 | -3.8% |
| Financial debts | 170/4 | €138,537 | €133,304 | -€5,233 | -3.8% |
| Amounts payable within one year | 42/48 | €470,652 | €411,714 | -€58,937 | -12.5% |
| Current portion of amounts payable after more than one year | 42 | €13,890 | €29,713 | +€15,822 | +114% |
| Financial debts | 43 | - | €24,634 | +€24,634 | |
| Credit institutions | 430/8 | - | €24,634 | +€24,634 | |
| Trade debts | 44 | €320,735 | €162,487 | -€158,248 | -49.3% |
| Suppliers | 440/4 | €320,735 | €162,487 | -€158,248 | -49.3% |
| Taxes, remuneration and social security | 45 | €96,026 | €94,083 | -€1,943 | -2.0% |
| Taxes | 450/3 | €40,950 | €43,317 | +€2,367 | +5.8% |
| Remuneration and social security | 454/9 | €55,076 | €50,765 | -€4,311 | -7.8% |
| Other amounts payable | 47/48 | €40,000 | €100,798 | +€60,798 | +152% |
| Non-recurring operating income | 76A | - | €901 | +€901 | |
| Remuneration, social security and pensions | 62 | €385,846 | €356,897 | -€28,949 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,943 | €11,267 | +€4,323 | +62.3% |
| Other operating charges | 640/8 | €4,860 | €4,786 | -€74 | -1.5% |
| Non-recurring operating charges | 66A | €70 | €303 | +€233 | +331% |
| Gross operating margin | 9900 | €337,664 | €425,862 | +€88,198 | +26.1% |
| Operating profit (loss) | 9901 | -€60,056 | €52,610 | +€112,665 | |
| Financial income | 75/76B | €4,856 | €4,806 | -€50 | -1.0% |
| Recurring financial income | 75 | €4,856 | €4,806 | -€50 | -1.0% |
| Financial charges | 65/66B | €8,483 | €17,128 | +€8,645 | +102% |
| Recurring financial charges | 65 | €8,483 | €17,128 | +€8,645 | +102% |
| Profit (loss) for the period before taxes | 9903 | -€63,683 | €40,287 | +€103,970 | |
| Income taxes | 67/77 | €3,229 | €5,050 | +€1,821 | +56.4% |
| Profit (loss) for the period | 9904 | -€66,912 | €35,237 | +€102,149 | |
| Profit (loss) for the period to be appropriated | 9905 | -€66,912 | €35,237 | +€102,149 |
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.