AGP: 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.
AGP
Largest movements
- Cash +€77,592
up €77,592 (+59.7%), from €129,952 to €207,543
mainly Net result for the year (+€85,394) and Depreciation (+€35,481)
- Intangible fixed assets -€24,320
down €24,320 (-90.4%), from €26,912 to €2,592
- Stocks and contracts -€15,000
down €15,000 (-60.0%), from €25,000 to €10,000
- Deferred charges and accrued income -€12,620
down €12,620 (-51.7%), from €24,418 to €11,799
- Receivables within one year -€11,465
down €11,465 (-35.6%), from €32,193 to €20,727
of which Trade receivables: -€11,364
- Reserves +€85,394
up €85,394 (+81.1%), from €105,342 to €190,736
- Current portion of long-term debt -€38,134
down €38,134 (-66.6%), from €57,294 to €19,159
- Tax, wage and social debts -€22,234
down €22,234 (-86.9%), from €25,586 to €3,352
of which Taxes: -€20,484
- Trade debts -€16,151
down €16,151 (-36.9%), from €43,780 to €27,629
- Debts after one year +€15,435
up €15,435 (+132.8%), from €11,621 to €27,055
- Staff costs -€140,176
down €140,176 (-52.6%), from €266,424 to €126,247
- Gross operating margin -€67,461
down €67,461 (-19.0%), from €354,841 to €287,380
- Taxes +€28,882
up €28,882 (+527.9%), from €5,472 to €34,354
- Depreciation -€23,739
down €23,739 (-40.1%), from €59,220 to €35,481
- Other operating charges -€4,639
down €4,639 (-57.9%), from €8,007 to €3,367
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 | €288,728 | €308,825 | +€20,097 | +7.0% |
| Fixed assets | 21/28 | €77,166 | €58,756 | -€18,410 | -23.9% |
| Intangible fixed assets | 21 | €26,912 | €2,592 | -€24,320 | -90.4% |
| Tangible fixed assets | 22/27 | €43,628 | €49,539 | +€5,910 | +13.5% |
| Plant, machinery and equipment | 23 | €5,193 | €2,208 | -€2,985 | -57.5% |
| Furniture and vehicles | 24 | €38,436 | €47,331 | +€8,895 | +23.1% |
| Financial fixed assets | 28 | €6,625 | €6,625 | = | 0.0% |
| Current assets | 29/58 | €211,563 | €250,069 | +€38,506 | +18.2% |
| Stocks and contracts in progress | 3 | €25,000 | €10,000 | -€15,000 | -60.0% |
| Contracts in progress | 37 | €25,000 | €10,000 | -€15,000 | -60.0% |
| Amounts receivable within one year | 40/41 | €32,193 | €20,727 | -€11,465 | -35.6% |
| Trade receivables | 40 | €31,607 | €20,243 | -€11,364 | -36.0% |
| Other amounts receivable | 41 | €586 | €484 | -€102 | -17.4% |
| Cash at bank and in hand | 54/58 | €129,952 | €207,543 | +€77,592 | +59.7% |
| Deferred charges and accrued income | 490/1 | €24,418 | €11,799 | -€12,620 | -51.7% |
| Total equity and liabilities | 10/49 | €288,728 | €308,825 | +€20,097 | +7.0% |
| Equity | 10/15 | €115,342 | €200,736 | +€85,394 | +74.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €105,342 | €190,736 | +€85,394 | +81.1% |
| Distributable reserves | 133 | €105,342 | €190,736 | +€85,394 | +81.1% |
| Amounts payable | 17/49 | €173,387 | €108,090 | -€65,297 | -37.7% |
| Amounts payable after more than one year | 17 | €11,621 | €27,055 | +€15,435 | +132.8% |
| Financial debts | 170/4 | €11,621 | €27,055 | +€15,435 | +132.8% |
| Amounts payable within one year | 42/48 | €161,766 | €81,034 | -€80,731 | -49.9% |
| Current portion of amounts payable after more than one year | 42 | €57,294 | €19,159 | -€38,134 | -66.6% |
| Trade debts | 44 | €43,780 | €27,629 | -€16,151 | -36.9% |
| Suppliers | 440/4 | €43,780 | €27,629 | -€16,151 | -36.9% |
| Taxes, remuneration and social security | 45 | €25,586 | €3,352 | -€22,234 | -86.9% |
| Taxes | 450/3 | €21,837 | €1,354 | -€20,484 | -93.8% |
| Remuneration and social security | 454/9 | €3,748 | €1,998 | -€1,750 | -46.7% |
| Other amounts payable | 47/48 | €35,107 | €30,895 | -€4,212 | -12.0% |
| Non-recurring operating income | 76A | €2,815 | €3,703 | +€888 | +31.6% |
| Remuneration, social security and pensions | 62 | €266,424 | €126,247 | -€140,176 | -52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,220 | €35,481 | -€23,739 | -40.1% |
| Other operating charges | 640/8 | €8,007 | €3,367 | -€4,639 | -57.9% |
| Non-recurring operating charges | 66A | €259 | €0 | -€259 | -100.0% |
| Gross operating margin | 9900 | €354,841 | €287,380 | -€67,461 | -19.0% |
| Operating profit (loss) | 9901 | €20,932 | €122,284 | +€101,352 | +484.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €1,943 | €2,537 | +€593 | +30.5% |
| Recurring financial charges | 65 | €1,943 | €1,258 | -€685 | -35.3% |
| Non-recurring financial charges | 66B | - | €1,279 | +€1,279 | |
| Profit (loss) for the period before taxes | 9903 | €18,988 | €119,747 | +€100,759 | +530.6% |
| Income taxes | 67/77 | €5,472 | €34,354 | +€28,882 | +527.9% |
| Profit (loss) for the period | 9904 | €13,517 | €85,394 | +€71,877 | +531.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,517 | €85,394 | +€71,877 | +531.8% |
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.