AGR-M: 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.
AGR-M
Largest movements
- Cash -€30,751
down €30,751 (-63.3%), from €48,603 to €17,852
mainly Deferred charges and accrued income (-€28,872) and Receivables within one year (-€25,353)
- Deferred charges and accrued income +€28,872
new in 2025: €28,872
- Receivables within one year +€25,353
up €25,353 (+97.1%), from €26,120 to €51,473
of which Other amounts receivable: +€25,935
- Tangible fixed assets -€10,261
down €10,261 (-11.8%), from €87,040 to €76,779
of which Furniture and vehicles: -€18,807
- Profit (loss) carried forward +€28,032
up €28,032 (+33.4%), from €83,830 to €111,862
- Debts after one year -€15,507
down €15,507 (-35.2%), from €44,109 to €28,602
- Other debts +€7,095
up €7,095 (+1,414%), from €502 to €7,597
- Trade debts -€5,378
down €5,378 (-99.5%), from €5,405 to €27
- Accrued charges and deferred income -€4,837
no longer reported in 2025 (was €4,837)
- Gross operating margin -€28,345
down €28,345 (-27.7%), from €102,246 to €73,901
- Depreciation +€12,449
up €12,449 (+168%), from €7,409 to €19,858
- Taxes -€5,782
down €5,782 (-35.6%), from €16,253 to €10,471
- Staff costs -€3,384
down €3,384 (-25.8%), from €13,108 to €9,724
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 | €161,762 | €174,976 | +€13,213 | +8.2% |
| Fixed assets | 21/28 | €87,040 | €76,779 | -€10,261 | -11.8% |
| Tangible fixed assets | 22/27 | €87,040 | €76,779 | -€10,261 | -11.8% |
| Plant, machinery and equipment | 23 | €1,361 | €2,405 | +€1,044 | +76.7% |
| Furniture and vehicles | 24 | €85,679 | €66,872 | -€18,807 | -22.0% |
| Other tangible fixed assets | 26 | - | €7,502 | +€7,502 | |
| Current assets | 29/58 | €74,722 | €98,196 | +€23,474 | +31.4% |
| Amounts receivable within one year | 40/41 | €26,120 | €51,473 | +€25,353 | +97.1% |
| Trade receivables | 40 | €22,803 | €22,221 | -€582 | -2.6% |
| Other amounts receivable | 41 | €3,316 | €29,252 | +€25,935 | +782% |
| Cash at bank and in hand | 54/58 | €48,603 | €17,852 | -€30,751 | -63.3% |
| Deferred charges and accrued income | 490/1 | - | €28,872 | +€28,872 | |
| Total equity and liabilities | 10/49 | €161,762 | €174,976 | +€13,213 | +8.2% |
| Equity | 10/15 | €87,830 | €115,862 | +€28,032 | +31.9% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,830 | €111,862 | +€28,032 | +33.4% |
| Amounts payable | 17/49 | €73,933 | €59,114 | -€14,819 | -20.0% |
| Amounts payable after more than one year | 17 | €44,109 | €28,602 | -€15,507 | -35.2% |
| Financial debts | 170/4 | €44,109 | €28,602 | -€15,507 | -35.2% |
| Amounts payable within one year | 42/48 | €24,986 | €30,512 | +€5,526 | +22.1% |
| Current portion of amounts payable after more than one year | 42 | €14,877 | €15,507 | +€631 | +4.2% |
| Trade debts | 44 | €5,405 | €27 | -€5,378 | -99.5% |
| Suppliers | 440/4 | €5,405 | €27 | -€5,378 | -99.5% |
| Advances received on contracts in progress | 46 | €225 | €225 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €3,978 | €7,156 | +€3,178 | +79.9% |
| Taxes | 450/3 | €1,822 | - | -€1,822 | |
| Remuneration and social security | 454/9 | €2,156 | €7,156 | +€5,000 | +232% |
| Other amounts payable | 47/48 | €502 | €7,597 | +€7,095 | +1,414% |
| Accrued charges and deferred income | 492/3 | €4,837 | - | -€4,837 | |
| Remuneration, social security and pensions | 62 | €13,108 | €9,724 | -€3,384 | -25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,409 | €19,858 | +€12,449 | +168% |
| Other operating charges | 640/8 | €1,439 | €1,093 | -€346 | -24.0% |
| Non-recurring operating charges | 66A | €2,692 | - | -€2,692 | |
| Gross operating margin | 9900 | €102,246 | €73,901 | -€28,345 | -27.7% |
| Operating profit (loss) | 9901 | €77,598 | €43,226 | -€34,372 | -44.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,287 | €2,146 | +€859 | +66.8% |
| Recurring financial charges | 65 | €1,287 | €2,146 | +€859 | +66.8% |
| Profit (loss) for the period before taxes | 9903 | €76,312 | €41,080 | -€35,231 | -46.2% |
| Income taxes | 67/77 | €16,253 | €10,471 | -€5,782 | -35.6% |
| Profit (loss) for the period | 9904 | €60,059 | €30,609 | -€29,450 | -49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,059 | €30,609 | -€29,450 | -49.0% |
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 26 October 2026 via checked.be.