Agref: what changed
What changed
Agref
NACE 23.610, Manufacture of other non-metallic mineral products
filed annual accounts (NBB)
Net result for the year
€57,982
2024 · €370,861-€312,880
Equity
€2.9m
2024 · €2.8m+€48,151
Cash
€29,559
2024 · €137,286-€107,726
Balance sheet total
€5.9m
2024 · €6.2m-€310,360
Largest movements
Assets
- Tangible fixed assets -€259,078
down €259,078 (-6.4%), from €4.0m to €3.8m
of which Land and buildings: -€147,214
- Cash -€107,726
down €107,726 (-78.5%), from €137,286 to €29,559
mainly Debts after one year (-€268,530) and Investment in fixed assets (net) (-€217,283)
- Receivables within one year +€106,947
up €106,947 (+8.9%), from €1.2m to €1.3m
of which Trade receivables: +€130,551
Equity and liabilities
- Debts after one year -€268,530
down €268,530 (-18.2%), from €1.5m to €1.2m
of which Financial debts: -€183,636
- Other debts -€167,950
down €167,950 (-40.0%), from €420,000 to €252,050
- Advances received +€111,010
up €111,010 (+63.9%), from €173,608 to €284,618
- Trade debts -€80,680
down €80,680 (-29.8%), from €271,013 to €190,333
Income statement
- Gross operating margin -€547,691
down €547,691 (-18.7%), from €2.9m to €2.4m
- Staff costs -€182,082
down €182,082 (-9.8%), from €1.9m to €1.7m
- Write-downs -€55,288
down €55,288, from €35,518 to -€19,770
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€370,861
Gross operating margin
-€547,691
Staff costs
+€182,082
Depreciation
+€7,606
Write-downs
+€55,288
Other operating charges
+€7,885
Other operating items
+€695
Financial income
+€334
Financial charges
-€9,447
Taxes
-€8,456
Deferred taxes and other
-€1,175
Result 2025
€57,982
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€331,912
Investment
-€217,283
Financing
-€222,355
Cash 2024
€137,286
From operations (derived)
+€331,912
Net result for the year
+€57,982
Depreciation
+€476,362
Stocks and contracts
+€49,066
Receivables within one year
-€106,947
Deferred charges and accrued income
+€1,436
Provisions
-€3,915
Trade debts
-€80,680
Tax, wage and social debts
-€26,926
Advances received
+€111,010
Other debts
-€167,950
Accrued charges and deferred income
+€22,474
Investment (derived)
-€217,283
Investment in fixed assets (net)
-€217,283
Financing
-€222,355
Debts after one year
-€268,530
Current portion of long-term debt
+€16,113
Short-term financial debts
+€39,893
Contributions, distributions and other
-€9,831
Cash 2025
€29,559
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,249,464 | €5,939,104 | -€310,360 | -5.0% |
| Fixed assets | 21/28 | €4,033,788 | €3,774,710 | -€259,078 | -6.4% |
| Tangible fixed assets | 22/27 | €4,033,653 | €3,774,575 | -€259,078 | -6.4% |
| Land and buildings | 22 | €2,820,367 | €2,673,153 | -€147,214 | -5.2% |
| Plant, machinery and equipment | 23 | €987,842 | €916,201 | -€71,641 | -7.3% |
| Furniture and vehicles | 24 | €225,444 | €185,220 | -€40,223 | -17.8% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €2,215,676 | €2,164,394 | -€51,281 | -2.3% |
| Stocks and contracts in progress | 3 | €851,054 | €801,988 | -€49,066 | -5.8% |
| Stocks | 30/36 | €851,054 | €801,988 | -€49,066 | -5.8% |
| Amounts receivable within one year | 40/41 | €1,202,467 | €1,309,414 | +€106,947 | +8.9% |
| Trade receivables | 40 | €1,102,031 | €1,232,582 | +€130,551 | +11.8% |
| Other amounts receivable | 41 | €100,436 | €76,832 | -€23,604 | -23.5% |
| Cash at bank and in hand | 54/58 | €137,286 | €29,559 | -€107,726 | -78.5% |
| Deferred charges and accrued income | 490/1 | €24,870 | €23,434 | -€1,436 | -5.8% |
| Total equity and liabilities | 10/49 | €6,249,464 | €5,939,104 | -€310,360 | -5.0% |
| Equity | 10/15 | €2,849,898 | €2,898,050 | +€48,151 | +1.7% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €1,754,383 | €1,812,364 | +€57,982 | +3.3% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €277,873 | €266,128 | -€11,745 | -4.2% |
| Distributable reserves | 133 | €1,376,510 | €1,446,236 | +€69,727 | +5.1% |
| Investment grants | 15 | €95,516 | €85,685 | -€9,831 | -10.3% |
| Provisions and deferred taxes | 16 | €13,166 | €9,251 | -€3,915 | -29.7% |
| Deferred taxes | 168 | €13,166 | €9,251 | -€3,915 | -29.7% |
| Amounts payable | 17/49 | €3,386,400 | €3,031,804 | -€354,596 | -10.5% |
| Amounts payable after more than one year | 17 | €1,474,273 | €1,205,744 | -€268,530 | -18.2% |
| Financial debts | 170/4 | €877,018 | €693,383 | -€183,636 | -20.9% |
| Other amounts payable | 178/9 | €597,255 | €512,361 | -€84,894 | -14.2% |
| Amounts payable within one year | 42/48 | €1,878,412 | €1,769,872 | -€108,540 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €206,786 | €222,899 | +€16,113 | +7.8% |
| Financial debts | 43 | €473,812 | €513,705 | +€39,893 | +8.4% |
| Credit institutions | 430/8 | €473,812 | €513,705 | +€39,893 | +8.4% |
| Trade debts | 44 | €271,013 | €190,333 | -€80,680 | -29.8% |
| Suppliers | 440/4 | €271,013 | €190,333 | -€80,680 | -29.8% |
| Advances received on contracts in progress | 46 | €173,608 | €284,618 | +€111,010 | +63.9% |
| Taxes, remuneration and social security | 45 | €333,193 | €306,267 | -€26,926 | -8.1% |
| Taxes | 450/3 | €117,816 | €97,828 | -€19,989 | -17.0% |
| Remuneration and social security | 454/9 | €215,376 | €208,440 | -€6,937 | -3.2% |
| Other amounts payable | 47/48 | €420,000 | €252,050 | -€167,950 | -40.0% |
| Accrued charges and deferred income | 492/3 | €33,714 | €56,188 | +€22,474 | +66.7% |
| Non-recurring operating income | 76A | €0 | €13,053 | +€13,053 | +130,530,400% |
| Remuneration, social security and pensions | 62 | €1,862,874 | €1,680,792 | -€182,082 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €483,968 | €476,362 | -€7,606 | -1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €35,518 | -€19,770 | -€55,288 | |
| Other operating charges | 640/8 | €94,942 | €87,057 | -€7,885 | -8.3% |
| Non-recurring operating charges | 66A | €7,119 | €6,424 | -€695 | -9.8% |
| Gross operating margin | 9900 | €2,925,092 | €2,377,401 | -€547,691 | -18.7% |
| Operating profit (loss) | 9901 | €440,672 | €146,536 | -€294,136 | -66.7% |
| Financial income | 75/76B | €28,347 | €28,681 | +€334 | +1.2% |
| Recurring financial income | 75 | €28,347 | €28,681 | +€334 | +1.2% |
| Financial charges | 65/66B | €92,513 | €101,960 | +€9,447 | +10.2% |
| Recurring financial charges | 65 | €92,513 | €101,960 | +€9,447 | +10.2% |
| Profit (loss) for the period before taxes | 9903 | €376,506 | €73,257 | -€303,249 | -80.5% |
| Transfer from deferred taxes | 780 | €5,090 | €3,915 | -€1,175 | -23.1% |
| Income taxes | 67/77 | €10,734 | €19,190 | +€8,456 | +78.8% |
| Profit (loss) for the period | 9904 | €370,861 | €57,982 | -€312,880 | -84.4% |
| Transfer from tax-exempt reserves | 789 | €15,270 | €11,745 | -€3,525 | -23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €386,131 | €69,727 | -€316,405 | -81.9% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.