AGS: 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.
AGS
Largest movements
- Tangible fixed assets +€16,075
up €16,075 (+13.6%), from €117,945 to €134,020
of which Leasing and similar rights: +€26,041
- Stocks and contracts -€5,665
down €5,665 (-13.0%), from €43,675 to €38,010
of which Contracts in progress: -€5,200
- Receivables within one year +€4,316
up €4,316 (+9.5%), from €45,245 to €49,561
of which Trade receivables: +€8,562
- Other debts +€66,841
up €66,841 (+308.3%), from €21,684 to €88,525
- Reserves -€63,500
down €63,500 (-48.5%), from €130,860 to €67,360
of which Distributable reserves: -€63,500
- Trade debts -€32,631
down €32,631 (-65.0%), from €50,200 to €17,569
- Advances received +€21,500
new in 2025: €21,500
- Debts after one year +€16,106
up €16,106 (+20.5%), from €78,389 to €94,494
- Gross operating margin +€18,005
up €18,005 (+30.8%), from €58,435 to €76,440
- Taxes +€3,101
up €3,101 (+48.1%), from €6,451 to €9,551
- Depreciation -€1,645
down €1,645 (-4.8%), from €34,341 to €32,696
- Financial charges +€1,549
up €1,549 (+51.7%), from €2,996 to €4,545
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 | €329,445 | €343,858 | +€14,413 | +4.4% |
| Fixed assets | 21/28 | €118,395 | €134,470 | +€16,075 | +13.6% |
| Tangible fixed assets | 22/27 | €117,945 | €134,020 | +€16,075 | +13.6% |
| Plant, machinery and equipment | 23 | €3,307 | €2,284 | -€1,023 | -30.9% |
| Furniture and vehicles | 24 | €38,300 | €29,357 | -€8,943 | -23.3% |
| Leasing and similar rights | 25 | €76,338 | €102,379 | +€26,041 | +34.1% |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €211,050 | €209,388 | -€1,662 | -0.8% |
| Amounts receivable after more than one year | 29 | €105,000 | €107,500 | +€2,500 | +2.4% |
| Other amounts receivable | 291 | €105,000 | €107,500 | +€2,500 | +2.4% |
| Stocks and contracts in progress | 3 | €43,675 | €38,010 | -€5,665 | -13.0% |
| Stocks | 30/36 | €9,275 | €8,810 | -€465 | -5.0% |
| Contracts in progress | 37 | €34,400 | €29,200 | -€5,200 | -15.1% |
| Amounts receivable within one year | 40/41 | €45,245 | €49,561 | +€4,316 | +9.5% |
| Trade receivables | 40 | €29,640 | €38,201 | +€8,562 | +28.9% |
| Other amounts receivable | 41 | €15,606 | €11,360 | -€4,245 | -27.2% |
| Cash at bank and in hand | 54/58 | €12,005 | €8,567 | -€3,439 | -28.6% |
| Deferred charges and accrued income | 490/1 | €5,125 | €5,750 | +€625 | +12.2% |
| Total equity and liabilities | 10/49 | €329,445 | €343,858 | +€14,413 | +4.4% |
| Equity | 10/15 | €140,998 | €77,872 | -€63,127 | -44.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €130,860 | €67,360 | -€63,500 | -48.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €129,000 | €65,500 | -€63,500 | -49.2% |
| Profit (loss) carried forward | 14 | €3,938 | €4,312 | +€373 | +9.5% |
| Amounts payable | 17/49 | €188,447 | €265,986 | +€77,539 | +41.1% |
| Amounts payable after more than one year | 17 | €78,389 | €94,494 | +€16,106 | +20.5% |
| Financial debts | 170/4 | €78,389 | €94,494 | +€16,106 | +20.5% |
| Amounts payable within one year | 42/48 | €110,058 | €171,492 | +€61,434 | +55.8% |
| Current portion of amounts payable after more than one year | 42 | €34,690 | €37,638 | +€2,948 | +8.5% |
| Trade debts | 44 | €50,200 | €17,569 | -€32,631 | -65.0% |
| Suppliers | 440/4 | €50,200 | €17,569 | -€32,631 | -65.0% |
| Advances received on contracts in progress | 46 | - | €21,500 | +€21,500 | |
| Taxes, remuneration and social security | 45 | €3,485 | €6,261 | +€2,776 | +79.7% |
| Taxes | 450/3 | €3,485 | €6,261 | +€2,776 | +79.7% |
| Other amounts payable | 47/48 | €21,684 | €88,525 | +€66,841 | +308.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,341 | €32,696 | -€1,645 | -4.8% |
| Other operating charges | 640/8 | €4,467 | €4,267 | -€200 | -4.5% |
| Non-recurring operating charges | 66A | - | €4,070 | +€4,070 | |
| Gross operating margin | 9900 | €58,435 | €76,440 | +€18,005 | +30.8% |
| Operating profit (loss) | 9901 | €19,627 | €35,408 | +€15,780 | +80.4% |
| Financial income | 75/76B | €2,891 | €3,062 | +€171 | +5.9% |
| Recurring financial income | 75 | €2,891 | €3,062 | +€171 | +5.9% |
| Financial charges | 65/66B | €2,996 | €4,545 | +€1,549 | +51.7% |
| Recurring financial charges | 65 | €2,996 | €4,545 | +€1,549 | +51.7% |
| Profit (loss) for the period before taxes | 9903 | €19,522 | €33,925 | +€14,403 | +73.8% |
| Income taxes | 67/77 | €6,451 | €9,551 | +€3,101 | +48.1% |
| Profit (loss) for the period | 9904 | €13,071 | €24,373 | +€11,302 | +86.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,071 | €24,373 | +€11,302 | +86.5% |
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 11 October 2026 via checked.be.