AGS Europe: 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.
What changed
AGS Europe
NACE 50.200, Water transport
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€94,475
2024 · €178,949-€84,474
Equity
€281,717
2024 · €187,242+€94,475
Cash
€33,904
2024 · €16,759+€17,145
Balance sheet total
€4.5m
2024 · €3.0m+€1.4m
Largest movements
Assets
- Receivables within one year +€1.4m
up €1.4m (+49.0%), from €2.9m to €4.4m
of which Trade receivables: +€2.0m
Equity and liabilities
- Advances received +€1.1m
up €1.1m (+1,757%), from €61,447 to €1.1m
- Trade debts +€200,456
up €200,456 (+7.6%), from €2.6m to €2.8m
- Profit (loss) carried forward +€83,539
up €83,539 (+67.2%), from €124,242 to €207,781
Income statement
- Gross operating margin +€240,038
up €240,038 (+54.3%), from €442,105 to €682,143
- Write-downs +€185,177
new in 2025: €185,177
- Financial income -€70,540
down €70,540 (-77.8%), from €90,677 to €20,137
- Staff costs +€53,556
up €53,556 (+20.1%), from €265,838 to €319,393
- Other operating charges +€12,096
up €12,096 (+350%), from €3,457 to €15,553
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.
Result 2024
€178,949
Gross operating margin
+€240,038
Staff costs
-€53,556
Depreciation
-€5,207
Write-downs
-€185,177
Other operating charges
-€12,096
Financial income
-€70,540
Financial charges
+€5,064
Taxes
-€3,000
Result 2025
€94,475
raises the resultlowers the result
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.
From operations
+€29,781
Investment
-€12,636
Financing
€0
Cash 2024
€16,759
From operations (derived)
+€29,781
Net result for the year
+€94,475
Depreciation
+€39,377
Receivables within one year
-€1.4m
Smaller working-capital items
-€1,432
Trade debts
+€200,456
Advances received
+€1.1m
Other debts
+€27,746
Accrued charges and deferred income
+€33,143
Investment (derived)
-€12,636
Investment in fixed assets (net)
-€12,636
Cash 2025
€33,904
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,032,683 | €4,468,574 | +€1.4m | +47.3% |
| Fixed assets | 21/28 | €71,290 | €44,549 | -€26,741 | -37.5% |
| Intangible fixed assets | 21 | €59,937 | €23,061 | -€36,876 | -61.5% |
| Tangible fixed assets | 22/27 | €5,783 | €15,918 | +€10,135 | +175% |
| Plant, machinery and equipment | 23 | - | €10,850 | +€10,850 | |
| Furniture and vehicles | 24 | €5,783 | €5,068 | -€715 | -12.4% |
| Financial fixed assets | 28 | €5,570 | €5,570 | = | 0.0% |
| Current assets | 29/58 | €2,961,393 | €4,424,026 | +€1.5m | +49.4% |
| Amounts receivable within one year | 40/41 | €2,944,635 | €4,388,068 | +€1.4m | +49.0% |
| Trade receivables | 40 | €1,877,179 | €3,879,116 | +€2.0m | +107% |
| Other amounts receivable | 41 | €1,067,456 | €508,952 | -€558,504 | -52.3% |
| Cash at bank and in hand | 54/58 | €16,759 | €33,904 | +€17,145 | +102% |
| Deferred charges and accrued income | 490/1 | - | €2,054 | +€2,054 | |
| Total equity and liabilities | 10/49 | €3,032,683 | €4,468,574 | +€1.4m | +47.3% |
| Equity | 10/15 | €187,242 | €281,717 | +€94,475 | +50.5% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | - | €10,936 | +€10,936 | |
| Non-distributable reserves | 130/1 | - | €10,936 | +€10,936 | |
| Legal reserve | 130 | - | €10,936 | +€10,936 | |
| Profit (loss) carried forward | 14 | €124,242 | €207,781 | +€83,539 | +67.2% |
| Amounts payable | 17/49 | €2,845,441 | €4,186,857 | +€1.3m | +47.1% |
| Amounts payable within one year | 42/48 | €2,845,441 | €4,153,714 | +€1.3m | +46.0% |
| Trade debts | 44 | €2,632,376 | €2,832,833 | +€200,456 | +7.6% |
| Suppliers | 440/4 | €2,632,376 | €2,832,833 | +€200,456 | +7.6% |
| Advances received on contracts in progress | 46 | €61,447 | €1,140,895 | +€1.1m | +1,757% |
| Taxes, remuneration and social security | 45 | €151,618 | €152,240 | +€623 | +0.4% |
| Taxes | 450/3 | €66,841 | €66,414 | -€427 | -0.6% |
| Remuneration and social security | 454/9 | €84,776 | €85,826 | +€1,050 | +1.2% |
| Other amounts payable | 47/48 | - | €27,746 | +€27,746 | |
| Accrued charges and deferred income | 492/3 | - | €33,143 | +€33,143 | |
| Remuneration, social security and pensions | 62 | €265,838 | €319,393 | +€53,556 | +20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,170 | €39,377 | +€5,207 | +15.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €185,177 | +€185,177 | |
| Other operating charges | 640/8 | €3,457 | €15,553 | +€12,096 | +350% |
| Gross operating margin | 9900 | €442,105 | €682,143 | +€240,038 | +54.3% |
| Operating profit (loss) | 9901 | €138,640 | €122,643 | -€15,997 | -11.5% |
| Financial income | 75/76B | €90,677 | €20,137 | -€70,540 | -77.8% |
| Recurring financial income | 75 | €90,677 | €20,137 | -€70,540 | -77.8% |
| Financial charges | 65/66B | €15,369 | €10,305 | -€5,064 | -32.9% |
| Recurring financial charges | 65 | €15,369 | €10,305 | -€5,064 | -32.9% |
| Profit (loss) for the period before taxes | 9903 | €213,949 | €132,475 | -€81,474 | -38.1% |
| Income taxes | 67/77 | €35,000 | €38,000 | +€3,000 | +8.6% |
| Profit (loss) for the period | 9904 | €178,949 | €94,475 | -€84,474 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €178,949 | €94,475 | -€84,474 | -47.2% |
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 1 November 2026 via checked.be.