Agulhas: what changed
Two fiscal 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.
Agulhas
Largest movements
- Receivables within one year -€56,305
down €56,305 (-85.0%), from €66,265 to €9,960
of which Trade receivables: -€59,068
- Cash +€16,096
up €16,096 (+27.1%), from €59,374 to €75,470
mainly Net result for the year (+€66,116) and Receivables within one year (+€56,305)
- Tangible fixed assets -€3,344
down €3,344 (-11.1%), from €30,211 to €26,867
of which Other tangible fixed assets: -€3,671
- Reserves -€97,507
down €97,507 (-82.2%), from €118,623 to €21,116
- Other debts +€45,102
up €45,102 (+502.1%), from €8,982 to €54,084
- Trade debts +€6,577
up €6,577 (+2746.3%), from €239 to €6,817
- Gross operating margin -€62,118
down €62,118 (-40.8%), from €152,369 to €90,252
- Taxes -€15,288
down €15,288 (-47.6%), from €32,140 to €16,851
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 | €156,700 | €112,297 | -€44,403 | -28.3% |
| Fixed assets | 21/28 | €30,211 | €26,867 | -€3,344 | -11.1% |
| Tangible fixed assets | 22/27 | €30,211 | €26,867 | -€3,344 | -11.1% |
| Plant, machinery and equipment | 23 | - | €992 | +€992 | |
| Furniture and vehicles | 24 | €3,196 | €2,530 | -€665 | -20.8% |
| Other tangible fixed assets | 26 | €27,016 | €23,345 | -€3,671 | -13.6% |
| Current assets | 29/58 | €126,489 | €85,430 | -€41,059 | -32.5% |
| Amounts receivable within one year | 40/41 | €66,265 | €9,960 | -€56,305 | -85.0% |
| Trade receivables | 40 | €65,000 | €5,932 | -€59,068 | -90.9% |
| Other amounts receivable | 41 | €1,265 | €4,028 | +€2,763 | +218.4% |
| Cash at bank and in hand | 54/58 | €59,374 | €75,470 | +€16,096 | +27.1% |
| Deferred charges and accrued income | 490/1 | €850 | - | -€850 | |
| Total equity and liabilities | 10/49 | €156,700 | €112,297 | -€44,403 | -28.3% |
| Equity | 10/15 | €138,623 | €41,116 | -€97,507 | -70.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €118,623 | €21,116 | -€97,507 | -82.2% |
| Distributable reserves | 133 | €118,623 | €21,116 | -€97,507 | -82.2% |
| Amounts payable | 17/49 | €18,076 | €71,180 | +€53,104 | +293.8% |
| Amounts payable within one year | 42/48 | €17,849 | €71,020 | +€53,171 | +297.9% |
| Trade debts | 44 | €239 | €6,817 | +€6,577 | +2746.3% |
| Suppliers | 440/4 | €239 | €6,817 | +€6,577 | +2746.3% |
| Taxes, remuneration and social security | 45 | €8,628 | €10,120 | +€1,492 | +17.3% |
| Taxes | 450/3 | €5,631 | €7,134 | +€1,503 | +26.7% |
| Remuneration and social security | 454/9 | €2,997 | €2,986 | -€11 | -0.4% |
| Other amounts payable | 47/48 | €8,982 | €54,084 | +€45,102 | +502.1% |
| Accrued charges and deferred income | 492/3 | €227 | €160 | -€67 | -29.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,476 | €5,886 | +€1,410 | +31.5% |
| Other operating charges | 640/8 | €837 | €862 | +€24 | +2.9% |
| Gross operating margin | 9900 | €152,369 | €90,252 | -€62,118 | -40.8% |
| Operating profit (loss) | 9901 | €147,056 | €83,504 | -€63,552 | -43.2% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €471 | €537 | +€66 | +13.9% |
| Recurring financial charges | 65 | €471 | €537 | +€66 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | €146,585 | €82,968 | -€63,617 | -43.4% |
| Income taxes | 67/77 | €32,140 | €16,851 | -€15,288 | -47.6% |
| Profit (loss) for the period | 9904 | €114,445 | €66,116 | -€48,328 | -42.2% |
| Profit (loss) for the period to be appropriated | 9905 | €114,445 | €66,116 | -€48,328 | -42.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.