Dr. Agostoni: 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.
Dr. Agostoni
Largest movements
- Cash -€182,414
down €182,414 (-57.7%), from €316,354 to €133,940
mainly Contributions, distributions and other (-€625,703) and Debts after one year (-€115,000)
- Receivables within one year +€99,934
up €99,934 (+176%), from €56,689 to €156,623
of which Other amounts receivable: +€94,969
- Tangible fixed assets -€10,701
down €10,701 (-14.8%), from €72,408 to €61,707
of which Plant, machinery and equipment: -€13,361
- Other debts +€399,332
up €399,332 (+165%), from €241,653 to €640,984
- Reserves -€358,329
down €358,329 (-100%), from €358,329 to €0
- Debts after one year -€115,000
down €115,000 (-100%), from €115,000 to €0
- Accrued charges and deferred income -€7,691
down €7,691 (-91.9%), from €8,365 to €674
- Gross operating margin -€86,944
down €86,944 (-18.3%), from €475,863 to €388,918
- Financial income -€27,143
down €27,143 (-91.5%), from €29,668 to €2,525
- Depreciation +€10,136
up €10,136 (+113%), from €8,952 to €19,089
- Taxes -€8,567
down €8,567 (-8.2%), from €104,019 to €95,453
- Financial charges -€4,914
down €4,914 (-41.0%), from €11,971 to €7,057
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 | €755,943 | €666,200 | -€89,743 | -11.9% |
| Fixed assets | 21/28 | €72,408 | €61,707 | -€10,701 | -14.8% |
| Tangible fixed assets | 22/27 | €72,408 | €61,707 | -€10,701 | -14.8% |
| Plant, machinery and equipment | 23 | €52,430 | €39,069 | -€13,361 | -25.5% |
| Furniture and vehicles | 24 | €1,125 | €2,371 | +€1,246 | +111% |
| Other tangible fixed assets | 26 | €18,853 | €20,268 | +€1,415 | +7.5% |
| Current assets | 29/58 | €683,535 | €604,492 | -€79,043 | -11.6% |
| Amounts receivable within one year | 40/41 | €56,689 | €156,623 | +€99,934 | +176% |
| Trade receivables | 40 | €800 | €5,766 | +€4,966 | +621% |
| Other amounts receivable | 41 | €55,889 | €150,858 | +€94,969 | +170% |
| Current investments | 50/53 | €302,256 | €304,490 | +€2,234 | +0.7% |
| Cash at bank and in hand | 54/58 | €316,354 | €133,940 | -€182,414 | -57.7% |
| Deferred charges and accrued income | 490/1 | €8,237 | €9,440 | +€1,203 | +14.6% |
| Total equity and liabilities | 10/49 | €755,943 | €666,200 | -€89,743 | -11.9% |
| Equity | 10/15 | €376,879 | €18,550 | -€358,329 | -95.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €358,329 | €0 | -€358,329 | -100% |
| Distributable reserves | 133 | €358,329 | €0 | -€358,329 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €379,064 | €647,650 | +€268,586 | +70.9% |
| Amounts payable after more than one year | 17 | €115,000 | €0 | -€115,000 | -100% |
| Financial debts | 170/4 | €115,000 | €0 | -€115,000 | -100% |
| Amounts payable within one year | 42/48 | €255,699 | €646,976 | +€391,277 | +153% |
| Trade debts | 44 | €7,812 | €5,991 | -€1,821 | -23.3% |
| Suppliers | 440/4 | €7,812 | €5,991 | -€1,821 | -23.3% |
| Taxes, remuneration and social security | 45 | €6,234 | €0 | -€6,234 | -100% |
| Taxes | 450/3 | €6,234 | €0 | -€6,234 | -100% |
| Other amounts payable | 47/48 | €241,653 | €640,984 | +€399,332 | +165% |
| Accrued charges and deferred income | 492/3 | €8,365 | €674 | -€7,691 | -91.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,952 | €19,089 | +€10,136 | +113% |
| Other operating charges | 640/8 | €2,885 | €2,471 | -€414 | -14.4% |
| Gross operating margin | 9900 | €475,863 | €388,918 | -€86,944 | -18.3% |
| Operating profit (loss) | 9901 | €464,025 | €367,359 | -€96,667 | -20.8% |
| Financial income | 75/76B | €29,668 | €2,525 | -€27,143 | -91.5% |
| Recurring financial income | 75 | €29,668 | €2,525 | -€27,143 | -91.5% |
| Financial charges | 65/66B | €11,971 | €7,057 | -€4,914 | -41.0% |
| Recurring financial charges | 65 | €11,971 | €7,057 | -€4,914 | -41.0% |
| Profit (loss) for the period before taxes | 9903 | €481,722 | €362,827 | -€118,896 | -24.7% |
| Income taxes | 67/77 | €104,019 | €95,453 | -€8,567 | -8.2% |
| Profit (loss) for the period | 9904 | €377,703 | €267,374 | -€110,329 | -29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €377,703 | €267,374 | -€110,329 | -29.2% |
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 19 October 2026 via checked.be.