L'AGORA 19: 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
L'AGORA 19
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€694
2024 · €24,252-€23,558
Equity
€151,879
2024 · €151,185+€694
Cash
€27,261
2024 · €18,583+€8,679
Balance sheet total
€2.3m
2024 · €2.4m-€81,971
Largest movements
Assets
- Tangible fixed assets -€81,509
down €81,509 (-3.7%), from €2.2m to €2.1m
of which Land and buildings: -€75,548
Equity and liabilities
- Debts after one year -€130,850
down €130,850 (-7.6%), from €1.7m to €1.6m
- Other debts +€38,269
up €38,269 (+10.9%), from €351,201 to €389,470
Income statement
- Gross operating margin -€67,014
down €67,014 (-27.3%), from €245,199 to €178,185
- Depreciation -€38,867
down €38,867 (-29.0%), from €134,038 to €95,171
- Provisions +€9,398
new in 2025: €9,398
- Taxes -€9,209
down €9,209 (-73.7%), from €12,494 to €3,285
- Staff costs -€3,669
down €3,669 (-15.6%), from €23,571 to €19,902
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
€24,252
Gross operating margin
-€67,014
Staff costs
+€3,669
Depreciation
+€38,867
Provisions
-€9,398
Other operating charges
-€285
Other operating items
-€264
Financial charges
+€1,659
Taxes
+€9,209
Result 2025
€694
raises the resultlowers the resultnot broken down further in the accounts
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
+€150,020
Investment
-€13,662
Financing
-€127,680
Cash 2024
€18,583
From operations (derived)
+€150,020
Net result for the year
+€694
Depreciation
+€95,171
Receivables within one year
-€700
Deferred charges and accrued income
+€9,840
Provisions
+€9,398
Trade debts
+€454
Tax, wage and social debts
-€2,864
Other debts
+€38,269
Accrued charges and deferred income
-€242
Investment (derived)
-€13,662
Investment in fixed assets (net)
-€13,662
Financing
-€127,680
Debts after one year
-€130,850
Current portion of long-term debt
+€3,171
Cash 2025
€27,261
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,373,228 | €2,291,258 | -€81,971 | -3.5% |
| Fixed assets | 21/28 | €2,343,652 | €2,262,143 | -€81,509 | -3.5% |
| Tangible fixed assets | 22/27 | €2,228,027 | €2,146,518 | -€81,509 | -3.7% |
| Land and buildings | 22 | €2,209,038 | €2,133,490 | -€75,548 | -3.4% |
| Furniture and vehicles | 24 | €18,989 | €13,028 | -€5,962 | -31.4% |
| Financial fixed assets | 28 | €115,625 | €115,625 | = | 0.0% |
| Current assets | 29/58 | €29,576 | €29,115 | -€461 | -1.6% |
| Amounts receivable within one year | 40/41 | - | €700 | +€700 | |
| Trade receivables | 40 | - | €700 | +€700 | |
| Cash at bank and in hand | 54/58 | €18,583 | €27,261 | +€8,679 | +46.7% |
| Deferred charges and accrued income | 490/1 | €10,994 | €1,154 | -€9,840 | -89.5% |
| Total equity and liabilities | 10/49 | €2,373,228 | €2,291,258 | -€81,971 | -3.5% |
| Equity | 10/15 | €151,185 | €151,879 | +€694 | +0.5% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €143,453 | €143,453 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €141,593 | €141,593 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,527 | €2,221 | +€694 | +45.5% |
| Provisions and deferred taxes | 16 | - | €9,398 | +€9,398 | |
| Provisions for liabilities and charges | 160/5 | - | €9,398 | +€9,398 | |
| Major repairs and maintenance | 162 | - | €9,398 | +€9,398 | |
| Amounts payable | 17/49 | €2,222,043 | €2,129,981 | -€92,063 | -4.1% |
| Amounts payable after more than one year | 17 | €1,722,792 | €1,591,941 | -€130,850 | -7.6% |
| Financial debts | 170/4 | €1,722,792 | €1,591,941 | -€130,850 | -7.6% |
| Amounts payable within one year | 42/48 | €499,010 | €538,039 | +€39,030 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €127,681 | €130,851 | +€3,171 | +2.5% |
| Trade debts | 44 | - | €454 | +€454 | |
| Suppliers | 440/4 | - | €454 | +€454 | |
| Taxes, remuneration and social security | 45 | €20,128 | €17,264 | -€2,864 | -14.2% |
| Taxes | 450/3 | €12,494 | €15,779 | +€3,285 | +26.3% |
| Remuneration and social security | 454/9 | €7,634 | €1,485 | -€6,149 | -80.5% |
| Other amounts payable | 47/48 | €351,201 | €389,470 | +€38,269 | +10.9% |
| Accrued charges and deferred income | 492/3 | €242 | - | -€242 | |
| Remuneration, social security and pensions | 62 | €23,571 | €19,902 | -€3,669 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,038 | €95,171 | -€38,867 | -29.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €9,398 | +€9,398 | |
| Other operating charges | 640/8 | €5,137 | €5,422 | +€285 | +5.5% |
| Non-recurring operating charges | 66A | - | €264 | +€264 | |
| Gross operating margin | 9900 | €245,199 | €178,185 | -€67,014 | -27.3% |
| Operating profit (loss) | 9901 | €82,453 | €48,028 | -€34,426 | -41.8% |
| Financial charges | 65/66B | €45,707 | €44,048 | -€1,659 | -3.6% |
| Recurring financial charges | 65 | €45,707 | €44,048 | -€1,659 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €36,746 | €3,979 | -€32,767 | -89.2% |
| Income taxes | 67/77 | €12,494 | €3,285 | -€9,209 | -73.7% |
| Profit (loss) for the period | 9904 | €24,252 | €694 | -€23,558 | -97.1% |
| Profit (loss) for the period to be appropriated | 9905 | €24,252 | €694 | -€23,558 | -97.1% |
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 28 October 2026 via checked.be.