Mko Avagyan: 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.
Mko Avagyan
Largest movements
- Receivables within one year +€3,607
up €3,607 (+43.9%), from €8,211 to €11,819
of which Trade receivables: +€3,622
- Tangible fixed assets -€3,535
down €3,535 (-21.6%), from €16,384 to €12,849
of which Furniture and vehicles: -€2,150
- Cash +€3,362
up €3,362 (+110%), from €3,046 to €6,408
mainly Net result for the year (+€13,891) and Depreciation (+€3,377)
- Deferred charges and accrued income -€2,528
down €2,528 (-100%), from €2,528 to €0
- Profit (loss) carried forward +€13,891
up €13,891 (+96.9%), from -€14,334 to -€443
- Trade debts -€5,594
down €5,594 (-77.4%), from €7,227 to €1,633
- Current portion of long-term debt -€3,870
down €3,870 (-37.8%), from €10,250 to €6,380
- Other debts -€3,550
down €3,550 (-40.7%), from €8,721 to €5,171
- Tax, wage and social debts +€830
up €830 (+33.1%), from €2,505 to €3,335
- Gross operating margin +€17,778
up €17,778 (+472%), from €3,768 to €21,546
- Depreciation +€1,689
up €1,689 (+100%), from €1,688 to €3,377
- Other operating charges +€1,391
up €1,391 (+219%), from €634 to €2,025
- Taxes +€1,105
new in 2025: €1,105
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 | €30,169 | €31,076 | +€906 | +3.0% |
| Fixed assets | 21/28 | €16,384 | €12,849 | -€3,535 | -21.6% |
| Tangible fixed assets | 22/27 | €16,384 | €12,849 | -€3,535 | -21.6% |
| Plant, machinery and equipment | 23 | €6,729 | €5,345 | -€1,385 | -20.6% |
| Furniture and vehicles | 24 | €9,654 | €7,504 | -€2,150 | -22.3% |
| Current assets | 29/58 | €13,786 | €18,227 | +€4,441 | +32.2% |
| Amounts receivable within one year | 40/41 | €8,211 | €11,819 | +€3,607 | +43.9% |
| Trade receivables | 40 | €8,197 | €11,819 | +€3,622 | +44.2% |
| Other amounts receivable | 41 | €15 | €0 | -€15 | -100% |
| Cash at bank and in hand | 54/58 | €3,046 | €6,408 | +€3,362 | +110% |
| Deferred charges and accrued income | 490/1 | €2,528 | €0 | -€2,528 | -100% |
| Total equity and liabilities | 10/49 | €30,169 | €31,076 | +€906 | +3.0% |
| Equity | 10/15 | €666 | €14,557 | +€13,891 | +2,085% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,334 | -€443 | +€13,891 | +96.9% |
| Amounts payable | 17/49 | €29,503 | €16,519 | -€12,984 | -44.0% |
| Amounts payable within one year | 42/48 | €28,703 | €16,519 | -€12,184 | -42.4% |
| Current portion of amounts payable after more than one year | 42 | €10,250 | €6,380 | -€3,870 | -37.8% |
| Trade debts | 44 | €7,227 | €1,633 | -€5,594 | -77.4% |
| Suppliers | 440/4 | €7,227 | €1,633 | -€5,594 | -77.4% |
| Taxes, remuneration and social security | 45 | €2,505 | €3,335 | +€830 | +33.1% |
| Taxes | 450/3 | €2,505 | €3,335 | +€830 | +33.1% |
| Other amounts payable | 47/48 | €8,721 | €5,171 | -€3,550 | -40.7% |
| Accrued charges and deferred income | 492/3 | €800 | €0 | -€800 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,688 | €3,377 | +€1,689 | +100% |
| Other operating charges | 640/8 | €634 | €2,025 | +€1,391 | +219% |
| Gross operating margin | 9900 | €3,768 | €21,546 | +€17,778 | +472% |
| Operating profit (loss) | 9901 | €1,445 | €16,144 | +€14,698 | +1,017% |
| Financial income | 75/76B | €0 | €10 | +€10 | +102,700% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +102,700% |
| Financial charges | 65/66B | €1,111 | €1,158 | +€47 | +4.2% |
| Recurring financial charges | 65 | €1,111 | €1,158 | +€47 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €334 | €14,996 | +€14,662 | +4,389% |
| Income taxes | 67/77 | - | €1,105 | +€1,105 | |
| Profit (loss) for the period | 9904 | €334 | €13,891 | +€13,557 | +4,058% |
| Profit (loss) for the period to be appropriated | 9905 | €334 | €13,891 | +€13,557 | +4,058% |
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 15 October 2026 via checked.be.