RES AGITUR: 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.
RES AGITUR
Largest movements
- Cash +€151,518
up €151,518 (+551%), from €27,505 to €179,023
mainly Other debts (+€79,053) and Receivables after one year (+€70,000)
- Receivables after one year -€70,000
no longer reported in 2025 (was €70,000)
- Tangible fixed assets -€63,445
down €63,445 (-12.7%), from €497,919 to €434,474
of which Land and buildings: -€35,880
- Receivables within one year -€30,215
down €30,215 (-82.4%), from €36,664 to €6,449
of which Other amounts receivable: -€26,031
- Current investments +€27,428
up €27,428 (+18.5%), from €148,091 to €175,519
- Other debts +€79,053
new in 2025: €79,053
- Debts after one year -€41,346
down €41,346 (-28.4%), from €145,697 to €104,351
- Current portion of long-term debt -€35,577
down €35,577 (-46.2%), from €76,923 to €41,346
- Accrued charges and deferred income +€32,841
up €32,841 (+25.7%), from €127,770 to €160,611
- Trade debts -€17,451
down €17,451 (-88.4%), from €19,734 to €2,283
- Financial charges +€39,722
up €39,722 (+17.4%), from €227,802 to €267,524
- Gross operating margin +€34,514
up €34,514 (+9.4%), from €365,569 to €400,082
- Taxes +€7,652
up €7,652 (+33.6%), from €22,786 to €30,439
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 | €780,179 | €795,465 | +€15,287 | +2.0% |
| Fixed assets | 21/28 | €497,919 | €434,474 | -€63,445 | -12.7% |
| Tangible fixed assets | 22/27 | €497,919 | €434,474 | -€63,445 | -12.7% |
| Land and buildings | 22 | €311,873 | €275,993 | -€35,880 | -11.5% |
| Plant, machinery and equipment | 23 | €6,448 | €4,676 | -€1,772 | -27.5% |
| Furniture and vehicles | 24 | €40,741 | €29,297 | -€11,444 | -28.1% |
| Other tangible fixed assets | 26 | €138,857 | €124,508 | -€14,349 | -10.3% |
| Current assets | 29/58 | €282,260 | €360,991 | +€78,731 | +27.9% |
| Amounts receivable after more than one year | 29 | €70,000 | - | -€70,000 | |
| Other amounts receivable | 291 | €70,000 | - | -€70,000 | |
| Amounts receivable within one year | 40/41 | €36,664 | €6,449 | -€30,215 | -82.4% |
| Trade receivables | 40 | €4,184 | - | -€4,184 | |
| Other amounts receivable | 41 | €32,480 | €6,449 | -€26,031 | -80.1% |
| Current investments | 50/53 | €148,091 | €175,519 | +€27,428 | +18.5% |
| Cash at bank and in hand | 54/58 | €27,505 | €179,023 | +€151,518 | +551% |
| Total equity and liabilities | 10/49 | €780,179 | €795,465 | +€15,287 | +2.0% |
| Equity | 10/15 | €383,933 | €376,852 | -€7,081 | -1.8% |
| Reserves | 13 | €383,933 | €376,852 | -€7,081 | -1.8% |
| Distributable reserves | 133 | €383,933 | €376,852 | -€7,081 | -1.8% |
| Amounts payable | 17/49 | €396,246 | €418,613 | +€22,368 | +5.6% |
| Amounts payable after more than one year | 17 | €145,697 | €104,351 | -€41,346 | -28.4% |
| Financial debts | 170/4 | €145,697 | €104,351 | -€41,346 | -28.4% |
| Amounts payable within one year | 42/48 | €122,778 | €153,651 | +€30,873 | +25.1% |
| Current portion of amounts payable after more than one year | 42 | €76,923 | €41,346 | -€35,577 | -46.2% |
| Trade debts | 44 | €19,734 | €2,283 | -€17,451 | -88.4% |
| Suppliers | 440/4 | €19,734 | €2,283 | -€17,451 | -88.4% |
| Taxes, remuneration and social security | 45 | €26,121 | €30,968 | +€4,848 | +18.6% |
| Taxes | 450/3 | €26,121 | €30,968 | +€4,848 | +18.6% |
| Other amounts payable | 47/48 | - | €79,053 | +€79,053 | |
| Accrued charges and deferred income | 492/3 | €127,770 | €160,611 | +€32,841 | +25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,700 | €66,945 | +€245 | +0.4% |
| Other operating charges | 640/8 | €666 | €1,963 | +€1,296 | +195% |
| Gross operating margin | 9900 | €365,569 | €400,082 | +€34,514 | +9.4% |
| Operating profit (loss) | 9901 | €298,202 | €331,175 | +€32,973 | +11.1% |
| Financial income | 75/76B | €5,226 | €6,915 | +€1,689 | +32.3% |
| Recurring financial income | 75 | €5,226 | €6,915 | +€1,689 | +32.3% |
| Financial charges | 65/66B | €227,802 | €267,524 | +€39,722 | +17.4% |
| Recurring financial charges | 65 | €227,802 | €267,524 | +€39,722 | +17.4% |
| Profit (loss) for the period before taxes | 9903 | €75,626 | €70,566 | -€5,060 | -6.7% |
| Income taxes | 67/77 | €22,786 | €30,439 | +€7,652 | +33.6% |
| Profit (loss) for the period | 9904 | €52,840 | €40,127 | -€12,713 | -24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €52,840 | €40,127 | -€12,713 | -24.1% |
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 18 October 2026 via checked.be.