THE AGENCY: 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.
THE AGENCY
Largest movements
- Tangible fixed assets -€1,063
no longer reported in 2025 (was €1,063)
- Receivables within one year -€246
down €246 (-13.6%), from €1,810 to €1,565
of which Trade receivables: -€549
- Cash +€131
up €131 (+271%), from €48 to €179
mainly Short-term financial debts (+€7,890) and Depreciation (+€1,063)
- Short-term financial debts +€7,890
up €7,890 (+4.3%), from €185,389 to €193,279
- Trade debts -€3,806
down €3,806 (-89.9%), from €4,233 to €427
- Profit (loss) carried forward -€3,437
down €3,437 (-1.1%), from -€322,816 to -€326,253
- Tax, wage and social debts -€1,888
down €1,888 (-87.3%), from €2,164 to €276
- Accrued charges and deferred income +€63
up €63 (+2.5%), from €2,452 to €2,515
- Gross operating margin -€22,558
down €22,558, from €20,556 to -€2,002
- Financial income +€666
new in 2025: €666
- Financial charges +€391
up €391 (+158%), from €247 to €638
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 | €2,922 | €1,744 | -€1,178 | -40.3% |
| Fixed assets | 21/28 | €1,063 | - | -€1,063 | |
| Tangible fixed assets | 22/27 | €1,063 | - | -€1,063 | |
| Plant, machinery and equipment | 23 | €1,063 | - | -€1,063 | |
| Current assets | 29/58 | €1,859 | €1,744 | -€115 | -6.2% |
| Amounts receivable within one year | 40/41 | €1,810 | €1,565 | -€246 | -13.6% |
| Trade receivables | 40 | €1,777 | €1,228 | -€549 | -30.9% |
| Other amounts receivable | 41 | €33 | €336 | +€303 | +909% |
| Cash at bank and in hand | 54/58 | €48 | €179 | +€131 | +271% |
| Total equity and liabilities | 10/49 | €2,922 | €1,744 | -€1,178 | -40.3% |
| Equity | 10/15 | -€191,316 | -€194,753 | -€3,437 | -1.8% |
| Contributions | 10/11 | €131,500 | €131,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€322,816 | -€326,253 | -€3,437 | -1.1% |
| Amounts payable | 17/49 | €194,238 | €196,497 | +€2,259 | +1.2% |
| Amounts payable within one year | 42/48 | €191,786 | €193,982 | +€2,196 | +1.1% |
| Financial debts | 43 | €185,389 | €193,279 | +€7,890 | +4.3% |
| Other loans | 439 | €185,389 | €193,279 | +€7,890 | +4.3% |
| Trade debts | 44 | €4,233 | €427 | -€3,806 | -89.9% |
| Suppliers | 440/4 | €4,233 | €427 | -€3,806 | -89.9% |
| Taxes, remuneration and social security | 45 | €2,164 | €276 | -€1,888 | -87.3% |
| Taxes | 450/3 | €2,164 | €276 | -€1,888 | -87.3% |
| Accrued charges and deferred income | 492/3 | €2,452 | €2,515 | +€63 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,142 | €1,063 | -€78 | -6.8% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €20,556 | -€2,002 | -€22,558 | |
| Operating profit (loss) | 9901 | €19,027 | -€3,465 | -€22,492 | |
| Financial income | 75/76B | - | €666 | +€666 | |
| Recurring financial income | 75 | - | €666 | +€666 | |
| Financial charges | 65/66B | €247 | €638 | +€391 | +158% |
| Recurring financial charges | 65 | €247 | €638 | +€391 | +158% |
| Profit (loss) for the period before taxes | 9903 | €18,780 | -€3,437 | -€22,217 | |
| Income taxes | 67/77 | €197 | - | -€197 | |
| Profit (loss) for the period | 9904 | €18,582 | -€3,437 | -€22,019 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,582 | -€3,437 | -€22,019 |
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 1 November 2026 via checked.be.