ARGO (0457.902.851): financials and annual accounts

ARGO

Uccle ·KBO/BCE: BE 0457.902.851

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	399,581	395,683	400,366	416,986	338,777	408,269	421,082	436,840	446,998	476,131	470,858	472,230	479,834	480,914	492,404	497,117	504,896	539,125	559,700	580,017
Fixed assets`21/28`	369,913	381,145	390,791	402,984	211,226	229,882	255,434	278,643	303,726	328,810	343,790	358,949	375,107	391,597	408,087	424,146	439,221	456,874	469,541	481,532
Tangible fixed assets`22/27`	162,203	173,435	183,081	195,273	210,516	229,172	254,725	277,933	303,017	328,101	343,081	358,240	374,398	390,888	407,378	423,437	438,750	456,403	466,670	481,061
Land and buildings`22`	161,098	172,022	182,945	194,905	209,915	229,172	254,725	277,933	303,017	328,101	343,081	358,061	373,042	388,022	403,002	417,983	432,963	447,943	462,924	477,904
Plant, machinery and equipment`23`	1,104	1,413	-	-	-	-	-	-	-	-	-	-	-	-	-	-	733	1,466	2,199	2,932
Furniture and vehicles`24`	-	-	136	368	601	-	-	-	-	-	-	179	1,356	2,866	4,376	5,454	5,054	6,994	1,547	225
Financial fixed assets`28`	207,710	207,710	207,710	207,710	710	709	709	709	709	709	709	709	709	709	709	709	471	471	2,871	471
Current assets`29/58`	29,668	14,538	9,575	14,002	127,551	178,388	165,648	158,198	143,272	147,321	127,068	113,281	104,727	89,317	84,317	72,971	65,675	82,251	90,159	98,485
Stocks and contracts in progress`3`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,366	-
Stocks`30/36`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,366	-
Amounts receivable within one year`40/41`	14,515	9,036	5,844	2,698	121,687	153,983	156,086	156,014	135,207	133,298	118,774	102,926	84,937	62,861	77,734	68,101	58,976	56,398	77,110	91,982
Trade receivables`40`	1,138	-	-	-	-	1,614	-	-	-	-	-	-	-	539	538	280	-	-	-	1,071
Other amounts receivable`41`	13,377	9,036	5,844	2,698	121,687	152,369	156,086	156,014	135,207	133,298	118,774	102,926	84,937	62,322	77,196	67,821	58,976	56,398	77,110	90,911
Cash at bank and in hand`54/58`	12,534	101	1,522	3,699	79	21,338	8,474	633	79	2,304	1,701	481	12,080	17,775	-	-	-	447	666	354
Deferred charges and accrued income`490/1`	2,619	5,401	2,210	7,605	5,785	3,067	1,087	1,550	7,986	11,718	6,593	9,874	7,710	8,681	6,583	4,870	6,699	25,406	10,017	6,149
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	399,581	395,683	400,366	416,986	338,777	408,269	421,082	436,840	446,998	476,131	470,858	472,230	479,834	480,914	492,404	497,117	504,896	539,125	559,700	580,017
Equity`10/15`	200,248	174,604	143,989	120,558	100,906	147,357	144,443	130,446	118,378	104,105	96,904	80,089	71,592	60,405	51,139	41,314	37,679	39,633	39,788	36,410
Contributions`10/11`	18,171	18,171	18,171	18,171	18,171	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973
Issued capital`100`	-	-	-	-	-	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973
Contributions outside capital`11`	18,171	18,171	18,171	18,171	18,171	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other`1109/19`	18,171	18,171	18,171	18,171	18,171	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reserves`13`	79,690	54,046	23,431	-	-	6,197	6,197	6,197	6,197	6,197	6,197	6,198	6,198	6,197	6,198	6,198	6,198	6,197	6,198	6,198
Non-distributable reserves`130/1`	-	-	-	-	-	6,197	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	6,197	6,197	6,197	6,197	6,197	6,197	6,198	6,198	6,197	6,198	6,198	6,198	6,197	6,198	6,198
Distributable reserves`133`	79,690	54,046	23,431	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) carried forward`14`	102,387	102,387	102,387	102,387	82,735	79,186	76,272	62,275	50,207	35,934	28,734	11,918	3,421	-7,765	-17,032	-26,857	-30,492	-28,537	-28,383	-31,761
Provisions and deferred taxes`16`	-	-	-	-	-	-	-	-	-	22,639	-	-	-	5,779	5,779	5,779	5,779	5,779	5,779	5,779
Provisions for liabilities and charges`160/5`	-	-	-	-	-	-	-	-	-	22,639	-	-	-	5,779	5,779	5,779	5,779	5,779	5,779	5,779
Major repairs and maintenance`162`	-	-	-	-	-	-	-	-	-	22,639	-	-	-	-	-	-	-	-	-	-
Amounts payable`17/49`	199,333	221,080	256,377	296,428	237,871	260,912	276,639	306,394	328,620	349,388	373,954	392,141	408,242	414,730	435,486	450,024	461,438	493,713	514,133	537,828
Amounts payable after more than one year`17`	134,945	167,764	205,160	255,738	202,095	224,770	236,432	258,270	279,843	301,154	322,285	344,159	361,478	378,240	394,463	413,013	430,303	445,981	452,657	465,337
Financial debts`170/4`	111,770	133,096	156,260	179,259	202,095	224,770	236,432	258,270	279,843	301,154	322,285	344,159	361,478	378,240	394,463	413,013	430,303	445,981	452,657	465,337
Other amounts payable`178/9`	23,175	34,668	48,900	76,479	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts payable within one year`42/48`	62,345	50,702	48,674	40,201	35,776	35,642	40,207	47,424	48,778	48,234	51,248	47,982	46,721	33,323	37,667	35,892	29,705	43,459	59,630	72,399
Current portion of amounts payable after more than one year`42`	22,034	23,164	22,999	22,836	22,674	22,456	21,838	21,573	21,311	20,990	22,388	17,319	16,890	20,124	22,074	20,966	17,253	18,027	14,185	12,198
Financial debts`43`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,389	214	1,989	-	-	7,558
Credit institutions`430/8`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,389	214	1,989	-	-	7,558
Trade debts`44`	4,659	4,764	1,875	3,611	4,807	1,997	2,379	6,784	2,727	2,429	4,829	2,948	3,294	4,193	4,105	4,030	2,076	1,630	20,452	21,216
Suppliers`440/4`	4,659	4,764	1,875	3,611	4,807	1,997	2,379	6,784	2,727	2,429	4,829	2,948	3,294	4,193	4,105	4,030	2,076	1,630	20,452	21,216
Taxes, remuneration and social security`45`	28,552	15,675	17,200	7,154	1,694	4,590	9,390	12,468	4,889	8,795	10,761	10,045	3,867	941	2,034	2,617	852	852	853	5,927
Taxes`450/3`	28,552	15,675	17,200	7,154	1,694	4,590	9,390	12,468	4,889	8,795	10,761	10,045	3,867	941	2,034	2,617	852	852	853	5,927
Other amounts payable`47/48`	7,100	7,100	6,600	6,600	6,600	6,600	6,600	6,600	19,850	16,020	13,270	17,670	22,670	8,065	8,065	8,065	7,535	22,950	24,140	25,500
Accrued charges and deferred income`492/3`	2,043	2,614	2,544	489	-	500	-	700	-	-	421	-	43	3,167	3,356	1,119	1,430	4,273	1,846	92
Income statement
Non-recurring operating income`76A`	-	-	-	-	-	-	-	-	28	-	-	-	-	992	-	-	-	-	-	-
Gross operating margin`9900`	56,807	64,198	53,317	46,158	25,101	23,205	39,229	44,991	31,563	53,759	60,334	51,970	51,676	38,604	39,625	43,472	37,361	35,771	33,716	22,401
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	11,232	11,192	13,557	15,242	19,355	25,552	25,552	25,084	25,084	14,980	15,159	16,158	16,490	16,490	16,827	20,310	19,311	18,979	16,075	15,738
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	-	-	-	-	-	-	-	6,149	539	-	-	-	-	-	1,072	-
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-	-	-	-	-	-	-	-22,639	22,639	-	-	-5,779	-	-	-	-	-	-	5,779
Other operating charges`640/8`	5,392	5,252	5,036	4,592	4,491	4,460	4,852	11,147	4,051	4,162	5,654	2,740	3,582	4,106	4,391	4,824	5,497	4,505	2,116	3,782
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	-	860	-	3,969	1,279	-	-	-	2,766	-	-	-	-
Operating profit (loss)`9901`	40,183	47,755	34,724	26,324	1,256	-6,807	8,825	8,760	24,207	11,977	39,520	26,923	36,844	18,008	18,407	18,338	12,553	12,287	14,453	-2,898
Financial income`75/76B`	3,241	3,193	3,145	2,699	5,639	13,541	12,526	12,645	11,531	11,161	8,778	8,168	6,106	5,776	5,949	4,982	5,116	6,501	7,765	5,725
Recurring financial income`75`	3,241	3,193	3,145	2,699	5,639	13,541	12,526	12,645	11,531	11,161	8,778	8,168	6,106	5,776	5,949	4,982	5,116	6,501	7,765	5,725
Financial charges`65/66B`	4,901	4,658	2,602	2,217	2,430	3,041	3,543	3,758	4,076	4,541	9,301	12,392	12,897	14,568	14,531	16,919	19,624	18,942	18,840	19,474
Recurring financial charges`65`	4,901	4,658	2,602	2,217	2,430	3,041	3,543	3,758	4,076	4,541	9,301	12,392	12,897	14,568	14,531	16,919	19,624	18,942	18,840	19,474
Profit (loss) for the period before taxes`9903`	38,522	46,289	35,267	26,806	4,465	3,693	17,808	17,647	31,662	18,597	35,029	21,420	30,053	10,208	9,825	3,635	-1,955	-154	3,378	-16,647
Income taxes`67/77`	12,877	15,675	11,836	7,154	916	778	3,811	5,579	4,889	2,397	5,713	2,923	3,867	941	-	-	-	-	-	-
Profit (loss) for the period`9904`	25,645	30,615	23,431	19,652	3,549	2,915	13,996	12,068	26,773	16,200	29,316	18,497	26,186	9,267	9,825	3,635	-1,955	-154	3,378	-16,647
Profit (loss) for the period to be appropriated`9905`	25,645	30,615	23,431	19,652	3,549	2,915	13,996	12,068	26,773	16,200	29,316	18,497	26,186	9,267	9,825	3,635	-1,955	-154	3,378	-16,647
Appropriation of the result
Profit (loss) to be appropriated`9906`	128,032	133,002	125,818	102,387	82,735	79,186	76,272	62,275	62,707	44,934	41,234	21,918	18,421	-7,765	-17,032	-26,857	-30,492	-28,537	-28,383	-31,761
Profit (loss) brought forward from the previous period`14P`	102,387	102,387	102,387	82,735	79,186	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	25,645	30,615	23,431	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
To other reserves`6921`	25,645	30,615	23,431	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit to be distributed`694/7`	-	-	-	-	-	-	-	-	12,500	9,000	12,500	10,000	15,000	-	-	-	-	-	-	-
Directors or managers`695`	-	-	-	-	-	-	-	-	12,500	9,000	12,500	10,000	15,000	-	-	-	-	-	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	04-06-2026	2026-00147969	PDF
31-12-2024	micro format	28-05-2025	2025-00111592	PDF
31-12-2023	micro format	30-09-2024	2024-00489686	PDF
31-12-2022	micro format	15-06-2023	2023-00137229	PDF
31-12-2021	micro format	03-06-2022	2022-20052253	PDF
31-12-2020	micro format	12-03-2021	2021-07400369	PDF
31-12-2019	micro format	18-09-2020	2020-54200501	PDF
31-12-2018	micro format	30-08-2019	2019-60300100	PDF
31-12-2017	micro format	28-09-2018	2018-67000324	PDF
31-12-2016	micro format	14-07-2017	2017-31700502	PDF
31-12-2015	full format	12-08-2016	2016-42600445	PDF
31-12-2014	full format	05-08-2015	2015-40000163	PDF
31-12-2013	full format	08-08-2014	2014-41200300	PDF
31-12-2012	full format	26-09-2013	2013-59800212	PDF
31-12-2011	full format	31-08-2012	2012-53900214	PDF
31-12-2010	full format	30-09-2011	2011-57400023	PDF
31-12-2009	full format	02-11-2010	2010-59700158	PDF
31-12-2008	full format	10-06-2009	2009-22400040	PDF
31-12-2007	full format	13-06-2008	2008-22300171	PDF
31-12-2006	full format	13-06-2008	2008-22300170	PDF
31-12-2005	full format	14-12-2006	2006-90704961	PDF
31-12-2004	full format	14-07-2005	2005-47403705	PDF
31-12-2003	full format	14-06-2004	2004-23803536	PDF
31-12-2002	full format	29-09-2003	2003-69802763	PDF
31-12-2001	full format	01-07-2002	2002-31605112	PDF
31-12-2000	full format	04-10-2001	2001-61803560	PDF
31-12-1999	full format	28-12-2000	2000-78005133	PDF
31-12-1998	full format	18-11-1999	1999-58902662	PDF
31-12-1997	full format	03-08-1998	1998-38702662	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	51,415	58,947	48,281	41,566	20,610	18,745	34,377	33,844	49,290	26,958	54,679	43,081	53,334	34,498	35,234	38,648	31,864	31,266	30,528	12,840
Cash flow	36,877	41,806	36,989	34,894	22,903	28,467	39,549	37,152	51,857	31,181	44,475	34,655	42,676	25,757	26,652	23,945	17,356	18,825	19,453	-909
Investment in fixed assets (approximation)	0	1,546	1,365	207,000	699	0	2,344	0	0	0	0	0	0	0	768	4,997	1,658	8,712	4,084	19,480
Change in cash	12,433	-1,421	-2,177	3,620	-21,259	12,863	7,841	554	-2,225	603	1,220	-11,599	-5,695	-	-	-	-	-219	312	-
Working capital	-32,677	-36,163	-39,099	-26,199	91,775	142,745	125,441	110,773	94,494	99,087	75,820	65,299	58,006	55,994	46,650	37,079	35,970	38,792	30,529	26,086
Solvency	50.1%	44.1%	36.0%	28.9%	29.8%	36.1%	34.3%	29.9%	26.5%	21.9%	20.6%	17.0%	14.9%	12.6%	10.4%	8.3%	7.5%	7.4%	7.1%	6.3%
Current ratio	0.48	0.29	0.20	0.35	3.57	5.00	4.12	3.34	2.94	3.05	2.48	2.36	2.24	2.68	2.24	2.03	2.21	1.89	1.51	1.36
Quick ratio	0.48	0.29	0.20	0.35	3.57	5.00	4.12	3.34	2.94	3.05	2.48	2.36	2.24	2.68	2.24	2.03	2.21	1.89	1.47	1.36
Debt to equity	1.00	1.27	1.78	2.46	2.36	1.77	1.92	2.35	2.78	3.36	3.86	4.90	5.70	6.87	8.52	10.89	12.25	12.46	12.92	14.77
ROE	12.8%	17.5%	16.3%	16.3%	3.5%	2.0%	9.7%	9.3%	22.6%	15.6%	30.3%	23.1%	36.6%	15.3%	19.2%	8.8%	-5.2%	-0.4%	8.5%	-45.7%
ROA	6.4%	7.7%	5.9%	4.7%	1.0%	0.7%	3.3%	2.8%	6.0%	3.4%	6.2%	3.9%	5.5%	1.9%	2.0%	0.7%	-0.4%	0.0%	0.6%	-2.9%
Interest coverage	10.49	12.65	18.56	18.75	8.48	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	-	€1,546	€1,365	-	€698
Financial fixed assets	-	-	-	€207,000	€1
Depreciation and write-downs of the year	€11,232	€11,192	€13,557	€15,242	€19,355

ARGO

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Filed annual accounts

Filings

Key figures and ratios

Investments

Insights on ARGO

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