ARGUMA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 19 filings
Turnover
≈ €190,000
Estimated: probably between €140,000 and €280,000
Total assets
€273,240▲ 35.9%
2024 · €201,088
Net result
€68,038▼ 49.3%
2024 · €134,168
Working capital
-€5,090▲ 84.7%
2024 · -€33,333
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€101,512
▲ 89.1%
2025
20182025
Net result
€68,038
▼ 49.3%
2025
highest quarter of the sector
20182025
Equity
€161,394
▲ 17.5%
2025
highest quarter of the sector
20182025
Total assets
€273,240
▲ 35.9%
2025
middle half of the sector
20182025
Debt
€111,846
▲ 75.6%
2025
20182025
Working capital
-€5,090
▲ 84.7%
2025
lowest quarter of the sector
20182025
Solvency
59.1%
▼ 9.3pp
2025
middle half of the sector
20182025
Current ratio
0.95
▲ 0.51
2025
middle half of the sector
20182025
Return on assets (ROA)
24.9%
▼ 41.8pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€33,033-€31,573▼ 4.4%€35,603▲ 12.8%€14,378▼ 59.6%€15,714▲ 9.3%€27,714▲ 76.4%€53,680▲ 93.7%€101,512▲ 89.1%
Net result€25,998-€21,139▼ 18.7%€22,911within the sector's middle half▲ 8.4%€9,126within the sector's middle half▼ 60.2%€9,310within the sector's middle half▲ 2.0%€18,158within the sector's middle half▲ 95.0%€134,168above the sector's middle half▲ 639%€68,038above the sector's middle half▼ 49.3%
Equity€155,594-€176,732▲ 13.6%€199,643above the sector's middle half▲ 13.0%€208,769above the sector's middle half▲ 4.6%€218,079above the sector's middle half▲ 4.5%€236,237above the sector's middle half▲ 8.3%€137,405within the sector's middle half▼ 41.8%€161,394above the sector's middle half▲ 17.5%
Total assets€230,275-€235,486▲ 2.3%€263,933within the sector's middle half▲ 12.1%€298,580within the sector's middle half▲ 13.1%€298,269within the sector's middle half▼ 0.1%€304,777within the sector's middle half▲ 2.2%€201,088within the sector's middle half▼ 34.0%€273,240within the sector's middle half▲ 35.9%
Debt€74,681-€58,753▼ 21.3%€64,290▲ 9.4%€89,811▲ 39.7%€80,190▼ 10.7%€68,540▼ 14.5%€63,684▼ 7.1%€111,846▲ 75.6%
Working capital-€25,623--€1,344▲ 94.8%€27,023within the sector's middle half€31,057within the sector's middle half▲ 14.9%€46,073within the sector's middle half▲ 48.3%€65,880within the sector's middle half▲ 43.0%-€33,333below the sector's middle half-€5,090below the sector's middle half▲ 84.7%
Solvency67.6%-75.1%▲ 7.5pp75.6%above the sector's middle half▲ 0.6pp69.9%within the sector's middle half▼ 5.7pp73.1%above the sector's middle half▲ 3.2pp77.5%above the sector's middle half▲ 4.4pp68.3%within the sector's middle half▼ 9.2pp59.1%within the sector's middle half▼ 9.3pp
Current ratio0.66-0.98▲ 0.321.42within the sector's middle half▲ 0.441.47within the sector's middle half▲ 0.051.72within the sector's middle half▲ 0.262.12within the sector's middle half▲ 0.400.45below the sector's middle half▼ 1.670.95within the sector's middle half▲ 0.51
Return on assets (ROA)11.3%-9.0%▼ 2.3pp8.7%within the sector's middle half▼ 0.3pp3.1%within the sector's middle half▼ 5.6pp3.1%within the sector's middle half▲ 0.1pp6.0%within the sector's middle half▲ 2.8pp66.7%above the sector's middle half▲ 60.8pp24.9%within the sector's middle half▼ 41.8pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 89% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €273,240
Fixed assets
€166,484 ▼ 4.3%
Current assets
€106,756 ▲ 295%
Equity and liabilities €273,240
Equity
€161,394 ▲ 17.5%
Debt
€111,846 ▲ 75.6%
Debt's share of the balance-sheet total rises from 31.7% to 40.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€109,062▲
2024 · €61,107
Cash flow
€75,589▼
2024 · €141,594
Debt to equity
0.69▲
2024 · 0.46
ROE
42.2%▼
2024 · 97.6%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€111,846▲
2024 · €60,387
Income taxes
€33,111▲
2024 · €18,112
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €37,132 | - | - | €1,240 | - |
| Depreciation and write-downs of the year | €8,935 | €12,411 | €8,185 | €7,426 | €7,550 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,175 | €6,934 | €5,456 | €8,935 | €12,411 | €8,185 | €7,426 | €7,550 | ▲ 1.7% |
| Other operating charges640/8 | - | - | - | €2,361 | €1,535 | €1,187 | €858 | €727 | ▼ 15.3% |
| Gross operating margin9900 | €40,080 | €39,255 | €41,869 | €25,675 | €29,660 | €37,087 | €61,964 | €109,789 | ▲ 77.2% |
| Operating profit (loss)9901 | €33,033 | €31,573 | €35,603 | €14,378 | €15,714 | €27,714 | €53,680 | €101,512 | ▲ 89.1% |
| Financial income75/76B | - | - | - | €0 | €0 | €1 | €98,872 | €3 | ▼ 100.0% |
| Recurring financial income75 | - | €3 | €1 | €0 | €0 | €1 | €98,872 | €3 | ▼ 100.0% |
| Financial charges65/66B | - | - | - | €234 | €484 | €215 | €272 | €365 | ▲ 34.1% |
| Recurring financial charges65 | €171 | €123 | €132 | €234 | €484 | €215 | €272 | €365 | ▲ 34.1% |
| Profit (loss) for the period before taxes9903 | €32,862 | €31,453 | €35,472 | €14,145 | €15,230 | €27,500 | €152,280 | €101,150 | ▼ 33.6% |
| Income taxes67/77 | €6,864 | €10,314 | €12,561 | €5,019 | €5,920 | €9,342 | €18,112 | €33,111 | ▲ 82.8% |
| Profit (loss) for the period9904 | €25,998 | €21,139 | €22,911 | €9,126 | €9,310 | €18,158 | €134,168 | €68,038 | ▼ 49.3% |
| Profit (loss) for the period to be appropriated9905 | €25,998 | €21,139 | €22,911 | €9,126 | €9,310 | €18,158 | €134,168 | €68,038 | ▼ 49.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €230,275 | €235,486 | €263,933 | €298,580 | €298,269 | €304,777 | €201,088 | €273,240 | ▲ 35.9% |
| Fixed assets21/28 | €181,216 | €178,077 | €172,620 | €200,817 | €188,406 | €180,221 | €174,034 | €166,484 | ▼ 4.3% |
| Tangible fixed assets22/27 | €19,324 | €16,184 | €10,728 | €38,925 | €26,514 | €18,329 | €12,142 | €4,592 | ▼ 62.2% |
| Plant, machinery and equipment23 | - | - | - | €1,992 | €1,571 | €1,150 | €1,969 | €1,425 | ▼ 27.7% |
| Furniture and vehicles24 | - | - | - | €36,933 | €24,943 | €17,178 | €10,173 | €3,167 | ▼ 68.9% |
| Financial fixed assets28 | €161,892 | €161,892 | €161,892 | €161,892 | €161,892 | €161,892 | €161,892 | €161,892 | = |
| Current assets29/58 | €49,058 | €57,409 | €91,313 | €97,763 | €109,862 | €124,556 | €27,054 | €106,756 | ▲ 295% |
| Amounts receivable within one year40/41 | €9,099 | €20,336 | €15,507 | €20,889 | €12,479 | €12,887 | €14,475 | €67,276 | ▲ 365% |
| Trade receivables40 | - | - | - | €17,908 | €9,499 | €12,887 | €14,475 | €67,276 | ▲ 365% |
| Other amounts receivable41 | - | - | - | €2,981 | €2,981 | - | - | - | - |
| Current investments50/53 | €624 | €626 | €626 | €626 | €626 | €626 | €629 | €12,428 | ▲ 20× |
| Cash at bank and in hand54/58 | €39,335 | €36,448 | €75,179 | €76,248 | €96,757 | €111,043 | €11,950 | €27,052 | ▲ 126% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €230,275 | €235,486 | €263,933 | €298,580 | €298,269 | €304,777 | €201,088 | €273,240 | ▲ 35.9% |
| Equity10/15 | €155,594 | €176,732 | €199,643 | €208,769 | €218,079 | €236,237 | €137,405 | €161,394 | ▲ 17.5% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €20,460 | €20,460 | €20,460 | = |
| Contributions outside capital11 | - | - | - | €18,600 | - | - | - | - | - |
| Other1109/19 | - | - | - | €18,600 | - | - | - | - | - |
| Reserves13 | €1,860 | €22,999 | €45,910 | €55,035 | €64,345 | €80,644 | €116,945 | €140,934 | ▲ 20.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €53,175 | €62,485 | €80,644 | €116,945 | €140,934 | ▲ 20.5% |
| Profit (loss) carried forward14 | €135,134 | €135,134 | €135,134 | €135,134 | €135,134 | €135,134 | - | - | - |
| Amounts payable17/49 | €74,681 | €58,753 | €64,290 | €89,811 | €80,190 | €68,540 | €63,684 | €111,846 | ▲ 75.6% |
| Amounts payable after more than one year17 | - | - | - | €23,106 | €16,400 | €9,864 | €3,296 | - | - |
| Financial debts170/4 | - | - | - | €23,106 | €16,400 | €9,864 | €3,296 | - | - |
| Amounts payable within one year42/48 | €74,681 | €58,753 | €64,290 | €66,706 | €63,789 | €58,675 | €60,387 | €111,846 | ▲ 85.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,272 | €6,705 | €6,536 | €6,568 | €3,296 | ▼ 49.8% |
| Trade debts44 | €5,101 | €265 | €2,245 | €3,311 | €4,084 | €10,513 | €3,924 | €4,557 | ▲ 16.1% |
| Suppliers440/4 | - | - | - | €3,311 | €4,084 | €10,513 | €3,924 | €4,557 | ▲ 16.1% |
| Taxes, remuneration and social security45 | - | - | - | €6,993 | €11,921 | €10,936 | €23,750 | €35,569 | ▲ 49.8% |
| Taxes450/3 | - | - | - | €6,993 | €11,921 | €10,936 | €19,706 | €31,525 | ▲ 60.0% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €4,044 | €4,044 | = |
| Other amounts payable47/48 | - | - | - | €50,130 | €41,079 | €30,690 | €26,145 | €68,424 | ▲ 162% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €25,998 | €21,139 | €22,911 | €9,126 | €9,310 | €18,158 | €134,168 | €68,038 | ▼ 49.3% |
| + Depreciation and write-downs630 | €6,175 | €6,934 | €5,456 | €8,935 | €12,411 | €8,185 | €7,426 | €7,550 | ▲ 1.7% |
| Operating cash flow (approximation) | €32,173 | €28,073 | €28,367 | €18,061 | €21,721 | €26,344 | €141,594 | €75,589 | ▼ 46.6% |
| Investment in fixed assets (approximation) | - | -€3,794 | €0 | -€37,132 | €0 | €0 | -€1,240 | €0 | - |
| Change in cash | - | -€2,887 | €38,731 | €1,068 | €20,509 | €14,286 | -€99,093 | €15,102 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00343200 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00346924 | |
| 31-12-2023 | micro format | 05-07-2024 | 2024-00213138 | |
| 31-12-2022 | micro format | 23-08-2023 | 2023-00343973 | |
| 31-12-2021 | micro format | 27-08-2022 | 2022-20328382 | |
| 31-12-2020 | micro format | 27-08-2021 | 2021-54500139 | |
| 31-12-2019 | micro format | 27-08-2020 | 2020-45100011 | |
| 31-12-2018 | micro format | 19-08-2019 | 2019-46900474 | |
| 31-12-2017 | micro format | 23-08-2018 | 2018-48100563 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-49000058 |