ARGA: 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.
ARGA
Largest movements
- Tangible fixed assets -€85,886
down €85,886 (-8.8%), from €973,618 to €887,732
- Cash +€41,980
up €41,980 (+119%), from €35,161 to €77,141
mainly Depreciation (+€118,538) and Net result for the year (+€50,711)
- Intangible fixed assets -€24,350
down €24,350 (-8.2%), from €296,238 to €271,888
- Debts after one year -€83,765
down €83,765 (-11.2%), from €748,071 to €664,306
- Reserves -€64,800
down €64,800 (-13.9%), from €466,750 to €401,950
- Other debts +€50,446
up €50,446 (+80.5%), from €62,700 to €113,146
- Tax, wage and social debts +€20,448
up €20,448 (+37.1%), from €55,127 to €75,574
of which Remuneration and social security: +€14,331
- Depreciation -€31,800
down €31,800 (-21.2%), from €150,338 to €118,538
- Staff costs +€24,136
up €24,136 (+8.3%), from €291,184 to €315,321
- Financial charges +€6,008
up €6,008 (+46.5%), from €12,915 to €18,924
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 | €1,452,880 | €1,382,084 | -€70,796 | -4.9% |
| Fixed assets | 21/28 | €1,269,980 | €1,159,744 | -€110,236 | -8.7% |
| Intangible fixed assets | 21 | €296,238 | €271,888 | -€24,350 | -8.2% |
| Tangible fixed assets | 22/27 | €973,618 | €887,732 | -€85,886 | -8.8% |
| Land and buildings | 22 | €618,507 | €584,851 | -€33,656 | -5.4% |
| Plant, machinery and equipment | 23 | €34,885 | €31,159 | -€3,726 | -10.7% |
| Furniture and vehicles | 24 | €64,108 | €45,709 | -€18,399 | -28.7% |
| Other tangible fixed assets | 26 | €256,118 | €226,013 | -€30,105 | -11.8% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €182,900 | €222,340 | +€39,441 | +21.6% |
| Amounts receivable within one year | 40/41 | €3,044 | - | -€3,044 | |
| Trade receivables | 40 | €1,050 | - | -€1,050 | |
| Other amounts receivable | 41 | €1,994 | - | -€1,994 | |
| Current investments | 50/53 | €86,915 | €86,915 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €35,161 | €77,141 | +€41,980 | +119% |
| Deferred charges and accrued income | 490/1 | €57,780 | €58,284 | +€504 | +0.9% |
| Total equity and liabilities | 10/49 | €1,452,880 | €1,382,084 | -€70,796 | -4.9% |
| Equity | 10/15 | €469,753 | €404,964 | -€64,789 | -13.8% |
| Reserves | 13 | €466,750 | €401,950 | -€64,800 | -13.9% |
| Distributable reserves | 133 | €466,750 | €401,950 | -€64,800 | -13.9% |
| Profit (loss) carried forward | 14 | €3,003 | €3,014 | +€11 | +0.4% |
| Amounts payable | 17/49 | €983,127 | €977,120 | -€6,006 | -0.6% |
| Amounts payable after more than one year | 17 | €748,071 | €664,306 | -€83,765 | -11.2% |
| Financial debts | 170/4 | €748,071 | €664,306 | -€83,765 | -11.2% |
| Amounts payable within one year | 42/48 | €231,631 | €305,928 | +€74,297 | +32.1% |
| Current portion of amounts payable after more than one year | 42 | €82,227 | €83,765 | +€1,538 | +1.9% |
| Trade debts | 44 | €31,577 | €33,441 | +€1,865 | +5.9% |
| Suppliers | 440/4 | €31,577 | €33,441 | +€1,865 | +5.9% |
| Taxes, remuneration and social security | 45 | €55,127 | €75,574 | +€20,448 | +37.1% |
| Taxes | 450/3 | €7,164 | €13,281 | +€6,117 | +85.4% |
| Remuneration and social security | 454/9 | €47,963 | €62,293 | +€14,331 | +29.9% |
| Other amounts payable | 47/48 | €62,700 | €113,146 | +€50,446 | +80.5% |
| Accrued charges and deferred income | 492/3 | €3,425 | €6,887 | +€3,462 | +101% |
| Non-recurring operating income | 76A | €10,593 | €50 | -€10,543 | -99.5% |
| Remuneration, social security and pensions | 62 | €291,184 | €315,321 | +€24,136 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,338 | €118,538 | -€31,800 | -21.2% |
| Other operating charges | 640/8 | €5,962 | €7,135 | +€1,173 | +19.7% |
| Gross operating margin | 9900 | €538,982 | €534,008 | -€4,974 | -0.9% |
| Operating profit (loss) | 9901 | €91,497 | €93,014 | +€1,517 | +1.7% |
| Financial income | 75/76B | €454 | €262 | -€191 | -42.2% |
| Recurring financial income | 75 | €454 | €262 | -€191 | -42.2% |
| Financial charges | 65/66B | €12,915 | €18,924 | +€6,008 | +46.5% |
| Recurring financial charges | 65 | €12,915 | €18,924 | +€6,008 | +46.5% |
| Profit (loss) for the period before taxes | 9903 | €79,036 | €74,353 | -€4,683 | -5.9% |
| Income taxes | 67/77 | €23,976 | €23,642 | -€334 | -1.4% |
| Profit (loss) for the period | 9904 | €55,060 | €50,711 | -€4,349 | -7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €55,060 | €50,711 | -€4,349 | -7.9% |
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 22 October 2026 via checked.be.