ARGAFIN: 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.
ARGAFIN
Largest movements
- Current investments -€250,000
down €250,000 (-98.2%), from €254,593 to €4,593
- Receivables within one year +€221,652
up €221,652 (+35.6%), from €622,078 to €843,730
of which Trade receivables: +€272,450
- Cash +€142,839
up €142,839 (+52.9%), from €269,876 to €412,715
mainly Net result for the year (+€486,265) and Current investments (+€250,000)
- Intangible fixed assets -€26,321
down €26,321 (-44.2%), from €59,523 to €33,202
- Trade debts +€127,680
up €127,680 (+65.5%), from €194,795 to €322,474
- Tax, wage and social debts -€26,537
down €26,537 (-6.9%), from €384,910 to €358,373
of which Taxes: -€34,782
- Short-term financial debts -€20,390
down €20,390 (-6.8%), from €299,365 to €278,974
of which Credit institutions: -€20,390
- Other debts +€15,000
up €15,000 (+3.3%), from €461,104 to €476,104
- Turnover -€3.8m
no longer reported in 2025 (was €3.8m)
- Gross operating margin +€337,166
up €337,166 (+14.5%), from €2.3m to €2.7m
- Staff costs +€297,908
up €297,908 (+18.9%), from €1.6m to €1.9m
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 | €1,393,211 | €1,486,396 | +€93,185 | +6.7% |
| Fixed assets | 21/28 | €121,502 | €104,113 | -€17,389 | -14.3% |
| Intangible fixed assets | 21 | €59,523 | €33,202 | -€26,321 | -44.2% |
| Tangible fixed assets | 22/27 | €57,960 | €66,892 | +€8,932 | +15.4% |
| Furniture and vehicles | 24 | €54,630 | €59,793 | +€5,163 | +9.5% |
| Other tangible fixed assets | 26 | €3,331 | €7,099 | +€3,769 | +113% |
| Financial fixed assets | 28 | €4,019 | €4,019 | = | 0.0% |
| Current assets | 29/58 | €1,271,709 | €1,382,283 | +€110,574 | +8.7% |
| Amounts receivable within one year | 40/41 | €622,078 | €843,730 | +€221,652 | +35.6% |
| Trade receivables | 40 | €562,149 | €834,599 | +€272,450 | +48.5% |
| Other amounts receivable | 41 | €59,930 | €9,131 | -€50,799 | -84.8% |
| Current investments | 50/53 | €254,593 | €4,593 | -€250,000 | -98.2% |
| Cash at bank and in hand | 54/58 | €269,876 | €412,715 | +€142,839 | +52.9% |
| Deferred charges and accrued income | 490/1 | €125,161 | €121,244 | -€3,917 | -3.1% |
| Total equity and liabilities | 10/49 | €1,393,211 | €1,486,396 | +€93,185 | +6.7% |
| Equity | 10/15 | €39,205 | €50,470 | +€11,265 | +28.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,386 | €4,386 | = | 0.0% |
| Distributable reserves | 133 | €4,386 | €4,386 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,218 | €27,484 | +€11,265 | +69.5% |
| Amounts payable | 17/49 | €1,354,006 | €1,435,925 | +€81,919 | +6.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,353,761 | €1,435,925 | +€82,164 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €13,588 | €0 | -€13,588 | -100% |
| Financial debts | 43 | €299,365 | €278,974 | -€20,390 | -6.8% |
| Credit institutions | 430/8 | €299,365 | €278,974 | -€20,390 | -6.8% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €194,795 | €322,474 | +€127,680 | +65.5% |
| Suppliers | 440/4 | €194,795 | €322,474 | +€127,680 | +65.5% |
| Taxes, remuneration and social security | 45 | €384,910 | €358,373 | -€26,537 | -6.9% |
| Taxes | 450/3 | €86,695 | €51,913 | -€34,782 | -40.1% |
| Remuneration and social security | 454/9 | €298,215 | €306,460 | +€8,245 | +2.8% |
| Other amounts payable | 47/48 | €461,104 | €476,104 | +€15,000 | +3.3% |
| Accrued charges and deferred income | 492/3 | €245 | €0 | -€245 | -100% |
| Turnover | 70 | €3,819,353 | - | -€3.8m | |
| Remuneration, social security and pensions | 62 | €1,576,216 | €1,874,124 | +€297,908 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,929 | €61,052 | +€7,123 | +13.2% |
| Other operating charges | 640/8 | €2,685 | €2,980 | +€295 | +11.0% |
| Gross operating margin | 9900 | €2,328,724 | €2,665,891 | +€337,166 | +14.5% |
| Operating profit (loss) | 9901 | €695,894 | €727,735 | +€31,840 | +4.6% |
| Financial income | 75/76B | €2,486 | €2,023 | -€463 | -18.6% |
| Recurring financial income | 75 | €2,486 | €2,023 | -€463 | -18.6% |
| Financial charges | 65/66B | €51,800 | €55,010 | +€3,210 | +6.2% |
| Recurring financial charges | 65 | €51,800 | €55,010 | +€3,210 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €646,580 | €674,747 | +€28,168 | +4.4% |
| Income taxes | 67/77 | €180,708 | €188,482 | +€7,774 | +4.3% |
| Profit (loss) for the period | 9904 | €465,872 | €486,265 | +€20,393 | +4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €465,872 | €486,265 | +€20,393 | +4.4% |
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 16 October 2026 via checked.be.