ARGAMA: what changed
Two fiscal 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.
ARGAMA
Largest movements
- Current investments +€130,707
up €130,707 (+90.6%), from €144,294 to €275,001
- Cash -€98,381
down €98,381 (-68.9%), from €142,699 to €44,318
mainly Current investments (-€130,707) and Contributions, distributions and other (-€78,906)
- Tangible fixed assets -€8,393
down €8,393 (-38.0%), from €22,066 to €13,673
of which Furniture and vehicles: -€8,362
- Receivables within one year -€3,773
down €3,773 (-29.1%), from €12,984 to €9,211
- Other debts +€44,836
up €44,836 (+131.6%), from €34,069 to €78,906
- Reserves -€15,969
down €15,969 (-5.8%), from €274,997 to €259,028
- Tax, wage and social debts -€6,941
down €6,941 (-78.7%), from €8,816 to €1,875
- Financial charges +€12,312
up €12,312, from -€9,468 to €2,843
- Gross operating margin +€2,185
up €2,185 (+2.2%), from €100,209 to €102,393
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.
Cash bridge derived
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 | €322,569 | €343,007 | +€20,439 | +6.3% |
| Fixed assets | 21/28 | €22,066 | €13,673 | -€8,393 | -38.0% |
| Tangible fixed assets | 22/27 | €22,066 | €13,673 | -€8,393 | -38.0% |
| Furniture and vehicles | 24 | €19,833 | €11,470 | -€8,362 | -42.2% |
| Other tangible fixed assets | 26 | €2,233 | €2,203 | -€31 | -1.4% |
| Current assets | 29/58 | €300,503 | €329,334 | +€28,831 | +9.6% |
| Amounts receivable within one year | 40/41 | €12,984 | €9,211 | -€3,773 | -29.1% |
| Other amounts receivable | 41 | €12,984 | €9,211 | -€3,773 | -29.1% |
| Current investments | 50/53 | €144,294 | €275,001 | +€130,707 | +90.6% |
| Cash at bank and in hand | 54/58 | €142,699 | €44,318 | -€98,381 | -68.9% |
| Deferred charges and accrued income | 490/1 | €526 | €805 | +€279 | +53.0% |
| Total equity and liabilities | 10/49 | €322,569 | €343,007 | +€20,439 | +6.3% |
| Equity | 10/15 | €275,997 | €260,028 | -€15,969 | -5.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €274,997 | €259,028 | -€15,969 | -5.8% |
| Distributable reserves | 133 | €274,997 | €259,028 | -€15,969 | -5.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €46,572 | €82,980 | +€36,408 | +78.2% |
| Amounts payable within one year | 42/48 | €46,568 | €82,980 | +€36,411 | +78.2% |
| Trade debts | 44 | €3,684 | €2,200 | -€1,484 | -40.3% |
| Suppliers | 440/4 | €3,684 | €2,200 | -€1,484 | -40.3% |
| Taxes, remuneration and social security | 45 | €8,816 | €1,875 | -€6,941 | -78.7% |
| Taxes | 450/3 | €8,816 | €1,875 | -€6,941 | -78.7% |
| Other amounts payable | 47/48 | €34,069 | €78,906 | +€44,836 | +131.6% |
| Accrued charges and deferred income | 492/3 | €3 | €0 | -€3 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,306 | €9,549 | +€243 | +2.6% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €100,209 | €102,393 | +€2,185 | +2.2% |
| Operating profit (loss) | 9901 | €90,516 | €92,444 | +€1,929 | +2.1% |
| Financial income | 75/76B | €3,651 | €4,063 | +€412 | +11.3% |
| Recurring financial income | 75 | €3,651 | €4,063 | +€412 | +11.3% |
| Financial charges | 65/66B | -€9,468 | €2,843 | +€12,312 | |
| Recurring financial charges | 65 | -€9,468 | €2,843 | +€12,312 | |
| Profit (loss) for the period before taxes | 9903 | €103,635 | €93,664 | -€9,971 | -9.6% |
| Income taxes | 67/77 | €31,127 | €30,727 | -€399 | -1.3% |
| Profit (loss) for the period | 9904 | €72,508 | €62,936 | -€9,571 | -13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €72,508 | €62,936 | -€9,571 | -13.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.