Argan: 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.
Argan
Largest movements
- Tangible fixed assets -€240,864
down €240,864 (-5.2%), from €4.6m to €4.4m
of which Land and buildings: -€233,015
- Other debts -€4.9m
no longer reported in 2025 (was €4.9m)
- Debts after one year +€4.4m
new in 2025: €4.4m
- Current portion of long-term debt +€220,718
new in 2025: €220,718
- Gross operating margin +€134,495
up €134,495 (+46.3%), from €290,186 to €424,682
- Financial charges +€129,794
up €129,794 (+174173.8%), from €75 to €129,869
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 | €4,705,451 | €4,472,421 | -€233,030 | -5.0% |
| Fixed assets | 21/28 | €4,640,104 | €4,399,240 | -€240,864 | -5.2% |
| Tangible fixed assets | 22/27 | €4,640,104 | €4,399,240 | -€240,864 | -5.2% |
| Land and buildings | 22 | €4,572,125 | €4,339,110 | -€233,015 | -5.1% |
| Plant, machinery and equipment | 23 | €67,979 | €60,130 | -€7,849 | -11.5% |
| Current assets | 29/58 | €65,347 | €73,181 | +€7,834 | +12.0% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €4,709 | €12,195 | +€7,486 | +159.0% |
| Trade receivables | 40 | €4,708 | €12,195 | +€7,487 | +159.0% |
| Other amounts receivable | 41 | €1 | - | -€1 | |
| Cash at bank and in hand | 54/58 | €51,021 | €60,986 | +€9,966 | +19.5% |
| Deferred charges and accrued income | 490/1 | €9,617 | - | -€9,617 | |
| Total equity and liabilities | 10/49 | €4,705,451 | €4,472,421 | -€233,030 | -5.0% |
| Equity | 10/15 | -€197,397 | -€197,763 | -€365 | -0.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Outside capital | 11 | - | €50,000 | +€50,000 | |
| Other | 1109/19 | - | €50,000 | +€50,000 | |
| Profit (loss) carried forward | 14 | -€247,397 | -€247,763 | -€365 | -0.1% |
| Amounts payable | 17/49 | €4,902,848 | €4,670,184 | -€232,665 | -4.7% |
| Amounts payable after more than one year | 17 | - | €4,400,237 | +€4.4m | |
| Financial debts | 170/4 | - | €4,400,237 | +€4.4m | |
| Amounts payable within one year | 42/48 | €4,902,848 | €236,947 | -€4.7m | -95.2% |
| Current portion of amounts payable after more than one year | 42 | - | €220,718 | +€220,718 | |
| Trade debts | 44 | €6,008 | €2,394 | -€3,615 | -60.2% |
| Suppliers | 440/4 | €6,008 | €2,394 | -€3,615 | -60.2% |
| Taxes, remuneration and social security | 45 | €1,460 | €13,835 | +€12,374 | +847.3% |
| Taxes | 450/3 | €1,460 | €13,835 | +€12,374 | +847.3% |
| Other amounts payable | 47/48 | €4,895,380 | - | -€4.9m | |
| Accrued charges and deferred income | 492/3 | €0 | €33,000 | +€33,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €240,864 | €240,864 | = | 0.0% |
| Other operating charges | 640/8 | €52,628 | €54,314 | +€1,686 | +3.2% |
| Gross operating margin | 9900 | €290,186 | €424,682 | +€134,495 | +46.3% |
| Operating profit (loss) | 9901 | -€3,306 | €129,504 | +€132,809 | |
| Financial charges | 65/66B | €75 | €129,869 | +€129,794 | +174173.8% |
| Recurring financial charges | 65 | €75 | €129,869 | +€129,794 | +174173.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,380 | -€365 | +€3,015 | +89.2% |
| Profit (loss) for the period | 9904 | -€3,380 | -€365 | +€3,015 | +89.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,380 | -€365 | +€3,015 | +89.2% |
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 6 October 2026 via checked.be.