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
- Cash -€170,862
down €170,862 (-81.4%), from €209,786 to €38,924
mainly Investment in fixed assets (net) (-€1.2m) and Debts after one year (-€564,166)
- Tangible fixed assets +€148,165
up €148,165 (+4.9%), from €3.0m to €3.2m
of which Furniture and vehicles: +€149,896
- Receivables within one year +€104,900
up €104,900 (+2105.4%), from €4,982 to €109,882
of which Trade receivables: +€105,367
- Current portion of long-term debt +€565,186
new in 2025: €565,186
- Debts after one year -€564,166
down €564,166 (-31.1%), from €1.8m to €1.3m
- Reserves +€146,120
up €146,120 (+20.3%), from €719,171 to €865,291
of which Distributable reserves: +€146,120
- Other debts -€37,284
down €37,284 (-16.7%), from €222,793 to €185,509
- Gross operating margin +€223,305
up €223,305 (+16.5%), from €1.4m to €1.6m
- Depreciation +€68,128
up €68,128 (+6.7%), from €1.0m to €1.1m
- Taxes +€34,412
up €34,412 (+40.5%), from €85,018 to €119,429
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 | €3,257,847 | €3,347,727 | +€89,881 | +2.8% |
| Fixed assets | 21/28 | €3,039,094 | €3,187,259 | +€148,165 | +4.9% |
| Tangible fixed assets | 22/27 | €3,039,094 | €3,187,259 | +€148,165 | +4.9% |
| Plant, machinery and equipment | 23 | €4,988 | €3,257 | -€1,731 | -34.7% |
| Furniture and vehicles | 24 | €3,034,105 | €3,184,002 | +€149,896 | +4.9% |
| Current assets | 29/58 | €218,753 | €160,468 | -€58,285 | -26.6% |
| Amounts receivable within one year | 40/41 | €4,982 | €109,882 | +€104,900 | +2105.4% |
| Trade receivables | 40 | - | €105,367 | +€105,367 | |
| Other amounts receivable | 41 | €4,982 | €4,515 | -€467 | -9.4% |
| Cash at bank and in hand | 54/58 | €209,786 | €38,924 | -€170,862 | -81.4% |
| Deferred charges and accrued income | 490/1 | €3,985 | €11,663 | +€7,678 | +192.7% |
| Total equity and liabilities | 10/49 | €3,257,847 | €3,347,727 | +€89,881 | +2.8% |
| Equity | 10/15 | €725,371 | €871,491 | +€146,120 | +20.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €719,171 | €865,291 | +€146,120 | +20.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €717,311 | €863,431 | +€146,120 | +20.4% |
| Amounts payable | 17/49 | €2,532,475 | €2,476,236 | -€56,239 | -2.2% |
| Amounts payable after more than one year | 17 | €1,814,946 | €1,250,781 | -€564,166 | -31.1% |
| Financial debts | 170/4 | €1,814,946 | €1,250,781 | -€564,166 | -31.1% |
| Amounts payable within one year | 42/48 | €717,178 | €1,199,668 | +€482,490 | +67.3% |
| Current portion of amounts payable after more than one year | 42 | - | €565,186 | +€565,186 | |
| Financial debts | 43 | €400,000 | €400,000 | = | 0.0% |
| Credit institutions | 430/8 | €400,000 | €400,000 | = | 0.0% |
| Trade debts | 44 | €13,712 | - | -€13,712 | |
| Suppliers | 440/4 | €13,712 | - | -€13,712 | |
| Advances received on contracts in progress | 46 | €10,997 | - | -€10,997 | |
| Taxes, remuneration and social security | 45 | €69,676 | €48,973 | -€20,703 | -29.7% |
| Taxes | 450/3 | €69,676 | €48,973 | -€20,703 | -29.7% |
| Other amounts payable | 47/48 | €222,793 | €185,509 | -€37,284 | -16.7% |
| Accrued charges and deferred income | 492/3 | €352 | €25,788 | +€25,436 | +7236.4% |
| Non-recurring operating income | 76A | €126,772 | €129,488 | +€2,717 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,010,411 | €1,078,539 | +€68,128 | +6.7% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Non-recurring operating charges | 66A | €5,612 | €54,714 | +€49,102 | +875.0% |
| Gross operating margin | 9900 | €1,357,144 | €1,580,449 | +€223,305 | +16.5% |
| Operating profit (loss) | 9901 | €341,003 | €447,077 | +€106,073 | +31.1% |
| Financial charges | 65/66B | €76,931 | €89,805 | +€12,873 | +16.7% |
| Recurring financial charges | 65 | €76,931 | €89,805 | +€12,873 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | €264,072 | €357,272 | +€93,200 | +35.3% |
| Income taxes | 67/77 | €85,018 | €119,429 | +€34,412 | +40.5% |
| Profit (loss) for the period | 9904 | €179,054 | €237,842 | +€58,788 | +32.8% |
| Profit (loss) for the period to be appropriated | 9905 | €179,054 | €237,842 | +€58,788 | +32.8% |
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 5 October 2026 via checked.be.