ARGEA: 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.
What changed
ARGEA
NACE 42.220, Construction of utility projects for electricity and telecommunications
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.9m
2024 · €1.7m+€1.1m
Equity
€10.7m
2024 · €10.6m+€41,097
Cash
€8.8m
2024 · €3.3m+€5.5m
Balance sheet total
€34.9m
2024 · €32.8m+€2.1m
Largest movements
Assets
- Cash +€5.5m
up €5.5m (+168.5%), from €3.3m to €8.8m
mainly Receivables within one year (+€4.7m) and Net result for the year (+€2.9m)
- Receivables within one year -€4.7m
down €4.7m (-21.4%), from €21.7m to €17.0m
of which Trade receivables: -€4.6m
- Tangible fixed assets +€1.1m
up €1.1m (+195.5%), from €576,516 to €1.7m
of which Leasing and similar rights: +€1.1m
- Stocks and contracts +€547,111
up €547,111 (+9.8%), from €5.6m to €6.1m
of which Contracts in progress: +€797,860
- Deferred charges and accrued income -€459,386
down €459,386 (-65.7%), from €699,537 to €240,151
Equity and liabilities
- Other debts +€2.1m
up €2.1m (+276.0%), from €751,234 to €2.8m
- Trade debts -€1.1m
down €1.1m (-7.6%), from €14.4m to €13.3m
- Accrued charges and deferred income -€800,597
down €800,597 (-84.2%), from €950,490 to €149,893
- Provisions +€756,001
up €756,001 (+26.7%), from €2.8m to €3.6m
- Debts after one year +€717,552
up €717,552 (+366.0%), from €196,043 to €913,595
Income statement
- Turnover +€9.1m
up €9.1m (+14.3%), from €63.8m to €72.9m
- Goods and materials +€4.7m
up €4.7m (+21.1%), from €22.5m to €27.2m
of which Purchases: +€5.1m
- Services and other goods +€1.5m
up €1.5m (+7.9%), from €19.5m to €21.0m
- Provisions +€1.4m
up €1.4m, from -€644,993 to €756,001
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.
Result 2024
€1.7m
Turnover
+€9.1m
Other operating income
+€159,444
Goods and materials
-€4.7m
Services and other goods
-€1.5m
Staff costs
-€315,988
Depreciation
-€119,111
Provisions
-€1.4m
Other operating charges
+€11,489
Other operating items
+€107,240
Financial income
+€25,456
Financial charges
-€44,323
Taxes
-€169,377
Result 2025
€2.9m
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.
From operations
+€8.7m
Investment
-€1.4m
Financing
-€1.8m
Cash 2024
€3.3m
From operations (derived)
+€8.7m
Net result for the year
+€2.9m
Depreciation
+€283,516
Stocks and contracts
-€547,111
Receivables within one year
+€4.7m
Deferred charges and accrued income
+€459,386
Provisions
+€756,001
Trade debts
-€1.1m
Tax, wage and social debts
+€58,638
Other debts
+€2.1m
Accrued charges and deferred income
-€800,597
Investment (derived)
-€1.4m
Investment in fixed assets (net)
-€1.4m
Financing
-€1.8m
Debts after one year
+€717,552
Current portion of long-term debt
+€309,297
Contributions, distributions and other
-€2.8m
Cash 2025
€8.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €32,790,602 | €34,857,706 | +€2.1m | +6.3% |
| Fixed assets | 21/28 | €1,557,894 | €2,684,321 | +€1.1m | +72.3% |
| Tangible fixed assets | 22/27 | €576,516 | €1,703,848 | +€1.1m | +195.5% |
| Land and buildings | 22 | €5,578 | €5,578 | = | 0.0% |
| Plant, machinery and equipment | 23 | €194,277 | €201,013 | +€6,736 | +3.5% |
| Furniture and vehicles | 24 | €22,590 | €69,365 | +€46,776 | +207.1% |
| Leasing and similar rights | 25 | €291,804 | €1,393,288 | +€1.1m | +377.5% |
| Other tangible fixed assets | 26 | €62,268 | €34,604 | -€27,664 | -44.4% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €981,378 | €980,473 | -€905 | -0.1% |
| Affiliated companies | 280/1 | €918,732 | €918,732 | = | 0.0% |
| Participating interests | 280 | €918,732 | €918,732 | = | 0.0% |
| Other financial fixed assets | 284/8 | €62,646 | €61,741 | -€905 | -1.4% |
| Shares | 284 | €3,739 | €3,739 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €58,907 | €58,002 | -€905 | -1.5% |
| Current assets | 29/58 | €31,232,708 | €32,173,385 | +€940,678 | +3.0% |
| Stocks and contracts in progress | 3 | €5,565,217 | €6,112,329 | +€547,111 | +9.8% |
| Stocks | 30/36 | €1,003,602 | €752,853 | -€250,749 | -25.0% |
| Raw materials and consumables | 30/31 | €1,003,602 | €752,853 | -€250,749 | -25.0% |
| Contracts in progress | 37 | €4,561,615 | €5,359,476 | +€797,860 | +17.5% |
| Amounts receivable within one year | 40/41 | €21,700,832 | €17,049,011 | -€4.7m | -21.4% |
| Trade receivables | 40 | €20,998,773 | €16,359,444 | -€4.6m | -22.1% |
| Other amounts receivable | 41 | €702,059 | €689,567 | -€12,492 | -1.8% |
| Cash at bank and in hand | 54/58 | €3,267,121 | €8,771,895 | +€5.5m | +168.5% |
| Deferred charges and accrued income | 490/1 | €699,537 | €240,151 | -€459,386 | -65.7% |
| Total equity and liabilities | 10/49 | €32,790,602 | €34,857,706 | +€2.1m | +6.3% |
| Equity | 10/15 | €10,633,963 | €10,675,060 | +€41,097 | +0.4% |
| Contributions | 10/11 | €5,838,077 | €5,838,077 | = | 0.0% |
| Capital | 10 | €5,788,122 | €5,788,122 | = | 0.0% |
| Issued capital | 100 | €5,788,122 | €5,788,122 | = | 0.0% |
| Contributions outside capital | 11 | €49,955 | €49,955 | = | 0.0% |
| Share premium | 1100/10 | €49,955 | €49,955 | = | 0.0% |
| Reserves | 13 | €1,027,613 | €1,027,613 | = | 0.0% |
| Non-distributable reserves | 130/1 | €640,786 | €640,786 | = | 0.0% |
| Legal reserve | 130 | €578,812 | €578,812 | = | 0.0% |
| Other | 1319 | €61,973 | €61,973 | = | 0.0% |
| Distributable reserves | 133 | €386,827 | €386,827 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,768,273 | €3,809,370 | +€41,097 | +1.1% |
| Investment grants | 15 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €2,834,516 | €3,590,517 | +€756,001 | +26.7% |
| Provisions for liabilities and charges | 160/5 | €2,834,516 | €3,590,517 | +€756,001 | +26.7% |
| Other liabilities and charges | 164/5 | €2,834,516 | €3,590,517 | +€756,001 | +26.7% |
| Amounts payable | 17/49 | €19,322,123 | €20,592,129 | +€1.3m | +6.6% |
| Amounts payable after more than one year | 17 | €196,043 | €913,595 | +€717,552 | +366.0% |
| Financial debts | 170/4 | €196,043 | €913,595 | +€717,552 | +366.0% |
| Leasing and similar obligations | 172 | €196,043 | €913,595 | +€717,552 | +366.0% |
| Amounts payable within one year | 42/48 | €18,175,590 | €19,528,642 | +€1.4m | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €100,707 | €410,004 | +€309,297 | +307.1% |
| Trade debts | 44 | €14,352,013 | €13,264,076 | -€1.1m | -7.6% |
| Suppliers | 440/4 | €14,352,013 | €13,264,076 | -€1.1m | -7.6% |
| Advances received on contracts in progress | 46 | €137,928 | €137,928 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €2,833,708 | €2,892,346 | +€58,638 | +2.1% |
| Taxes | 450/3 | €397,172 | €408,148 | +€10,976 | +2.8% |
| Remuneration and social security | 454/9 | €2,436,536 | €2,484,198 | +€47,662 | +2.0% |
| Other amounts payable | 47/48 | €751,234 | €2,824,289 | +€2.1m | +276.0% |
| Accrued charges and deferred income | 492/3 | €950,490 | €149,893 | -€800,597 | -84.2% |
| Operating income | 70/76A | €66,734,200 | €76,149,241 | +€9.4m | +14.1% |
| Turnover | 70 | €63,786,687 | €72,935,043 | +€9.1m | +14.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €690,621 | €797,860 | +€107,240 | +15.5% |
| Other operating income | 74 | €2,256,893 | €2,416,337 | +€159,444 | +7.1% |
| Operating charges | 60/66A | €65,482,387 | €73,599,536 | +€8.1m | +12.4% |
| Goods for resale, raw materials and consumables | 60 | €22,492,984 | €27,238,012 | +€4.7m | +21.1% |
| Purchases | 600/8 | €21,860,793 | €26,987,263 | +€5.1m | +23.5% |
| Change in stocks: decrease (increase) | 609 | €632,192 | €250,749 | -€381,442 | -60.3% |
| Services and other goods | 61 | €19,500,979 | €21,048,497 | +€1.5m | +7.9% |
| Remuneration, social security and pensions | 62 | €23,623,081 | €23,939,069 | +€315,988 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,406 | €283,516 | +€119,111 | +72.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€644,993 | €756,001 | +€1.4m | |
| Other operating charges | 640/8 | €345,929 | €334,440 | -€11,489 | -3.3% |
| Operating profit (loss) | 9901 | €1,251,813 | €2,549,705 | +€1.3m | +103.7% |
| Financial income | 75/76B | €800,550 | €826,006 | +€25,456 | +3.2% |
| Recurring financial income | 75 | €800,550 | €826,006 | +€25,456 | +3.2% |
| Income from financial fixed assets | 750 | €649,000 | €796,500 | +€147,500 | +22.7% |
| Income from current assets | 751 | €75 | - | -€75 | |
| Other financial income | 752/9 | €151,475 | €29,506 | -€121,969 | -80.5% |
| Financial charges | 65/66B | €241,798 | €286,121 | +€44,323 | +18.3% |
| Recurring financial charges | 65 | €241,798 | €286,121 | +€44,323 | +18.3% |
| Debt charges | 650 | €121,538 | €142,212 | +€20,674 | +17.0% |
| Other financial charges | 652/9 | €120,260 | €143,909 | +€23,649 | +19.7% |
| Profit (loss) for the period before taxes | 9903 | €1,810,565 | €3,089,590 | +€1.3m | +70.6% |
| Income taxes | 67/77 | €61,889 | €231,266 | +€169,377 | +273.7% |
| Taxes | 670/3 | €118,475 | €231,266 | +€112,791 | +95.2% |
| Tax adjustments and reversals of tax provisions | 77 | €56,586 | - | -€56,586 | |
| Profit (loss) for the period | 9904 | €1,748,676 | €2,858,324 | +€1.1m | +63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,748,676 | €2,858,324 | +€1.1m | +63.5% |
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 9 October 2026 via checked.be.