ARGELCO MANAGEMENT: what changed
ARGELCO MANAGEMENT
Largest movements
- Tangible fixed assets +€30,786
up €30,786 (+6,997%), from €440 to €31,226
of which Other tangible fixed assets: +€31,226
- Cash -€19,505
down €19,505 (-29.0%), from €67,179 to €47,674
mainly Investment in fixed assets (net) (-€33,587) and Tax, wage and social debts (-€8,231)
- Receivables within one year -€7,266
down €7,266 (-22.9%), from €31,794 to €24,528
of which Other amounts receivable: -€4,067
- Deferred charges and accrued income +€2,301
up €2,301 (+149%), from €1,540 to €3,841
- Reserves +€16,525
up €16,525 (+27.8%), from €59,438 to €75,963
of which Distributable reserves: +€16,525
- Tax, wage and social debts -€8,231
down €8,231 (-98.9%), from €8,321 to €90
- Other debts -€2,625
down €2,625 (-59.1%), from €4,442 to €1,817
- Gross operating margin -€5,466
down €5,466 (-15.6%), from €34,943 to €29,477
- Taxes +€3,567
up €3,567 (+107%), from €3,334 to €6,901
- Depreciation +€2,219
up €2,219 (+381%), from €582 to €2,800
- Financial charges +€769
up €769 (+40.1%), from €1,920 to €2,689
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €100,953 | €107,270 | +€6,316 | +6.3% |
| Fixed assets | 21/28 | €440 | €31,226 | +€30,786 | +6,997% |
| Tangible fixed assets | 22/27 | €440 | €31,226 | +€30,786 | +6,997% |
| Furniture and vehicles | 24 | €440 | €0 | -€440 | -100% |
| Other tangible fixed assets | 26 | - | €31,226 | +€31,226 | |
| Current assets | 29/58 | €100,513 | €76,044 | -€24,470 | -24.3% |
| Amounts receivable within one year | 40/41 | €31,794 | €24,528 | -€7,266 | -22.9% |
| Trade receivables | 40 | €26,628 | €23,429 | -€3,199 | -12.0% |
| Other amounts receivable | 41 | €5,166 | €1,099 | -€4,067 | -78.7% |
| Cash at bank and in hand | 54/58 | €67,179 | €47,674 | -€19,505 | -29.0% |
| Deferred charges and accrued income | 490/1 | €1,540 | €3,841 | +€2,301 | +149% |
| Total equity and liabilities | 10/49 | €100,953 | €107,270 | +€6,316 | +6.3% |
| Equity | 10/15 | €79,438 | €95,963 | +€16,525 | +20.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €59,438 | €75,963 | +€16,525 | +27.8% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €57,438 | €73,963 | +€16,525 | +28.8% |
| Amounts payable | 17/49 | €21,516 | €11,307 | -€10,208 | -47.4% |
| Amounts payable after more than one year | 17 | €3,695 | €3,695 | = | 0.0% |
| Trade debts | 175 | €3,695 | €3,695 | = | 0.0% |
| Amounts payable within one year | 42/48 | €17,821 | €7,613 | -€10,208 | -57.3% |
| Trade debts | 44 | €5,059 | €5,705 | +€647 | +12.8% |
| Suppliers | 440/4 | €5,059 | €5,705 | +€647 | +12.8% |
| Taxes, remuneration and social security | 45 | €8,321 | €90 | -€8,231 | -98.9% |
| Taxes | 450/3 | €8,321 | €90 | -€8,231 | -98.9% |
| Other amounts payable | 47/48 | €4,442 | €1,817 | -€2,625 | -59.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €582 | €2,800 | +€2,219 | +381% |
| Other operating charges | 640/8 | €387 | €562 | +€175 | +45.1% |
| Gross operating margin | 9900 | €34,943 | €29,477 | -€5,466 | -15.6% |
| Operating profit (loss) | 9901 | €33,974 | €26,115 | -€7,859 | -23.1% |
| Financial income | 75/76B | €3 | €0 | -€3 | -100% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100% |
| Financial charges | 65/66B | €1,920 | €2,689 | +€769 | +40.1% |
| Recurring financial charges | 65 | €1,920 | €2,689 | +€769 | +40.1% |
| Profit (loss) for the period before taxes | 9903 | €32,057 | €23,426 | -€8,631 | -26.9% |
| Income taxes | 67/77 | €3,334 | €6,901 | +€3,567 | +107% |
| Profit (loss) for the period | 9904 | €28,723 | €16,525 | -€12,198 | -42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €28,723 | €16,525 | -€12,198 | -42.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.