ARGENTUM CEDIT VIRTUTI: 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
ARGENTUM CEDIT VIRTUTI
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€6.3m
2024 · €71.5m-€65.2m
Equity
€2.25bn
2024 · €2.29bn-€43.7m
Cash
€7.9m
2024 · €17.5m-€9.7m
Balance sheet total
€2.34bn
2024 · €2.35bn-€7.7m
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Contributions -€50.0m
down €50.0m (-2.3%), from €2.16bn to €2.11bn
of which Capital: -€50.0m
- Other debts +€34.6m
up €34.6m (+79.0%), from €43.8m to €78.4m
Income statement
- Financial income -€68.5m
down €68.5m (-94.3%), from €72.7m to €4.1m
- Financial charges -€3.3m
down €3.3m, from €187,992 to -€3.1m
- Turnover +€945,586
up €945,586 (+15.8%), from €6.0m to €6.9m
- Staff costs +€665,075
up €665,075 (+17.9%), from €3.7m to €4.4m
- Taxes -€310,739
down €310,739 (-26.1%), from €1.2m to €877,575
of which Taxes: -€310,434
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
€71.5m
Turnover
+€945,586
Other operating income
-€16,702
Services and other goods
-€214,055
Staff costs
-€665,075
Depreciation
-€2,076
Other operating charges
-€33,899
Other operating items
-€314,513
Financial income
-€68.5m
Financial charges
+€3.3m
Taxes
+€310,739
Result 2025
€6.3m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
+€43.5m
Investment
-€3.2m
Financing
-€50.0m
Cash 2024
€17.5m
From operations (derived)
+€43.5m
Net result for the year
+€6.3m
Depreciation
+€7,633
Smaller working-capital items
-€71,385
Receivables within one year
-€853,090
Deferred charges and accrued income
+€2.1m
Other debts
+€34.6m
Accrued charges and deferred income
+€1.4m
Investment (derived)
-€3.2m
Investment in fixed assets (net)
-€3.0m
Current investments
-€223,098
Financing
-€50.0m
Contributions, distributions and other
-€50.0m
Cash 2025
€7.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,349,881,129 | €2,342,170,981 | -€7.7m | -0.3% |
| Fixed assets | 21/28 | €2,230,476,628 | €2,233,438,892 | +€3.0m | +0.1% |
| Tangible fixed assets | 22/27 | €17,342 | €9,709 | -€7,633 | -44.0% |
| Furniture and vehicles | 24 | €17,342 | €9,709 | -€7,633 | -44.0% |
| Financial fixed assets | 28 | €2,230,459,286 | €2,233,429,183 | +€3.0m | +0.1% |
| Affiliated companies | 280/1 | €2,230,458,247 | €2,233,428,144 | +€3.0m | +0.1% |
| Participating interests | 280 | €2,117,289,183 | €2,121,341,257 | +€4.1m | +0.2% |
| Amounts receivable | 281 | €113,169,065 | €112,086,888 | -€1.1m | -1.0% |
| Other financial fixed assets | 284/8 | €1,038 | €1,038 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,038 | €1,038 | = | 0.0% |
| Current assets | 29/58 | €119,404,501 | €108,732,089 | -€10.7m | -8.9% |
| Amounts receivable after more than one year | 29 | €496,357 | €533,398 | +€37,041 | +7.5% |
| Other amounts receivable | 291 | €496,357 | €533,398 | +€37,041 | +7.5% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,891,309 | €2,744,399 | +€853,090 | +45.1% |
| Trade receivables | 40 | €1,780,276 | €2,591,262 | +€810,986 | +45.6% |
| Other amounts receivable | 41 | €111,033 | €153,137 | +€42,104 | +37.9% |
| Current investments | 50/53 | €91,067,792 | €91,290,890 | +€223,098 | +0.2% |
| Other investments | 51/53 | €91,067,792 | €91,290,890 | +€223,098 | +0.2% |
| Cash at bank and in hand | 54/58 | €17,519,265 | €7,862,516 | -€9.7m | -55.1% |
| Deferred charges and accrued income | 490/1 | €8,429,778 | €6,300,887 | -€2.1m | -25.3% |
| Total equity and liabilities | 10/49 | €2,349,881,129 | €2,342,170,981 | -€7.7m | -0.3% |
| Equity | 10/15 | €2,292,144,295 | €2,248,421,911 | -€43.7m | -1.9% |
| Contributions | 10/11 | €2,160,663,129 | €2,110,663,129 | -€50.0m | -2.3% |
| Capital | 10 | €2,160,663,129 | €2,110,663,129 | -€50.0m | -2.3% |
| Issued capital | 100 | €2,160,663,129 | €2,110,663,129 | -€50.0m | -2.3% |
| Contributions outside capital | 11 | €0 | - | = | |
| Other | 1109/19 | €0 | - | = | |
| Reserves | 13 | €131,481,167 | €137,758,782 | +€6.3m | +4.8% |
| Non-distributable reserves | 130/1 | €6,249,760 | €6,563,641 | +€313,881 | +5.0% |
| Legal reserve | 130 | €6,249,760 | €6,563,641 | +€313,881 | +5.0% |
| Other | 1319 | €0 | - | = | |
| Distributable reserves | 133 | €125,231,407 | €131,195,141 | +€6.0m | +4.8% |
| Amounts payable | 17/49 | €57,736,834 | €93,749,070 | +€36.0m | +62.4% |
| Amounts payable within one year | 42/48 | €44,712,486 | €79,280,234 | +€34.6m | +77.3% |
| Trade debts | 44 | €476,653 | €407,584 | -€69,069 | -14.5% |
| Suppliers | 440/4 | €476,653 | €407,584 | -€69,069 | -14.5% |
| Taxes, remuneration and social security | 45 | €423,404 | €458,129 | +€34,725 | +8.2% |
| Taxes | 450/3 | €150,130 | €145,783 | -€4,347 | -2.9% |
| Remuneration and social security | 454/9 | €273,274 | €312,346 | +€39,072 | +14.3% |
| Other amounts payable | 47/48 | €43,812,429 | €78,414,521 | +€34.6m | +79.0% |
| Accrued charges and deferred income | 492/3 | €13,024,348 | €14,468,836 | +€1.4m | +11.1% |
| Operating income | 70/76A | €6,349,031 | €6,960,818 | +€611,788 | +9.6% |
| Turnover | 70 | €5,993,287 | €6,938,872 | +€945,586 | +15.8% |
| Other operating income | 74 | €38,648 | €21,946 | -€16,702 | -43.2% |
| Non-recurring operating income | 76A | €317,096 | €0 | -€317,096 | -100% |
| Operating charges | 60/66A | €6,122,979 | €7,035,501 | +€912,522 | +14.9% |
| Services and other goods | 61 | €2,327,722 | €2,541,777 | +€214,055 | +9.2% |
| Remuneration, social security and pensions | 62 | €3,723,195 | €4,388,270 | +€665,075 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,558 | €7,633 | +€2,076 | +37.3% |
| Other operating charges | 640/8 | €63,922 | €97,821 | +€33,899 | +53.0% |
| Non-recurring operating charges | 66A | €2,582 | €0 | -€2,582 | -100% |
| Operating profit (loss) | 9901 | €226,052 | -€74,683 | -€300,735 | |
| Financial income | 75/76B | €72,650,237 | €4,136,726 | -€68.5m | -94.3% |
| Recurring financial income | 75 | €72,650,237 | €4,136,726 | -€68.5m | -94.3% |
| Income from financial fixed assets | 750 | €68,130,253 | €19,619 | -€68.1m | -100.0% |
| Income from current assets | 751 | €1,530,498 | €3,171,599 | +€1.6m | +107% |
| Other financial income | 752/9 | €2,989,486 | €945,508 | -€2.0m | -68.4% |
| Financial charges | 65/66B | €187,992 | -€3,093,147 | -€3.3m | |
| Recurring financial charges | 65 | €187,992 | -€3,093,147 | -€3.3m | |
| Debt charges | 650 | €5,099 | €28,991 | +€23,892 | +469% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€427,115 | -€4,226,839 | -€3.8m | -890% |
| Other financial charges | 652/9 | €610,008 | €1,104,700 | +€494,693 | +81.1% |
| Profit (loss) for the period before taxes | 9903 | €72,688,296 | €7,155,191 | -€65.5m | -90.2% |
| Income taxes | 67/77 | €1,188,314 | €877,575 | -€310,739 | -26.1% |
| Taxes | 670/3 | €1,188,314 | €877,881 | -€310,434 | -26.1% |
| Tax adjustments and reversals of tax provisions | 77 | - | €306 | +€306 | |
| Profit (loss) for the period | 9904 | €71,499,982 | €6,277,615 | -€65.2m | -91.2% |
| Profit (loss) for the period to be appropriated | 9905 | €71,499,982 | €6,277,615 | -€65.2m | -91.2% |
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 19 October 2026 via checked.be.