argenx: 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
argenx
NACE 72.101, Research and development on biotechnology
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.62bn
2024 · €296.1m+€1.32bn
Equity
€6.70bn
2024 · €4.19bn+€2.51bn
Cash
€3.5m
2024 · €3.9m-€387,909
Balance sheet total
€8.23bn
2024 · €6.08bn+€2.16bn
Largest movements
Assets
- Current investments +€1.06bn
up €1.06bn (+31.5%), from €3.37bn to €4.43bn
- Receivables within one year +€656.5m
up €656.5m (+67.9%), from €966.2m to €1.62bn
of which Trade receivables: +€580.4m
- Intangible fixed assets +€213.9m
up €213.9m (+35.9%), from €595.4m to €809.3m
- Deferred charges and accrued income +€113.4m
up €113.4m (+74.4%), from €152.3m to €265.7m
Equity and liabilities
- Profit (loss) carried forward +€1.62bn
up €1.62bn (+86.7%), from -€1.87bn to -€247.9m
- Contributions +€894.2m
up €894.2m (+14.8%), from €6.06bn to €6.95bn
- Other debts -€729.6m
down €729.6m (-58.6%), from €1.25bn to €516.1m
- Trade debts +€328.9m
up €328.9m (+61.3%), from €536.6m to €865.5m
Income statement
- Turnover +€2.15bn
up €2.15bn (+92.8%), from €2.31bn to €4.46bn
- Services and other goods +€628.6m
up €628.6m (+35.3%), from €1.78bn to €2.41bn
- Depreciation +€375.0m
up €375.0m (+38.8%), from €965.9m to €1.34bn
- Taxes +€198.9m
up €198.9m, from -€29.9m to €169.0m
of which Taxes: +€226.1m
- Goods and materials +€167.4m
up €167.4m (+87.5%), from €191.2m to €358.6m
of which Change in stocks: decrease (increase): +€94.6m
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
€296.1m
Turnover
+€2.15bn
Other operating income
+€21.8m
Goods and materials
-€167.4m
Services and other goods
-€628.6m
Staff costs
-€41.7m
Depreciation
-€375.0m
Write-downs
-€16.9m
Other operating charges
+€208,270
Other operating items
+€432.0m
Financial income
+€122.3m
Financial charges
+€29.9m
Taxes
-€198.9m
Result 2025
€1.62bn
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
+€1.78bn
Investment
-€2.67bn
Financing
+€894.2m
Cash 2024
€3.9m
From operations (derived)
+€1.78bn
Net result for the year
+€1.62bn
Depreciation
+€1.34bn
Smaller working-capital items
-€91,739
Stocks and contracts
-€50.2m
Receivables within one year
-€656.5m
Deferred charges and accrued income
-€113.4m
Trade debts
+€328.9m
Tax, wage and social debts
+€39.0m
Other debts
-€729.6m
Investment (derived)
-€2.67bn
Investment in fixed assets (net)
-€1.61bn
Current investments
-€1.06bn
Financing
+€894.2m
Contributions, distributions and other
+€894.2m
Cash 2025
€3.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,078,502,348 | €8,234,505,032 | +€2.16bn | +35.5% |
| Fixed assets | 21/28 | €1,044,165,266 | €1,316,154,590 | +€272.0m | +26.0% |
| Intangible fixed assets | 21 | €595,360,830 | €809,258,592 | +€213.9m | +35.9% |
| Tangible fixed assets | 22/27 | €1,934,879 | €4,636,460 | +€2.7m | +139.6% |
| Plant, machinery and equipment | 23 | €1,051,965 | €2,206,342 | +€1.2m | +109.7% |
| Furniture and vehicles | 24 | €160,625 | €62,655 | -€97,970 | -61.0% |
| Leasing and similar rights | 25 | €125,689 | €91,085 | -€34,604 | -27.5% |
| Other tangible fixed assets | 26 | €596,599 | €2,276,378 | +€1.7m | +281.6% |
| Financial fixed assets | 28 | €446,869,557 | €502,259,538 | +€55.4m | +12.4% |
| Affiliated companies | 280/1 | €422,016,929 | €487,545,979 | +€65.5m | +15.5% |
| Participating interests | 280 | €422,016,929 | €487,545,979 | +€65.5m | +15.5% |
| Companies linked by participating interests | 282/3 | €9,259,169 | €3,369,265 | -€5.9m | -63.6% |
| Participating interests | 282 | €9,259,169 | €3,369,265 | -€5.9m | -63.6% |
| Other financial fixed assets | 284/8 | €15,593,459 | €11,344,295 | -€4.2m | -27.2% |
| Shares | 284 | €14,880,687 | €10,022,730 | -€4.9m | -32.6% |
| Amounts receivable and cash guarantees | 285/8 | €712,772 | €1,321,564 | +€608,792 | +85.4% |
| Current assets | 29/58 | €5,034,337,082 | €6,918,350,442 | +€1.88bn | +37.4% |
| Amounts receivable after more than one year | 29 | €156,748,061 | €159,615,469 | +€2.9m | +1.8% |
| Other amounts receivable | 291 | €156,748,061 | €159,615,469 | +€2.9m | +1.8% |
| Stocks and contracts in progress | 3 | €382,144,235 | €432,335,800 | +€50.2m | +13.1% |
| Stocks | 30/36 | €382,144,235 | €432,335,800 | +€50.2m | +13.1% |
| Raw materials and consumables | 30/31 | €337,831,447 | €335,539,022 | -€2.3m | -0.7% |
| Work in progress | 32 | €26,357,124 | €47,773,026 | +€21.4m | +81.3% |
| Finished goods | 33 | €17,955,665 | €49,023,753 | +€31.1m | +173.0% |
| Amounts receivable within one year | 40/41 | €966,248,926 | €1,622,711,152 | +€656.5m | +67.9% |
| Trade receivables | 40 | €891,300,829 | €1,471,685,184 | +€580.4m | +65.1% |
| Other amounts receivable | 41 | €74,948,097 | €151,025,967 | +€76.1m | +101.5% |
| Current investments | 50/53 | €3,372,998,287 | €4,434,513,667 | +€1.06bn | +31.5% |
| Other investments | 51/53 | €3,372,998,287 | €4,434,513,667 | +€1.06bn | +31.5% |
| Cash at bank and in hand | 54/58 | €3,877,727 | €3,489,818 | -€387,909 | -10.0% |
| Deferred charges and accrued income | 490/1 | €152,319,846 | €265,684,536 | +€113.4m | +74.4% |
| Total equity and liabilities | 10/49 | €6,078,502,348 | €8,234,505,032 | +€2.16bn | +35.5% |
| Equity | 10/15 | €4,188,754,578 | €6,703,659,076 | +€2.51bn | +60.0% |
| Contributions | 10/11 | €6,057,215,878 | €6,951,414,599 | +€894.2m | +14.8% |
| Reserves | 13 | €124,992 | €124,992 | = | 0.0% |
| Distributable reserves | 133 | €124,992 | €124,992 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,868,586,291 | -€247,880,516 | +€1.62bn | +86.7% |
| Amounts payable | 17/49 | €1,889,747,770 | €1,530,845,957 | -€358.9m | -19.0% |
| Amounts payable within one year | 42/48 | €1,889,066,038 | €1,527,388,556 | -€361.7m | -19.1% |
| Trade debts | 44 | €536,639,293 | €865,489,901 | +€328.9m | +61.3% |
| Suppliers | 440/4 | €536,639,293 | €865,489,901 | +€328.9m | +61.3% |
| Taxes, remuneration and social security | 45 | €106,760,344 | €145,809,364 | +€39.0m | +36.6% |
| Taxes | 450/3 | €6,503,535 | €7,951,469 | +€1.4m | +22.3% |
| Remuneration and social security | 454/9 | €100,256,810 | €137,857,895 | +€37.6m | +37.5% |
| Other amounts payable | 47/48 | €1,245,666,401 | €516,089,291 | -€729.6m | -58.6% |
| Accrued charges and deferred income | 492/3 | €681,732 | €3,457,401 | +€2.8m | +407.1% |
| Operating income | 70/76A | €3,257,627,828 | €5,858,233,135 | +€2.60bn | +79.8% |
| Turnover | 70 | €2,312,947,419 | €4,459,763,273 | +€2.15bn | +92.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€13,359,394 | €59,789,798 | +€73.1m | |
| Own construction capitalised | 72 | €927,394,746 | €1,288,251,760 | +€360.9m | +38.9% |
| Other operating income | 74 | €28,668,495 | €50,428,303 | +€21.8m | +75.9% |
| Non-recurring operating income | 76A | €1,976,562 | €0 | -€2.0m | -100.0% |
| Operating charges | 60/66A | €3,076,991,131 | €4,306,347,293 | +€1.23bn | +40.0% |
| Goods for resale, raw materials and consumables | 60 | €191,248,888 | €358,622,545 | +€167.4m | +87.5% |
| Purchases | 600/8 | €293,083,387 | €365,905,007 | +€72.8m | +24.8% |
| Change in stocks: decrease (increase) | 609 | -€101,834,500 | -€7,282,462 | +€94.6m | +92.8% |
| Services and other goods | 61 | €1,781,825,804 | €2,410,395,473 | +€628.6m | +35.3% |
| Remuneration, social security and pensions | 62 | €137,636,450 | €179,352,647 | +€41.7m | +30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €965,898,458 | €1,340,922,673 | +€375.0m | +38.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €16,880,695 | +€16.9m | |
| Other operating charges | 640/8 | €381,530 | €173,260 | -€208,270 | -54.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €180,636,697 | €1,551,885,841 | +€1.37bn | +759.1% |
| Financial income | 75/76B | €156,924,127 | €279,237,262 | +€122.3m | +77.9% |
| Recurring financial income | 75 | €156,924,127 | €279,237,262 | +€122.3m | +77.9% |
| Income from financial fixed assets | 750 | - | €22,163,143 | +€22.2m | |
| Income from current assets | 751 | €156,923,835 | €162,849,971 | +€5.9m | +3.8% |
| Other financial income | 752/9 | €292 | €94,224,148 | +€94.2m | +32219893.1% |
| Financial charges | 65/66B | €71,355,321 | €41,430,127 | -€29.9m | -41.9% |
| Recurring financial charges | 65 | €63,058,345 | €24,182,266 | -€38.9m | -61.7% |
| Debt charges | 650 | €13,204,775 | €5,240,134 | -€8.0m | -60.3% |
| Other financial charges | 652/9 | €49,853,570 | €18,942,133 | -€30.9m | -62.0% |
| Non-recurring financial charges | 66B | €8,296,976 | €17,247,860 | +€9.0m | +107.9% |
| Profit (loss) for the period before taxes | 9903 | €266,205,504 | €1,789,692,976 | +€1.52bn | +572.3% |
| Income taxes | 67/77 | -€29,901,570 | €168,987,200 | +€198.9m | |
| Taxes | 670/3 | €15,619,737 | €241,713,906 | +€226.1m | +1447.5% |
| Tax adjustments and reversals of tax provisions | 77 | €45,521,307 | €72,726,705 | +€27.2m | +59.8% |
| Profit (loss) for the period | 9904 | €296,107,074 | €1,620,705,776 | +€1.32bn | +447.3% |
| Profit (loss) for the period to be appropriated | 9905 | €296,107,074 | €1,620,705,776 | +€1.32bn | +447.3% |
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 12 October 2026 via checked.be.