ARGESCO: 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.
ARGESCO
Largest movements
- Cash +€55,917
up €55,917 (+38.6%), from €144,788 to €200,705
mainly Net result for the year (+€35,726) and Depreciation (+€27,704)
- Tangible fixed assets -€26,765
down €26,765 (-15.4%), from €174,078 to €147,313
of which Land and buildings: -€20,585
- Receivables within one year -€20,154
down €20,154 (-76.9%), from €26,208 to €6,053
of which Trade receivables: -€18,385
- Reserves +€35,726
up €35,726 (+11.2%), from €318,609 to €354,335
- Tax, wage and social debts -€16,235
down €16,235 (-64.7%), from €25,075 to €8,840
of which Taxes: -€18,235
- Other debts -€7,216
down €7,216 (-13.1%), from €55,113 to €47,897
- Gross operating margin -€63,900
down €63,900 (-46.7%), from €136,827 to €72,927
- Taxes -€15,274
down €15,274 (-44.6%), from €34,283 to €19,010
- Financial income +€5,393
up €5,393 (+66.5%), from €8,109 to €13,502
of which Non-recurring financial income: +€4,426
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 | €647,400 | €655,522 | +€8,122 | +1.3% |
| Fixed assets | 21/28 | €174,078 | €147,313 | -€26,765 | -15.4% |
| Tangible fixed assets | 22/27 | €174,078 | €147,313 | -€26,765 | -15.4% |
| Land and buildings | 22 | €134,859 | €114,274 | -€20,585 | -15.3% |
| Plant, machinery and equipment | 23 | €3,015 | €2,244 | -€771 | -25.6% |
| Furniture and vehicles | 24 | €32,454 | €27,046 | -€5,409 | -16.7% |
| Other tangible fixed assets | 26 | €3,750 | €3,750 | = | 0.0% |
| Current assets | 29/58 | €473,322 | €508,209 | +€34,887 | +7.4% |
| Amounts receivable within one year | 40/41 | €26,208 | €6,053 | -€20,154 | -76.9% |
| Trade receivables | 40 | €18,385 | €0 | -€18,385 | -100.0% |
| Other amounts receivable | 41 | €7,823 | €6,053 | -€1,769 | -22.6% |
| Current investments | 50/53 | €300,000 | €300,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €144,788 | €200,705 | +€55,917 | +38.6% |
| Deferred charges and accrued income | 490/1 | €2,326 | €1,451 | -€876 | -37.6% |
| Total equity and liabilities | 10/49 | €647,400 | €655,522 | +€8,122 | +1.3% |
| Equity | 10/15 | €561,141 | €596,867 | +€35,726 | +6.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €318,609 | €354,335 | +€35,726 | +11.2% |
| Distributable reserves | 133 | €318,609 | €354,335 | +€35,726 | +11.2% |
| Profit (loss) carried forward | 14 | €236,332 | €236,332 | = | 0.0% |
| Amounts payable | 17/49 | €86,258 | €58,654 | -€27,604 | -32.0% |
| Amounts payable within one year | 42/48 | €86,132 | €57,967 | -€28,166 | -32.7% |
| Trade debts | 44 | €5,943 | €1,229 | -€4,714 | -79.3% |
| Suppliers | 440/4 | €5,943 | €1,229 | -€4,714 | -79.3% |
| Taxes, remuneration and social security | 45 | €25,075 | €8,840 | -€16,235 | -64.7% |
| Taxes | 450/3 | €25,075 | €6,840 | -€18,235 | -72.7% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €55,113 | €47,897 | -€7,216 | -13.1% |
| Accrued charges and deferred income | 492/3 | €126 | €688 | +€562 | +445.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,739 | €27,704 | -€1,035 | -3.6% |
| Other operating charges | 640/8 | €1,203 | €2,098 | +€895 | +74.4% |
| Gross operating margin | 9900 | €136,827 | €72,927 | -€63,900 | -46.7% |
| Operating profit (loss) | 9901 | €106,885 | €43,125 | -€63,760 | -59.7% |
| Financial income | 75/76B | €8,109 | €13,502 | +€5,393 | +66.5% |
| Recurring financial income | 75 | €8,109 | €9,076 | +€967 | +11.9% |
| Non-recurring financial income | 76B | - | €4,426 | +€4,426 | |
| Financial charges | 65/66B | €1,593 | €1,891 | +€298 | +18.7% |
| Recurring financial charges | 65 | €1,593 | €1,891 | +€298 | +18.7% |
| Profit (loss) for the period before taxes | 9903 | €113,401 | €54,736 | -€58,665 | -51.7% |
| Income taxes | 67/77 | €34,283 | €19,010 | -€15,274 | -44.6% |
| Profit (loss) for the period | 9904 | €79,117 | €35,726 | -€43,391 | -54.8% |
| Profit (loss) for the period to be appropriated | 9905 | €79,117 | €35,726 | -€43,391 | -54.8% |
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.