ARGEUS: 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.
ARGEUS
Largest movements
- Receivables within one year +€161,177
up €161,177 (+25.1%), from €642,933 to €804,110
of which Trade receivables: +€109,840
- Intangible fixed assets -€129,240
down €129,240 (-34.5%), from €374,766 to €245,526
- Tangible fixed assets -€73,589
down €73,589 (-10.3%), from €715,774 to €642,186
of which Land and buildings: -€71,540
- Reserves -€63,057
down €63,057 (-42.6%), from €147,974 to €84,917
of which Distributable reserves: -€63,057
- Current portion of long-term debt -€58,106
down €58,106 (-43.0%), from €135,022 to €76,917
- Other debts +€57,552
up €57,552 (+286.0%), from €20,120 to €77,671
- Tax, wage and social debts +€44,193
up €44,193 (+24.2%), from €182,530 to €226,723
of which Taxes: +€43,821
- Debts after one year -€28,808
down €28,808 (-3.6%), from €797,165 to €768,357
- Gross operating margin -€112,758
down €112,758 (-21.8%), from €516,198 to €403,440
- Staff costs -€20,513
down €20,513 (-8.6%), from €237,869 to €217,357
- Depreciation -€16,398
down €16,398 (-7.5%), from €219,227 to €202,829
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 | €1,904,681 | €1,870,803 | -€33,878 | -1.8% |
| Fixed assets | 21/28 | €1,228,623 | €1,025,845 | -€202,779 | -16.5% |
| Intangible fixed assets | 21 | €374,766 | €245,526 | -€129,240 | -34.5% |
| Tangible fixed assets | 22/27 | €715,774 | €642,186 | -€73,589 | -10.3% |
| Land and buildings | 22 | €712,167 | €640,627 | -€71,540 | -10.0% |
| Plant, machinery and equipment | 23 | €2,301 | €1,207 | -€1,094 | -47.5% |
| Furniture and vehicles | 24 | €1,307 | €352 | -€955 | -73.1% |
| Financial fixed assets | 28 | €138,083 | €138,133 | +€50 | 0.0% |
| Current assets | 29/58 | €676,057 | €844,958 | +€168,901 | +25.0% |
| Amounts receivable within one year | 40/41 | €642,933 | €804,110 | +€161,177 | +25.1% |
| Trade receivables | 40 | €605,637 | €715,478 | +€109,840 | +18.1% |
| Other amounts receivable | 41 | €37,295 | €88,632 | +€51,337 | +137.6% |
| Cash at bank and in hand | 54/58 | €30,083 | €37,285 | +€7,201 | +23.9% |
| Deferred charges and accrued income | 490/1 | €3,041 | €3,564 | +€522 | +17.2% |
| Total equity and liabilities | 10/49 | €1,904,681 | €1,870,803 | -€33,878 | -1.8% |
| Equity | 10/15 | €215,674 | €152,617 | -€63,057 | -29.2% |
| Contributions | 10/11 | €67,700 | €67,700 | = | 0.0% |
| Reserves | 13 | €147,974 | €84,917 | -€63,057 | -42.6% |
| Tax-exempt reserves | 132 | €18,633 | €18,633 | = | 0.0% |
| Distributable reserves | 133 | €129,341 | €66,284 | -€63,057 | -48.8% |
| Amounts payable | 17/49 | €1,689,007 | €1,718,186 | +€29,180 | +1.7% |
| Amounts payable after more than one year | 17 | €797,165 | €768,357 | -€28,808 | -3.6% |
| Financial debts | 170/4 | €797,165 | €768,357 | -€28,808 | -3.6% |
| Amounts payable within one year | 42/48 | €891,842 | €938,770 | +€46,927 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | €135,022 | €76,917 | -€58,106 | -43.0% |
| Financial debts | 43 | €100,007 | €99,875 | -€132 | -0.1% |
| Credit institutions | 430/8 | €100,007 | €99,875 | -€132 | -0.1% |
| Trade debts | 44 | €454,163 | €457,584 | +€3,421 | +0.8% |
| Suppliers | 440/4 | €454,163 | €457,584 | +€3,421 | +0.8% |
| Taxes, remuneration and social security | 45 | €182,530 | €226,723 | +€44,193 | +24.2% |
| Taxes | 450/3 | €159,309 | €203,130 | +€43,821 | +27.5% |
| Remuneration and social security | 454/9 | €23,221 | €23,594 | +€372 | +1.6% |
| Other amounts payable | 47/48 | €20,120 | €77,671 | +€57,552 | +286.0% |
| Accrued charges and deferred income | 492/3 | - | €11,060 | +€11,060 | |
| Non-recurring operating income | 76A | - | €3,804 | +€3,804 | |
| Remuneration, social security and pensions | 62 | €237,869 | €217,357 | -€20,513 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €219,227 | €202,829 | -€16,398 | -7.5% |
| Other operating charges | 640/8 | €12,355 | €7,613 | -€4,743 | -38.4% |
| Non-recurring operating charges | 66A | €15,434 | - | -€15,434 | |
| Gross operating margin | 9900 | €516,198 | €403,440 | -€112,758 | -21.8% |
| Operating profit (loss) | 9901 | €31,312 | -€24,359 | -€55,670 | |
| Financial income | 75/76B | €0 | €9 | +€8 | +28266.7% |
| Recurring financial income | 75 | €0 | €9 | +€8 | +28266.7% |
| Financial charges | 65/66B | €34,948 | €38,707 | +€3,759 | +10.8% |
| Recurring financial charges | 65 | €34,948 | €38,707 | +€3,759 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,636 | -€63,057 | -€59,421 | -1634.1% |
| Income taxes | 67/77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | -€3,636 | -€63,057 | -€59,421 | -1634.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,636 | -€63,057 | -€59,421 | -1634.1% |
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.