ARGHENDAEL: 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.
ARGHENDAEL
Largest movements
- Stocks and contracts -€630,000
no longer reported in 2025 (was €630,000)
- Cash -€262,990
down €262,990 (-26.7%), from €984,263 to €721,273
mainly Other debts (-€717,500) and Receivables within one year (-€218,371)
- Receivables within one year +€218,371
new in 2025: €218,371
- Tangible fixed assets -€189,318
down €189,318 (-2.8%), from €6.8m to €6.6m
- Other debts -€717,500
down €717,500 (-25.9%), from €2.8m to €2.1m
- Reserves -€158,671
down €158,671 (-4.3%), from €3.7m to €3.5m
of which Tax-exempt reserves: -€158,671
- Profit (loss) carried forward +€115,036
up €115,036 (+145.3%), from €79,152 to €194,188
- Trade debts -€93,880
down €93,880 (-93.8%), from €100,135 to €6,255
- Gross operating margin -€1.4m
down €1.4m (-88.4%), from €1.6m to €181,399
- Depreciation -€242,523
down €242,523 (-56.2%), from €431,841 to €189,318
- Other operating charges -€64,957
down €64,957 (-58.0%), from €112,021 to €47,064
- Financial charges -€63,841
down €63,841 (-99.7%), from €64,047 to €206
- Taxes +€41,336
new in 2025: €41,336
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 | €8,429,307 | €7,562,738 | -€866,569 | -10.3% |
| Fixed assets | 21/28 | €6,813,062 | €6,623,094 | -€189,968 | -2.8% |
| Tangible fixed assets | 22/27 | €6,812,412 | €6,623,094 | -€189,318 | -2.8% |
| Land and buildings | 22 | €6,812,412 | €6,623,094 | -€189,318 | -2.8% |
| Financial fixed assets | 28 | €650 | - | -€650 | |
| Current assets | 29/58 | €1,616,245 | €939,644 | -€676,601 | -41.9% |
| Stocks and contracts in progress | 3 | €630,000 | - | -€630,000 | |
| Stocks | 30/36 | €630,000 | - | -€630,000 | |
| Amounts receivable within one year | 40/41 | - | €218,371 | +€218,371 | |
| Other amounts receivable | 41 | - | €218,371 | +€218,371 | |
| Cash at bank and in hand | 54/58 | €984,263 | €721,273 | -€262,990 | -26.7% |
| Deferred charges and accrued income | 490/1 | €1,982 | - | -€1,982 | |
| Total equity and liabilities | 10/49 | €8,429,307 | €7,562,738 | -€866,569 | -10.3% |
| Equity | 10/15 | €3,820,865 | €3,777,230 | -€43,635 | -1.1% |
| Contributions | 10/11 | €61,200 | €61,200 | = | 0.0% |
| Reserves | 13 | €3,680,513 | €3,521,842 | -€158,671 | -4.3% |
| Tax-exempt reserves | 132 | €1,680,513 | €1,521,842 | -€158,671 | -9.4% |
| Distributable reserves | 133 | €2,000,000 | €2,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,152 | €194,188 | +€115,036 | +145.3% |
| Provisions and deferred taxes | 16 | €560,171 | €507,281 | -€52,890 | -9.4% |
| Deferred taxes | 168 | €560,171 | €507,281 | -€52,890 | -9.4% |
| Amounts payable | 17/49 | €4,048,272 | €3,278,228 | -€770,044 | -19.0% |
| Amounts payable after more than one year | 17 | €1,180,637 | €1,180,637 | = | 0.0% |
| Financial debts | 170/4 | €337,841 | €337,841 | = | 0.0% |
| Other amounts payable | 178/9 | €842,795 | €842,795 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,867,635 | €2,097,591 | -€770,044 | -26.9% |
| Trade debts | 44 | €100,135 | €6,255 | -€93,880 | -93.8% |
| Suppliers | 440/4 | €100,135 | €6,255 | -€93,880 | -93.8% |
| Taxes, remuneration and social security | 45 | - | €41,336 | +€41,336 | |
| Taxes | 450/3 | - | €41,336 | +€41,336 | |
| Other amounts payable | 47/48 | €2,767,500 | €2,050,000 | -€717,500 | -25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €431,841 | €189,318 | -€242,523 | -56.2% |
| Other operating charges | 640/8 | €112,021 | €47,064 | -€64,957 | -58.0% |
| Gross operating margin | 9900 | €1,565,016 | €181,399 | -€1.4m | -88.4% |
| Operating profit (loss) | 9901 | €1,021,154 | -€54,983 | -€1.1m | |
| Financial charges | 65/66B | €64,047 | €206 | -€63,841 | -99.7% |
| Recurring financial charges | 65 | €64,047 | €206 | -€63,841 | -99.7% |
| Profit (loss) for the period before taxes | 9903 | €957,107 | -€55,189 | -€1.0m | |
| Transfer from deferred taxes | 780 | - | €52,890 | +€52,890 | |
| Transfer to deferred taxes | 680 | €419,608 | - | -€419,608 | |
| Income taxes | 67/77 | - | €41,336 | +€41,336 | |
| Profit (loss) for the period | 9904 | €537,499 | -€43,635 | -€581,134 | |
| Transfer from tax-exempt reserves | 789 | €520,260 | €158,671 | -€361,589 | -69.5% |
| Transfer to tax-exempt reserves | 689 | €1,044,320 | - | -€1.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €13,438 | €115,036 | +€101,597 | +756.0% |
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 11 October 2026 via checked.be.