ARGHIAS: 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.
ARGHIAS
Largest movements
- Tangible fixed assets +€535,356
up €535,356 (+54.2%), from €986,998 to €1.5m
of which Land and buildings: +€560,783
- Receivables within one year -€54,086
down €54,086 (-91.6%), from €59,077 to €4,991
of which Other amounts receivable: -€44,595
- Cash +€35,157
up €35,157 (+69.8%), from €50,390 to €85,547
mainly Debts after one year (+€539,025) and Depreciation (+€165,275)
- Debts after one year +€539,025
up €539,025 (+1,395%), from €38,629 to €577,654
- Other debts +€163,803
up €163,803 (+440%), from €37,191 to €200,994
- Reserves -€143,994
down €143,994 (-26.6%), from €541,184 to €397,190
of which Distributable reserves: -€158,994
- Accrued charges and deferred income -€44,346
down €44,346 (-79.6%), from €55,719 to €11,373
- Current portion of long-term debt +€20,737
up €20,737 (+59.9%), from €34,613 to €55,351
- Depreciation +€90,457
up €90,457 (+121%), from €74,818 to €165,275
- Gross operating margin +€29,931
up €29,931 (+14.1%), from €212,312 to €242,244
- Taxes -€14,308
down €14,308 (-38.7%), from €36,930 to €22,622
- Other operating charges +€5,835
up €5,835 (+36.8%), from €15,840 to €21,675
- Financial charges -€5,122
down €5,122 (-51.2%), from €10,010 to €4,888
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,103,506 | €1,619,391 | +€515,885 | +46.7% |
| Fixed assets | 21/28 | €987,890 | €1,523,246 | +€535,356 | +54.2% |
| Tangible fixed assets | 22/27 | €986,998 | €1,522,354 | +€535,356 | +54.2% |
| Land and buildings | 22 | €839,511 | €1,400,295 | +€560,783 | +66.8% |
| Plant, machinery and equipment | 23 | €145,452 | €121,198 | -€24,255 | -16.7% |
| Furniture and vehicles | 24 | €963 | €425 | -€538 | -55.8% |
| Other tangible fixed assets | 26 | €1,071 | €437 | -€634 | -59.2% |
| Financial fixed assets | 28 | €892 | €892 | = | 0.0% |
| Current assets | 29/58 | €115,616 | €96,145 | -€19,472 | -16.8% |
| Amounts receivable within one year | 40/41 | €59,077 | €4,991 | -€54,086 | -91.6% |
| Trade receivables | 40 | €11,610 | €2,119 | -€9,491 | -81.7% |
| Other amounts receivable | 41 | €47,467 | €2,872 | -€44,595 | -93.9% |
| Cash at bank and in hand | 54/58 | €50,390 | €85,547 | +€35,157 | +69.8% |
| Deferred charges and accrued income | 490/1 | €6,150 | €5,606 | -€544 | -8.8% |
| Total equity and liabilities | 10/49 | €1,103,506 | €1,619,391 | +€515,885 | +46.7% |
| Equity | 10/15 | €861,078 | €696,770 | -€164,308 | -19.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Contributions outside capital | 11 | €18,550 | €18,550 | = | 0.0% |
| Share premium | 1100/10 | €18,550 | €18,550 | = | 0.0% |
| Revaluation surpluses | 12 | €290,000 | €275,000 | -€15,000 | -5.2% |
| Reserves | 13 | €541,184 | €397,190 | -€143,994 | -26.6% |
| Non-distributable reserves | 130/1 | €206,700 | €221,700 | +€15,000 | +7.3% |
| Reserves not available under the articles | 1311 | €206,700 | €221,700 | +€15,000 | +7.3% |
| Tax-exempt reserves | 132 | €12,289 | €12,289 | = | 0.0% |
| Distributable reserves | 133 | €322,195 | €163,201 | -€158,994 | -49.3% |
| Investment grants | 15 | €11,344 | €6,030 | -€5,314 | -46.8% |
| Provisions and deferred taxes | 16 | €1,110 | €2,010 | +€900 | +81.1% |
| Deferred taxes | 168 | €1,110 | €2,010 | +€900 | +81.1% |
| Amounts payable | 17/49 | €241,318 | €920,611 | +€679,292 | +281% |
| Amounts payable after more than one year | 17 | €38,629 | €577,654 | +€539,025 | +1,395% |
| Financial debts | 170/4 | €38,629 | €577,654 | +€539,025 | +1,395% |
| Amounts payable within one year | 42/48 | €146,971 | €331,583 | +€184,613 | +126% |
| Current portion of amounts payable after more than one year | 42 | €34,613 | €55,351 | +€20,737 | +59.9% |
| Trade debts | 44 | €66,203 | €52,612 | -€13,591 | -20.5% |
| Suppliers | 440/4 | €54,062 | €52,612 | -€1,450 | -2.7% |
| Bills of exchange payable | 441 | €12,141 | - | -€12,141 | |
| Taxes, remuneration and social security | 45 | €8,963 | €22,627 | +€13,664 | +152% |
| Taxes | 450/3 | €8,963 | €22,627 | +€13,664 | +152% |
| Other amounts payable | 47/48 | €37,191 | €200,994 | +€163,803 | +440% |
| Accrued charges and deferred income | 492/3 | €55,719 | €11,373 | -€44,346 | -79.6% |
| Non-recurring operating income | 76A | - | €1,600 | +€1,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,818 | €165,275 | +€90,457 | +121% |
| Other operating charges | 640/8 | €15,840 | €21,675 | +€5,835 | +36.8% |
| Gross operating margin | 9900 | €212,312 | €242,244 | +€29,931 | +14.1% |
| Operating profit (loss) | 9901 | €121,655 | €55,294 | -€66,361 | -54.5% |
| Financial income | 75/76B | €3,084 | €3,386 | +€302 | +9.8% |
| Recurring financial income | 75 | €3,084 | €3,386 | +€302 | +9.8% |
| Financial charges | 65/66B | €10,010 | €4,888 | -€5,122 | -51.2% |
| Recurring financial charges | 65 | €10,010 | €4,888 | -€5,122 | -51.2% |
| Profit (loss) for the period before taxes | 9903 | €114,729 | €53,792 | -€60,937 | -53.1% |
| Transfer from deferred taxes | 780 | €1,110 | €1,397 | +€287 | +25.9% |
| Income taxes | 67/77 | €36,930 | €22,622 | -€14,308 | -38.7% |
| Profit (loss) for the period | 9904 | €78,909 | €32,567 | -€46,342 | -58.7% |
| Profit (loss) for the period to be appropriated | 9905 | €78,909 | €32,567 | -€46,342 | -58.7% |
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.