ARGIBEL: 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.
ARGIBEL
Largest movements
- Financial fixed assets -€625,000
no longer reported in 2025 (was €625,000)
- Tangible fixed assets +€557,330
up €557,330 (+15.5%), from €3.6m to €4.2m
of which Assets under construction and advance payments: +€743,411
- Receivables within one year +€144,463
new in 2025: €144,463
of which Other amounts receivable: +€113,331
- Deferred charges and accrued income -€75,895
down €75,895 (-94.1%), from €80,673 to €4,778
- Profit (loss) carried forward -€263,804
down €263,804 (-34.2%), from €772,082 to €508,279
- Debts after one year +€200,000
new in 2025: €200,000
- Trade debts +€74,670
up €74,670 (+161%), from €46,245 to €120,915
- Gross operating margin -€570,026
down €570,026 (-90.2%), from €632,282 to €62,256
- Depreciation -€400,508
down €400,508 (-72.1%), from €555,199 to €154,690
- Financial income -€6,964
down €6,964 (-28.8%), from €24,189 to €17,225
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 | €4,318,586 | €4,329,945 | +€11,359 | +0.3% |
| Fixed assets | 21/28 | €4,227,895 | €4,160,225 | -€67,670 | -1.6% |
| Tangible fixed assets | 22/27 | €3,602,895 | €4,160,225 | +€557,330 | +15.5% |
| Land and buildings | 22 | €3,382,123 | €3,196,041 | -€186,082 | -5.5% |
| Assets under construction and advance payments | 27 | €220,772 | €964,184 | +€743,411 | +337% |
| Financial fixed assets | 28 | €625,000 | - | -€625,000 | |
| Current assets | 29/58 | €90,691 | €169,720 | +€79,029 | +87.1% |
| Amounts receivable within one year | 40/41 | - | €144,463 | +€144,463 | |
| Trade receivables | 40 | - | €31,132 | +€31,132 | |
| Other amounts receivable | 41 | - | €113,331 | +€113,331 | |
| Cash at bank and in hand | 54/58 | €10,018 | €20,479 | +€10,461 | +104% |
| Deferred charges and accrued income | 490/1 | €80,673 | €4,778 | -€75,895 | -94.1% |
| Total equity and liabilities | 10/49 | €4,318,586 | €4,329,945 | +€11,359 | +0.3% |
| Equity | 10/15 | €4,272,341 | €4,008,538 | -€263,804 | -6.2% |
| Contributions | 10/11 | €3,331,285 | €3,331,285 | = | 0.0% |
| Capital | 10 | €3,331,285 | €3,331,285 | = | 0.0% |
| Issued capital | 100 | €3,331,285 | €3,331,285 | = | 0.0% |
| Reserves | 13 | €168,974 | €168,974 | = | 0.0% |
| Non-distributable reserves | 130/1 | €53,863 | €53,863 | = | 0.0% |
| Legal reserve | 130 | €53,863 | €53,863 | = | 0.0% |
| Distributable reserves | 133 | €115,111 | €115,111 | = | 0.0% |
| Profit (loss) carried forward | 14 | €772,082 | €508,279 | -€263,804 | -34.2% |
| Amounts payable | 17/49 | €46,245 | €321,407 | +€275,162 | +595% |
| Amounts payable after more than one year | 17 | - | €200,000 | +€200,000 | |
| Financial debts | 170/4 | - | €200,000 | +€200,000 | |
| Amounts payable within one year | 42/48 | €46,245 | €120,915 | +€74,670 | +161% |
| Trade debts | 44 | €46,245 | €120,915 | +€74,670 | +161% |
| Suppliers | 440/4 | €46,245 | €120,915 | +€74,670 | +161% |
| Accrued charges and deferred income | 492/3 | - | €492 | +€492 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €555,199 | €154,690 | -€400,508 | -72.1% |
| Other operating charges | 640/8 | €151,393 | €156,326 | +€4,933 | +3.3% |
| Non-recurring operating charges | 66A | - | €31,391 | +€31,391 | |
| Gross operating margin | 9900 | €632,282 | €62,256 | -€570,026 | -90.2% |
| Operating profit (loss) | 9901 | -€74,310 | -€280,152 | -€205,842 | -277% |
| Financial income | 75/76B | €24,189 | €17,225 | -€6,964 | -28.8% |
| Recurring financial income | 75 | €24,189 | €17,225 | -€6,964 | -28.8% |
| Financial charges | 65/66B | €320 | €877 | +€557 | +174% |
| Recurring financial charges | 65 | €320 | €877 | +€557 | +174% |
| Profit (loss) for the period before taxes | 9903 | -€50,440 | -€263,804 | -€213,363 | -423% |
| Profit (loss) for the period | 9904 | -€50,440 | -€263,804 | -€213,363 | -423% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,440 | -€263,804 | -€213,363 | -423% |
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 14 October 2026 via checked.be.