ARGO: 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.
ARGO
Largest movements
- Cash +€12,433
up €12,433 (+12286.7%), from €101 to €12,534
mainly Net result for the year (+€25,645) and Tax, wage and social debts (+€12,877)
- Tangible fixed assets -€11,232
down €11,232 (-6.5%), from €173,435 to €162,203
of which Land and buildings: -€10,923
- Receivables within one year +€5,479
up €5,479 (+60.6%), from €9,036 to €14,515
of which Other amounts receivable: +€4,341
- Debts after one year -€32,820
down €32,820 (-19.6%), from €167,764 to €134,945
of which Financial debts: -€21,327
- Reserves +€25,645
up €25,645 (+47.4%), from €54,046 to €79,690
- Tax, wage and social debts +€12,877
up €12,877 (+82.2%), from €15,675 to €28,552
- Gross operating margin -€7,391
down €7,391 (-11.5%), from €64,198 to €56,807
- Taxes -€2,797
down €2,797 (-17.8%), from €15,675 to €12,877
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 | €395,683 | €399,581 | +€3,897 | +1.0% |
| Fixed assets | 21/28 | €381,145 | €369,913 | -€11,232 | -2.9% |
| Tangible fixed assets | 22/27 | €173,435 | €162,203 | -€11,232 | -6.5% |
| Land and buildings | 22 | €172,022 | €161,098 | -€10,923 | -6.3% |
| Plant, machinery and equipment | 23 | €1,413 | €1,104 | -€309 | -21.9% |
| Financial fixed assets | 28 | €207,710 | €207,710 | = | 0.0% |
| Current assets | 29/58 | €14,538 | €29,668 | +€15,130 | +104.1% |
| Amounts receivable within one year | 40/41 | €9,036 | €14,515 | +€5,479 | +60.6% |
| Trade receivables | 40 | - | €1,138 | +€1,138 | |
| Other amounts receivable | 41 | €9,036 | €13,377 | +€4,341 | +48.0% |
| Cash at bank and in hand | 54/58 | €101 | €12,534 | +€12,433 | +12286.7% |
| Deferred charges and accrued income | 490/1 | €5,401 | €2,619 | -€2,782 | -51.5% |
| Total equity and liabilities | 10/49 | €395,683 | €399,581 | +€3,897 | +1.0% |
| Equity | 10/15 | €174,604 | €200,248 | +€25,645 | +14.7% |
| Contributions | 10/11 | €18,171 | €18,171 | = | 0.0% |
| Contributions outside capital | 11 | €18,171 | €18,171 | = | 0.0% |
| Other | 1109/19 | €18,171 | €18,171 | = | 0.0% |
| Reserves | 13 | €54,046 | €79,690 | +€25,645 | +47.4% |
| Distributable reserves | 133 | €54,046 | €79,690 | +€25,645 | +47.4% |
| Profit (loss) carried forward | 14 | €102,387 | €102,387 | = | 0.0% |
| Amounts payable | 17/49 | €221,080 | €199,333 | -€21,747 | -9.8% |
| Amounts payable after more than one year | 17 | €167,764 | €134,945 | -€32,820 | -19.6% |
| Financial debts | 170/4 | €133,096 | €111,770 | -€21,327 | -16.0% |
| Other amounts payable | 178/9 | €34,668 | €23,175 | -€11,493 | -33.2% |
| Amounts payable within one year | 42/48 | €50,702 | €62,345 | +€11,643 | +23.0% |
| Current portion of amounts payable after more than one year | 42 | €23,164 | €22,034 | -€1,129 | -4.9% |
| Trade debts | 44 | €4,764 | €4,659 | -€105 | -2.2% |
| Suppliers | 440/4 | €4,764 | €4,659 | -€105 | -2.2% |
| Taxes, remuneration and social security | 45 | €15,675 | €28,552 | +€12,877 | +82.2% |
| Taxes | 450/3 | €15,675 | €28,552 | +€12,877 | +82.2% |
| Other amounts payable | 47/48 | €7,100 | €7,100 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,614 | €2,043 | -€571 | -21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,192 | €11,232 | +€41 | +0.4% |
| Other operating charges | 640/8 | €5,252 | €5,392 | +€140 | +2.7% |
| Gross operating margin | 9900 | €64,198 | €56,807 | -€7,391 | -11.5% |
| Operating profit (loss) | 9901 | €47,755 | €40,183 | -€7,572 | -15.9% |
| Financial income | 75/76B | €3,193 | €3,241 | +€48 | +1.5% |
| Recurring financial income | 75 | €3,193 | €3,241 | +€48 | +1.5% |
| Financial charges | 65/66B | €4,658 | €4,901 | +€243 | +5.2% |
| Recurring financial charges | 65 | €4,658 | €4,901 | +€243 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €46,289 | €38,522 | -€7,767 | -16.8% |
| Income taxes | 67/77 | €15,675 | €12,877 | -€2,797 | -17.8% |
| Profit (loss) for the period | 9904 | €30,615 | €25,645 | -€4,970 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €30,615 | €25,645 | -€4,970 | -16.2% |
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 9 October 2026 via checked.be.