ARGO: what changed
Two fiscal 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
- Tangible fixed assets -€6,092
down €6,092 (-17.2%), from €35,473 to €29,381
- Other debts -€7,181
down €7,181 (-48.1%), from €14,925 to €7,744
- Profit (loss) carried forward +€3,666
up €3,666 (+41.0%), from -€8,932 to -€5,266
- Debts after one year -€3,307
down €3,307 (-53.8%), from €6,152 to €2,845
- Trade debts -€979
no longer reported in 2025 (was €979)
- Accrued charges and deferred income +€900
new in 2025: €900
- Gross operating margin -€879
down €879 (-6.7%), from €13,193 to €12,314
- Taxes +€751
new in 2025: €751
- Depreciation -€606
down €606 (-9.0%), from €6,698 to €6,092
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 | €35,848 | €29,811 | -€6,037 | -16.8% |
| Fixed assets | 21/28 | €35,473 | €29,381 | -€6,092 | -17.2% |
| Tangible fixed assets | 22/27 | €35,473 | €29,381 | -€6,092 | -17.2% |
| Land and buildings | 22 | €35,473 | €29,381 | -€6,092 | -17.2% |
| Current assets | 29/58 | €374 | €430 | +€56 | +14.8% |
| Cash at bank and in hand | 54/58 | €374 | €430 | +€56 | +14.8% |
| Total equity and liabilities | 10/49 | €35,848 | €29,811 | -€6,037 | -16.8% |
| Equity | 10/15 | €10,598 | €14,264 | +€3,666 | +34.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €930 | €930 | = | 0.0% |
| Non-distributable reserves | 130/1 | €930 | €930 | = | 0.0% |
| Reserves not available under the articles | 1311 | €930 | €930 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,932 | -€5,266 | +€3,666 | +41.0% |
| Amounts payable | 17/49 | €25,249 | €15,547 | -€9,703 | -38.4% |
| Amounts payable after more than one year | 17 | €6,152 | €2,845 | -€3,307 | -53.8% |
| Financial debts | 170/4 | €6,152 | €2,845 | -€3,307 | -53.8% |
| Amounts payable within one year | 42/48 | €19,097 | €11,801 | -€7,296 | -38.2% |
| Current portion of amounts payable after more than one year | 42 | €3,194 | €3,307 | +€113 | +3.5% |
| Trade debts | 44 | €979 | - | -€979 | |
| Suppliers | 440/4 | €979 | - | -€979 | |
| Taxes, remuneration and social security | 45 | - | €751 | +€751 | |
| Taxes | 450/3 | - | €751 | +€751 | |
| Other amounts payable | 47/48 | €14,925 | €7,744 | -€7,181 | -48.1% |
| Accrued charges and deferred income | 492/3 | - | €900 | +€900 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,698 | €6,092 | -€606 | -9.0% |
| Other operating charges | 640/8 | €1,340 | €1,380 | +€40 | +3.0% |
| Gross operating margin | 9900 | €13,193 | €12,314 | -€879 | -6.7% |
| Operating profit (loss) | 9901 | €5,154 | €4,842 | -€313 | -6.1% |
| Financial charges | 65/66B | €533 | €425 | -€108 | -20.3% |
| Recurring financial charges | 65 | €533 | €425 | -€108 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €4,621 | €4,417 | -€205 | -4.4% |
| Income taxes | 67/77 | - | €751 | +€751 | |
| Profit (loss) for the period | 9904 | €4,621 | €3,666 | -€955 | -20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,621 | €3,666 | -€955 | -20.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.