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
- Receivables after one year -€9,619
down €9,619 (-20.1%), from €47,760 to €38,141
- Profit (loss) carried forward +€81,394
up €81,394 (+60.7%), from -€133,993 to -€52,598
- Other debts -€50,000
down €50,000 (-91.9%), from €54,392 to €4,392
- Debts after one year -€34,348
down €34,348 (-76.3%), from €45,021 to €10,673
- Current portion of long-term debt -€5,173
down €5,173 (-13.1%), from €39,521 to €34,348
- Gross operating margin +€54,492
up €54,492 (+1246.9%), from €4,370 to €58,863
- Financial income +€30,586
up €30,586 (+2954.2%), from €1,035 to €31,621
- Taxes +€1,893
up €1,893, from -€1,893 to €0
- Financial charges -€1,286
down €1,286 (-37.5%), from €3,428 to €2,142
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 | €207,605 | €197,257 | -€10,347 | -5.0% |
| Fixed assets | 21/28 | €150,000 | €150,000 | = | 0.0% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €57,605 | €47,257 | -€10,347 | -18.0% |
| Amounts receivable after more than one year | 29 | €47,760 | €38,141 | -€9,619 | -20.1% |
| Other amounts receivable | 291 | €47,760 | €38,141 | -€9,619 | -20.1% |
| Amounts receivable within one year | 40/41 | €8,404 | €6,511 | -€1,893 | -22.5% |
| Other amounts receivable | 41 | €8,404 | €6,511 | -€1,893 | -22.5% |
| Cash at bank and in hand | 54/58 | €1,441 | €2,605 | +€1,164 | +80.8% |
| Total equity and liabilities | 10/49 | €207,605 | €197,257 | -€10,347 | -5.0% |
| Equity | 10/15 | €66,008 | €147,402 | +€81,394 | +123.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€133,993 | -€52,598 | +€81,394 | +60.7% |
| Amounts payable | 17/49 | €141,597 | €49,855 | -€91,742 | -64.8% |
| Amounts payable after more than one year | 17 | €45,021 | €10,673 | -€34,348 | -76.3% |
| Financial debts | 170/4 | €45,021 | €10,673 | -€34,348 | -76.3% |
| Amounts payable within one year | 42/48 | €96,146 | €39,182 | -€56,964 | -59.2% |
| Current portion of amounts payable after more than one year | 42 | €39,521 | €34,348 | -€5,173 | -13.1% |
| Trade debts | 44 | €2,233 | €442 | -€1,792 | -80.2% |
| Suppliers | 440/4 | €2,233 | €442 | -€1,792 | -80.2% |
| Other amounts payable | 47/48 | €54,392 | €4,392 | -€50,000 | -91.9% |
| Accrued charges and deferred income | 492/3 | €429 | €0 | -€429 | -100.0% |
| Other operating charges | 640/8 | €6,610 | €6,667 | +€57 | +0.9% |
| Non-recurring operating charges | 66A | - | €281 | +€281 | |
| Gross operating margin | 9900 | €4,370 | €58,863 | +€54,492 | +1246.9% |
| Operating profit (loss) | 9901 | -€2,240 | €51,915 | +€54,154 | |
| Financial income | 75/76B | €1,035 | €31,621 | +€30,586 | +2954.2% |
| Recurring financial income | 75 | €1,035 | €31,621 | +€30,586 | +2954.2% |
| Financial charges | 65/66B | €3,428 | €2,142 | -€1,286 | -37.5% |
| Recurring financial charges | 65 | €3,428 | €2,142 | -€1,286 | -37.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,633 | €81,394 | +€86,027 | |
| Income taxes | 67/77 | -€1,893 | €0 | +€1,893 | |
| Profit (loss) for the period | 9904 | -€2,740 | €81,394 | +€84,134 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,740 | €81,394 | +€84,134 |
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.