ARGO GROUP: 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 GROUP
Largest movements
- Receivables within one year -€2,509
down €2,509 (-58.0%), from €4,324 to €1,815
- Profit (loss) carried forward -€2,481
down €2,481 (-76.3%), from -€3,250 to -€5,732
- Tax, wage and social debts -€910
no longer reported in 2025 (was €910)
- Trade debts +€886
up €886 (+187.8%), from €472 to €1,358
- Gross operating margin -€1,643
down €1,643 (-1285.9%), from -€128 to -€1,771
- Other operating charges +€514
new in 2025: €514
- Financial charges +€130
up €130 (+195.3%), from €67 to €197
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 | €4,332 | €1,826 | -€2,505 | -57.8% |
| Current assets | 29/58 | €4,332 | €1,826 | -€2,505 | -57.8% |
| Amounts receivable within one year | 40/41 | €4,324 | €1,815 | -€2,509 | -58.0% |
| Other amounts receivable | 41 | €4,324 | €1,815 | -€2,509 | -58.0% |
| Cash at bank and in hand | 54/58 | €7 | €11 | +€4 | +51.6% |
| Total equity and liabilities | 10/49 | €4,332 | €1,826 | -€2,505 | -57.8% |
| Equity | 10/15 | €2,950 | €468 | -€2,481 | -84.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,250 | -€5,732 | -€2,481 | -76.3% |
| Amounts payable | 17/49 | €1,382 | €1,358 | -€24 | -1.7% |
| Amounts payable within one year | 42/48 | €1,382 | €1,358 | -€24 | -1.7% |
| Trade debts | 44 | €472 | €1,358 | +€886 | +187.8% |
| Suppliers | 440/4 | €472 | €1,358 | +€886 | +187.8% |
| Taxes, remuneration and social security | 45 | €910 | - | -€910 | |
| Taxes | 450/3 | €910 | - | -€910 | |
| Other operating charges | 640/8 | - | €514 | +€514 | |
| Gross operating margin | 9900 | -€128 | -€1,771 | -€1,643 | -1285.9% |
| Operating profit (loss) | 9901 | -€128 | -€2,285 | -€2,157 | -1688.0% |
| Financial charges | 65/66B | €67 | €197 | +€130 | +195.3% |
| Recurring financial charges | 65 | €67 | €197 | +€130 | +195.3% |
| Profit (loss) for the period before taxes | 9903 | -€194 | -€2,481 | -€2,287 | -1176.2% |
| Profit (loss) for the period | 9904 | -€194 | -€2,481 | -€2,287 | -1176.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€194 | -€2,481 | -€2,287 | -1176.2% |
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 3 October 2026 via checked.be.