ARGO PROJECT: 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 PROJECT
Largest movements
- Cash +€25,466
up €25,466 (+65.9%), from €38,642 to €64,107
mainly Net result for the year (+€84,997) and Other debts (+€22,168)
- Receivables within one year -€3,646
down €3,646 (-13.5%), from €27,020 to €23,374
of which Trade receivables: -€4,232
- Other debts +€22,168
up €22,168 (+34.1%), from €64,941 to €87,109
- Trade debts -€1,306
down €1,306 (-83.8%), from €1,558 to €252
- Gross operating margin +€35,436
up €35,436 (+45.7%), from €77,512 to €112,948
- Taxes +€8,190
up €8,190 (+54.9%), from €14,925 to €23,115
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 | €80,705 | €102,349 | +€21,645 | +26.8% |
| Fixed assets | 21/28 | €14,927 | €14,746 | -€182 | -1.2% |
| Tangible fixed assets | 22/27 | €14,927 | €14,746 | -€182 | -1.2% |
| Furniture and vehicles | 24 | €2,904 | €4,133 | +€1,228 | +42.3% |
| Other tangible fixed assets | 26 | €12,023 | €10,613 | -€1,410 | -11.7% |
| Current assets | 29/58 | €65,777 | €87,604 | +€21,827 | +33.2% |
| Amounts receivable within one year | 40/41 | €27,020 | €23,374 | -€3,646 | -13.5% |
| Trade receivables | 40 | €23,721 | €19,489 | -€4,232 | -17.8% |
| Other amounts receivable | 41 | €3,299 | €3,885 | +€586 | +17.8% |
| Cash at bank and in hand | 54/58 | €38,642 | €64,107 | +€25,466 | +65.9% |
| Deferred charges and accrued income | 490/1 | €116 | €122 | +€7 | +6.0% |
| Total equity and liabilities | 10/49 | €80,705 | €102,349 | +€21,645 | +26.8% |
| Equity | 10/15 | €1,000 | €1,000 | = | 0.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Amounts payable | 17/49 | €79,705 | €101,349 | +€21,645 | +27.2% |
| Amounts payable within one year | 42/48 | €79,705 | €101,349 | +€21,645 | +27.2% |
| Trade debts | 44 | €1,558 | €252 | -€1,306 | -83.8% |
| Suppliers | 440/4 | €1,558 | €252 | -€1,306 | -83.8% |
| Taxes, remuneration and social security | 45 | €13,206 | €13,988 | +€783 | +5.9% |
| Taxes | 450/3 | €13,206 | €13,988 | +€783 | +5.9% |
| Other amounts payable | 47/48 | €64,941 | €87,109 | +€22,168 | +34.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,380 | €2,282 | -€98 | -4.1% |
| Other operating charges | 640/8 | €1,269 | €1,230 | -€39 | -3.1% |
| Gross operating margin | 9900 | €77,512 | €112,948 | +€35,436 | +45.7% |
| Operating profit (loss) | 9901 | €73,864 | €109,436 | +€35,573 | +48.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,105 | €1,324 | +€219 | +19.8% |
| Recurring financial charges | 65 | €1,105 | €1,324 | +€219 | +19.8% |
| Profit (loss) for the period before taxes | 9903 | €72,759 | €108,112 | +€35,354 | +48.6% |
| Income taxes | 67/77 | €14,925 | €23,115 | +€8,190 | +54.9% |
| Profit (loss) for the period | 9904 | €57,834 | €84,997 | +€27,164 | +47.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,834 | €84,997 | +€27,164 | +47.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.