ARGO PROJECTS: 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 PROJECTS
Largest movements
- Receivables within one year -€15,415
down €15,415 (-99.2%), from €15,537 to €122
of which Trade receivables: -€14,866
- Intangible fixed assets -€9,000
down €9,000 (-33.3%), from €27,000 to €18,000
- Stocks and contracts -€3,740
down €3,740 (-19.5%), from €19,132 to €15,392
- Cash -€2,610
down €2,610 (-86.6%), from €3,012 to €402
mainly Net result for the year (-€28,304) and Debts after one year (-€4,138)
- Tangible fixed assets -€1,223
down €1,223 (-31.3%), from €3,911 to €2,688
of which Plant, machinery and equipment: -€727
- Profit (loss) carried forward -€28,304
down €28,304 (-95.6%), from €29,592 to €1,288
- Debts after one year -€4,138
down €4,138 (-56.5%), from €7,317 to €3,179
- Trade debts -€3,404
down €3,404 (-73.9%), from €4,603 to €1,199
- Other debts +€2,992
up €2,992 (+107%), from €2,788 to €5,780
- Gross operating margin -€3,707
down €3,707 (-28.6%), from -€12,979 to -€16,686
- Write-downs +€2,059
up €2,059, from -€2,059 to €0
- Depreciation -€713
down €713 (-6.5%), from €10,936 to €10,223
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.
Derived cash bridge
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 | €70,771 | €37,888 | -€32,883 | -46.5% |
| Fixed assets | 21/28 | €30,952 | €20,729 | -€10,223 | -33.0% |
| Intangible fixed assets | 21 | €27,000 | €18,000 | -€9,000 | -33.3% |
| Tangible fixed assets | 22/27 | €3,911 | €2,688 | -€1,223 | -31.3% |
| Plant, machinery and equipment | 23 | €2,823 | €2,096 | -€727 | -25.8% |
| Furniture and vehicles | 24 | €1,087 | €592 | -€496 | -45.6% |
| Financial fixed assets | 28 | €41 | €41 | = | 0.0% |
| Current assets | 29/58 | €39,819 | €17,159 | -€22,660 | -56.9% |
| Stocks and contracts in progress | 3 | €19,132 | €15,392 | -€3,740 | -19.5% |
| Stocks | 30/36 | €19,132 | €15,392 | -€3,740 | -19.5% |
| Amounts receivable within one year | 40/41 | €15,537 | €122 | -€15,415 | -99.2% |
| Trade receivables | 40 | €14,866 | €0 | -€14,866 | -100% |
| Other amounts receivable | 41 | €670 | €122 | -€549 | -81.9% |
| Cash at bank and in hand | 54/58 | €3,012 | €402 | -€2,610 | -86.6% |
| Deferred charges and accrued income | 490/1 | €2,138 | €1,243 | -€896 | -41.9% |
| Total equity and liabilities | 10/49 | €70,771 | €37,888 | -€32,883 | -46.5% |
| Equity | 10/15 | €51,592 | €23,288 | -€28,304 | -54.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,592 | €1,288 | -€28,304 | -95.6% |
| Amounts payable | 17/49 | €19,178 | €14,600 | -€4,579 | -23.9% |
| Amounts payable after more than one year | 17 | €7,317 | €3,179 | -€4,138 | -56.5% |
| Financial debts | 170/4 | €7,317 | €3,179 | -€4,138 | -56.5% |
| Amounts payable within one year | 42/48 | €11,416 | €11,117 | -€299 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €4,025 | €4,138 | +€113 | +2.8% |
| Trade debts | 44 | €4,603 | €1,199 | -€3,404 | -73.9% |
| Suppliers | 440/4 | €4,603 | €1,199 | -€3,404 | -73.9% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,788 | €5,780 | +€2,992 | +107% |
| Accrued charges and deferred income | 492/3 | €446 | €303 | -€142 | -32.0% |
| Non-recurring operating income | 76A | €413 | €0 | -€413 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,936 | €10,223 | -€713 | -6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,059 | €0 | +€2,059 | |
| Other operating charges | 640/8 | €559 | €573 | +€14 | +2.6% |
| Gross operating margin | 9900 | -€12,979 | -€16,686 | -€3,707 | -28.6% |
| Operating profit (loss) | 9901 | -€22,415 | -€27,482 | -€5,068 | -22.6% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €953 | €822 | -€131 | -13.7% |
| Recurring financial charges | 65 | €953 | €822 | -€131 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | -€23,367 | -€28,304 | -€4,937 | -21.1% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€23,367 | -€28,304 | -€4,937 | -21.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,367 | -€28,304 | -€4,937 | -21.1% |
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 13 October 2026 via checked.be.