ARGO RECLAME: what changed
ARGO RECLAME
Largest movements
- Cash +€131,931
up €131,931 (+68.1%), from €193,798 to €325,729
mainly Net result for the year (+€152,753) and Depreciation (+€78,818)
- Tangible fixed assets -€38,192
down €38,192 (-17.2%), from €221,421 to €183,229
of which Plant, machinery and equipment: -€34,151
- Intangible fixed assets -€21,236
down €21,236 (-13.0%), from €163,023 to €141,787
- Receivables within one year +€14,981
up €14,981 (+8.0%), from €187,179 to €202,161
of which Other amounts receivable: +€19,891
- Profit (loss) carried forward +€152,753
up €152,753 (+42.0%), from €363,888 to €516,640
- Debts after one year -€68,431
down €68,431 (-26.6%), from €257,361 to €188,929
- Trade debts +€34,725
up €34,725 (+136%), from €25,479 to €60,204
- Other debts -€17,887
down €17,887 (-83.2%), from €21,487 to €3,599
- Tax, wage and social debts -€13,656
down €13,656 (-25.6%), from €53,420 to €39,764
of which Remuneration and social security: -€13,287
- Gross operating margin +€128,843
up €128,843 (+24.6%), from €524,701 to €653,544
- Staff costs +€68,413
up €68,413 (+24.0%), from €284,698 to €353,111
- Taxes +€15,676
up €15,676 (+38.9%), from €40,293 to €55,968
- Depreciation +€15,551
up €15,551 (+24.6%), from €63,267 to €78,818
- Financial income +€6,994
up €6,994 (+136%), from €5,136 to €12,130
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €813,962 | €907,926 | +€93,965 | +11.5% |
| Fixed assets | 21/28 | €384,444 | €325,016 | -€59,428 | -15.5% |
| Intangible fixed assets | 21 | €163,023 | €141,787 | -€21,236 | -13.0% |
| Tangible fixed assets | 22/27 | €221,421 | €183,229 | -€38,192 | -17.2% |
| Plant, machinery and equipment | 23 | €210,049 | €175,899 | -€34,151 | -16.3% |
| Furniture and vehicles | 24 | €11,372 | €7,330 | -€4,042 | -35.5% |
| Current assets | 29/58 | €429,517 | €582,911 | +€153,393 | +35.7% |
| Stocks and contracts in progress | 3 | €34,110 | €38,420 | +€4,310 | +12.6% |
| Stocks | 30/36 | €34,110 | €38,420 | +€4,310 | +12.6% |
| Amounts receivable within one year | 40/41 | €187,179 | €202,161 | +€14,981 | +8.0% |
| Trade receivables | 40 | €172,450 | €167,541 | -€4,910 | -2.8% |
| Other amounts receivable | 41 | €14,729 | €34,620 | +€19,891 | +135% |
| Current investments | 50/53 | €10,940 | €10,986 | +€46 | +0.4% |
| Cash at bank and in hand | 54/58 | €193,798 | €325,729 | +€131,931 | +68.1% |
| Deferred charges and accrued income | 490/1 | €3,490 | €5,615 | +€2,125 | +60.9% |
| Total equity and liabilities | 10/49 | €813,962 | €907,926 | +€93,965 | +11.5% |
| Equity | 10/15 | €382,480 | €535,232 | +€152,753 | +39.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | €363,888 | €516,640 | +€152,753 | +42.0% |
| Amounts payable | 17/49 | €431,482 | €372,694 | -€58,788 | -13.6% |
| Amounts payable after more than one year | 17 | €257,361 | €188,929 | -€68,431 | -26.6% |
| Financial debts | 170/4 | €257,361 | €188,929 | -€68,431 | -26.6% |
| Amounts payable within one year | 42/48 | €174,121 | €181,560 | +€7,439 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €73,736 | €77,993 | +€4,258 | +5.8% |
| Trade debts | 44 | €25,479 | €60,204 | +€34,725 | +136% |
| Suppliers | 440/4 | €25,479 | €60,204 | +€34,725 | +136% |
| Taxes, remuneration and social security | 45 | €53,420 | €39,764 | -€13,656 | -25.6% |
| Taxes | 450/3 | €11,841 | €11,472 | -€369 | -3.1% |
| Remuneration and social security | 454/9 | €41,579 | €28,292 | -€13,287 | -32.0% |
| Other amounts payable | 47/48 | €21,487 | €3,599 | -€17,887 | -83.2% |
| Accrued charges and deferred income | 492/3 | - | €2,205 | +€2,205 | |
| Non-recurring operating income | 76A | - | €41 | +€41 | |
| Remuneration, social security and pensions | 62 | €284,698 | €353,111 | +€68,413 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,267 | €78,818 | +€15,551 | +24.6% |
| Other operating charges | 640/8 | €1,681 | €1,229 | -€452 | -26.9% |
| Non-recurring operating charges | 66A | €2,441 | €262 | -€2,180 | -89.3% |
| Gross operating margin | 9900 | €524,701 | €653,544 | +€128,843 | +24.6% |
| Operating profit (loss) | 9901 | €172,613 | €220,123 | +€47,510 | +27.5% |
| Financial income | 75/76B | €5,136 | €12,130 | +€6,994 | +136% |
| Recurring financial income | 75 | €5,136 | €12,130 | +€6,994 | +136% |
| Financial charges | 65/66B | €22,678 | €23,533 | +€855 | +3.8% |
| Recurring financial charges | 65 | €22,678 | €23,533 | +€855 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €155,072 | €208,721 | +€53,649 | +34.6% |
| Income taxes | 67/77 | €40,293 | €55,968 | +€15,676 | +38.9% |
| Profit (loss) for the period | 9904 | €114,780 | €152,753 | +€37,973 | +33.1% |
| Profit (loss) for the period to be appropriated | 9905 | €114,780 | €152,753 | +€37,973 | +33.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.