ARGON: 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.
What changed
ARGON
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€522,408
2024 · €10.3m-€9.8m
Equity
€4.1m
2024 · €5.6m-€1.5m
Cash
€1.8m
2024 · €12.4m-€10.6m
Balance sheet total
€7.9m
2024 · €18.7m-€10.8m
Largest movements
Assets
- Cash -€10.6m
down €10.6m (-85.8%), from €12.4m to €1.8m
mainly Other debts (-€6.4m) and Debts after one year (-€2.8m)
Equity and liabilities
- Other debts -€6.4m
down €6.4m (-71.5%), from €8.9m to €2.6m
- Debts after one year -€2.8m
down €2.8m (-100%), from €2.8m to €0
- Reserves -€1.5m
down €1.5m (-29.7%), from €5.0m to €3.5m
of which Distributable reserves: -€1.5m
Income statement
- Gross operating margin -€13.0m
down €13.0m (-92.8%), from €14.0m to €1.0m
- Taxes -€2.0m
down €2.0m (-90.6%), from €2.2m to €206,609
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.
Result 2024
€10.3m
Gross operating margin
-€13.0m
Staff costs
+€11,186
Depreciation
-€22,322
Other operating charges
+€25,185
Financial income
+€108,455
Financial charges
+€18,136
Taxes
+€2.0m
Deferred taxes and other
+€1.1m
Result 2025
€522,408
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€5.7m
Investment
-€148,622
Financing
-€4.8m
Cash 2024
€12.4m
From operations (derived)
-€5.7m
Net result for the year
+€522,408
Depreciation
+€284,988
Smaller working-capital items
+€2,050
Trade debts
-€82,185
Other debts
-€6.4m
Investment (derived)
-€148,622
Investment in fixed assets (net)
-€148,622
Financing
-€4.8m
Debts after one year
-€2.8m
Contributions, distributions and other
-€2.0m
Cash 2025
€1.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,694,426 | €7,944,387 | -€10.8m | -57.5% |
| Fixed assets | 21/28 | €5,367,953 | €5,231,587 | -€136,367 | -2.5% |
| Tangible fixed assets | 22/27 | €5,343,115 | €5,206,749 | -€136,367 | -2.6% |
| Land and buildings | 22 | €2,314,866 | €2,248,360 | -€66,506 | -2.9% |
| Plant, machinery and equipment | 23 | €399,047 | €316,135 | -€82,911 | -20.8% |
| Furniture and vehicles | 24 | €3,395 | €2,546 | -€849 | -25.0% |
| Assets under construction and advance payments | 27 | €2,625,807 | €2,639,707 | +€13,900 | +0.5% |
| Financial fixed assets | 28 | €24,838 | €24,838 | = | 0.0% |
| Current assets | 29/58 | €13,326,472 | €2,712,800 | -€10.6m | -79.6% |
| Amounts receivable within one year | 40/41 | €924,444 | €938,566 | +€14,121 | +1.5% |
| Trade receivables | 40 | €149,484 | €173,035 | +€23,551 | +15.8% |
| Other amounts receivable | 41 | €774,960 | €765,531 | -€9,430 | -1.2% |
| Cash at bank and in hand | 54/58 | €12,382,401 | €1,764,292 | -€10.6m | -85.8% |
| Deferred charges and accrued income | 490/1 | €19,626 | €9,942 | -€9,684 | -49.3% |
| Total equity and liabilities | 10/49 | €18,694,426 | €7,944,387 | -€10.8m | -57.5% |
| Equity | 10/15 | €5,568,155 | €4,090,563 | -€1.5m | -26.5% |
| Contributions | 10/11 | €599,688 | €599,688 | = | 0.0% |
| Capital | 10 | €599,688 | €599,688 | = | 0.0% |
| Issued capital | 100 | €599,688 | €599,688 | = | 0.0% |
| Reserves | 13 | €4,968,467 | €3,490,875 | -€1.5m | -29.7% |
| Non-distributable reserves | 130/1 | €60,006 | €60,006 | = | 0.0% |
| Legal reserve | 130 | €59,969 | €59,969 | = | 0.0% |
| Other | 1319 | €37 | €37 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,341,668 | €3,336,977 | -€4,691 | -0.1% |
| Distributable reserves | 133 | €1,566,793 | €93,892 | -€1.5m | -94.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €1,127,803 | €1,125,388 | -€2,415 | -0.2% |
| Deferred taxes | 168 | €1,127,803 | €1,125,388 | -€2,415 | -0.2% |
| Amounts payable | 17/49 | €11,998,467 | €2,728,436 | -€9.3m | -77.3% |
| Amounts payable after more than one year | 17 | €2,800,000 | €0 | -€2.8m | -100% |
| Financial debts | 170/4 | €2,800,000 | €0 | -€2.8m | -100% |
| Amounts payable within one year | 42/48 | €9,053,863 | €2,579,211 | -€6.5m | -71.5% |
| Trade debts | 44 | €101,301 | €19,116 | -€82,185 | -81.1% |
| Suppliers | 440/4 | €101,301 | €19,116 | -€82,185 | -81.1% |
| Taxes, remuneration and social security | 45 | €4,341 | €8,623 | +€4,282 | +98.6% |
| Taxes | 450/3 | €4,341 | €8,623 | +€4,282 | +98.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €8,948,221 | €2,551,472 | -€6.4m | -71.5% |
| Accrued charges and deferred income | 492/3 | €144,605 | €149,225 | +€4,621 | +3.2% |
| Non-recurring operating income | 76A | €13,098,290 | €0 | -€13.1m | -100% |
| Remuneration, social security and pensions | 62 | €11,186 | €0 | -€11,186 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €262,666 | €284,988 | +€22,322 | +8.5% |
| Other operating charges | 640/8 | €103,602 | €78,416 | -€25,185 | -24.3% |
| Gross operating margin | 9900 | €13,986,511 | €1,000,196 | -€13.0m | -92.8% |
| Operating profit (loss) | 9901 | €13,609,058 | €636,791 | -€13.0m | -95.3% |
| Financial income | 75/76B | €0 | €108,455 | +€108,455 | |
| Recurring financial income | 75 | €0 | €108,455 | +€108,455 | |
| Financial charges | 65/66B | €36,780 | €18,644 | -€18,136 | -49.3% |
| Recurring financial charges | 65 | €36,780 | €18,644 | -€18,136 | -49.3% |
| Profit (loss) for the period before taxes | 9903 | €13,572,278 | €726,602 | -€12.8m | -94.6% |
| Transfer from deferred taxes | 780 | €2,416 | €2,415 | -€0 | 0.0% |
| Transfer to deferred taxes | 680 | €1,088,349 | €0 | -€1.1m | -100% |
| Income taxes | 67/77 | €2,190,267 | €206,609 | -€2.0m | -90.6% |
| Profit (loss) for the period | 9904 | €10,296,078 | €522,408 | -€9.8m | -94.9% |
| Transfer from tax-exempt reserves | 789 | €4,691 | €4,691 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €3,265,046 | €0 | -€3.3m | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €7,035,724 | €527,099 | -€6.5m | -92.5% |
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 30 October 2026 via checked.be.