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.
Argon
Largest movements
- Cash +€57,186
up €57,186 (+201%), from €28,388 to €85,573
mainly Net result for the year (+€307,704) and Other debts (+€82,729)
- Reserves +€243,500
up €243,500 (+18.1%), from €1.3m to €1.6m
- Debts after one year -€167,315
down €167,315 (-28.5%), from €586,696 to €419,381
- Current portion of long-term debt -€111,237
down €111,237 (-72.4%), from €153,552 to €42,315
- Other debts +€82,729
up €82,729 (+39.8%), from €207,732 to €290,461
- Tax, wage and social debts -€46,044
down €46,044 (-62.7%), from €73,452 to €27,408
- Gross operating margin +€43,415
up €43,415 (+8.6%), from €503,985 to €547,399
- Depreciation -€27,832
down €27,832 (-39.5%), from €70,506 to €42,674
- Financial charges -€12,143
down €12,143 (-27.6%), from €43,923 to €31,780
- Other operating charges +€6,920
up €6,920 (+183%), from €3,791 to €10,712
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 | €2,528,790 | €2,549,813 | +€21,023 | +0.8% |
| Fixed assets | 21/28 | €1,861,371 | €1,843,103 | -€18,267 | -1.0% |
| Tangible fixed assets | 22/27 | €349,474 | €330,207 | -€19,267 | -5.5% |
| Land and buildings | 22 | €285,826 | €282,553 | -€3,274 | -1.1% |
| Furniture and vehicles | 24 | €63,648 | €47,654 | -€15,994 | -25.1% |
| Financial fixed assets | 28 | €1,511,897 | €1,512,897 | +€1,000 | +0.1% |
| Current assets | 29/58 | €667,419 | €706,710 | +€39,291 | +5.9% |
| Amounts receivable after more than one year | 29 | €350,000 | €350,000 | = | 0.0% |
| Other amounts receivable | 291 | €350,000 | €350,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €286,909 | €269,410 | -€17,499 | -6.1% |
| Trade receivables | 40 | €110,325 | €108,310 | -€2,015 | -1.8% |
| Other amounts receivable | 41 | €176,584 | €161,100 | -€15,484 | -8.8% |
| Cash at bank and in hand | 54/58 | €28,388 | €85,573 | +€57,186 | +201% |
| Deferred charges and accrued income | 490/1 | €2,122 | €1,726 | -€396 | -18.7% |
| Total equity and liabilities | 10/49 | €2,528,790 | €2,549,813 | +€21,023 | +0.8% |
| Equity | 10/15 | €1,505,054 | €1,756,009 | +€250,954 | +16.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,343,360 | €1,586,860 | +€243,500 | +18.1% |
| Distributable reserves | 133 | €1,343,360 | €1,586,860 | +€243,500 | +18.1% |
| Profit (loss) carried forward | 14 | €149,294 | €156,749 | +€7,454 | +5.0% |
| Amounts payable | 17/49 | €1,023,735 | €793,804 | -€229,931 | -22.5% |
| Amounts payable after more than one year | 17 | €586,696 | €419,381 | -€167,315 | -28.5% |
| Financial debts | 170/4 | €586,696 | €419,381 | -€167,315 | -28.5% |
| Amounts payable within one year | 42/48 | €437,040 | €374,423 | -€62,617 | -14.3% |
| Current portion of amounts payable after more than one year | 42 | €153,552 | €42,315 | -€111,237 | -72.4% |
| Trade debts | 44 | €2,305 | €14,239 | +€11,935 | +518% |
| Suppliers | 440/4 | €2,305 | €14,239 | +€11,935 | +518% |
| Taxes, remuneration and social security | 45 | €73,452 | €27,408 | -€46,044 | -62.7% |
| Taxes | 450/3 | €73,452 | €27,408 | -€46,044 | -62.7% |
| Other amounts payable | 47/48 | €207,732 | €290,461 | +€82,729 | +39.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,506 | €42,674 | -€27,832 | -39.5% |
| Other operating charges | 640/8 | €3,791 | €10,712 | +€6,920 | +183% |
| Gross operating margin | 9900 | €503,985 | €547,399 | +€43,415 | +8.6% |
| Operating profit (loss) | 9901 | €429,687 | €494,013 | +€64,326 | +15.0% |
| Financial income | 75/76B | €214 | €83 | -€131 | -61.4% |
| Recurring financial income | 75 | €214 | €83 | -€131 | -61.4% |
| Financial charges | 65/66B | €43,923 | €31,780 | -€12,143 | -27.6% |
| Recurring financial charges | 65 | €43,923 | €31,780 | -€12,143 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | €385,978 | €462,315 | +€76,337 | +19.8% |
| Income taxes | 67/77 | €152,722 | €154,611 | +€1,889 | +1.2% |
| Profit (loss) for the period | 9904 | €233,256 | €307,704 | +€74,448 | +31.9% |
| Profit (loss) for the period to be appropriated | 9905 | €233,256 | €307,704 | +€74,448 | +31.9% |
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 17 October 2026 via checked.be.