Argonauten: 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.
Argonauten
Largest movements
- Stocks and contracts -€92,685
no longer reported in 2025 (was €92,685)
- Cash +€46,943
up €46,943 (+281.9%), from €16,650 to €63,592
mainly Stocks and contracts (+€92,685) and Net result for the year (+€30,122)
- Receivables within one year -€4,957
down €4,957 (-28.6%), from €17,328 to €12,371
of which Trade receivables: -€7,260
- Debts after one year -€73,192
no longer reported in 2025 (was €73,192)
- Profit (loss) carried forward +€30,122
up €30,122 (+70.9%), from €42,459 to €72,581
- Current portion of long-term debt -€7,024
no longer reported in 2025 (was €7,024)
- Gross operating margin +€24,753
up €24,753 (+141.2%), from €17,528 to €42,282
- Taxes +€4,740
up €4,740 (+169.9%), from €2,790 to €7,530
- Financial charges +€1,516
up €1,516 (+90.5%), from €1,674 to €3,190
- Depreciation -€643
down €643 (-66.8%), from €962 to €319
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 | €126,982 | €75,963 | -€51,018 | -40.2% |
| Fixed assets | 21/28 | €319 | - | -€319 | |
| Tangible fixed assets | 22/27 | €319 | - | -€319 | |
| Furniture and vehicles | 24 | €319 | - | -€319 | |
| Current assets | 29/58 | €126,662 | €75,963 | -€50,699 | -40.0% |
| Stocks and contracts in progress | 3 | €92,685 | - | -€92,685 | |
| Stocks | 30/36 | €92,685 | - | -€92,685 | |
| Amounts receivable within one year | 40/41 | €17,328 | €12,371 | -€4,957 | -28.6% |
| Trade receivables | 40 | €7,260 | - | -€7,260 | |
| Other amounts receivable | 41 | €10,068 | €12,371 | +€2,303 | +22.9% |
| Cash at bank and in hand | 54/58 | €16,650 | €63,592 | +€46,943 | +281.9% |
| Total equity and liabilities | 10/49 | €126,982 | €75,963 | -€51,018 | -40.2% |
| Equity | 10/15 | €45,459 | €75,581 | +€30,122 | +66.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,459 | €72,581 | +€30,122 | +70.9% |
| Amounts payable | 17/49 | €81,523 | €382 | -€81,140 | -99.5% |
| Amounts payable after more than one year | 17 | €73,192 | - | -€73,192 | |
| Financial debts | 170/4 | €73,192 | - | -€73,192 | |
| Amounts payable within one year | 42/48 | €8,330 | €382 | -€7,948 | -95.4% |
| Current portion of amounts payable after more than one year | 42 | €7,024 | - | -€7,024 | |
| Trade debts | 44 | €55 | €367 | +€312 | +565.0% |
| Suppliers | 440/4 | €55 | €367 | +€312 | +565.0% |
| Taxes, remuneration and social security | 45 | €1,236 | - | -€1,236 | |
| Taxes | 450/3 | €1,236 | - | -€1,236 | |
| Other amounts payable | 47/48 | €15 | €15 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €962 | €319 | -€643 | -66.8% |
| Other operating charges | 640/8 | €941 | €1,120 | +€180 | +19.1% |
| Gross operating margin | 9900 | €17,528 | €42,282 | +€24,753 | +141.2% |
| Operating profit (loss) | 9901 | €15,626 | €40,842 | +€25,217 | +161.4% |
| Financial charges | 65/66B | €1,674 | €3,190 | +€1,516 | +90.5% |
| Recurring financial charges | 65 | €1,674 | €3,190 | +€1,516 | +90.5% |
| Profit (loss) for the period before taxes | 9903 | €13,951 | €37,652 | +€23,701 | +169.9% |
| Income taxes | 67/77 | €2,790 | €7,530 | +€4,740 | +169.9% |
| Profit (loss) for the period | 9904 | €11,161 | €30,122 | +€18,961 | +169.9% |
| Profit (loss) for the period to be appropriated | 9905 | €11,161 | €30,122 | +€18,961 | +169.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.