ARGONAUTES: 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.
ARGONAUTES
Largest movements
- Tangible fixed assets -€13,163
down €13,163 (-25.9%), from €50,817 to €37,654
of which Land and buildings: -€10,088
- Cash -€9,903
down €9,903 (-43.2%), from €22,930 to €13,027
mainly Other debts (-€32,317) and Net result for the year (-€5,359)
- Receivables within one year +€1,887
up €1,887 (+134%), from €1,405 to €3,292
- Other debts -€32,317
down €32,317 (-30.1%), from €107,270 to €74,953
- Trade debts +€24,548
up €24,548 (+306%), from €8,035 to €32,583
- Profit (loss) carried forward -€5,359
down €5,359 (-8.2%), from -€65,490 to -€70,849
- Advances received -€5,052
no longer reported in 2025 (was €5,052)
- Tax, wage and social debts -€2,348
down €2,348 (-8.0%), from €29,240 to €26,892
of which Remuneration and social security: -€3,955
- Staff costs +€27,007
up €27,007 (+26.3%), from €102,600 to €129,607
- Gross operating margin +€16,705
up €16,705 (+13.3%), from €125,324 to €142,029
- Financial charges -€10,546
down €10,546 (-77.8%), from €13,563 to €3,017
of which Non-recurring financial charges: -€9,900
- Depreciation -€5,009
down €5,009 (-27.6%), from €18,173 to €13,164
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 | €90,307 | €69,778 | -€20,529 | -22.7% |
| Fixed assets | 21/28 | €50,817 | €37,654 | -€13,163 | -25.9% |
| Tangible fixed assets | 22/27 | €50,817 | €37,654 | -€13,163 | -25.9% |
| Land and buildings | 22 | €40,352 | €30,264 | -€10,088 | -25.0% |
| Furniture and vehicles | 24 | €10,465 | €7,390 | -€3,075 | -29.4% |
| Current assets | 29/58 | €39,490 | €32,124 | -€7,366 | -18.7% |
| Stocks and contracts in progress | 3 | €15,155 | €15,805 | +€650 | +4.3% |
| Stocks | 30/36 | €15,155 | €15,805 | +€650 | +4.3% |
| Amounts receivable within one year | 40/41 | €1,405 | €3,292 | +€1,887 | +134% |
| Other amounts receivable | 41 | €1,405 | €3,292 | +€1,887 | +134% |
| Cash at bank and in hand | 54/58 | €22,930 | €13,027 | -€9,903 | -43.2% |
| Total equity and liabilities | 10/49 | €90,307 | €69,778 | -€20,529 | -22.7% |
| Equity | 10/15 | -€59,290 | -€64,649 | -€5,359 | -9.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €6,200 | - | -€6,200 | |
| Profit (loss) carried forward | 14 | -€65,490 | -€70,849 | -€5,359 | -8.2% |
| Amounts payable | 17/49 | €149,597 | €134,427 | -€15,170 | -10.1% |
| Amounts payable within one year | 42/48 | €149,597 | €134,427 | -€15,170 | -10.1% |
| Trade debts | 44 | €8,035 | €32,583 | +€24,548 | +306% |
| Suppliers | 440/4 | €8,035 | €32,583 | +€24,548 | +306% |
| Advances received on contracts in progress | 46 | €5,052 | - | -€5,052 | |
| Taxes, remuneration and social security | 45 | €29,240 | €26,892 | -€2,348 | -8.0% |
| Taxes | 450/3 | €2,443 | €4,050 | +€1,607 | +65.8% |
| Remuneration and social security | 454/9 | €26,797 | €22,842 | -€3,955 | -14.8% |
| Other amounts payable | 47/48 | €107,270 | €74,953 | -€32,317 | -30.1% |
| Remuneration, social security and pensions | 62 | €102,600 | €129,607 | +€27,007 | +26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,173 | €13,164 | -€5,009 | -27.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €0 | = | |
| Other operating charges | 640/8 | €1,419 | €1,606 | +€187 | +13.2% |
| Non-recurring operating charges | 66A | €0 | €0 | = | |
| Gross operating margin | 9900 | €125,324 | €142,029 | +€16,705 | +13.3% |
| Operating profit (loss) | 9901 | €3,132 | -€2,349 | -€5,481 | |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €13,563 | €3,017 | -€10,546 | -77.8% |
| Recurring financial charges | 65 | €3,663 | €3,017 | -€646 | -17.6% |
| Non-recurring financial charges | 66B | €9,900 | €0 | -€9,900 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€10,431 | -€5,359 | +€5,072 | +48.6% |
| Income taxes | 67/77 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | -€10,431 | -€5,359 | +€5,072 | +48.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,431 | -€5,359 | +€5,072 | +48.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.