ARGOS PROJECT MANAGEMENT: 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.
ARGOS PROJECT MANAGEMENT
Largest movements
- Stocks and contracts +€15.2m
up €15.2m (+57.2%), from €26.5m to €41.7m
- Cash -€3.0m
down €3.0m (-42.6%), from €7.0m to €4.0m
mainly Stocks and contracts (-€15.2m) and Net result for the year (-€573,489)
- Receivables within one year -€652,008
down €652,008 (-8.8%), from €7.4m to €6.8m
of which Trade receivables: -€339,516
- Advances received +€12.0m
up €12.0m (+34.5%), from €34.8m to €46.9m
- Profit (loss) carried forward -€573,489
down €573,489 (-19.0%), from €3.0m to €2.5m
- Staff costs -€109,785
down €109,785 (-21.5%), from €511,371 to €401,586
- Taxes -€60,065
down €60,065 (-99.3%), from €60,495 to €430
- Gross operating margin +€34,938
up €34,938 (+12.1%), from -€289,335 to -€254,397
- Financial income +€26,479
up €26,479 (+30.3%), from €87,458 to €113,937
of which Financial income: +€26,479
- Financial charges +€6,427
up €6,427 (+116%), from €5,552 to €11,979
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 | €41,117,675 | €52,705,774 | +€11.6m | +28.2% |
| Fixed assets | 21/28 | €100,515 | €87,337 | -€13,178 | -13.1% |
| Tangible fixed assets | 22/27 | €80,627 | €67,623 | -€13,004 | -16.1% |
| Plant, machinery and equipment | 23 | €11,970 | €7,157 | -€4,813 | -40.2% |
| Furniture and vehicles | 24 | €4,955 | €4,955 | = | 0.0% |
| Other tangible fixed assets | 26 | €63,702 | €55,511 | -€8,191 | -12.9% |
| Financial fixed assets | 28 | €19,888 | €19,715 | -€174 | -0.9% |
| Current assets | 29/58 | €41,017,160 | €52,618,437 | +€11.6m | +28.3% |
| Stocks and contracts in progress | 3 | €26,543,616 | €41,716,936 | +€15.2m | +57.2% |
| Contracts in progress | 37 | €26,543,616 | €41,716,936 | +€15.2m | +57.2% |
| Amounts receivable within one year | 40/41 | €7,417,673 | €6,765,665 | -€652,008 | -8.8% |
| Trade receivables | 40 | €526,843 | €187,327 | -€339,516 | -64.4% |
| Other amounts receivable | 41 | €6,890,830 | €6,578,338 | -€312,492 | -4.5% |
| Cash at bank and in hand | 54/58 | €6,978,995 | €4,006,623 | -€3.0m | -42.6% |
| Deferred charges and accrued income | 490/1 | €76,875 | €129,213 | +€52,338 | +68.1% |
| Total equity and liabilities | 10/49 | €41,117,675 | €52,705,774 | +€11.6m | +28.2% |
| Equity | 10/15 | €4,724,734 | €4,151,245 | -€573,489 | -12.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,637,700 | €1,637,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,631,500 | €1,000,000 | -€631,500 | -38.7% |
| Distributable reserves | 133 | - | €631,500 | +€631,500 | |
| Profit (loss) carried forward | 14 | €3,025,034 | €2,451,545 | -€573,489 | -19.0% |
| Amounts payable | 17/49 | €36,392,941 | €48,554,529 | +€12.2m | +33.4% |
| Amounts payable within one year | 42/48 | €36,387,941 | €48,549,505 | +€12.2m | +33.4% |
| Trade debts | 44 | €1,372,680 | €1,534,227 | +€161,547 | +11.8% |
| Suppliers | 440/4 | €1,372,680 | €1,534,227 | +€161,547 | +11.8% |
| Advances received on contracts in progress | 46 | €34,848,716 | €46,864,600 | +€12.0m | +34.5% |
| Taxes, remuneration and social security | 45 | €100,643 | €88,306 | -€12,337 | -12.3% |
| Taxes | 450/3 | €3,783 | €4,093 | +€309 | +8.2% |
| Remuneration and social security | 454/9 | €96,860 | €84,214 | -€12,646 | -13.1% |
| Other amounts payable | 47/48 | €65,902 | €62,371 | -€3,531 | -5.4% |
| Accrued charges and deferred income | 492/3 | €5,000 | €5,025 | +€25 | +0.5% |
| Remuneration, social security and pensions | 62 | €511,371 | €401,586 | -€109,785 | -21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,029 | €14,233 | -€3,796 | -21.1% |
| Other operating charges | 640/8 | €2,186 | €4,627 | +€2,441 | +112% |
| Non-recurring operating charges | 66A | - | €174 | +€174 | |
| Gross operating margin | 9900 | -€289,335 | -€254,397 | +€34,938 | +12.1% |
| Operating profit (loss) | 9901 | -€820,920 | -€675,017 | +€145,903 | +17.8% |
| Financial income | 75/76B | €87,458 | €113,937 | +€26,479 | +30.3% |
| Recurring financial income | 75 | €87,458 | €113,937 | +€26,479 | +30.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €5,552 | €11,979 | +€6,427 | +116% |
| Recurring financial charges | 65 | €5,552 | €11,979 | +€6,427 | +116% |
| Profit (loss) for the period before taxes | 9903 | -€739,014 | -€573,059 | +€165,955 | +22.5% |
| Income taxes | 67/77 | €60,495 | €430 | -€60,065 | -99.3% |
| Profit (loss) for the period | 9904 | -€799,509 | -€573,489 | +€226,020 | +28.3% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€799,509 | -€573,489 | +€226,020 | +28.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.