ARGU: 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.
ARGU
Largest movements
- Receivables within one year +€142,031
up €142,031 (+21.0%), from €674,910 to €816,941
of which Other amounts receivable: +€142,031
- Financial fixed assets +€62,500
up €62,500 (+3.3%), from €1.9m to €2.0m
- Other debts +€243,090
up €243,090 (+218.0%), from €111,525 to €354,614
- Profit (loss) carried forward -€35,234
down €35,234 (-20.5%), from -€171,800 to -€207,034
- Gross operating margin -€3,912
down €3,912 (-37.2%), from -€10,528 to -€14,441
- Taxes -€1,528
down €1,528 (-84.6%), from €1,805 to €277
- Financial charges -€1,065
down €1,065 (-55.4%), from €1,923 to €858
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 | €2,614,180 | €2,805,964 | +€191,784 | +7.3% |
| Fixed assets | 21/28 | €1,928,313 | €1,973,148 | +€44,834 | +2.3% |
| Tangible fixed assets | 22/27 | €39,556 | €21,890 | -€17,666 | -44.7% |
| Furniture and vehicles | 24 | €23,556 | €5,890 | -€17,666 | -75.0% |
| Other tangible fixed assets | 26 | €16,000 | €16,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,888,757 | €1,951,257 | +€62,500 | +3.3% |
| Current assets | 29/58 | €685,867 | €832,817 | +€146,950 | +21.4% |
| Amounts receivable within one year | 40/41 | €674,910 | €816,941 | +€142,031 | +21.0% |
| Trade receivables | 40 | €7,100 | €7,100 | = | 0.0% |
| Other amounts receivable | 41 | €667,810 | €809,841 | +€142,031 | +21.3% |
| Cash at bank and in hand | 54/58 | €10,957 | €15,875 | +€4,918 | +44.9% |
| Total equity and liabilities | 10/49 | €2,614,180 | €2,805,964 | +€191,784 | +7.3% |
| Equity | 10/15 | -€47,800 | -€83,034 | -€35,234 | -73.7% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€171,800 | -€207,034 | -€35,234 | -20.5% |
| Amounts payable | 17/49 | €2,661,980 | €2,888,998 | +€227,018 | +8.5% |
| Amounts payable after more than one year | 17 | €2,533,696 | €2,531,104 | -€2,591 | -0.1% |
| Financial debts | 170/4 | €2,591 | €0 | -€2,591 | -100.0% |
| Other amounts payable | 178/9 | €2,531,104 | €2,531,104 | = | 0.0% |
| Amounts payable within one year | 42/48 | €128,284 | €357,894 | +€229,609 | +179.0% |
| Current portion of amounts payable after more than one year | 42 | €10,267 | €2,591 | -€7,676 | -74.8% |
| Trade debts | 44 | €1,391 | €411 | -€980 | -70.5% |
| Suppliers | 440/4 | €1,391 | €411 | -€980 | -70.5% |
| Taxes, remuneration and social security | 45 | €5,101 | €277 | -€4,824 | -94.6% |
| Taxes | 450/3 | €5,101 | €277 | -€4,824 | -94.6% |
| Other amounts payable | 47/48 | €111,525 | €354,614 | +€243,090 | +218.0% |
| Non-recurring operating income | 76A | €10,000 | €0 | -€10,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,666 | €17,666 | = | 0.0% |
| Other operating charges | 640/8 | €2,119 | €1,994 | -€125 | -5.9% |
| Gross operating margin | 9900 | -€10,528 | -€14,441 | -€3,912 | -37.2% |
| Operating profit (loss) | 9901 | -€30,313 | -€34,100 | -€3,788 | -12.5% |
| Financial income | 75/76B | €0 | €2 | +€2 | |
| Recurring financial income | 75 | €0 | €2 | +€2 | |
| Financial charges | 65/66B | €1,923 | €858 | -€1,065 | -55.4% |
| Recurring financial charges | 65 | €1,923 | €858 | -€1,065 | -55.4% |
| Profit (loss) for the period before taxes | 9903 | -€32,236 | -€34,957 | -€2,721 | -8.4% |
| Income taxes | 67/77 | €1,805 | €277 | -€1,528 | -84.6% |
| Profit (loss) for the period | 9904 | -€34,041 | -€35,234 | -€1,193 | -3.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,041 | -€35,234 | -€1,193 | -3.5% |
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 11 October 2026 via checked.be.