ARGU'S: 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'S
Largest movements
- Tangible fixed assets -€32,097
down €32,097 (-88.3%), from €36,343 to €4,246
of which Furniture and vehicles: -€31,695
- Receivables within one year +€9,668
up €9,668 (+31.2%), from €30,947 to €40,615
of which Trade receivables: +€20,733
- Stocks and contracts +€3,267
up €3,267 (+43.3%), from €7,543 to €10,810
- Cash +€1,647
up €1,647 (+20.5%), from €8,038 to €9,685
mainly Depreciation (+€34,986) and Advances received (+€18,080)
- Deferred charges and accrued income +€1,092
up €1,092 (+266%), from €410 to €1,502
- Tax, wage and social debts -€20,308
down €20,308 (-52.8%), from €38,484 to €18,176
of which Taxes: -€14,685
- Advances received +€18,080
new in 2025: €18,080
- Profit (loss) carried forward -€16,599
new in 2025: -€16,599
- Other debts +€12,258
new in 2025: €12,258
- Reserves -€9,598
down €9,598 (-33.8%), from €28,388 to €18,790
of which Distributable reserves: -€9,475
- Other operating charges +€11,467
up €11,467 (+1,208%), from €949 to €12,416
- Depreciation +€9,580
up €9,580 (+37.7%), from €25,406 to €34,986
- Gross operating margin -€3,583
down €3,583 (-12.7%), from €28,322 to €24,739
- Taxes -€2,133
down €2,133 (-72.2%), from €2,956 to €823
- Staff costs +€906
up €906 (+102%), from €886 to €1,791
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 | €85,981 | €69,558 | -€16,423 | -19.1% |
| Fixed assets | 21/28 | €39,043 | €6,946 | -€32,097 | -82.2% |
| Tangible fixed assets | 22/27 | €36,343 | €4,246 | -€32,097 | -88.3% |
| Land and buildings | 22 | €1,325 | €1,258 | -€67 | -5.1% |
| Plant, machinery and equipment | 23 | €1,336 | €1,001 | -€335 | -25.1% |
| Furniture and vehicles | 24 | €33,682 | €1,987 | -€31,695 | -94.1% |
| Financial fixed assets | 28 | €2,700 | €2,700 | = | 0.0% |
| Current assets | 29/58 | €46,938 | €62,612 | +€15,673 | +33.4% |
| Stocks and contracts in progress | 3 | €7,543 | €10,810 | +€3,267 | +43.3% |
| Stocks | 30/36 | €7,543 | €10,810 | +€3,267 | +43.3% |
| Amounts receivable within one year | 40/41 | €30,947 | €40,615 | +€9,668 | +31.2% |
| Trade receivables | 40 | €18,829 | €39,562 | +€20,733 | +110% |
| Other amounts receivable | 41 | €12,118 | €1,053 | -€11,065 | -91.3% |
| Cash at bank and in hand | 54/58 | €8,038 | €9,685 | +€1,647 | +20.5% |
| Deferred charges and accrued income | 490/1 | €410 | €1,502 | +€1,092 | +266% |
| Total equity and liabilities | 10/49 | €85,981 | €69,558 | -€16,423 | -19.1% |
| Equity | 10/15 | €46,988 | €20,914 | -€26,074 | -55.5% |
| Contributions | 10/11 | €18,600 | €18,723 | +€123 | +0.7% |
| Reserves | 13 | €28,388 | €18,790 | -€9,598 | -33.8% |
| Non-distributable reserves | 130/1 | €123 | - | -€123 | |
| Reserves not available under the articles | 1311 | €123 | - | -€123 | |
| Distributable reserves | 133 | €28,265 | €18,790 | -€9,475 | -33.5% |
| Profit (loss) carried forward | 14 | - | -€16,599 | -€16,599 | |
| Amounts payable | 17/49 | €38,993 | €48,644 | +€9,650 | +24.7% |
| Amounts payable within one year | 42/48 | €38,993 | €48,513 | +€9,520 | +24.4% |
| Trade debts | 44 | €509 | - | -€509 | |
| Suppliers | 440/4 | €509 | - | -€509 | |
| Advances received on contracts in progress | 46 | - | €18,080 | +€18,080 | |
| Taxes, remuneration and social security | 45 | €38,484 | €18,176 | -€20,308 | -52.8% |
| Taxes | 450/3 | €18,464 | €3,779 | -€14,685 | -79.5% |
| Remuneration and social security | 454/9 | €20,020 | €14,397 | -€5,623 | -28.1% |
| Other amounts payable | 47/48 | - | €12,258 | +€12,258 | |
| Accrued charges and deferred income | 492/3 | - | €130 | +€130 | |
| Remuneration, social security and pensions | 62 | €886 | €1,791 | +€906 | +102% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,406 | €34,986 | +€9,580 | +37.7% |
| Other operating charges | 640/8 | €949 | €12,416 | +€11,467 | +1,208% |
| Gross operating margin | 9900 | €28,322 | €24,739 | -€3,583 | -12.7% |
| Operating profit (loss) | 9901 | €1,082 | -€24,454 | -€25,535 | |
| Financial charges | 65/66B | €177 | €797 | +€620 | +350% |
| Recurring financial charges | 65 | €177 | €797 | +€620 | +350% |
| Profit (loss) for the period before taxes | 9903 | €904 | -€25,251 | -€26,155 | |
| Income taxes | 67/77 | €2,956 | €823 | -€2,133 | -72.2% |
| Profit (loss) for the period | 9904 | -€2,052 | -€26,074 | -€24,022 | -1,171% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,052 | -€26,074 | -€24,022 | -1,171% |
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 27 October 2026 via checked.be.