ARGUENDO: 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.
ARGUENDO
Largest movements
- Receivables within one year +€54,049
up €54,049 (+15.1%), from €357,801 to €411,850
of which Trade receivables: +€203,683
- Cash -€51,545
down €51,545 (-44.8%), from €115,164 to €63,619
mainly Receivables within one year (-€54,049) and Investment in fixed assets (net) (-€43,629)
- Deferred charges and accrued income -€24,229
no longer reported in 2025 (was €24,229)
- Tangible fixed assets +€22,065
up €22,065 (+23.5%), from €93,900 to €115,965
of which Other tangible fixed assets: +€11,600
- Reserves +€250,133
up €250,133 (+13,448%), from €1,860 to €251,993
of which Distributable reserves: +€250,133
- Profit (loss) carried forward -€175,374
down €175,374 (-100%), from €175,374 to €0
- Debts after one year -€39,318
down €39,318 (-59.9%), from €65,628 to €26,310
- Trade debts -€24,396
down €24,396 (-29.9%), from €81,612 to €57,215
- Current portion of long-term debt -€21,813
down €21,813 (-36.4%), from €59,886 to €38,073
- Gross operating margin +€112,050
up €112,050 (+135%), from €82,751 to €194,802
- Staff costs +€40,299
up €40,299 (+867%), from €4,646 to €44,945
- Taxes +€21,076
up €21,076 (+95.5%), from €22,065 to €43,141
- Depreciation +€13,393
up €13,393 (+164%), from €8,170 to €21,564
- Financial income -€2,924
down €2,924 (-83.0%), from €3,524 to €600
of which Non-recurring financial income: -€3,251
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 | €591,093 | €591,434 | +€341 | +0.1% |
| Fixed assets | 21/28 | €93,900 | €115,965 | +€22,065 | +23.5% |
| Tangible fixed assets | 22/27 | €93,900 | €115,965 | +€22,065 | +23.5% |
| Land and buildings | 22 | €8,063 | €14,638 | +€6,575 | +81.5% |
| Furniture and vehicles | 24 | €85,836 | €89,727 | +€3,891 | +4.5% |
| Other tangible fixed assets | 26 | - | €11,600 | +€11,600 | |
| Current assets | 29/58 | €497,194 | €475,469 | -€21,724 | -4.4% |
| Amounts receivable within one year | 40/41 | €357,801 | €411,850 | +€54,049 | +15.1% |
| Trade receivables | 40 | €150,715 | €354,398 | +€203,683 | +135% |
| Other amounts receivable | 41 | €207,087 | €57,453 | -€149,634 | -72.3% |
| Cash at bank and in hand | 54/58 | €115,164 | €63,619 | -€51,545 | -44.8% |
| Deferred charges and accrued income | 490/1 | €24,229 | - | -€24,229 | |
| Total equity and liabilities | 10/49 | €591,093 | €591,434 | +€341 | +0.1% |
| Equity | 10/15 | €193,434 | €268,193 | +€74,759 | +38.6% |
| Contributions | 10/11 | €16,200 | €16,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €251,993 | +€250,133 | +13,448% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €250,133 | +€250,133 | |
| Profit (loss) carried forward | 14 | €175,374 | €0 | -€175,374 | -100% |
| Amounts payable | 17/49 | €397,659 | €323,242 | -€74,418 | -18.7% |
| Amounts payable after more than one year | 17 | €65,628 | €26,310 | -€39,318 | -59.9% |
| Financial debts | 170/4 | €65,628 | €26,310 | -€39,318 | -59.9% |
| Amounts payable within one year | 42/48 | €169,501 | €143,208 | -€26,293 | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €59,886 | €38,073 | -€21,813 | -36.4% |
| Financial debts | 43 | €18,606 | €20,606 | +€2,000 | +10.7% |
| Credit institutions | 430/8 | €18,606 | €20,606 | +€2,000 | +10.7% |
| Trade debts | 44 | €81,612 | €57,215 | -€24,396 | -29.9% |
| Suppliers | 440/4 | €81,612 | €57,215 | -€24,396 | -29.9% |
| Advances received on contracts in progress | 46 | - | €5,317 | +€5,317 | |
| Taxes, remuneration and social security | 45 | €4,080 | €21,996 | +€17,916 | +439% |
| Taxes | 450/3 | €4,008 | €20,961 | +€16,954 | +423% |
| Remuneration and social security | 454/9 | €72 | €1,034 | +€962 | +1,337% |
| Other amounts payable | 47/48 | €5,317 | €0 | -€5,317 | -100% |
| Accrued charges and deferred income | 492/3 | €162,530 | €153,724 | -€8,806 | -5.4% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €4,646 | €44,945 | +€40,299 | +867% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,170 | €21,564 | +€13,393 | +164% |
| Other operating charges | 640/8 | €3,354 | €3,985 | +€631 | +18.8% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €82,751 | €194,802 | +€112,050 | +135% |
| Operating profit (loss) | 9901 | €66,582 | €124,308 | +€57,726 | +86.7% |
| Financial income | 75/76B | €3,524 | €600 | -€2,924 | -83.0% |
| Recurring financial income | 75 | €273 | €600 | +€327 | +120% |
| Non-recurring financial income | 76B | €3,251 | - | -€3,251 | |
| Financial charges | 65/66B | €7,784 | €7,009 | -€776 | -10.0% |
| Recurring financial charges | 65 | €4,596 | €7,009 | +€2,412 | +52.5% |
| Non-recurring financial charges | 66B | €3,188 | - | -€3,188 | |
| Profit (loss) for the period before taxes | 9903 | €62,321 | €117,900 | +€55,579 | +89.2% |
| Income taxes | 67/77 | €22,065 | €43,141 | +€21,076 | +95.5% |
| Profit (loss) for the period | 9904 | €40,256 | €74,759 | +€34,503 | +85.7% |
| Profit (loss) for the period to be appropriated | 9905 | €40,256 | €74,759 | +€34,503 | +85.7% |
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 24 October 2026 via checked.be.