ARGUM: what changed
Two fiscal 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.
ARGUM
Largest movements
- Current investments +€10,102
up €10,102 (+11.2%), from €90,397 to €100,499
- Receivables within one year -€9,434
down €9,434 (-77.8%), from €12,118 to €2,685
of which Trade receivables: -€11,435
- Cash -€5,711
down €5,711 (-50.5%), from €11,306 to €5,595
mainly Contributions, distributions and other (-€28,205) and Current investments (-€10,102)
- Reserves -€2,415
down €2,415 (-2.3%), from €104,394 to €101,979
- Accrued charges and deferred income -€2,160
no longer reported in 2025 (was €2,160)
- Tax, wage and social debts -€1,870
no longer reported in 2025 (was €1,870)
- Other debts +€1,142
up €1,142 (+341.0%), from €335 to €1,477
- Gross operating margin -€12,228
down €12,228 (-24.1%), from €50,805 to €38,577
- Taxes -€4,211
down €4,211 (-25.6%), from €16,456 to €12,245
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 | €114,150 | €109,226 | -€4,923 | -4.3% |
| Current assets | 29/58 | €114,150 | €109,226 | -€4,923 | -4.3% |
| Amounts receivable within one year | 40/41 | €12,118 | €2,685 | -€9,434 | -77.8% |
| Trade receivables | 40 | €11,435 | - | -€11,435 | |
| Other amounts receivable | 41 | €684 | €2,685 | +€2,001 | +292.6% |
| Current investments | 50/53 | €90,397 | €100,499 | +€10,102 | +11.2% |
| Cash at bank and in hand | 54/58 | €11,306 | €5,595 | -€5,711 | -50.5% |
| Deferred charges and accrued income | 490/1 | €329 | €448 | +€119 | +36.3% |
| Total equity and liabilities | 10/49 | €114,150 | €109,226 | -€4,923 | -4.3% |
| Equity | 10/15 | €109,394 | €106,979 | -€2,415 | -2.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €104,394 | €101,979 | -€2,415 | -2.3% |
| Distributable reserves | 133 | €104,394 | €101,979 | -€2,415 | -2.3% |
| Amounts payable | 17/49 | €4,755 | €2,248 | -€2,508 | -52.7% |
| Amounts payable within one year | 42/48 | €2,596 | €2,248 | -€348 | -13.4% |
| Trade debts | 44 | €391 | €770 | +€379 | +96.9% |
| Suppliers | 440/4 | €391 | €770 | +€379 | +96.9% |
| Taxes, remuneration and social security | 45 | €1,870 | - | -€1,870 | |
| Taxes | 450/3 | €1,870 | - | -€1,870 | |
| Other amounts payable | 47/48 | €335 | €1,477 | +€1,142 | +341.0% |
| Accrued charges and deferred income | 492/3 | €2,160 | - | -€2,160 | |
| Other operating charges | 640/8 | €1,080 | €1,077 | -€2 | -0.2% |
| Gross operating margin | 9900 | €50,805 | €38,577 | -€12,228 | -24.1% |
| Operating profit (loss) | 9901 | €49,726 | €37,500 | -€12,226 | -24.6% |
| Financial income | 75/76B | €494 | €575 | +€80 | +16.3% |
| Recurring financial income | 75 | €494 | €575 | +€80 | +16.3% |
| Financial charges | 65/66B | €44 | €40 | -€3 | -7.4% |
| Recurring financial charges | 65 | €44 | €40 | -€3 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €50,176 | €38,034 | -€12,142 | -24.2% |
| Income taxes | 67/77 | €16,456 | €12,245 | -€4,211 | -25.6% |
| Profit (loss) for the period | 9904 | €33,720 | €25,789 | -€7,931 | -23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,720 | €25,789 | -€7,931 | -23.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.