ARGUMA: 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.
ARGUMA
Largest movements
- Receivables within one year +€52,800
up €52,800 (+364.8%), from €14,475 to €67,276
- Cash +€15,102
up €15,102 (+126.4%), from €11,950 to €27,052
mainly Net result for the year (+€68,038) and Other debts (+€42,279)
- Current investments +€11,799
up €11,799 (+1877.3%), from €629 to €12,428
- Tangible fixed assets -€7,550
down €7,550 (-62.2%), from €12,142 to €4,592
of which Furniture and vehicles: -€7,006
- Other debts +€42,279
up €42,279 (+161.7%), from €26,145 to €68,424
- Reserves +€23,989
up €23,989 (+20.5%), from €116,945 to €140,934
- Tax, wage and social debts +€11,819
up €11,819 (+49.8%), from €23,750 to €35,569
of which Taxes: +€11,819
- Debts after one year -€3,296
no longer reported in 2025 (was €3,296)
- Current portion of long-term debt -€3,272
down €3,272 (-49.8%), from €6,568 to €3,296
- Financial income -€98,869
down €98,869 (-100.0%), from €98,872 to €3
- Gross operating margin +€47,824
up €47,824 (+77.2%), from €61,964 to €109,789
- Taxes +€14,999
up €14,999 (+82.8%), from €18,112 to €33,111
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 | €201,088 | €273,240 | +€72,151 | +35.9% |
| Fixed assets | 21/28 | €174,034 | €166,484 | -€7,550 | -4.3% |
| Tangible fixed assets | 22/27 | €12,142 | €4,592 | -€7,550 | -62.2% |
| Plant, machinery and equipment | 23 | €1,969 | €1,425 | -€545 | -27.7% |
| Furniture and vehicles | 24 | €10,173 | €3,167 | -€7,006 | -68.9% |
| Financial fixed assets | 28 | €161,892 | €161,892 | = | 0.0% |
| Current assets | 29/58 | €27,054 | €106,756 | +€79,702 | +294.6% |
| Amounts receivable within one year | 40/41 | €14,475 | €67,276 | +€52,800 | +364.8% |
| Trade receivables | 40 | €14,475 | €67,276 | +€52,800 | +364.8% |
| Current investments | 50/53 | €629 | €12,428 | +€11,799 | +1877.3% |
| Cash at bank and in hand | 54/58 | €11,950 | €27,052 | +€15,102 | +126.4% |
| Total equity and liabilities | 10/49 | €201,088 | €273,240 | +€72,151 | +35.9% |
| Equity | 10/15 | €137,405 | €161,394 | +€23,989 | +17.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €116,945 | €140,934 | +€23,989 | +20.5% |
| Distributable reserves | 133 | €116,945 | €140,934 | +€23,989 | +20.5% |
| Amounts payable | 17/49 | €63,684 | €111,846 | +€48,163 | +75.6% |
| Amounts payable after more than one year | 17 | €3,296 | - | -€3,296 | |
| Financial debts | 170/4 | €3,296 | - | -€3,296 | |
| Amounts payable within one year | 42/48 | €60,387 | €111,846 | +€51,459 | +85.2% |
| Current portion of amounts payable after more than one year | 42 | €6,568 | €3,296 | -€3,272 | -49.8% |
| Trade debts | 44 | €3,924 | €4,557 | +€634 | +16.1% |
| Suppliers | 440/4 | €3,924 | €4,557 | +€634 | +16.1% |
| Taxes, remuneration and social security | 45 | €23,750 | €35,569 | +€11,819 | +49.8% |
| Taxes | 450/3 | €19,706 | €31,525 | +€11,819 | +60.0% |
| Remuneration and social security | 454/9 | €4,044 | €4,044 | = | 0.0% |
| Other amounts payable | 47/48 | €26,145 | €68,424 | +€42,279 | +161.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,426 | €7,550 | +€124 | +1.7% |
| Other operating charges | 640/8 | €858 | €727 | -€131 | -15.3% |
| Gross operating margin | 9900 | €61,964 | €109,789 | +€47,824 | +77.2% |
| Operating profit (loss) | 9901 | €53,680 | €101,512 | +€47,831 | +89.1% |
| Financial income | 75/76B | €98,872 | €3 | -€98,869 | -100.0% |
| Recurring financial income | 75 | €98,872 | €3 | -€98,869 | -100.0% |
| Financial charges | 65/66B | €272 | €365 | +€93 | +34.1% |
| Recurring financial charges | 65 | €272 | €365 | +€93 | +34.1% |
| Profit (loss) for the period before taxes | 9903 | €152,280 | €101,150 | -€51,130 | -33.6% |
| Income taxes | 67/77 | €18,112 | €33,111 | +€14,999 | +82.8% |
| Profit (loss) for the period | 9904 | €134,168 | €68,038 | -€66,129 | -49.3% |
| Profit (loss) for the period to be appropriated | 9905 | €134,168 | €68,038 | -€66,129 | -49.3% |
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 2 October 2026 via checked.be.