Argumentum: 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.
Argumentum
Largest movements
- Cash +€82,740
up €82,740 (+250.5%), from €33,027 to €115,767
mainly Net result for the year (+€90,702) and Depreciation (+€20,858)
- Tangible fixed assets -€12,311
down €12,311 (-13.9%), from €88,674 to €76,363
of which Furniture and vehicles: -€12,123
- Receivables within one year +€6,117
up €6,117 (+43.1%), from €14,185 to €20,302
of which Trade receivables: +€5,956
- Deferred charges and accrued income +€4,112
up €4,112 (+108.2%), from €3,799 to €7,911
- Reserves +€90,702
up €90,702 (+131.1%), from €69,202 to €159,904
- Other debts -€11,331
down €11,331 (-20.6%), from €55,077 to €43,747
- Debts after one year -€5,062
down €5,062 (-45.1%), from €11,232 to €6,170
- Trade debts +€3,857
up €3,857 (+1136.5%), from €339 to €4,196
- Gross operating margin +€63,053
up €63,053 (+85.6%), from €73,699 to €136,752
- Taxes +€9,208
up €9,208 (+89.2%), from €10,329 to €19,537
- Depreciation +€2,206
up €2,206 (+11.8%), from €18,651 to €20,858
- Financial charges +€1,843
up €1,843 (+46.8%), from €3,937 to €5,780
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 | €159,661 | €238,320 | +€78,659 | +49.3% |
| Fixed assets | 21/28 | €108,649 | €94,339 | -€14,311 | -13.2% |
| Intangible fixed assets | 21 | €19,976 | €17,976 | -€2,000 | -10.0% |
| Tangible fixed assets | 22/27 | €88,674 | €76,363 | -€12,311 | -13.9% |
| Land and buildings | 22 | €15,860 | €12,938 | -€2,922 | -18.4% |
| Plant, machinery and equipment | 23 | €26,837 | €29,571 | +€2,734 | +10.2% |
| Furniture and vehicles | 24 | €45,977 | €33,854 | -€12,123 | -26.4% |
| Current assets | 29/58 | €51,011 | €143,981 | +€92,970 | +182.3% |
| Amounts receivable within one year | 40/41 | €14,185 | €20,302 | +€6,117 | +43.1% |
| Trade receivables | 40 | €11,764 | €17,720 | +€5,956 | +50.6% |
| Other amounts receivable | 41 | €2,421 | €2,582 | +€161 | +6.7% |
| Cash at bank and in hand | 54/58 | €33,027 | €115,767 | +€82,740 | +250.5% |
| Deferred charges and accrued income | 490/1 | €3,799 | €7,911 | +€4,112 | +108.2% |
| Total equity and liabilities | 10/49 | €159,661 | €238,320 | +€78,659 | +49.3% |
| Equity | 10/15 | €71,702 | €162,404 | +€90,702 | +126.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €69,202 | €159,904 | +€90,702 | +131.1% |
| Distributable reserves | 133 | €69,202 | €159,904 | +€90,702 | +131.1% |
| Amounts payable | 17/49 | €87,959 | €75,916 | -€12,043 | -13.7% |
| Amounts payable after more than one year | 17 | €11,232 | €6,170 | -€5,062 | -45.1% |
| Financial debts | 170/4 | €11,232 | €6,170 | -€5,062 | -45.1% |
| Amounts payable within one year | 42/48 | €73,778 | €66,242 | -€7,536 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €8,040 | €8,263 | +€222 | +2.8% |
| Trade debts | 44 | €339 | €4,196 | +€3,857 | +1136.5% |
| Suppliers | 440/4 | €339 | €4,196 | +€3,857 | +1136.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €10,321 | €10,037 | -€284 | -2.8% |
| Taxes | 450/3 | €9,421 | €10,037 | +€616 | +6.5% |
| Remuneration and social security | 454/9 | €900 | €0 | -€900 | -100.0% |
| Other amounts payable | 47/48 | €55,077 | €43,747 | -€11,331 | -20.6% |
| Accrued charges and deferred income | 492/3 | €2,948 | €3,504 | +€555 | +18.8% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,651 | €20,858 | +€2,206 | +11.8% |
| Other operating charges | 640/8 | €1,319 | €747 | -€572 | -43.3% |
| Gross operating margin | 9900 | €73,699 | €136,752 | +€63,053 | +85.6% |
| Operating profit (loss) | 9901 | €53,729 | €115,148 | +€61,419 | +114.3% |
| Financial income | 75/76B | €1,084 | €872 | -€213 | -19.6% |
| Recurring financial income | 75 | €1,084 | €872 | -€213 | -19.6% |
| Financial charges | 65/66B | €3,937 | €5,780 | +€1,843 | +46.8% |
| Recurring financial charges | 65 | €3,937 | €5,780 | +€1,843 | +46.8% |
| Profit (loss) for the period before taxes | 9903 | €50,876 | €110,239 | +€59,363 | +116.7% |
| Income taxes | 67/77 | €10,329 | €19,537 | +€9,208 | +89.2% |
| Profit (loss) for the period | 9904 | €40,547 | €90,702 | +€50,155 | +123.7% |
| Profit (loss) for the period to be appropriated | 9905 | €40,547 | €90,702 | +€50,155 | +123.7% |
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.