ARGUS: 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.
ARGUS
Largest movements
- Current investments -€1.3m
no longer reported in 2025 (was €1.3m)
- Cash +€718,417
up €718,417 (+44.3%), from €1.6m to €2.3m
mainly Current investments (+€1.3m) and Depreciation (+€169,672)
- Profit (loss) carried forward -€216,806
down €216,806 (-11.6%), from -€1.9m to -€2.1m
- Short-term financial debts -€167,254
down €167,254 (-6.7%), from €2.5m to €2.3m
- Trade debts -€155,656
down €155,656 (-62.6%), from €248,549 to €92,893
- Other debts -€140,000
down €140,000 (-5.3%), from €2.6m to €2.5m
- Revaluation surpluses -€90,733
down €90,733 (-12.1%), from €752,127 to €661,395
- Gross operating margin -€43,850
down €43,850 (-4.6%), from €955,846 to €911,996
- Financial charges -€26,416
down €26,416 (-13.6%), from €194,727 to €168,312
- Financial income -€25,668
down €25,668 (-52.4%), from €48,992 to €23,324
- Other operating charges +€19,637
up €19,637 (+20.7%), from €94,684 to €114,321
- Staff costs +€15,570
up €15,570 (+2.3%), from €674,761 to €690,331
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 | €6,222,839 | €5,524,715 | -€698,124 | -11.2% |
| Fixed assets | 21/28 | €1,897,089 | €1,852,946 | -€44,143 | -2.3% |
| Intangible fixed assets | 21 | €3,938 | €6,539 | +€2,601 | +66.1% |
| Tangible fixed assets | 22/27 | €1,886,151 | €1,839,407 | -€46,744 | -2.5% |
| Land and buildings | 22 | €1,371,861 | €1,281,128 | -€90,733 | -6.6% |
| Plant, machinery and equipment | 23 | €276,205 | €288,420 | +€12,215 | +4.4% |
| Furniture and vehicles | 24 | €22,235 | €14,473 | -€7,763 | -34.9% |
| Assets under construction and advance payments | 27 | €215,850 | €255,386 | +€39,537 | +18.3% |
| Financial fixed assets | 28 | €7,000 | €7,000 | = | 0.0% |
| Current assets | 29/58 | €4,325,751 | €3,671,769 | -€653,982 | -15.1% |
| Amounts receivable within one year | 40/41 | €1,333,705 | €1,317,903 | -€15,801 | -1.2% |
| Trade receivables | 40 | €52,684 | €30,791 | -€21,893 | -41.6% |
| Other amounts receivable | 41 | €1,281,021 | €1,287,113 | +€6,092 | +0.5% |
| Current investments | 50/53 | €1,333,791 | - | -€1.3m | |
| Cash at bank and in hand | 54/58 | €1,622,718 | €2,341,135 | +€718,417 | +44.3% |
| Deferred charges and accrued income | 490/1 | €35,537 | €12,731 | -€22,806 | -64.2% |
| Total equity and liabilities | 10/49 | €6,222,839 | €5,524,715 | -€698,124 | -11.2% |
| Equity | 10/15 | €655,870 | €439,064 | -€216,806 | -33.1% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Revaluation surpluses | 12 | €752,127 | €661,395 | -€90,733 | -12.1% |
| Reserves | 13 | €1,667,655 | €1,758,388 | +€90,733 | +5.4% |
| Tax-exempt reserves | 132 | - | €1,748,472 | +€1.7m | |
| Distributable reserves | 133 | €1,667,655 | €9,916 | -€1.7m | -99.4% |
| Profit (loss) carried forward | 14 | -€1,863,070 | -€2,079,876 | -€216,806 | -11.6% |
| Amounts payable | 17/49 | €5,566,970 | €5,085,651 | -€481,319 | -8.6% |
| Amounts payable within one year | 42/48 | €5,559,888 | €5,014,120 | -€545,768 | -9.8% |
| Financial debts | 43 | €2,500,000 | €2,332,746 | -€167,254 | -6.7% |
| Credit institutions | 430/8 | €2,500,000 | €2,332,746 | -€167,254 | -6.7% |
| Trade debts | 44 | €248,549 | €92,893 | -€155,656 | -62.6% |
| Suppliers | 440/4 | €248,549 | €92,893 | -€155,656 | -62.6% |
| Advances received on contracts in progress | 46 | €32,051 | €14,023 | -€18,028 | -56.2% |
| Taxes, remuneration and social security | 45 | €145,981 | €81,151 | -€64,830 | -44.4% |
| Taxes | 450/3 | €64,942 | €4,318 | -€60,624 | -93.4% |
| Remuneration and social security | 454/9 | €81,040 | €76,834 | -€4,206 | -5.2% |
| Other amounts payable | 47/48 | €2,633,306 | €2,493,306 | -€140,000 | -5.3% |
| Accrued charges and deferred income | 492/3 | €7,082 | €71,531 | +€64,449 | +910.1% |
| Non-recurring operating income | 76A | - | €2,000 | +€2,000 | |
| Remuneration, social security and pensions | 62 | €674,761 | €690,331 | +€15,570 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,072 | €169,672 | +€5,600 | +3.4% |
| Other operating charges | 640/8 | €94,684 | €114,321 | +€19,637 | +20.7% |
| Non-recurring operating charges | 66A | €5,254 | €9,491 | +€4,237 | +80.6% |
| Gross operating margin | 9900 | €955,846 | €911,996 | -€43,850 | -4.6% |
| Operating profit (loss) | 9901 | €17,075 | -€71,818 | -€88,894 | |
| Financial income | 75/76B | €48,992 | €23,324 | -€25,668 | -52.4% |
| Recurring financial income | 75 | €48,992 | €23,324 | -€25,668 | -52.4% |
| Financial charges | 65/66B | €194,727 | €168,312 | -€26,416 | -13.6% |
| Recurring financial charges | 65 | €194,727 | €168,312 | -€26,416 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | -€128,660 | -€216,806 | -€88,145 | -68.5% |
| Income taxes | 67/77 | €3,839 | €0 | -€3,839 | -100.0% |
| Profit (loss) for the period | 9904 | -€132,500 | -€216,806 | -€84,306 | -63.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€132,500 | -€216,806 | -€84,306 | -63.6% |
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 8 October 2026 via checked.be.