ARGUS PANOPTES: 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 PANOPTES
Largest movements
- Tangible fixed assets +€326,224
up €326,224 (+39.8%), from €819,568 to €1.1m
of which Land and buildings: +€316,866
- Cash -€131,488
down €131,488 (-9.7%), from €1.4m to €1.2m
mainly Investment in fixed assets (net) (-€375,638) and Tax, wage and social debts (-€75,074)
- Current investments -€51,635
down €51,635 (-100.0%), from €51,635 to €0
- Reserves +€241,070
up €241,070 (+32.0%), from €754,408 to €995,478
of which Distributable reserves: +€242,066
- Tax, wage and social debts -€75,074
down €75,074 (-57.4%), from €130,841 to €55,768
- Gross operating margin -€82,615
down €82,615 (-16.4%), from €504,641 to €422,027
- Taxes -€32,515
down €32,515 (-22.8%), from €142,447 to €109,932
- Other operating charges +€24,982
up €24,982 (+794.4%), from €3,145 to €28,126
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 | €2,354,653 | €2,506,314 | +€151,662 | +6.4% |
| Fixed assets | 21/28 | €820,068 | €1,146,291 | +€326,224 | +39.8% |
| Tangible fixed assets | 22/27 | €819,568 | €1,145,791 | +€326,224 | +39.8% |
| Land and buildings | 22 | €760,944 | €1,077,811 | +€316,866 | +41.6% |
| Plant, machinery and equipment | 23 | €5,100 | €1,804 | -€3,296 | -64.6% |
| Furniture and vehicles | 24 | €6,322 | €11,263 | +€4,941 | +78.2% |
| Other tangible fixed assets | 26 | €47,202 | €11,840 | -€35,362 | -74.9% |
| Assets under construction and advance payments | 27 | - | €43,074 | +€43,074 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €1,534,585 | €1,360,023 | -€174,562 | -11.4% |
| Amounts receivable within one year | 40/41 | €116,515 | €122,805 | +€6,290 | +5.4% |
| Trade receivables | 40 | €5,207 | €7,790 | +€2,583 | +49.6% |
| Other amounts receivable | 41 | €111,308 | €115,015 | +€3,707 | +3.3% |
| Current investments | 50/53 | €51,635 | €0 | -€51,635 | -100.0% |
| Cash at bank and in hand | 54/58 | €1,357,862 | €1,226,374 | -€131,488 | -9.7% |
| Deferred charges and accrued income | 490/1 | €8,573 | €10,844 | +€2,271 | +26.5% |
| Total equity and liabilities | 10/49 | €2,354,653 | €2,506,314 | +€151,662 | +6.4% |
| Equity | 10/15 | €2,198,988 | €2,440,058 | +€241,070 | +11.0% |
| Contributions | 10/11 | €288,600 | €288,600 | = | 0.0% |
| Reserves | 13 | €754,408 | €995,478 | +€241,070 | +32.0% |
| Tax-exempt reserves | 132 | €17,931 | €16,935 | -€996 | -5.6% |
| Distributable reserves | 133 | €736,477 | €978,542 | +€242,066 | +32.9% |
| Profit (loss) carried forward | 14 | €1,155,980 | €1,155,980 | = | 0.0% |
| Provisions and deferred taxes | 16 | €5,977 | €5,645 | -€332 | -5.6% |
| Deferred taxes | 168 | €5,977 | €5,645 | -€332 | -5.6% |
| Amounts payable | 17/49 | €149,688 | €60,612 | -€89,076 | -59.5% |
| Amounts payable within one year | 42/48 | €149,688 | €60,612 | -€89,076 | -59.5% |
| Financial debts | 43 | - | €594 | +€594 | |
| Credit institutions | 430/8 | - | €594 | +€594 | |
| Trade debts | 44 | €8,846 | €4,250 | -€4,596 | -52.0% |
| Suppliers | 440/4 | €8,846 | €4,250 | -€4,596 | -52.0% |
| Taxes, remuneration and social security | 45 | €130,841 | €55,768 | -€75,074 | -57.4% |
| Taxes | 450/3 | €130,841 | €55,768 | -€75,074 | -57.4% |
| Other amounts payable | 47/48 | €10,000 | €0 | -€10,000 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €900 | +€900 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,999 | €49,415 | -€1,584 | -3.1% |
| Other operating charges | 640/8 | €3,145 | €28,126 | +€24,982 | +794.4% |
| Gross operating margin | 9900 | €504,641 | €422,027 | -€82,615 | -16.4% |
| Operating profit (loss) | 9901 | €450,497 | €343,586 | -€106,912 | -23.7% |
| Financial income | 75/76B | €10,115 | €8,619 | -€1,496 | -14.8% |
| Recurring financial income | 75 | €10,115 | €8,619 | -€1,496 | -14.8% |
| Financial charges | 65/66B | €545 | €1,535 | +€990 | +181.6% |
| Recurring financial charges | 65 | €545 | €1,535 | +€990 | +181.6% |
| Profit (loss) for the period before taxes | 9903 | €460,067 | €350,670 | -€109,398 | -23.8% |
| Transfer from deferred taxes | 780 | €332 | €332 | = | 0.0% |
| Income taxes | 67/77 | €142,447 | €109,932 | -€32,515 | -22.8% |
| Profit (loss) for the period | 9904 | €317,952 | €241,070 | -€76,882 | -24.2% |
| Transfer from tax-exempt reserves | 789 | €996 | €996 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €318,948 | €242,066 | -€76,882 | -24.1% |
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 7 October 2026 via checked.be.