THE ARGONAUTS: what changed
Two financial 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.
THE ARGONAUTS
Largest movements
- Receivables within one year -€68,547
down €68,547 (-58.8%), from €116,623 to €48,076
of which Trade receivables: -€65,263
- Cash +€46,286
up €46,286 (+155%), from €29,917 to €76,203
mainly Receivables within one year (+€68,547) and Short-term financial debts (+€27,960)
- Tangible fixed assets -€11,111
down €11,111 (-63.8%), from €17,405 to €6,294
of which Furniture and vehicles: -€10,811
- Profit (loss) carried forward -€34,143
new in 2025: -€34,143
- Short-term financial debts +€27,960
up €27,960 (+35.4%), from €79,037 to €106,997
- Tax, wage and social debts -€25,634
down €25,634 (-38.6%), from €66,426 to €40,793
of which Taxes: -€19,392
- Trade debts +€20,419
up €20,419 (+411%), from €4,974 to €25,393
- Reserves -€10,640
down €10,640 (-100%), from €10,640 to €0
- Staff costs +€38,200
up €38,200 (+13.9%), from €275,265 to €313,465
- Gross operating margin +€4,771
up €4,771 (+1.7%), from €282,557 to €287,328
- Financial income +€3,531
up €3,531 (+1,412%), from €250 to €3,781
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.
Derived cash bridge
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 | €208,960 | €177,744 | -€31,216 | -14.9% |
| Fixed assets | 21/28 | €20,905 | €9,794 | -€11,111 | -53.1% |
| Tangible fixed assets | 22/27 | €17,405 | €6,294 | -€11,111 | -63.8% |
| Furniture and vehicles | 24 | €15,968 | €5,157 | -€10,811 | -67.7% |
| Other tangible fixed assets | 26 | €1,437 | €1,137 | -€300 | -20.9% |
| Financial fixed assets | 28 | €3,500 | €3,500 | = | 0.0% |
| Current assets | 29/58 | €188,055 | €167,950 | -€20,105 | -10.7% |
| Amounts receivable after more than one year | 29 | €6,120 | €6,303 | +€184 | +3.0% |
| Other amounts receivable | 291 | €6,120 | €6,303 | +€184 | +3.0% |
| Stocks and contracts in progress | 3 | €34,500 | €35,970 | +€1,470 | +4.3% |
| Contracts in progress | 37 | €34,500 | €35,970 | +€1,470 | +4.3% |
| Amounts receivable within one year | 40/41 | €116,623 | €48,076 | -€68,547 | -58.8% |
| Trade receivables | 40 | €111,875 | €46,612 | -€65,263 | -58.3% |
| Other amounts receivable | 41 | €4,748 | €1,464 | -€3,283 | -69.2% |
| Cash at bank and in hand | 54/58 | €29,917 | €76,203 | +€46,286 | +155% |
| Deferred charges and accrued income | 490/1 | €896 | €1,397 | +€501 | +55.9% |
| Total equity and liabilities | 10/49 | €208,960 | €177,744 | -€31,216 | -14.9% |
| Equity | 10/15 | €48,140 | €3,357 | -€44,783 | -93.0% |
| Contributions | 10/11 | €37,500 | €37,500 | = | 0.0% |
| Reserves | 13 | €10,640 | €0 | -€10,640 | -100% |
| Distributable reserves | 133 | €10,640 | €0 | -€10,640 | -100% |
| Profit (loss) carried forward | 14 | - | -€34,143 | -€34,143 | |
| Amounts payable | 17/49 | €160,820 | €174,387 | +€13,567 | +8.4% |
| Amounts payable after more than one year | 17 | €1,204 | €0 | -€1,204 | -100% |
| Financial debts | 170/4 | €1,204 | €0 | -€1,204 | -100% |
| Amounts payable within one year | 42/48 | €157,606 | €174,387 | +€16,781 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €7,168 | €1,204 | -€5,965 | -83.2% |
| Financial debts | 43 | €79,037 | €106,997 | +€27,960 | +35.4% |
| Credit institutions | 430/8 | €79,037 | €106,997 | +€27,960 | +35.4% |
| Trade debts | 44 | €4,974 | €25,393 | +€20,419 | +411% |
| Suppliers | 440/4 | €4,974 | €25,393 | +€20,419 | +411% |
| Taxes, remuneration and social security | 45 | €66,426 | €40,793 | -€25,634 | -38.6% |
| Taxes | 450/3 | €36,090 | €16,697 | -€19,392 | -53.7% |
| Remuneration and social security | 454/9 | €30,337 | €24,095 | -€6,241 | -20.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €2,010 | €0 | -€2,010 | -100% |
| Remuneration, social security and pensions | 62 | €275,265 | €313,465 | +€38,200 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,099 | €12,636 | -€463 | -3.5% |
| Other operating charges | 640/8 | €840 | €1,110 | +€270 | +32.1% |
| Gross operating margin | 9900 | €282,557 | €287,328 | +€4,771 | +1.7% |
| Operating profit (loss) | 9901 | -€6,647 | -€39,882 | -€33,235 | -500% |
| Financial income | 75/76B | €250 | €3,781 | +€3,531 | +1,412% |
| Recurring financial income | 75 | €250 | €3,781 | +€3,531 | +1,412% |
| Financial charges | 65/66B | €9,724 | €8,329 | -€1,395 | -14.3% |
| Recurring financial charges | 65 | €9,724 | €8,329 | -€1,395 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | -€16,121 | -€44,431 | -€28,310 | -176% |
| Income taxes | 67/77 | €158 | €352 | +€194 | +123% |
| Profit (loss) for the period | 9904 | -€16,279 | -€44,783 | -€28,504 | -175% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,279 | -€44,783 | -€28,504 | -175% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.