ARGUS: what changed
What changed
ARGUS
NACE 55.100, Hotels and similar accommodation
filed annual accounts (NBB)
Net result for the year
-€216,806
2024 · -€132,500-€84,306
Equity
€439,064
2024 · €655,870-€216,806
Cash
€2.3m
2024 · €1.6m+€718,417
Balance sheet total
€5.5m
2024 · €6.2m-€698,124
Largest movements
Assets
- 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)
Equity and liabilities
- 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
Income statement
- 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
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€132,500
Gross operating margin
-€43,850
Staff costs
-€15,570
Depreciation
-€5,600
Other operating charges
-€19,637
Other operating items
-€4,237
Financial income
-€25,668
Financial charges
+€26,416
Taxes
+€3,839
Result 2025
-€216,806
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€322,592
Investment
+€1.2m
Financing
-€167,254
Cash 2024
€1.6m
From operations (derived)
-€322,592
Net result for the year
-€216,806
Depreciation
+€169,672
Receivables within one year
+€15,801
Deferred charges and accrued income
+€22,806
Trade debts
-€155,656
Tax, wage and social debts
-€64,830
Advances received
-€18,028
Other debts
-€140,000
Accrued charges and deferred income
+€64,449
Investment (derived)
+€1.2m
Investment in fixed assets (net)
-€125,529
Current investments
+€1.3m
Financing
-€167,254
Short-term financial debts
-€167,254
Cash 2025
€2.3m
brings cash intakes cash out
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% |
| 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% |
| 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% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.