ARM & EDO: 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.
ARM & EDO
Largest movements
- Receivables within one year +€73,361
up €73,361 (+33.7%), from €217,597 to €290,958
of which Trade receivables: +€65,450
- Tangible fixed assets -€13,238
down €13,238 (-33.4%), from €39,587 to €26,350
- Cash +€7,675
up €7,675 (+5.6%), from €138,221 to €145,896
mainly Net result for the year (+€57,914) and Trade debts (+€33,473)
- Profit (loss) carried forward +€57,914
up €57,914 (+51.0%), from €113,580 to €171,494
- Trade debts +€33,473
up €33,473 (+24.1%), from €138,981 to €172,454
- Other debts -€12,940
down €12,940 (-12.3%), from €105,036 to €92,096
- Current portion of long-term debt -€6,401
down €6,401 (-56.2%), from €11,384 to €4,983
- Debts after one year -€4,983
no longer reported in 2025 (was €4,983)
- Staff costs +€9,086
new in 2025: €9,086
- Gross operating margin +€7,615
up €7,615 (+8.4%), from €90,226 to €97,841
- Other operating charges -€1,462
down €1,462 (-62.0%), from €2,359 to €897
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 | €396,215 | €464,597 | +€68,382 | +17.3% |
| Fixed assets | 21/28 | €39,587 | €26,350 | -€13,238 | -33.4% |
| Tangible fixed assets | 22/27 | €39,587 | €26,350 | -€13,238 | -33.4% |
| Furniture and vehicles | 24 | €39,587 | €26,350 | -€13,238 | -33.4% |
| Current assets | 29/58 | €356,628 | €438,247 | +€81,619 | +22.9% |
| Amounts receivable within one year | 40/41 | €217,597 | €290,958 | +€73,361 | +33.7% |
| Trade receivables | 40 | €216,019 | €281,469 | +€65,450 | +30.3% |
| Other amounts receivable | 41 | €1,578 | €9,489 | +€7,911 | +501.4% |
| Cash at bank and in hand | 54/58 | €138,221 | €145,896 | +€7,675 | +5.6% |
| Deferred charges and accrued income | 490/1 | €811 | €1,394 | +€583 | +71.9% |
| Total equity and liabilities | 10/49 | €396,215 | €464,597 | +€68,382 | +17.3% |
| Equity | 10/15 | €118,580 | €176,494 | +€57,914 | +48.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,580 | €171,494 | +€57,914 | +51.0% |
| Amounts payable | 17/49 | €277,635 | €288,103 | +€10,468 | +3.8% |
| Amounts payable after more than one year | 17 | €4,983 | - | -€4,983 | |
| Financial debts | 170/4 | €4,983 | - | -€4,983 | |
| Amounts payable within one year | 42/48 | €272,651 | €288,103 | +€15,451 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €11,384 | €4,983 | -€6,401 | -56.2% |
| Trade debts | 44 | €138,981 | €172,454 | +€33,473 | +24.1% |
| Suppliers | 440/4 | €138,981 | €172,454 | +€33,473 | +24.1% |
| Taxes, remuneration and social security | 45 | €17,251 | €18,570 | +€1,319 | +7.6% |
| Taxes | 450/3 | €17,251 | €18,570 | +€1,319 | +7.6% |
| Other amounts payable | 47/48 | €105,036 | €92,096 | -€12,940 | -12.3% |
| Remuneration, social security and pensions | 62 | - | €9,086 | +€9,086 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,942 | €13,238 | -€705 | -5.1% |
| Other operating charges | 640/8 | €2,359 | €897 | -€1,462 | -62.0% |
| Gross operating margin | 9900 | €90,226 | €97,841 | +€7,615 | +8.4% |
| Operating profit (loss) | 9901 | €73,925 | €74,620 | +€695 | +0.9% |
| Financial charges | 65/66B | €1,366 | €900 | -€466 | -34.1% |
| Recurring financial charges | 65 | €1,366 | €900 | -€466 | -34.1% |
| Profit (loss) for the period before taxes | 9903 | €72,559 | €73,720 | +€1,161 | +1.6% |
| Income taxes | 67/77 | €14,926 | €15,806 | +€880 | +5.9% |
| Profit (loss) for the period | 9904 | €57,633 | €57,914 | +€281 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €57,633 | €57,914 | +€281 | +0.5% |
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 29 September 2026 via checked.be.