ARMA: 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.
ARMA
Largest movements
- Tangible fixed assets -€79,037
down €79,037 (-9.7%), from €815,732 to €736,695
of which Plant, machinery and equipment: -€52,020
- Stocks and contracts +€30,720
up €30,720 (+45.4%), from €67,602 to €98,323
- Cash +€13,919
up €13,919 (+18.1%), from €76,963 to €90,882
mainly Depreciation (+€98,350) and Net result for the year (+€54,873)
- Debts after one year -€97,046
down €97,046 (-22.7%), from €426,868 to €329,822
- Reserves +€54,053
up €54,053 (+31.9%), from €169,666 to €223,718
- Other debts +€24,192
up €24,192 (+97.9%), from €24,700 to €48,892
- Trade debts -€16,296
down €16,296 (-19.0%), from €85,807 to €69,511
- Tax, wage and social debts +€11,232
up €11,232 (+35.7%), from €31,455 to €42,687
of which Taxes: +€21,303
- Staff costs -€40,242
down €40,242 (-24.6%), from €163,475 to €123,233
- Taxes +€10,553
up €10,553 (+71.6%), from €14,730 to €25,283
- Gross operating margin -€8,460
down €8,460 (-2.4%), from €345,495 to €337,035
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €988,351 | €963,151 | -€25,200 | -2.5% |
| Fixed assets | 21/28 | €819,792 | €740,755 | -€79,037 | -9.6% |
| Tangible fixed assets | 22/27 | €815,732 | €736,695 | -€79,037 | -9.7% |
| Land and buildings | 22 | €681,593 | €655,893 | -€25,700 | -3.8% |
| Plant, machinery and equipment | 23 | €131,505 | €79,485 | -€52,020 | -39.6% |
| Furniture and vehicles | 24 | €2,634 | €1,317 | -€1,317 | -50.0% |
| Financial fixed assets | 28 | €4,060 | €4,060 | = | 0.0% |
| Current assets | 29/58 | €168,559 | €222,396 | +€53,837 | +31.9% |
| Stocks and contracts in progress | 3 | €67,602 | €98,323 | +€30,720 | +45.4% |
| Stocks | 30/36 | €67,602 | €98,323 | +€30,720 | +45.4% |
| Amounts receivable within one year | 40/41 | €16,250 | €23,654 | +€7,404 | +45.6% |
| Trade receivables | 40 | €13,263 | €7,826 | -€5,437 | -41.0% |
| Other amounts receivable | 41 | €2,987 | €15,827 | +€12,841 | +429.9% |
| Cash at bank and in hand | 54/58 | €76,963 | €90,882 | +€13,919 | +18.1% |
| Deferred charges and accrued income | 490/1 | €7,744 | €9,538 | +€1,794 | +23.2% |
| Total equity and liabilities | 10/49 | €988,351 | €963,151 | -€25,200 | -2.5% |
| Equity | 10/15 | €316,450 | €371,323 | +€54,873 | +17.3% |
| Contributions | 10/11 | €147,605 | €147,605 | = | 0.0% |
| Reserves | 13 | €169,666 | €223,718 | +€54,053 | +31.9% |
| Distributable reserves | 133 | €169,666 | €223,718 | +€54,053 | +31.9% |
| Profit (loss) carried forward | 14 | -€821 | - | +€821 | |
| Amounts payable | 17/49 | €671,901 | €591,828 | -€80,074 | -11.9% |
| Amounts payable after more than one year | 17 | €426,868 | €329,822 | -€97,046 | -22.7% |
| Financial debts | 170/4 | €426,868 | €329,822 | -€97,046 | -22.7% |
| Amounts payable within one year | 42/48 | €243,758 | €259,830 | +€16,072 | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €97,737 | €97,046 | -€691 | -0.7% |
| Financial debts | 43 | €4,059 | €1,693 | -€2,366 | -58.3% |
| Credit institutions | 430/8 | €4,059 | €1,693 | -€2,366 | -58.3% |
| Trade debts | 44 | €85,807 | €69,511 | -€16,296 | -19.0% |
| Suppliers | 440/4 | €85,807 | €69,511 | -€16,296 | -19.0% |
| Taxes, remuneration and social security | 45 | €31,455 | €42,687 | +€11,232 | +35.7% |
| Taxes | 450/3 | €5,105 | €26,409 | +€21,303 | +417.3% |
| Remuneration and social security | 454/9 | €26,350 | €16,279 | -€10,071 | -38.2% |
| Other amounts payable | 47/48 | €24,700 | €48,892 | +€24,192 | +97.9% |
| Accrued charges and deferred income | 492/3 | €1,275 | €2,176 | +€901 | +70.6% |
| Remuneration, social security and pensions | 62 | €163,475 | €123,233 | -€40,242 | -24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,307 | €98,350 | -€958 | -1.0% |
| Other operating charges | 640/8 | €8,868 | €9,359 | +€491 | +5.5% |
| Gross operating margin | 9900 | €345,495 | €337,035 | -€8,460 | -2.4% |
| Operating profit (loss) | 9901 | €73,845 | €106,094 | +€32,249 | +43.7% |
| Financial income | 75/76B | €5 | €0 | -€5 | -99.0% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -99.0% |
| Financial charges | 65/66B | €24,476 | €25,937 | +€1,461 | +6.0% |
| Recurring financial charges | 65 | €24,476 | €25,937 | +€1,461 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €49,374 | €80,157 | +€30,783 | +62.3% |
| Income taxes | 67/77 | €14,730 | €25,283 | +€10,553 | +71.6% |
| Profit (loss) for the period | 9904 | €34,644 | €54,873 | +€20,230 | +58.4% |
| Profit (loss) for the period to be appropriated | 9905 | €34,644 | €54,873 | +€20,230 | +58.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.