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
- Current investments -€9.0m
down €9.0m (-77.9%), from €11.6m to €2.6m
- Financial fixed assets +€7.7m
up €7.7m (+8.0%), from €96.1m to €103.8m
- Receivables within one year -€2.7m
down €2.7m (-81.5%), from €3.3m to €619,626
- Reserves -€7.9m
down €7.9m (-38.0%), from €20.8m to €12.9m
of which Distributable reserves: -€7.9m
- Profit (loss) carried forward +€5.4m
up €5.4m (+94.8%), from -€5.7m to -€294,941
- Financial income -€4.3m
down €4.3m (-91.5%), from €4.7m to €401,645
- Gross operating margin -€102,916
down €102,916 (-87.1%), from -€118,116 to -€221,031
- Financial charges -€38,724
down €38,724 (-69.7%), from €55,574 to €16,850
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 | €113,173,600 | €109,601,839 | -€3.6m | -3.2% |
| Fixed assets | 21/28 | €96,067,948 | €103,768,472 | +€7.7m | +8.0% |
| Financial fixed assets | 28 | €96,067,948 | €103,768,472 | +€7.7m | +8.0% |
| Current assets | 29/58 | €17,105,651 | €5,833,367 | -€11.3m | -65.9% |
| Amounts receivable after more than one year | 29 | €75,714 | €809,938 | +€734,223 | +969.7% |
| Trade receivables | 290 | €75,714 | €59,938 | -€15,777 | -20.8% |
| Other amounts receivable | 291 | - | €750,000 | +€750,000 | |
| Amounts receivable within one year | 40/41 | €3,348,457 | €619,626 | -€2.7m | -81.5% |
| Other amounts receivable | 41 | €3,348,457 | €619,626 | -€2.7m | -81.5% |
| Current investments | 50/53 | €11,617,329 | €2,569,809 | -€9.0m | -77.9% |
| Cash at bank and in hand | 54/58 | €1,950,481 | €1,744,949 | -€205,531 | -10.5% |
| Deferred charges and accrued income | 490/1 | €113,670 | €89,046 | -€24,624 | -21.7% |
| Total equity and liabilities | 10/49 | €113,173,600 | €109,601,839 | -€3.6m | -3.2% |
| Equity | 10/15 | €111,252,043 | €108,761,688 | -€2.5m | -2.2% |
| Contributions | 10/11 | €96,150,600 | €96,150,600 | = | 0.0% |
| Capital | 10 | €96,150,600 | €96,150,600 | = | 0.0% |
| Issued capital | 100 | €96,150,600 | €96,150,600 | = | 0.0% |
| Reserves | 13 | €20,809,357 | €12,906,030 | -€7.9m | -38.0% |
| Non-distributable reserves | 130/1 | €1,631,270 | €1,631,270 | = | 0.0% |
| Legal reserve | 130 | €1,631,270 | €1,631,270 | = | 0.0% |
| Distributable reserves | 133 | €19,178,087 | €11,274,759 | -€7.9m | -41.2% |
| Profit (loss) carried forward | 14 | -€5,707,914 | -€294,941 | +€5.4m | +94.8% |
| Amounts payable | 17/49 | €1,921,556 | €840,150 | -€1.1m | -56.3% |
| Amounts payable within one year | 42/48 | €1,914,725 | €840,061 | -€1.1m | -56.1% |
| Trade debts | 44 | €14,160 | €22,081 | +€7,922 | +55.9% |
| Suppliers | 440/4 | €14,160 | €22,081 | +€7,922 | +55.9% |
| Other amounts payable | 47/48 | €1,900,565 | €817,980 | -€1.1m | -57.0% |
| Accrued charges and deferred income | 492/3 | €6,832 | €89 | -€6,743 | -98.7% |
| Other operating charges | 640/8 | €1,375 | €1,214 | -€161 | -11.7% |
| Gross operating margin | 9900 | -€118,116 | -€221,031 | -€102,916 | -87.1% |
| Operating profit (loss) | 9901 | -€119,491 | -€222,246 | -€102,755 | -86.0% |
| Financial income | 75/76B | €4,710,943 | €401,645 | -€4.3m | -91.5% |
| Recurring financial income | 75 | €4,710,943 | €401,645 | -€4.3m | -91.5% |
| Financial charges | 65/66B | €55,574 | €16,850 | -€38,724 | -69.7% |
| Recurring financial charges | 65 | €55,574 | €16,850 | -€38,724 | -69.7% |
| Profit (loss) for the period before taxes | 9903 | €4,535,879 | €162,550 | -€4.4m | -96.4% |
| Profit (loss) for the period | 9904 | €4,535,879 | €162,550 | -€4.4m | -96.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,535,879 | €162,550 | -€4.4m | -96.4% |
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.