ARMA: 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.
ARMA
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+390.5%), from €283,883 to €1.4m
of which Land and buildings: +€1.1m
- Financial fixed assets -€342,577
down €342,577 (-24.7%), from €1.4m to €1.0m
- Receivables within one year -€214,125
down €214,125 (-87.6%), from €244,321 to €30,196
of which Trade receivables: -€242,000
- Cash +€62,926
up €62,926 (+86.0%), from €73,203 to €136,129
mainly Debts after one year (+€859,916) and Receivables within one year (+€214,125)
- Debts after one year +€859,916
up €859,916 (+103.4%), from €831,865 to €1.7m
of which Financial debts: +€998,754
- Profit (loss) carried forward -€325,124
down €325,124, from €90,557 to -€234,567
- Other debts +€67,853
up €67,853 (+97.3%), from €69,750 to €137,603
- Current portion of long-term debt +€65,024
up €65,024 (+84.4%), from €77,022 to €142,046
- Accrued charges and deferred income -€52,462
down €52,462 (-84.1%), from €62,397 to €9,935
- Financial charges +€344,833
up €344,833 (+1534.0%), from €22,480 to €367,312
of which Non-recurring financial charges: +€350,000
- Gross operating margin -€27,857
down €27,857 (-29.3%), from €95,195 to €67,337
- Taxes -€7,001
down €7,001 (-39.3%), from €17,805 to €10,804
- Depreciation +€5,997
up €5,997 (+13765.1%), from €44 to €6,041
- Other operating charges +€3,335
up €3,335 (+67.1%), from €4,968 to €8,304
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 | €1,991,730 | €2,602,369 | +€610,639 | +30.7% |
| Fixed assets | 21/28 | €1,668,883 | €2,434,817 | +€765,934 | +45.9% |
| Tangible fixed assets | 22/27 | €283,883 | €1,392,393 | +€1.1m | +390.5% |
| Land and buildings | 22 | €278,883 | €1,392,393 | +€1.1m | +399.3% |
| Assets under construction and advance payments | 27 | €5,000 | €0 | -€5,000 | -100.0% |
| Financial fixed assets | 28 | €1,385,000 | €1,042,424 | -€342,577 | -24.7% |
| Current assets | 29/58 | €322,847 | €167,552 | -€155,296 | -48.1% |
| Amounts receivable within one year | 40/41 | €244,321 | €30,196 | -€214,125 | -87.6% |
| Trade receivables | 40 | €242,000 | €0 | -€242,000 | -100.0% |
| Other amounts receivable | 41 | €2,321 | €30,196 | +€27,875 | +1201.1% |
| Cash at bank and in hand | 54/58 | €73,203 | €136,129 | +€62,926 | +86.0% |
| Deferred charges and accrued income | 490/1 | €5,323 | €1,226 | -€4,097 | -77.0% |
| Total equity and liabilities | 10/49 | €1,991,730 | €2,602,369 | +€610,639 | +30.7% |
| Equity | 10/15 | €887,671 | €562,547 | -€325,124 | -36.6% |
| Contributions | 10/11 | €11,700 | €11,700 | = | 0.0% |
| Reserves | 13 | €785,414 | €785,414 | = | 0.0% |
| Distributable reserves | 133 | €785,414 | €785,414 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,557 | -€234,567 | -€325,124 | |
| Amounts payable | 17/49 | €1,104,059 | €2,039,822 | +€935,763 | +84.8% |
| Amounts payable after more than one year | 17 | €831,865 | €1,691,781 | +€859,916 | +103.4% |
| Financial debts | 170/4 | €26,374 | €1,025,129 | +€998,754 | +3786.9% |
| Other amounts payable | 178/9 | €805,490 | €666,652 | -€138,838 | -17.2% |
| Amounts payable within one year | 42/48 | €209,798 | €338,106 | +€128,308 | +61.2% |
| Current portion of amounts payable after more than one year | 42 | €77,022 | €142,046 | +€65,024 | +84.4% |
| Trade debts | 44 | €6,738 | €2,967 | -€3,771 | -56.0% |
| Suppliers | 440/4 | €6,738 | €2,967 | -€3,771 | -56.0% |
| Taxes, remuneration and social security | 45 | €56,288 | €55,489 | -€798 | -1.4% |
| Taxes | 450/3 | €45,788 | €44,989 | -€798 | -1.7% |
| Remuneration and social security | 454/9 | €10,500 | €10,500 | = | 0.0% |
| Other amounts payable | 47/48 | €69,750 | €137,603 | +€67,853 | +97.3% |
| Accrued charges and deferred income | 492/3 | €62,397 | €9,935 | -€52,462 | -84.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44 | €6,041 | +€5,997 | +13765.1% |
| Other operating charges | 640/8 | €4,968 | €8,304 | +€3,335 | +67.1% |
| Gross operating margin | 9900 | €95,195 | €67,337 | -€27,857 | -29.3% |
| Operating profit (loss) | 9901 | €90,183 | €52,993 | -€37,190 | -41.2% |
| Financial charges | 65/66B | €22,480 | €367,312 | +€344,833 | +1534.0% |
| Recurring financial charges | 65 | €22,480 | €17,312 | -€5,167 | -23.0% |
| Non-recurring financial charges | 66B | - | €350,000 | +€350,000 | |
| Profit (loss) for the period before taxes | 9903 | €67,703 | -€314,320 | -€382,023 | |
| Income taxes | 67/77 | €17,805 | €10,804 | -€7,001 | -39.3% |
| Profit (loss) for the period | 9904 | €49,899 | -€325,124 | -€375,023 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,899 | -€325,124 | -€375,023 |
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 12 October 2026 via checked.be.