ARMABO: 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.
ARMABO
Largest movements
- Current investments +€1.1m
up €1.1m (+367%), from €300,000 to €1.4m
- Cash -€769,644
down €769,644 (-89.5%), from €859,831 to €90,187
mainly Current investments (-€1.1m) and Tax, wage and social debts (-€9,332)
- Receivables within one year -€37,637
down €37,637 (-59.7%), from €63,076 to €25,438
of which Trade receivables: -€44,890
- Tangible fixed assets -€17,967
down €17,967 (-29.2%), from €61,597 to €43,629
- Reserves +€237,501
up €237,501 (+22.1%), from €1.1m to €1.3m
- Other debts +€41,442
up €41,442 (+26.6%), from €155,918 to €197,360
- Gross operating margin +€14,699
up €14,699 (+4.1%), from €359,391 to €374,090
- Financial income -€10,776
down €10,776 (-38.8%), from €27,792 to €17,016
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.
Derived cash bridge
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 | €1,292,089 | €1,565,473 | +€273,384 | +21.2% |
| Fixed assets | 21/28 | €61,597 | €43,629 | -€17,967 | -29.2% |
| Tangible fixed assets | 22/27 | €61,597 | €43,629 | -€17,967 | -29.2% |
| Furniture and vehicles | 24 | €61,597 | €43,629 | -€17,967 | -29.2% |
| Current assets | 29/58 | €1,230,492 | €1,521,843 | +€291,352 | +23.7% |
| Amounts receivable within one year | 40/41 | €63,076 | €25,438 | -€37,637 | -59.7% |
| Trade receivables | 40 | €47,310 | €2,420 | -€44,890 | -94.9% |
| Other amounts receivable | 41 | €15,765 | €23,018 | +€7,253 | +46.0% |
| Current investments | 50/53 | €300,000 | €1,400,000 | +€1.1m | +367% |
| Cash at bank and in hand | 54/58 | €859,831 | €90,187 | -€769,644 | -89.5% |
| Deferred charges and accrued income | 490/1 | €7,585 | €6,218 | -€1,367 | -18.0% |
| Total equity and liabilities | 10/49 | €1,292,089 | €1,565,473 | +€273,384 | +21.2% |
| Equity | 10/15 | €1,077,874 | €1,315,375 | +€237,501 | +22.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €1,075,874 | €1,313,375 | +€237,501 | +22.1% |
| Distributable reserves | 133 | €1,075,874 | €1,313,375 | +€237,501 | +22.1% |
| Amounts payable | 17/49 | €214,215 | €250,098 | +€35,883 | +16.8% |
| Amounts payable within one year | 42/48 | €214,215 | €250,098 | +€35,883 | +16.8% |
| Trade debts | 44 | €2,763 | €6,535 | +€3,772 | +137% |
| Suppliers | 440/4 | €2,763 | €6,535 | +€3,772 | +137% |
| Taxes, remuneration and social security | 45 | €55,534 | €46,202 | -€9,332 | -16.8% |
| Taxes | 450/3 | €55,534 | €46,202 | -€9,332 | -16.8% |
| Other amounts payable | 47/48 | €155,918 | €197,360 | +€41,442 | +26.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,590 | €22,189 | +€599 | +2.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,420 | +€2,420 | |
| Other operating charges | 640/8 | €786 | €818 | +€32 | +4.1% |
| Gross operating margin | 9900 | €359,391 | €374,090 | +€14,699 | +4.1% |
| Operating profit (loss) | 9901 | €337,014 | €348,663 | +€11,648 | +3.5% |
| Financial income | 75/76B | €27,792 | €17,016 | -€10,776 | -38.8% |
| Recurring financial income | 75 | €27,792 | €17,016 | -€10,776 | -38.8% |
| Financial charges | 65/66B | €10,041 | €11,865 | +€1,824 | +18.2% |
| Recurring financial charges | 65 | €10,041 | €11,865 | +€1,824 | +18.2% |
| Profit (loss) for the period before taxes | 9903 | €354,765 | €353,813 | -€951 | -0.3% |
| Income taxes | 67/77 | €116,247 | €116,312 | +€65 | +0.1% |
| Profit (loss) for the period | 9904 | €238,518 | €237,501 | -€1,016 | -0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €238,518 | €237,501 | -€1,016 | -0.4% |
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 20 October 2026 via checked.be.