ARMACA: 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.
ARMACA
Largest movements
- Cash -€54,561
down €54,561 (-73.7%), from €74,040 to €19,479
mainly Trade debts (-€66,703) and Tax, wage and social debts (-€31,564)
- Tangible fixed assets -€30,667
down €30,667 (-38.7%), from €79,163 to €48,496
of which Furniture and vehicles: -€20,182
- Stocks and contracts +€28,228
up €28,228 (+4.4%), from €643,446 to €671,674
of which Contracts in progress: +€31,668
- Receivables within one year -€17,579
down €17,579 (-4.0%), from €444,518 to €426,939
of which Other amounts receivable: -€9,504
- Trade debts -€66,703
down €66,703 (-18.3%), from €363,788 to €297,085
- Tax, wage and social debts -€31,564
down €31,564 (-54.0%), from €58,399 to €26,835
of which Taxes: -€35,562
- Accrued charges and deferred income +€13,846
up €13,846 (+209.7%), from €6,604 to €20,450
- Gross operating margin -€56,495
down €56,495 (-16.5%), from €342,886 to €286,391
- Staff costs -€46,812
down €46,812 (-15.9%), from €294,547 to €247,735
- Depreciation -€25,790
down €25,790 (-59.1%), from €43,617 to €17,827
- Financial income -€12,684
down €12,684 (-80.7%), from €15,726 to €3,041
- Taxes -€5,337
down €5,337 (-92.7%), from €5,759 to €421
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 | €1,255,014 | €1,176,379 | -€78,635 | -6.3% |
| Fixed assets | 21/28 | €81,138 | €50,471 | -€30,667 | -37.8% |
| Tangible fixed assets | 22/27 | €79,163 | €48,496 | -€30,667 | -38.7% |
| Plant, machinery and equipment | 23 | €22,679 | €15,797 | -€6,882 | -30.3% |
| Furniture and vehicles | 24 | €34,534 | €14,352 | -€20,182 | -58.4% |
| Other tangible fixed assets | 26 | €21,950 | €18,348 | -€3,603 | -16.4% |
| Financial fixed assets | 28 | €1,975 | €1,975 | = | 0.0% |
| Current assets | 29/58 | €1,173,876 | €1,125,908 | -€47,968 | -4.1% |
| Stocks and contracts in progress | 3 | €643,446 | €671,674 | +€28,228 | +4.4% |
| Stocks | 30/36 | €401,216 | €397,776 | -€3,440 | -0.9% |
| Contracts in progress | 37 | €242,230 | €273,898 | +€31,668 | +13.1% |
| Amounts receivable within one year | 40/41 | €444,518 | €426,939 | -€17,579 | -4.0% |
| Trade receivables | 40 | €432,275 | €424,200 | -€8,075 | -1.9% |
| Other amounts receivable | 41 | €12,243 | €2,738 | -€9,504 | -77.6% |
| Cash at bank and in hand | 54/58 | €74,040 | €19,479 | -€54,561 | -73.7% |
| Deferred charges and accrued income | 490/1 | €11,872 | €7,816 | -€4,056 | -34.2% |
| Total equity and liabilities | 10/49 | €1,255,014 | €1,176,379 | -€78,635 | -6.3% |
| Equity | 10/15 | €726,355 | €733,744 | +€7,390 | +1.0% |
| Contributions | 10/11 | €285,078 | €285,078 | = | 0.0% |
| Capital | 10 | €285,078 | €285,078 | = | 0.0% |
| Issued capital | 100 | €285,078 | €285,078 | = | 0.0% |
| Reserves | 13 | €441,277 | €448,667 | +€7,390 | +1.7% |
| Non-distributable reserves | 130/1 | €28,508 | €28,508 | = | 0.0% |
| Legal reserve | 130 | €28,508 | €28,508 | = | 0.0% |
| Distributable reserves | 133 | €412,770 | €420,159 | +€7,390 | +1.8% |
| Amounts payable | 17/49 | €528,660 | €442,635 | -€86,025 | -16.3% |
| Amounts payable after more than one year | 17 | €69,449 | €71,171 | +€1,722 | +2.5% |
| Financial debts | 170/4 | €69,449 | €71,171 | +€1,722 | +2.5% |
| Amounts payable within one year | 42/48 | €452,607 | €351,014 | -€101,593 | -22.4% |
| Current portion of amounts payable after more than one year | 42 | €27,345 | €19,518 | -€7,828 | -28.6% |
| Financial debts | 43 | - | €88 | +€88 | |
| Credit institutions | 430/8 | - | €88 | +€88 | |
| Trade debts | 44 | €363,788 | €297,085 | -€66,703 | -18.3% |
| Suppliers | 440/4 | €363,788 | €297,085 | -€66,703 | -18.3% |
| Taxes, remuneration and social security | 45 | €58,399 | €26,835 | -€31,564 | -54.0% |
| Taxes | 450/3 | €55,739 | €20,177 | -€35,562 | -63.8% |
| Remuneration and social security | 454/9 | €2,660 | €6,658 | +€3,998 | +150.3% |
| Other amounts payable | 47/48 | €3,075 | €7,488 | +€4,413 | +143.5% |
| Accrued charges and deferred income | 492/3 | €6,604 | €20,450 | +€13,846 | +209.7% |
| Non-recurring operating income | 76A | €850 | €40,815 | +€39,965 | +4701.8% |
| Remuneration, social security and pensions | 62 | €294,547 | €247,735 | -€46,812 | -15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,617 | €17,827 | -€25,790 | -59.1% |
| Other operating charges | 640/8 | €8,104 | €4,864 | -€3,240 | -40.0% |
| Non-recurring operating charges | 66A | - | €4,041 | +€4,041 | |
| Gross operating margin | 9900 | €342,886 | €286,391 | -€56,495 | -16.5% |
| Operating profit (loss) | 9901 | -€3,381 | €11,924 | +€15,305 | |
| Financial income | 75/76B | €15,726 | €3,041 | -€12,684 | -80.7% |
| Recurring financial income | 75 | €15,726 | €3,041 | -€12,684 | -80.7% |
| Financial charges | 65/66B | €9,192 | €7,154 | -€2,038 | -22.2% |
| Recurring financial charges | 65 | €8,486 | €7,154 | -€1,332 | -15.7% |
| Non-recurring financial charges | 66B | €707 | - | -€707 | |
| Profit (loss) for the period before taxes | 9903 | €3,152 | €7,811 | +€4,659 | +147.8% |
| Income taxes | 67/77 | €5,759 | €421 | -€5,337 | -92.7% |
| Profit (loss) for the period | 9904 | -€2,607 | €7,390 | +€9,996 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,607 | €7,390 | +€9,996 |
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 9 October 2026 via checked.be.