ARMACO: 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.
ARMACO
Largest movements
- Tangible fixed assets +€95,736
up €95,736 (+156.8%), from €61,075 to €156,811
of which Land and buildings: +€116,194
- Receivables within one year +€70,103
up €70,103 (+53.3%), from €131,431 to €201,533
of which Trade receivables: +€51,627
- Deferred charges and accrued income +€15,541
up €15,541 (+264.1%), from €5,885 to €21,426
- Cash -€4,514
down €4,514 (-69.3%), from €6,514 to €2,000
mainly Investment in fixed assets (net) (-€124,281) and Receivables within one year (-€70,103)
- Debts after one year +€97,294
up €97,294 (+223.4%), from €43,560 to €140,854
of which Financial debts: +€94,594
- Trade debts +€20,323
up €20,323 (+2662.1%), from €763 to €21,086
- Current portion of long-term debt +€15,972
up €15,972 (+85.1%), from €18,773 to €34,744
- Reserves +€12,000
up €12,000 (+40.0%), from €30,000 to €42,000
- Tax, wage and social debts +€11,141
up €11,141 (+36.4%), from €30,634 to €41,775
- Other operating charges +€12,358
up €12,358 (+576.4%), from €2,144 to €14,501
- Gross operating margin -€8,615
down €8,615 (-9.4%), from €91,995 to €83,380
- Taxes -€6,284
down €6,284 (-35.5%), from €17,677 to €11,393
- Depreciation +€3,603
up €3,603 (+14.4%), from €24,942 to €28,545
- Financial income +€1,192
up €1,192 (+86.3%), from €1,381 to €2,573
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 | €208,093 | €383,971 | +€175,878 | +84.5% |
| Fixed assets | 21/28 | €63,275 | €159,011 | +€95,736 | +151.3% |
| Tangible fixed assets | 22/27 | €61,075 | €156,811 | +€95,736 | +156.8% |
| Land and buildings | 22 | €7,687 | €123,881 | +€116,194 | +1511.6% |
| Plant, machinery and equipment | 23 | €401 | €341 | -€59 | -14.8% |
| Furniture and vehicles | 24 | €52,987 | €32,589 | -€20,398 | -38.5% |
| Financial fixed assets | 28 | €2,200 | €2,200 | = | 0.0% |
| Current assets | 29/58 | €144,818 | €224,960 | +€80,141 | +55.3% |
| Stocks and contracts in progress | 3 | €989 | - | -€989 | |
| Stocks | 30/36 | €989 | - | -€989 | |
| Amounts receivable within one year | 40/41 | €131,431 | €201,533 | +€70,103 | +53.3% |
| Trade receivables | 40 | €107,875 | €159,502 | +€51,627 | +47.9% |
| Other amounts receivable | 41 | €23,556 | €42,032 | +€18,475 | +78.4% |
| Cash at bank and in hand | 54/58 | €6,514 | €2,000 | -€4,514 | -69.3% |
| Deferred charges and accrued income | 490/1 | €5,885 | €21,426 | +€15,541 | +264.1% |
| Total equity and liabilities | 10/49 | €208,093 | €383,971 | +€175,878 | +84.5% |
| Equity | 10/15 | €107,220 | €123,515 | +€16,294 | +15.2% |
| Reserves | 13 | €30,000 | €42,000 | +€12,000 | +40.0% |
| Distributable reserves | 133 | €30,000 | €42,000 | +€12,000 | +40.0% |
| Profit (loss) carried forward | 14 | €77,220 | €81,515 | +€4,294 | +5.6% |
| Amounts payable | 17/49 | €100,873 | €260,456 | +€159,583 | +158.2% |
| Amounts payable after more than one year | 17 | €43,560 | €140,854 | +€97,294 | +223.4% |
| Financial debts | 170/4 | €43,560 | €138,154 | +€94,594 | +217.2% |
| Other amounts payable | 178/9 | - | €2,700 | +€2,700 | |
| Amounts payable within one year | 42/48 | €57,313 | €119,221 | +€61,908 | +108.0% |
| Current portion of amounts payable after more than one year | 42 | €18,773 | €34,744 | +€15,972 | +85.1% |
| Financial debts | 43 | - | €9,615 | +€9,615 | |
| Credit institutions | 430/8 | - | €9,615 | +€9,615 | |
| Trade debts | 44 | €763 | €21,086 | +€20,323 | +2662.1% |
| Suppliers | 440/4 | €763 | €21,086 | +€20,323 | +2662.1% |
| Taxes, remuneration and social security | 45 | €30,634 | €41,775 | +€11,141 | +36.4% |
| Taxes | 450/3 | €30,634 | €41,775 | +€11,141 | +36.4% |
| Other amounts payable | 47/48 | €7,143 | €12,000 | +€4,857 | +68.0% |
| Accrued charges and deferred income | 492/3 | - | €381 | +€381 | |
| Remuneration, social security and pensions | 62 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,942 | €28,545 | +€3,603 | +14.4% |
| Other operating charges | 640/8 | €2,144 | €14,501 | +€12,358 | +576.4% |
| Gross operating margin | 9900 | €91,995 | €83,380 | -€8,615 | -9.4% |
| Operating profit (loss) | 9901 | €64,522 | €39,934 | -€24,588 | -38.1% |
| Financial income | 75/76B | €1,381 | €2,573 | +€1,192 | +86.3% |
| Recurring financial income | 75 | €1,381 | €2,573 | +€1,192 | +86.3% |
| Financial charges | 65/66B | €2,311 | €2,820 | +€509 | +22.0% |
| Recurring financial charges | 65 | €2,311 | €2,820 | +€509 | +22.0% |
| Profit (loss) for the period before taxes | 9903 | €63,592 | €39,688 | -€23,905 | -37.6% |
| Income taxes | 67/77 | €17,677 | €11,393 | -€6,284 | -35.5% |
| Profit (loss) for the period | 9904 | €45,915 | €28,294 | -€17,621 | -38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,915 | €28,294 | -€17,621 | -38.4% |
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 9 October 2026 via checked.be.