ARMACO RECUP: 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 RECUP
Largest movements
- Cash -€63,455
down €63,455 (-93.4%), from €67,920 to €4,465
mainly Other debts (-€55,593) and Net result for the year (-€18,647)
- Tangible fixed assets -€9,335
down €9,335 (-1.8%), from €527,363 to €518,028
- Other debts -€55,593
down €55,593 (-25.0%), from €222,375 to €166,782
- Profit (loss) carried forward -€16,532
down €16,532, from €3,450 to -€13,083
- Depreciation -€18,668
down €18,668 (-66.7%), from €28,003 to €9,335
- Gross operating margin -€2,436
down €2,436 (-18.7%), from €13,034 to €10,598
- Financial charges +€1,594
up €1,594 (+11.7%), from €13,600 to €15,195
- Other operating charges +€297
up €297 (+5.8%), from €5,123 to €5,420
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 | €596,437 | €523,302 | -€73,135 | -12.3% |
| Fixed assets | 21/28 | €527,363 | €518,028 | -€9,335 | -1.8% |
| Tangible fixed assets | 22/27 | €527,363 | €518,028 | -€9,335 | -1.8% |
| Land and buildings | 22 | €527,363 | €518,028 | -€9,335 | -1.8% |
| Current assets | 29/58 | €69,074 | €5,274 | -€63,800 | -92.4% |
| Stocks and contracts in progress | 3 | €100 | €100 | = | 0.0% |
| Stocks | 30/36 | €100 | €100 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €350 | €0 | -€350 | -100% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €350 | €0 | -€350 | -100% |
| Cash at bank and in hand | 54/58 | €67,920 | €4,465 | -€63,455 | -93.4% |
| Deferred charges and accrued income | 490/1 | €704 | €709 | +€5 | +0.7% |
| Total equity and liabilities | 10/49 | €596,437 | €523,302 | -€73,135 | -12.3% |
| Equity | 10/15 | €346,645 | €327,998 | -€18,647 | -5.4% |
| Contributions | 10/11 | €255,768 | €255,768 | = | 0.0% |
| Capital | 10 | €255,768 | €255,768 | = | 0.0% |
| Issued capital | 100 | €255,768 | €255,768 | = | 0.0% |
| Reserves | 13 | €87,427 | €85,312 | -€2,115 | -2.4% |
| Non-distributable reserves | 130/1 | €6,620 | €6,620 | = | 0.0% |
| Legal reserve | 130 | €6,620 | €6,620 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,370 | €32,256 | -€2,115 | -6.2% |
| Distributable reserves | 133 | €46,437 | €46,437 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,450 | -€13,083 | -€16,532 | |
| Provisions and deferred taxes | 16 | €11,457 | €10,752 | -€705 | -6.2% |
| Deferred taxes | 168 | €11,457 | €10,752 | -€705 | -6.2% |
| Amounts payable | 17/49 | €238,335 | €184,552 | -€53,783 | -22.6% |
| Amounts payable within one year | 42/48 | €223,279 | €171,244 | -€52,034 | -23.3% |
| Trade debts | 44 | €904 | €4,362 | +€3,458 | +383% |
| Suppliers | 440/4 | €904 | €4,362 | +€3,458 | +383% |
| Taxes, remuneration and social security | 45 | €0 | €100 | +€100 | |
| Taxes | 450/3 | €0 | €100 | +€100 | |
| Other amounts payable | 47/48 | €222,375 | €166,782 | -€55,593 | -25.0% |
| Accrued charges and deferred income | 492/3 | €15,057 | €13,308 | -€1,749 | -11.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,003 | €9,335 | -€18,668 | -66.7% |
| Other operating charges | 640/8 | €5,123 | €5,420 | +€297 | +5.8% |
| Gross operating margin | 9900 | €13,034 | €10,598 | -€2,436 | -18.7% |
| Operating profit (loss) | 9901 | -€20,093 | -€4,157 | +€15,935 | +79.3% |
| Financial charges | 65/66B | €13,600 | €15,195 | +€1,594 | +11.7% |
| Recurring financial charges | 65 | €13,600 | €15,195 | +€1,594 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | -€33,693 | -€19,352 | +€14,341 | +42.6% |
| Transfer from deferred taxes | 780 | €705 | €705 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€32,988 | -€18,647 | +€14,341 | +43.5% |
| Transfer from tax-exempt reserves | 789 | €2,115 | €2,115 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,874 | -€16,532 | +€14,341 | +46.5% |
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 17 October 2026 via checked.be.