ARMADA: 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.
ARMADA
Largest movements
- Tangible fixed assets -€28,446
down €28,446 (-39.5%), from €72,057 to €43,611
- Cash -€19,783
down €19,783 (-22.2%), from €89,270 to €69,487
mainly Contributions, distributions and other (-€151,303) and Receivables within one year (-€13,939)
- Receivables within one year +€13,939
up €13,939 (+21.4%), from €65,240 to €79,178
of which Other amounts receivable: +€9,795
- Reserves -€56,326
down €56,326 (-13.8%), from €408,491 to €352,164
of which Distributable reserves: -€56,326
- Accrued charges and deferred income +€12,141
up €12,141 (+123.9%), from €9,800 to €21,941
- Tax, wage and social debts +€9,858
up €9,858 (+204.7%), from €4,815 to €14,673
- Financial income -€3,721
down €3,721 (-38.1%), from €9,770 to €6,049
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €628,660 | €594,757 | -€33,904 | -5.4% |
| Fixed assets | 21/28 | €72,057 | €43,611 | -€28,446 | -39.5% |
| Tangible fixed assets | 22/27 | €72,057 | €43,611 | -€28,446 | -39.5% |
| Furniture and vehicles | 24 | €72,057 | €43,611 | -€28,446 | -39.5% |
| Current assets | 29/58 | €556,603 | €551,146 | -€5,458 | -1.0% |
| Amounts receivable within one year | 40/41 | €65,240 | €79,178 | +€13,939 | +21.4% |
| Trade receivables | 40 | €63,037 | €67,181 | +€4,144 | +6.6% |
| Other amounts receivable | 41 | €2,203 | €11,997 | +€9,795 | +444.7% |
| Current investments | 50/53 | €400,000 | €400,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €89,270 | €69,487 | -€19,783 | -22.2% |
| Deferred charges and accrued income | 490/1 | €2,094 | €2,481 | +€387 | +18.5% |
| Total equity and liabilities | 10/49 | €628,660 | €594,757 | -€33,904 | -5.4% |
| Equity | 10/15 | €470,491 | €414,164 | -€56,326 | -12.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €408,491 | €352,164 | -€56,326 | -13.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,920 | €2,920 | = | 0.0% |
| Distributable reserves | 133 | €399,371 | €343,044 | -€56,326 | -14.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €158,170 | €180,593 | +€22,423 | +14.2% |
| Amounts payable after more than one year | 17 | €140,000 | €140,000 | = | 0.0% |
| Financial debts | 170/4 | €140,000 | €140,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €8,370 | €18,652 | +€10,282 | +122.8% |
| Trade debts | 44 | €3,555 | €3,979 | +€424 | +11.9% |
| Suppliers | 440/4 | €3,555 | €3,979 | +€424 | +11.9% |
| Taxes, remuneration and social security | 45 | €4,815 | €14,673 | +€9,858 | +204.7% |
| Taxes | 450/3 | €4,815 | €14,673 | +€9,858 | +204.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €9,800 | €21,941 | +€12,141 | +123.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,446 | €28,446 | -€0 | 0.0% |
| Other operating charges | 640/8 | €848 | €1,236 | +€388 | +45.7% |
| Gross operating margin | 9900 | €167,398 | €168,073 | +€676 | +0.4% |
| Operating profit (loss) | 9901 | €138,104 | €138,392 | +€288 | +0.2% |
| Financial income | 75/76B | €9,770 | €6,049 | -€3,721 | -38.1% |
| Recurring financial income | 75 | €9,770 | €6,049 | -€3,721 | -38.1% |
| Financial charges | 65/66B | €9,991 | €10,149 | +€158 | +1.6% |
| Recurring financial charges | 65 | €9,991 | €10,149 | +€158 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €137,883 | €134,292 | -€3,591 | -2.6% |
| Income taxes | 67/77 | €40,729 | €39,315 | -€1,413 | -3.5% |
| Profit (loss) for the period | 9904 | €97,155 | €94,977 | -€2,178 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €97,155 | €94,977 | -€2,178 | -2.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2025 and 31 May 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.