ARMADA GROUP: 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.
ARMADA GROUP
Largest movements
- Tangible fixed assets +€10,055
up €10,055 (+404%), from €2,490 to €12,544
of which Furniture and vehicles: +€10,261
- Cash -€8,922
down €8,922 (-59.8%), from €14,925 to €6,002
mainly Investment in fixed assets (net) (-€14,125) and Net result for the year (-€3,214)
- Receivables within one year -€5,873
down €5,873 (-29.1%), from €20,203 to €14,330
of which Other amounts receivable: -€5,801
- Financial fixed assets +€2,475
new in 2025: €2,475
- Stocks and contracts +€1,800
up €1,800 (+19.4%), from €9,290 to €11,090
- Profit (loss) carried forward -€3,214
down €3,214, from €0 to -€3,214
- Trade debts +€1,225
up €1,225 (+174%), from €703 to €1,927
- Tax, wage and social debts -€511
down €511 (-5.3%), from €9,637 to €9,126
of which Remuneration and social security: -€573
- Gross operating margin -€41,590
down €41,590, from €40,735 to -€855
- Taxes -€7,771
down €7,771 (-96.8%), from €8,029 to €258
- Depreciation +€1,449
up €1,449 (+126%), from €1,146 to €2,595
- Financial income +€549
up €549 (+115%), from €478 to €1,028
- Other operating charges -€458
down €458 (-52.3%), from €876 to €418
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 | €49,943 | €47,443 | -€2,501 | -5.0% |
| Formation expenses | 20 | €1,716 | €716 | -€1,000 | -58.3% |
| Fixed assets | 21/28 | €2,490 | €15,019 | +€12,530 | +503% |
| Tangible fixed assets | 22/27 | €2,490 | €12,544 | +€10,055 | +404% |
| Plant, machinery and equipment | 23 | €992 | €786 | -€207 | -20.8% |
| Furniture and vehicles | 24 | €1,497 | €11,759 | +€10,261 | +685% |
| Financial fixed assets | 28 | - | €2,475 | +€2,475 | |
| Current assets | 29/58 | €45,738 | €31,707 | -€14,030 | -30.7% |
| Stocks and contracts in progress | 3 | €9,290 | €11,090 | +€1,800 | +19.4% |
| Stocks | 30/36 | €9,290 | €11,090 | +€1,800 | +19.4% |
| Amounts receivable within one year | 40/41 | €20,203 | €14,330 | -€5,873 | -29.1% |
| Trade receivables | 40 | €1,065 | €993 | -€72 | -6.7% |
| Other amounts receivable | 41 | €19,137 | €13,336 | -€5,801 | -30.3% |
| Cash at bank and in hand | 54/58 | €14,925 | €6,002 | -€8,922 | -59.8% |
| Deferred charges and accrued income | 490/1 | €1,321 | €285 | -€1,035 | -78.4% |
| Total equity and liabilities | 10/49 | €49,943 | €47,443 | -€2,501 | -5.0% |
| Equity | 10/15 | €38,771 | €35,557 | -€3,214 | -8.3% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €35,271 | €35,271 | = | 0.0% |
| Distributable reserves | 133 | €35,271 | €35,271 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€3,214 | -€3,214 | |
| Amounts payable | 17/49 | €11,172 | €11,886 | +€714 | +6.4% |
| Amounts payable within one year | 42/48 | €11,172 | €11,886 | +€714 | +6.4% |
| Trade debts | 44 | €703 | €1,927 | +€1,225 | +174% |
| Suppliers | 440/4 | €703 | €1,927 | +€1,225 | +174% |
| Taxes, remuneration and social security | 45 | €9,637 | €9,126 | -€511 | -5.3% |
| Taxes | 450/3 | €9,064 | €9,126 | +€62 | +0.7% |
| Remuneration and social security | 454/9 | €573 | €0 | -€573 | -100% |
| Other amounts payable | 47/48 | €833 | €833 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €289 | €12 | -€276 | -95.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,146 | €2,595 | +€1,449 | +126% |
| Other operating charges | 640/8 | €876 | €418 | -€458 | -52.3% |
| Gross operating margin | 9900 | €40,735 | -€855 | -€41,590 | |
| Operating profit (loss) | 9901 | €38,424 | -€3,881 | -€42,305 | |
| Financial income | 75/76B | €478 | €1,028 | +€549 | +115% |
| Recurring financial income | 75 | €478 | €1,028 | +€549 | +115% |
| Financial charges | 65/66B | €5 | €104 | +€99 | +2,073% |
| Recurring financial charges | 65 | €5 | €104 | +€99 | +2,073% |
| Profit (loss) for the period before taxes | 9903 | €38,898 | -€2,957 | -€41,855 | |
| Income taxes | 67/77 | €8,029 | €258 | -€7,771 | -96.8% |
| Profit (loss) for the period | 9904 | €30,869 | -€3,214 | -€34,084 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,869 | -€3,214 | -€34,084 |
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 15 October 2026 via checked.be.