ARMADA HOLDING: 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 HOLDING
Largest movements
- Receivables within one year -€43,431
down €43,431 (-57.4%), from €75,701 to €32,269
of which Trade receivables: -€43,517
- Cash -€21,747
down €21,747 (-99.5%), from €21,866 to €119
mainly Trade debts (-€19,215) and Accrued charges and deferred income (-€17,472)
- Tangible fixed assets +€12,000
new in 2025: €12,000
- Trade debts -€19,215
down €19,215 (-65.7%), from €29,263 to €10,048
- Accrued charges and deferred income -€17,472
down €17,472 (-60.0%), from €29,120 to €11,648
- Profit (loss) carried forward -€8,205
down €8,205 (-18.0%), from -€45,586 to -€53,791
- Tax, wage and social debts -€5,376
down €5,376 (-73.3%), from €7,337 to €1,962
of which Taxes: -€4,376
- Current portion of long-term debt -€1,621
no longer reported in 2025 (was €1,621)
- Gross operating margin -€3,228
down €3,228 (-97.7%), from -€3,304 to -€6,532
- Financial income +€324
up €324 (+40,990%), from €1 to €325
- Taxes +€281
up €281 (+33.5%), from €840 to €1,121
- Financial charges -€140
down €140 (-97.4%), from €144 to €4
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 | €140,149 | €86,974 | -€53,175 | -37.9% |
| Fixed assets | 21/28 | €42,396 | €54,396 | +€12,000 | +28.3% |
| Tangible fixed assets | 22/27 | - | €12,000 | +€12,000 | |
| Furniture and vehicles | 24 | - | €12,000 | +€12,000 | |
| Financial fixed assets | 28 | €42,396 | €42,396 | = | 0.0% |
| Current assets | 29/58 | €97,753 | €32,578 | -€65,175 | -66.7% |
| Amounts receivable within one year | 40/41 | €75,701 | €32,269 | -€43,431 | -57.4% |
| Trade receivables | 40 | €75,701 | €32,184 | -€43,517 | -57.5% |
| Other amounts receivable | 41 | - | €86 | +€86 | |
| Cash at bank and in hand | 54/58 | €21,866 | €119 | -€21,747 | -99.5% |
| Deferred charges and accrued income | 490/1 | €186 | €190 | +€4 | +2.0% |
| Total equity and liabilities | 10/49 | €140,149 | €86,974 | -€53,175 | -37.9% |
| Equity | 10/15 | -€21,316 | -€29,521 | -€8,205 | -38.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €18,070 | €18,070 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,210 | €16,210 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,586 | -€53,791 | -€8,205 | -18.0% |
| Amounts payable | 17/49 | €161,465 | €116,495 | -€44,970 | -27.9% |
| Amounts payable after more than one year | 17 | €128 | - | -€128 | |
| Financial debts | 170/4 | €128 | - | -€128 | |
| Amounts payable within one year | 42/48 | €132,217 | €104,847 | -€27,370 | -20.7% |
| Current portion of amounts payable after more than one year | 42 | €1,621 | - | -€1,621 | |
| Trade debts | 44 | €29,263 | €10,048 | -€19,215 | -65.7% |
| Suppliers | 440/4 | €29,263 | €10,048 | -€19,215 | -65.7% |
| Taxes, remuneration and social security | 45 | €7,337 | €1,962 | -€5,376 | -73.3% |
| Taxes | 450/3 | €6,337 | €1,962 | -€4,376 | -69.0% |
| Remuneration and social security | 454/9 | €1,000 | - | -€1,000 | |
| Other amounts payable | 47/48 | €93,995 | €92,837 | -€1,158 | -1.2% |
| Accrued charges and deferred income | 492/3 | €29,120 | €11,648 | -€17,472 | -60.0% |
| Other operating charges | 640/8 | €816 | €872 | +€56 | +6.9% |
| Non-recurring operating charges | 66A | €2,095 | - | -€2,095 | |
| Gross operating margin | 9900 | -€3,304 | -€6,532 | -€3,228 | -97.7% |
| Operating profit (loss) | 9901 | -€6,215 | -€7,404 | -€1,190 | -19.1% |
| Financial income | 75/76B | €1 | €325 | +€324 | +40,990% |
| Recurring financial income | 75 | €1 | €325 | +€324 | +40,990% |
| Financial charges | 65/66B | €144 | €4 | -€140 | -97.4% |
| Recurring financial charges | 65 | €144 | €4 | -€140 | -97.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,358 | -€7,083 | -€725 | -11.4% |
| Income taxes | 67/77 | €840 | €1,121 | +€281 | +33.5% |
| Profit (loss) for the period | 9904 | -€7,198 | -€8,205 | -€1,007 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,198 | -€8,205 | -€1,007 | -14.0% |
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 29 October 2026 via checked.be.