Armada-Infra: 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-Infra
Largest movements
- Receivables within one year -€74,446
down €74,446 (-97.4%), from €76,400 to €1,954
of which Trade receivables: -€74,015
- Trade debts -€50,058
down €50,058 (-73.5%), from €68,096 to €18,039
- Profit (loss) carried forward -€25,151
down €25,151, from €0 to -€25,151
- Gross operating margin -€67,970
down €67,970, from €43,061 to -€24,909
- Staff costs -€31,916
down €31,916 (-99.6%), from €32,044 to €128
- Taxes -€1,578
down €1,578 (-100%), from €1,578 to €0
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 | €78,891 | €3,682 | -€75,208 | -95.3% |
| Current assets | 29/58 | €78,891 | €3,682 | -€75,208 | -95.3% |
| Amounts receivable within one year | 40/41 | €76,400 | €1,954 | -€74,446 | -97.4% |
| Trade receivables | 40 | €75,778 | €1,764 | -€74,015 | -97.7% |
| Other amounts receivable | 41 | €622 | €191 | -€431 | -69.3% |
| Cash at bank and in hand | 54/58 | €2,072 | €1,728 | -€344 | -16.6% |
| Deferred charges and accrued income | 490/1 | €419 | €0 | -€419 | -100% |
| Total equity and liabilities | 10/49 | €78,891 | €3,682 | -€75,208 | -95.3% |
| Equity | 10/15 | €9,216 | -€15,934 | -€25,151 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €6,216 | €6,216 | = | 0.0% |
| Distributable reserves | 133 | €6,216 | €6,216 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€25,151 | -€25,151 | |
| Amounts payable | 17/49 | €69,675 | €19,617 | -€50,058 | -71.8% |
| Amounts payable within one year | 42/48 | €69,675 | €19,617 | -€50,058 | -71.8% |
| Trade debts | 44 | €68,096 | €18,039 | -€50,058 | -73.5% |
| Suppliers | 440/4 | €68,096 | €18,039 | -€50,058 | -73.5% |
| Taxes, remuneration and social security | 45 | €1,578 | €1,578 | = | 0.0% |
| Taxes | 450/3 | €1,578 | €1,578 | = | 0.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €32,044 | €128 | -€31,916 | -99.6% |
| Other operating charges | 640/8 | €0 | - | = | |
| Gross operating margin | 9900 | €43,061 | -€24,909 | -€67,970 | |
| Operating profit (loss) | 9901 | €11,017 | -€25,037 | -€36,054 | |
| Financial charges | 65/66B | €70 | €114 | +€44 | +63.8% |
| Recurring financial charges | 65 | €70 | €114 | +€44 | +63.8% |
| Profit (loss) for the period before taxes | 9903 | €10,948 | -€25,151 | -€36,098 | |
| Income taxes | 67/77 | €1,578 | €0 | -€1,578 | -100% |
| Profit (loss) for the period | 9904 | €9,370 | -€25,151 | -€34,520 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,370 | -€25,151 | -€34,520 |
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 21 October 2026 via checked.be.