ARMADIF: 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.
ARMADIF
Largest movements
- Cash +€81,251
up €81,251 (+46.7%), from €173,945 to €255,196
mainly Other debts (+€33,170) and Receivables within one year (+€23,651)
- Receivables within one year -€23,651
down €23,651 (-27.8%), from €85,191 to €61,541
of which Trade receivables: -€23,592
- Tangible fixed assets +€6,158
up €6,158 (+17.4%), from €35,397 to €41,556
of which Land and buildings: +€6,921
- Other debts +€33,170
up €33,170 (+71.3%), from €46,513 to €79,684
- Reserves +€19,737
up €19,737 (+275.4%), from €7,166 to €26,903
of which Distributable reserves: +€19,737
- Trade debts +€7,558
up €7,558 (+248.6%), from €3,040 to €10,598
- Gross operating margin +€20,393
up €20,393 (+292.6%), from €6,968 to €27,361
- Taxes +€6,669
up €6,669 (+224.7%), from €2,968 to €9,637
- Other operating charges -€599
down €599 (-60.7%), from €987 to €387
- Financial income +€447
up €447 (+7.4%), from €6,080 to €6,527
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.
Cash bridge derived
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 | €358,018 | €420,041 | +€62,023 | +17.3% |
| Fixed assets | 21/28 | €35,447 | €41,606 | +€6,158 | +17.4% |
| Tangible fixed assets | 22/27 | €35,397 | €41,556 | +€6,158 | +17.4% |
| Land and buildings | 22 | €32,556 | €39,477 | +€6,921 | +21.3% |
| Furniture and vehicles | 24 | €2,842 | €2,079 | -€763 | -26.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €322,571 | €378,436 | +€55,865 | +17.3% |
| Stocks and contracts in progress | 3 | €5,500 | €3,490 | -€2,010 | -36.5% |
| Stocks | 30/36 | €5,500 | €3,490 | -€2,010 | -36.5% |
| Amounts receivable within one year | 40/41 | €85,191 | €61,541 | -€23,651 | -27.8% |
| Trade receivables | 40 | €85,132 | €61,541 | -€23,592 | -27.7% |
| Other amounts receivable | 41 | €59 | - | -€59 | |
| Current investments | 50/53 | €50,032 | €50,032 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €173,945 | €255,196 | +€81,251 | +46.7% |
| Deferred charges and accrued income | 490/1 | €7,903 | €8,178 | +€274 | +3.5% |
| Total equity and liabilities | 10/49 | €358,018 | €420,041 | +€62,023 | +17.3% |
| Equity | 10/15 | €299,444 | €319,181 | +€19,737 | +6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,166 | €26,903 | +€19,737 | +275.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €5,306 | €25,043 | +€19,737 | +371.9% |
| Profit (loss) carried forward | 14 | €273,678 | €273,678 | = | 0.0% |
| Amounts payable | 17/49 | €58,574 | €100,860 | +€42,287 | +72.2% |
| Amounts payable within one year | 42/48 | €58,574 | €100,860 | +€42,287 | +72.2% |
| Trade debts | 44 | €3,040 | €10,598 | +€7,558 | +248.6% |
| Suppliers | 440/4 | €3,040 | €10,598 | +€7,558 | +248.6% |
| Taxes, remuneration and social security | 45 | €9,020 | €10,578 | +€1,558 | +17.3% |
| Taxes | 450/3 | €9,020 | €10,578 | +€1,558 | +17.3% |
| Other amounts payable | 47/48 | €46,513 | €79,684 | +€33,170 | +71.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,257 | €3,448 | +€191 | +5.9% |
| Other operating charges | 640/8 | €987 | €387 | -€599 | -60.7% |
| Gross operating margin | 9900 | €6,968 | €27,361 | +€20,393 | +292.6% |
| Operating profit (loss) | 9901 | €2,724 | €23,526 | +€20,801 | +763.5% |
| Financial income | 75/76B | €6,080 | €6,527 | +€447 | +7.4% |
| Recurring financial income | 75 | €6,080 | €6,527 | +€447 | +7.4% |
| Financial charges | 65/66B | €530 | €679 | +€149 | +28.1% |
| Recurring financial charges | 65 | €530 | €679 | +€149 | +28.1% |
| Profit (loss) for the period before taxes | 9903 | €8,274 | €29,373 | +€21,099 | +255.0% |
| Income taxes | 67/77 | €2,968 | €9,637 | +€6,669 | +224.7% |
| Profit (loss) for the period | 9904 | €5,306 | €19,737 | +€14,430 | +271.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,306 | €19,737 | +€14,430 | +271.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.