ARMAGIL: 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.
ARMAGIL
Largest movements
- Receivables within one year +€412,064
up €412,064 (+996%), from €41,369 to €453,433
of which Trade receivables: +€441,050
- Stocks and contracts +€254,427
up €254,427 (+38.2%), from €666,490 to €920,917
- Cash +€107,481
up €107,481 (+197%), from €54,530 to €162,011
mainly Trade debts (+€523,556) and Net result for the year (+€255,353)
- Tangible fixed assets +€18,959
up €18,959 (+20.1%), from €94,185 to €113,144
of which Leasing and similar rights: +€31,884
- Trade debts +€523,556
up €523,556 (+88.7%), from €589,952 to €1.1m
- Profit (loss) carried forward +€255,354
up €255,354 (+191%), from €133,721 to €389,075
- Gross operating margin +€164,977
up €164,977 (+79.5%), from €207,431 to €372,408
- Taxes +€52,027
up €52,027 (+157%), from €33,114 to €85,141
- Financial charges -€5,956
down €5,956 (-72.0%), from €8,269 to €2,313
- Depreciation +€3,791
up €3,791 (+15.3%), from €24,834 to €28,625
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 | €856,724 | €1,655,367 | +€798,643 | +93.2% |
| Fixed assets | 21/28 | €94,335 | €113,294 | +€18,959 | +20.1% |
| Tangible fixed assets | 22/27 | €94,185 | €113,144 | +€18,959 | +20.1% |
| Land and buildings | 22 | €55,404 | €43,995 | -€11,409 | -20.6% |
| Plant, machinery and equipment | 23 | €33,228 | €27,571 | -€5,657 | -17.0% |
| Furniture and vehicles | 24 | €5,553 | €9,693 | +€4,140 | +74.6% |
| Leasing and similar rights | 25 | - | €31,884 | +€31,884 | |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €762,389 | €1,542,074 | +€779,685 | +102% |
| Stocks and contracts in progress | 3 | €666,490 | €920,917 | +€254,427 | +38.2% |
| Stocks | 30/36 | €666,490 | €920,917 | +€254,427 | +38.2% |
| Amounts receivable within one year | 40/41 | €41,369 | €453,433 | +€412,064 | +996% |
| Trade receivables | 40 | - | €441,050 | +€441,050 | |
| Other amounts receivable | 41 | €41,369 | €12,383 | -€28,986 | -70.1% |
| Current investments | 50/53 | - | €1,313 | +€1,313 | |
| Cash at bank and in hand | 54/58 | €54,530 | €162,011 | +€107,481 | +197% |
| Deferred charges and accrued income | 490/1 | - | €4,401 | +€4,401 | |
| Total equity and liabilities | 10/49 | €856,724 | €1,655,367 | +€798,643 | +93.2% |
| Equity | 10/15 | €212,258 | €467,612 | +€255,354 | +120% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €59,937 | €59,937 | +€0 | 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% |
| Distributable reserves | 133 | €58,077 | €58,077 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €133,721 | €389,075 | +€255,354 | +191% |
| Amounts payable | 17/49 | €644,466 | €1,187,755 | +€543,289 | +84.3% |
| Amounts payable after more than one year | 17 | €32,499 | €43,571 | +€11,072 | +34.1% |
| Financial debts | 170/4 | €32,499 | €43,571 | +€11,072 | +34.1% |
| Amounts payable within one year | 42/48 | €611,967 | €1,143,474 | +€531,507 | +86.9% |
| Current portion of amounts payable after more than one year | 42 | €13,000 | €21,024 | +€8,024 | +61.7% |
| Trade debts | 44 | €589,952 | €1,113,508 | +€523,556 | +88.7% |
| Suppliers | 440/4 | €589,952 | €1,113,508 | +€523,556 | +88.7% |
| Taxes, remuneration and social security | 45 | - | €235 | +€235 | |
| Taxes | 450/3 | - | €235 | +€235 | |
| Other amounts payable | 47/48 | €9,015 | €8,707 | -€308 | -3.4% |
| Accrued charges and deferred income | 492/3 | - | €711 | +€711 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,834 | €28,625 | +€3,791 | +15.3% |
| Other operating charges | 640/8 | - | €2,888 | +€2,888 | |
| Gross operating margin | 9900 | €207,431 | €372,408 | +€164,977 | +79.5% |
| Operating profit (loss) | 9901 | €182,597 | €340,895 | +€158,298 | +86.7% |
| Financial income | 75/76B | - | €1,912 | +€1,912 | |
| Recurring financial income | 75 | - | €1,912 | +€1,912 | |
| Financial charges | 65/66B | €8,269 | €2,313 | -€5,956 | -72.0% |
| Recurring financial charges | 65 | €8,269 | €2,313 | -€5,956 | -72.0% |
| Profit (loss) for the period before taxes | 9903 | €174,328 | €340,494 | +€166,166 | +95.3% |
| Income taxes | 67/77 | €33,114 | €85,141 | +€52,027 | +157% |
| Profit (loss) for the period | 9904 | €141,214 | €255,353 | +€114,139 | +80.8% |
| Profit (loss) for the period to be appropriated | 9905 | €141,214 | €255,353 | +€114,139 | +80.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.