ArMaGo: 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.
ArMaGo
Largest movements
- Stocks and contracts +€421,093
up €421,093 (+10.3%), from €4.1m to €4.5m
- Cash +€238,028
up €238,028 (+194%), from €122,753 to €360,782
mainly Short-term financial debts (+€407,145) and Receivables after one year (+€138,794)
- Receivables after one year -€138,794
no longer reported in 2025 (was €138,794)
- Short-term financial debts +€407,145
up €407,145 (+19.0%), from €2.1m to €2.6m
- Financial income +€14,479
up €14,479 (+192%), from €7,560 to €22,039
- Gross operating margin +€13,371
up €13,371 (+462%), from €2,893 to €16,264
- Financial charges +€10,910
up €10,910 (+273%), from €4,001 to €14,911
- Depreciation -€1,683
down €1,683 (-57.5%), from €2,925 to €1,242
- Taxes +€1,430
up €1,430 (+73.9%), from €1,935 to €3,365
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 | €4,391,175 | €4,879,044 | +€487,869 | +11.1% |
| Fixed assets | 21/28 | €14,942 | €13,080 | -€1,862 | -12.5% |
| Tangible fixed assets | 22/27 | €1,242 | - | -€1,242 | |
| Furniture and vehicles | 24 | €1,242 | - | -€1,242 | |
| Financial fixed assets | 28 | €13,700 | €13,080 | -€620 | -4.5% |
| Current assets | 29/58 | €4,376,233 | €4,865,964 | +€489,731 | +11.2% |
| Amounts receivable after more than one year | 29 | €138,794 | - | -€138,794 | |
| Other amounts receivable | 291 | €138,794 | - | -€138,794 | |
| Stocks and contracts in progress | 3 | €4,081,990 | €4,503,084 | +€421,093 | +10.3% |
| Stocks | 30/36 | €4,081,990 | €4,503,084 | +€421,093 | +10.3% |
| Amounts receivable within one year | 40/41 | €24,807 | €1,633 | -€23,174 | -93.4% |
| Trade receivables | 40 | €24,796 | €1,633 | -€23,163 | -93.4% |
| Other amounts receivable | 41 | €11 | - | -€11 | |
| Cash at bank and in hand | 54/58 | €122,753 | €360,782 | +€238,028 | +194% |
| Deferred charges and accrued income | 490/1 | €7,889 | €466 | -€7,423 | -94.1% |
| Total equity and liabilities | 10/49 | €4,391,175 | €4,879,044 | +€487,869 | +11.1% |
| Equity | 10/15 | €172,817 | €191,540 | +€18,722 | +10.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €152,817 | €171,540 | +€18,722 | +12.3% |
| Distributable reserves | 133 | €152,817 | €171,540 | +€18,722 | +12.3% |
| Amounts payable | 17/49 | €4,218,358 | €4,687,505 | +€469,147 | +11.1% |
| Amounts payable after more than one year | 17 | €530,000 | €530,000 | = | 0.0% |
| Other amounts payable | 178/9 | €530,000 | €530,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,688,358 | €4,148,426 | +€460,068 | +12.5% |
| Financial debts | 43 | €2,145,199 | €2,552,344 | +€407,145 | +19.0% |
| Credit institutions | 430/8 | €2,145,199 | €2,552,344 | +€407,145 | +19.0% |
| Trade debts | 44 | €62,094 | €88,203 | +€26,109 | +42.0% |
| Suppliers | 440/4 | €62,094 | €88,203 | +€26,109 | +42.0% |
| Advances received on contracts in progress | 46 | €1,258,844 | €1,258,817 | -€27 | 0.0% |
| Taxes, remuneration and social security | 45 | €11,189 | €32,743 | +€21,554 | +193% |
| Taxes | 450/3 | €11,189 | €32,743 | +€21,554 | +193% |
| Other amounts payable | 47/48 | €211,032 | €216,320 | +€5,287 | +2.5% |
| Accrued charges and deferred income | 492/3 | - | €9,079 | +€9,079 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,925 | €1,242 | -€1,683 | -57.5% |
| Other operating charges | 640/8 | €62 | €62 | = | 0.0% |
| Gross operating margin | 9900 | €2,893 | €16,264 | +€13,371 | +462% |
| Operating profit (loss) | 9901 | -€94 | €14,960 | +€15,054 | |
| Financial income | 75/76B | €7,560 | €22,039 | +€14,479 | +192% |
| Recurring financial income | 75 | €7,560 | €22,039 | +€14,479 | +192% |
| Financial charges | 65/66B | €4,001 | €14,911 | +€10,910 | +273% |
| Recurring financial charges | 65 | €4,001 | €14,911 | +€10,910 | +273% |
| Profit (loss) for the period before taxes | 9903 | €3,464 | €22,088 | +€18,623 | +538% |
| Income taxes | 67/77 | €1,935 | €3,365 | +€1,430 | +73.9% |
| Profit (loss) for the period | 9904 | €1,529 | €18,722 | +€17,193 | +1,124% |
| Profit (loss) for the period to be appropriated | 9905 | €1,529 | €18,722 | +€17,193 | +1,124% |
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 24 October 2026 via checked.be.