ARMAJI: 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.
ARMAJI
Largest movements
- Receivables within one year +€55,081
up €55,081 (+171.2%), from €32,181 to €87,261
of which Trade receivables: +€43,106
- Cash +€11,659
up €11,659 (+23.8%), from €49,082 to €60,741
mainly Advances received (+€45,858) and Net result for the year (+€13,134)
- Advances received +€45,858
new in 2025: €45,858
- Reserves +€13,134
up €13,134 (+25.1%), from €52,305 to €65,439
- Other debts +€6,879
up €6,879 (+38.0%), from €18,083 to €24,961
- Tax, wage and social debts +€5,018
up €5,018 (+173.7%), from €2,889 to €7,907
of which Taxes: +€5,018
- Trade debts -€4,850
down €4,850 (-46.6%), from €10,410 to €5,560
- Gross operating margin -€16,751
down €16,751 (-42.3%), from €39,585 to €22,834
- Financial income +€7,175
up €7,175 (+71754900.0%), from €0 to €7,176
of which Non-recurring financial income: +€7,172
- Taxes -€2,969
down €2,969 (-19.8%), from €14,994 to €12,026
- Depreciation -€450
down €450 (-19.5%), from €2,308 to €1,858
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 | €89,970 | €157,194 | +€67,224 | +74.7% |
| Fixed assets | 21/28 | €3,320 | €4,007 | +€688 | +20.7% |
| Tangible fixed assets | 22/27 | €3,320 | €4,007 | +€688 | +20.7% |
| Plant, machinery and equipment | 23 | €1,087 | €889 | -€198 | -18.2% |
| Furniture and vehicles | 24 | €1,886 | €2,912 | +€1,026 | +54.4% |
| Other tangible fixed assets | 26 | €347 | €206 | -€141 | -40.6% |
| Current assets | 29/58 | €86,650 | €153,187 | +€66,536 | +76.8% |
| Amounts receivable within one year | 40/41 | €32,181 | €87,261 | +€55,081 | +171.2% |
| Trade receivables | 40 | €31,675 | €74,781 | +€43,106 | +136.1% |
| Other amounts receivable | 41 | €506 | €12,480 | +€11,974 | +2368.4% |
| Cash at bank and in hand | 54/58 | €49,082 | €60,741 | +€11,659 | +23.8% |
| Deferred charges and accrued income | 490/1 | €5,387 | €5,184 | -€203 | -3.8% |
| Total equity and liabilities | 10/49 | €89,970 | €157,194 | +€67,224 | +74.7% |
| Equity | 10/15 | €58,505 | €71,639 | +€13,134 | +22.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €52,305 | €65,439 | +€13,134 | +25.1% |
| Distributable reserves | 133 | €52,305 | €65,439 | +€13,134 | +25.1% |
| Amounts payable | 17/49 | €31,465 | €85,555 | +€54,090 | +171.9% |
| Amounts payable within one year | 42/48 | €31,465 | €85,555 | +€54,090 | +171.9% |
| Financial debts | 43 | €84 | €1,270 | +€1,186 | +1409.0% |
| Credit institutions | 430/8 | €84 | €1,270 | +€1,186 | +1409.0% |
| Trade debts | 44 | €10,410 | €5,560 | -€4,850 | -46.6% |
| Suppliers | 440/4 | €10,410 | €5,560 | -€4,850 | -46.6% |
| Advances received on contracts in progress | 46 | - | €45,858 | +€45,858 | |
| Taxes, remuneration and social security | 45 | €2,889 | €7,907 | +€5,018 | +173.7% |
| Taxes | 450/3 | €2,889 | €7,907 | +€5,018 | +173.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €18,083 | €24,961 | +€6,879 | +38.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,308 | €1,858 | -€450 | -19.5% |
| Other operating charges | 640/8 | €621 | €283 | -€339 | -54.5% |
| Gross operating margin | 9900 | €39,585 | €22,834 | -€16,751 | -42.3% |
| Operating profit (loss) | 9901 | €36,656 | €20,694 | -€15,962 | -43.5% |
| Financial income | 75/76B | €0 | €7,176 | +€7,175 | +71754900.0% |
| Recurring financial income | 75 | €0 | €3 | +€3 | +33000.0% |
| Non-recurring financial income | 76B | - | €7,172 | +€7,172 | |
| Financial charges | 65/66B | €2,385 | €2,709 | +€324 | +13.6% |
| Recurring financial charges | 65 | €2,385 | €2,709 | +€324 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €34,271 | €25,160 | -€9,111 | -26.6% |
| Income taxes | 67/77 | €14,994 | €12,026 | -€2,969 | -19.8% |
| Profit (loss) for the period | 9904 | €19,276 | €13,134 | -€6,142 | -31.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,276 | €13,134 | -€6,142 | -31.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.