Armajulo: 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.
Armajulo
Largest movements
- Current investments +€154,308
up €154,308 (+84.4%), from €182,739 to €337,047
- Cash -€108,267
down €108,267 (-56.8%), from €190,521 to €82,254
mainly Current investments (-€154,308) and Receivables within one year (-€29,281)
- Tangible fixed assets -€36,304
down €36,304 (-51.8%), from €70,067 to €33,763
of which Land and buildings: -€33,170
- Receivables within one year +€29,281
up €29,281 (+154%), from €19,066 to €48,347
of which Trade receivables: +€16,141
- Deferred charges and accrued income -€6,586
down €6,586 (-74.3%), from €8,866 to €2,280
- Reserves +€29,860
up €29,860 (+13.5%), from €221,820 to €251,680
- Gross operating margin +€21,091
up €21,091 (+32.7%), from €64,550 to €85,640
- Taxes +€8,005
up €8,005 (+108%), from €7,434 to €15,439
- Financial charges +€894
up €894 (+158%), from €565 to €1,459
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 | €471,304 | €503,736 | +€32,432 | +6.9% |
| Fixed assets | 21/28 | €70,112 | €33,808 | -€36,304 | -51.8% |
| Tangible fixed assets | 22/27 | €70,067 | €33,763 | -€36,304 | -51.8% |
| Land and buildings | 22 | €58,306 | €25,137 | -€33,170 | -56.9% |
| Furniture and vehicles | 24 | €11,761 | €8,626 | -€3,134 | -26.7% |
| Financial fixed assets | 28 | €45 | €45 | = | 0.0% |
| Current assets | 29/58 | €401,192 | €469,928 | +€68,736 | +17.1% |
| Amounts receivable within one year | 40/41 | €19,066 | €48,347 | +€29,281 | +154% |
| Trade receivables | 40 | €7,498 | €23,639 | +€16,141 | +215% |
| Other amounts receivable | 41 | €11,567 | €24,708 | +€13,141 | +114% |
| Current investments | 50/53 | €182,739 | €337,047 | +€154,308 | +84.4% |
| Cash at bank and in hand | 54/58 | €190,521 | €82,254 | -€108,267 | -56.8% |
| Deferred charges and accrued income | 490/1 | €8,866 | €2,280 | -€6,586 | -74.3% |
| Total equity and liabilities | 10/49 | €471,304 | €503,736 | +€32,432 | +6.9% |
| Equity | 10/15 | €458,986 | €488,855 | +€29,870 | +6.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €221,820 | €251,680 | +€29,860 | +13.5% |
| Distributable reserves | 133 | €221,820 | €251,680 | +€29,860 | +13.5% |
| Profit (loss) carried forward | 14 | €218,566 | €218,575 | +€10 | 0.0% |
| Amounts payable | 17/49 | €12,318 | €14,880 | +€2,562 | +20.8% |
| Amounts payable within one year | 42/48 | €12,318 | €14,880 | +€2,562 | +20.8% |
| Financial debts | 43 | - | €55 | +€55 | |
| Credit institutions | 430/8 | - | €55 | +€55 | |
| Trade debts | 44 | €7,348 | €11,843 | +€4,495 | +61.2% |
| Suppliers | 440/4 | €7,348 | €11,843 | +€4,495 | +61.2% |
| Taxes, remuneration and social security | 45 | €4,970 | €2,982 | -€1,988 | -40.0% |
| Taxes | 450/3 | €4,970 | €2,982 | -€1,988 | -40.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,604 | €36,304 | -€300 | -0.8% |
| Other operating charges | 640/8 | €3,568 | €3,676 | +€109 | +3.0% |
| Gross operating margin | 9900 | €64,550 | €85,640 | +€21,091 | +32.7% |
| Operating profit (loss) | 9901 | €24,378 | €45,660 | +€21,282 | +87.3% |
| Financial income | 75/76B | €401 | €1,108 | +€707 | +176% |
| Recurring financial income | 75 | €401 | €1,108 | +€707 | +176% |
| Financial charges | 65/66B | €565 | €1,459 | +€894 | +158% |
| Recurring financial charges | 65 | €565 | €1,459 | +€894 | +158% |
| Profit (loss) for the period before taxes | 9903 | €24,214 | €45,309 | +€21,095 | +87.1% |
| Income taxes | 67/77 | €7,434 | €15,439 | +€8,005 | +108% |
| Profit (loss) for the period | 9904 | €16,780 | €29,870 | +€13,090 | +78.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,780 | €29,870 | +€13,090 | +78.0% |
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 28 October 2026 via checked.be.