Armajura: 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.
Armajura
Largest movements
- Receivables within one year +€307,892
up €307,892 (+27.8%), from €1.1m to €1.4m
of which Other amounts receivable: +€334,776
- Tangible fixed assets -€29,989
down €29,989 (-33.5%), from €89,566 to €59,577
- Cash -€29,918
down €29,918 (-67.3%), from €44,482 to €14,564
mainly Receivables within one year (-€307,892) and Tax, wage and social debts (-€219,567)
- Reserves +€391,736
up €391,736 (+56.9%), from €688,296 to €1.1m
- Tax, wage and social debts -€219,567
down €219,567 (-90.3%), from €243,025 to €23,458
- Other debts +€120,000
up €120,000 (+300%), from €40,000 to €160,000
- Debts after one year -€30,257
down €30,257 (-49.8%), from €60,742 to €30,485
- Short-term financial debts -€16,796
down €16,796 (-9.6%), from €175,439 to €158,643
- Gross operating margin -€140,198
down €140,198 (-15.4%), from €910,241 to €770,043
- Taxes -€33,808
down €33,808 (-15.9%), from €212,993 to €179,185
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 | €1,244,669 | €1,491,200 | +€246,531 | +19.8% |
| Fixed assets | 21/28 | €89,566 | €59,577 | -€29,989 | -33.5% |
| Tangible fixed assets | 22/27 | €89,566 | €59,577 | -€29,989 | -33.5% |
| Leasing and similar rights | 25 | €89,566 | €59,577 | -€29,989 | -33.5% |
| Current assets | 29/58 | €1,155,104 | €1,431,623 | +€276,520 | +23.9% |
| Amounts receivable within one year | 40/41 | €1,107,037 | €1,414,930 | +€307,892 | +27.8% |
| Trade receivables | 40 | €69,960 | €43,076 | -€26,884 | -38.4% |
| Other amounts receivable | 41 | €1,037,077 | €1,371,854 | +€334,776 | +32.3% |
| Cash at bank and in hand | 54/58 | €44,482 | €14,564 | -€29,918 | -67.3% |
| Deferred charges and accrued income | 490/1 | €3,584 | €2,130 | -€1,454 | -40.6% |
| Total equity and liabilities | 10/49 | €1,244,669 | €1,491,200 | +€246,531 | +19.8% |
| Equity | 10/15 | €693,296 | €1,085,033 | +€391,736 | +56.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €688,296 | €1,080,033 | +€391,736 | +56.9% |
| Distributable reserves | 133 | €688,296 | €1,080,033 | +€391,736 | +56.9% |
| Amounts payable | 17/49 | €551,373 | €406,168 | -€145,205 | -26.3% |
| Amounts payable after more than one year | 17 | €60,742 | €30,485 | -€30,257 | -49.8% |
| Financial debts | 170/4 | €60,742 | €30,485 | -€30,257 | -49.8% |
| Amounts payable within one year | 42/48 | €490,631 | €375,683 | -€114,948 | -23.4% |
| Current portion of amounts payable after more than one year | 42 | €29,625 | €30,257 | +€631 | +2.1% |
| Financial debts | 43 | €175,439 | €158,643 | -€16,796 | -9.6% |
| Credit institutions | 430/8 | €175,439 | €158,643 | -€16,796 | -9.6% |
| Trade debts | 44 | €2,542 | €3,325 | +€783 | +30.8% |
| Suppliers | 440/4 | €2,542 | €3,325 | +€783 | +30.8% |
| Taxes, remuneration and social security | 45 | €243,025 | €23,458 | -€219,567 | -90.3% |
| Taxes | 450/3 | €243,025 | €23,458 | -€219,567 | -90.3% |
| Other amounts payable | 47/48 | €40,000 | €160,000 | +€120,000 | +300% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,071 | €29,989 | -€82 | -0.3% |
| Other operating charges | 640/8 | €3,514 | €4,880 | +€1,365 | +38.9% |
| Gross operating margin | 9900 | €910,241 | €770,043 | -€140,198 | -15.4% |
| Operating profit (loss) | 9901 | €876,656 | €735,175 | -€141,481 | -16.1% |
| Financial income | 75/76B | €572 | €2,518 | +€1,945 | +340% |
| Recurring financial income | 75 | €572 | €2,518 | +€1,945 | +340% |
| Financial charges | 65/66B | €5,793 | €6,771 | +€978 | +16.9% |
| Recurring financial charges | 65 | €5,793 | €6,771 | +€978 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | €871,435 | €730,921 | -€140,514 | -16.1% |
| Income taxes | 67/77 | €212,993 | €179,185 | -€33,808 | -15.9% |
| Profit (loss) for the period | 9904 | €658,442 | €551,736 | -€106,706 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €658,442 | €551,736 | -€106,706 | -16.2% |
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 30 October 2026 via checked.be.