ARMALEX: 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.
ARMALEX
Largest movements
- Cash -€14,196
down €14,196 (-72.1%), from €19,698 to €5,502
mainly Debts after one year (-€24,994) and Receivables within one year (-€14,115)
- Receivables within one year +€14,115
up €14,115 (+142.0%), from €9,937 to €24,052
of which Other amounts receivable: +€9,615
- Tangible fixed assets -€14,068
down €14,068 (-13.6%), from €103,677 to €89,609
of which Land and buildings: -€13,110
- Profit (loss) carried forward +€132,888
new in 2025: €132,888
- Reserves -€120,908
down €120,908 (-98.5%), from €122,768 to €1,860
of which Distributable reserves: -€120,908
- Debts after one year -€24,994
down €24,994 (-15.1%), from €164,994 to €140,000
- Financial charges +€7,499
up €7,499 (+865.9%), from €866 to €8,365
- Depreciation -€3,158
down €3,158 (-16.1%), from €19,622 to €16,464
- Taxes -€1,717
down €1,717 (-17.8%), from €9,661 to €7,944
- Gross operating margin -€550
down €550 (-1.1%), from €48,400 to €47,850
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 | €330,244 | €314,302 | -€15,942 | -4.8% |
| Fixed assets | 21/28 | €293,677 | €279,609 | -€14,068 | -4.8% |
| Tangible fixed assets | 22/27 | €103,677 | €89,609 | -€14,068 | -13.6% |
| Land and buildings | 22 | €90,708 | €77,598 | -€13,110 | -14.5% |
| Plant, machinery and equipment | 23 | €7,779 | €6,056 | -€1,723 | -22.1% |
| Furniture and vehicles | 24 | €5,190 | €5,955 | +€765 | +14.7% |
| Financial fixed assets | 28 | €190,000 | €190,000 | = | 0.0% |
| Current assets | 29/58 | €36,567 | €34,693 | -€1,874 | -5.1% |
| Stocks and contracts in progress | 3 | €3,985 | €2,049 | -€1,936 | -48.6% |
| Stocks | 30/36 | €3,985 | €2,049 | -€1,936 | -48.6% |
| Amounts receivable within one year | 40/41 | €9,937 | €24,052 | +€14,115 | +142.0% |
| Trade receivables | 40 | €9,740 | €14,240 | +€4,500 | +46.2% |
| Other amounts receivable | 41 | €197 | €9,812 | +€9,615 | +4880.7% |
| Cash at bank and in hand | 54/58 | €19,698 | €5,502 | -€14,196 | -72.1% |
| Deferred charges and accrued income | 490/1 | €2,947 | €3,090 | +€143 | +4.9% |
| Total equity and liabilities | 10/49 | €330,244 | €314,302 | -€15,942 | -4.8% |
| Equity | 10/15 | €135,168 | €147,148 | +€11,980 | +8.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €122,768 | €1,860 | -€120,908 | -98.5% |
| 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 | €120,908 | - | -€120,908 | |
| Profit (loss) carried forward | 14 | - | €132,888 | +€132,888 | |
| Amounts payable | 17/49 | €195,076 | €167,154 | -€27,922 | -14.3% |
| Amounts payable after more than one year | 17 | €164,994 | €140,000 | -€24,994 | -15.1% |
| Financial debts | 170/4 | €164,994 | €140,000 | -€24,994 | -15.1% |
| Amounts payable within one year | 42/48 | €30,082 | €27,154 | -€2,928 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €17,746 | €14,994 | -€2,752 | -15.5% |
| Financial debts | 43 | €2,031 | €2,023 | -€8 | -0.4% |
| Credit institutions | 430/8 | €2,031 | €2,023 | -€8 | -0.4% |
| Trade debts | 44 | €367 | - | -€367 | |
| Suppliers | 440/4 | €367 | - | -€367 | |
| Taxes, remuneration and social security | 45 | €8,472 | €10,137 | +€1,665 | +19.7% |
| Taxes | 450/3 | €8,472 | €10,137 | +€1,665 | +19.7% |
| Other amounts payable | 47/48 | €1,466 | - | -€1,466 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,622 | €16,464 | -€3,158 | -16.1% |
| Other operating charges | 640/8 | €2,875 | €3,213 | +€338 | +11.8% |
| Gross operating margin | 9900 | €48,400 | €47,850 | -€550 | -1.1% |
| Operating profit (loss) | 9901 | €25,903 | €28,173 | +€2,270 | +8.8% |
| Financial income | 75/76B | - | €93 | +€93 | |
| Recurring financial income | 75 | - | €93 | +€93 | |
| Financial charges | 65/66B | €866 | €8,365 | +€7,499 | +865.9% |
| Recurring financial charges | 65 | €866 | €8,365 | +€7,499 | +865.9% |
| Profit (loss) for the period before taxes | 9903 | €25,037 | €19,901 | -€5,136 | -20.5% |
| Income taxes | 67/77 | €9,661 | €7,944 | -€1,717 | -17.8% |
| Profit (loss) for the period | 9904 | €15,376 | €11,957 | -€3,419 | -22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,376 | €11,957 | -€3,419 | -22.2% |
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 8 October 2026 via checked.be.