ARMALU: 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.
ARMALU
Largest movements
- Tangible fixed assets +€11,772
up €11,772 (+6.6%), from €179,524 to €191,296
of which Furniture and vehicles: +€19,101
- Deferred charges and accrued income -€2,070
no longer reported in 2025 (was €2,070)
- Other debts +€15,690
up €15,690 (+42.7%), from €36,781 to €52,471
- Reserves -€4,418
down €4,418 (-5.3%), from €83,489 to €79,072
of which Distributable reserves: -€4,418
- Tax, wage and social debts -€3,324
down €3,324 (-64.5%), from €5,156 to €1,832
- Depreciation +€12,354
new in 2025: €12,354
- Taxes -€2,045
no longer reported in 2025 (was €2,045)
- Gross operating margin +€618
up €618 (+5.9%), from €10,501 to €11,119
- Financial charges -€412
down €412 (-69.4%), from €593 to €182
- Other operating charges -€184
down €184 (-5.8%), from €3,185 to €3,001
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 | €184,682 | €193,066 | +€8,384 | +4.5% |
| Fixed assets | 21/28 | €179,524 | €191,296 | +€11,772 | +6.6% |
| Tangible fixed assets | 22/27 | €179,524 | €191,296 | +€11,772 | +6.6% |
| Land and buildings | 22 | €179,524 | €172,194 | -€7,329 | -4.1% |
| Furniture and vehicles | 24 | - | €19,101 | +€19,101 | |
| Current assets | 29/58 | €5,158 | €1,770 | -€3,388 | -65.7% |
| Cash at bank and in hand | 54/58 | €3,088 | €1,770 | -€1,318 | -42.7% |
| Deferred charges and accrued income | 490/1 | €2,070 | - | -€2,070 | |
| Total equity and liabilities | 10/49 | €184,682 | €193,066 | +€8,384 | +4.5% |
| Equity | 10/15 | €140,325 | €135,907 | -€4,418 | -3.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €83,489 | €79,072 | -€4,418 | -5.3% |
| Non-distributable reserves | 130/1 | €3,074 | €3,074 | = | 0.0% |
| Legal reserve | 130 | €3,074 | €3,074 | = | 0.0% |
| Distributable reserves | 133 | €80,415 | €75,998 | -€4,418 | -5.5% |
| Profit (loss) carried forward | 14 | -€4,664 | -€4,664 | = | 0.0% |
| Amounts payable | 17/49 | €44,357 | €57,159 | +€12,802 | +28.9% |
| Amounts payable within one year | 42/48 | €41,937 | €55,869 | +€13,932 | +33.2% |
| Trade debts | 44 | €0 | €1,566 | +€1,566 | |
| Suppliers | 440/4 | €0 | €1,566 | +€1,566 | |
| Taxes, remuneration and social security | 45 | €5,156 | €1,832 | -€3,324 | -64.5% |
| Taxes | 450/3 | €5,156 | €1,832 | -€3,324 | -64.5% |
| Other amounts payable | 47/48 | €36,781 | €52,471 | +€15,690 | +42.7% |
| Accrued charges and deferred income | 492/3 | €2,420 | €1,289 | -€1,131 | -46.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €12,354 | +€12,354 | |
| Other operating charges | 640/8 | €3,185 | €3,001 | -€184 | -5.8% |
| Gross operating margin | 9900 | €10,501 | €11,119 | +€618 | +5.9% |
| Operating profit (loss) | 9901 | €7,316 | -€4,236 | -€11,552 | |
| Financial charges | 65/66B | €593 | €182 | -€412 | -69.4% |
| Recurring financial charges | 65 | €593 | €182 | -€412 | -69.4% |
| Profit (loss) for the period before taxes | 9903 | €6,722 | -€4,418 | -€11,140 | |
| Income taxes | 67/77 | €2,045 | - | -€2,045 | |
| Profit (loss) for the period | 9904 | €4,677 | -€4,418 | -€9,095 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,677 | -€4,418 | -€9,095 |
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 7 October 2026 via checked.be.