Armana: 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.
Armana
Largest movements
- Tangible fixed assets +€218,104
up €218,104 (+113.4%), from €192,322 to €410,426
of which Assets under construction and advance payments: +€230,961
- Cash -€180,462
down €180,462 (-47.4%), from €380,701 to €200,239
mainly Investment in fixed assets (net) (-€238,161) and Receivables within one year (-€89,529)
- Receivables within one year +€89,529
up €89,529 (+1266.5%), from €7,069 to €96,598
of which Other amounts receivable: +€90,551
- Reserves +€169,216
up €169,216 (+43.3%), from €391,215 to €560,430
- Trade debts -€80,964
down €80,964 (-94.3%), from €85,873 to €4,909
- Other debts +€58,268
new in 2025: €58,268
- Current portion of long-term debt -€22,844
no longer reported in 2025 (was €22,844)
- Gross operating margin +€79,947
up €79,947 (+28.0%), from €285,910 to €365,857
- Taxes +€28,689
up €28,689 (+36.3%), from €79,059 to €107,749
- Other operating charges +€4,705
up €4,705 (+196.8%), from €2,391 to €7,096
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 | €580,093 | €707,263 | +€127,171 | +21.9% |
| Fixed assets | 21/28 | €192,322 | €410,426 | +€218,104 | +113.4% |
| Tangible fixed assets | 22/27 | €192,322 | €410,426 | +€218,104 | +113.4% |
| Land and buildings | 22 | €170,222 | €163,151 | -€7,071 | -4.2% |
| Plant, machinery and equipment | 23 | €6,516 | €7,643 | +€1,127 | +17.3% |
| Furniture and vehicles | 24 | €11,124 | €5,675 | -€5,449 | -49.0% |
| Leasing and similar rights | 25 | €4,461 | €2,997 | -€1,464 | -32.8% |
| Assets under construction and advance payments | 27 | - | €230,961 | +€230,961 | |
| Current assets | 29/58 | €387,770 | €296,837 | -€90,933 | -23.5% |
| Amounts receivable within one year | 40/41 | €7,069 | €96,598 | +€89,529 | +1266.5% |
| Trade receivables | 40 | €1,022 | - | -€1,022 | |
| Other amounts receivable | 41 | €6,047 | €96,598 | +€90,551 | +1497.4% |
| Cash at bank and in hand | 54/58 | €380,701 | €200,239 | -€180,462 | -47.4% |
| Total equity and liabilities | 10/49 | €580,093 | €707,263 | +€127,171 | +21.9% |
| Equity | 10/15 | €409,815 | €579,030 | +€169,216 | +41.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €391,215 | €560,430 | +€169,216 | +43.3% |
| Distributable reserves | 133 | €391,215 | €560,430 | +€169,216 | +43.3% |
| Amounts payable | 17/49 | €170,278 | €128,233 | -€42,045 | -24.7% |
| Amounts payable after more than one year | 17 | €4,907 | €3,372 | -€1,535 | -31.3% |
| Financial debts | 170/4 | €4,907 | €3,372 | -€1,535 | -31.3% |
| Amounts payable within one year | 42/48 | €165,371 | €124,861 | -€40,510 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €22,844 | - | -€22,844 | |
| Financial debts | 43 | €1,699 | €300 | -€1,399 | -82.3% |
| Credit institutions | 430/8 | €1,699 | €300 | -€1,399 | -82.3% |
| Trade debts | 44 | €85,873 | €4,909 | -€80,964 | -94.3% |
| Suppliers | 440/4 | €85,873 | €4,909 | -€80,964 | -94.3% |
| Taxes, remuneration and social security | 45 | €54,955 | €61,384 | +€6,429 | +11.7% |
| Taxes | 450/3 | €54,755 | €61,384 | +€6,629 | +12.1% |
| Remuneration and social security | 454/9 | €200 | - | -€200 | |
| Other amounts payable | 47/48 | - | €58,268 | +€58,268 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,778 | €20,057 | -€2,721 | -11.9% |
| Other operating charges | 640/8 | €2,391 | €7,096 | +€4,705 | +196.8% |
| Non-recurring operating charges | 66A | - | €1,807 | +€1,807 | |
| Gross operating margin | 9900 | €285,910 | €365,857 | +€79,947 | +28.0% |
| Operating profit (loss) | 9901 | €260,741 | €336,897 | +€76,156 | +29.2% |
| Financial income | 75/76B | €155 | €0 | -€155 | -100.0% |
| Recurring financial income | 75 | €155 | €0 | -€155 | -100.0% |
| Financial charges | 65/66B | €2,806 | €1,649 | -€1,157 | -41.2% |
| Recurring financial charges | 65 | €2,806 | €1,649 | -€1,157 | -41.2% |
| Profit (loss) for the period before taxes | 9903 | €258,089 | €335,248 | +€77,158 | +29.9% |
| Income taxes | 67/77 | €79,059 | €107,749 | +€28,689 | +36.3% |
| Profit (loss) for the period | 9904 | €179,030 | €227,499 | +€48,469 | +27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €179,030 | €227,499 | +€48,469 | +27.1% |
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 1 October 2026 via checked.be.