Armanco: 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.
Armanco
Largest movements
- Tangible fixed assets -€22,677
down €22,677 (-32.5%), from €69,830 to €47,153
of which Furniture and vehicles: -€20,189
- Receivables within one year -€21,000
down €21,000 (-85.8%), from €24,462 to €3,462
of which Trade receivables: -€20,389
- Cash +€17,309
up €17,309 (+56.2%), from €30,787 to €48,096
mainly Net result for the year (+€47,363) and Depreciation (+€22,677)
- Debts after one year -€54,815
down €54,815 (-18.5%), from €296,082 to €241,267
- Reserves +€18,206
up €18,206 (+6.1%), from €297,235 to €315,441
- Tax, wage and social debts +€10,314
up €10,314 (+239%), from €4,315 to €14,629
- Gross operating margin +€25,777
up €25,777 (+32.7%), from €78,779 to €104,556
- Financial charges +€7,892
up €7,892 (+181%), from €4,368 to €12,261
- Taxes +€3,299
up €3,299 (+19.0%), from €17,327 to €20,626
- Depreciation +€1,447
up €1,447 (+6.8%), from €21,230 to €22,677
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 | €685,079 | €659,542 | -€25,538 | -3.7% |
| Fixed assets | 21/28 | €629,830 | €607,153 | -€22,677 | -3.6% |
| Tangible fixed assets | 22/27 | €69,830 | €47,153 | -€22,677 | -32.5% |
| Land and buildings | 22 | €19,386 | €17,337 | -€2,049 | -10.6% |
| Plant, machinery and equipment | 23 | €2,015 | €1,576 | -€440 | -21.8% |
| Furniture and vehicles | 24 | €48,429 | €28,241 | -€20,189 | -41.7% |
| Financial fixed assets | 28 | €560,000 | €560,000 | = | 0.0% |
| Current assets | 29/58 | €55,249 | €52,388 | -€2,861 | -5.2% |
| Amounts receivable within one year | 40/41 | €24,462 | €3,462 | -€21,000 | -85.8% |
| Trade receivables | 40 | €20,389 | - | -€20,389 | |
| Other amounts receivable | 41 | €4,074 | €3,462 | -€611 | -15.0% |
| Cash at bank and in hand | 54/58 | €30,787 | €48,096 | +€17,309 | +56.2% |
| Deferred charges and accrued income | 490/1 | - | €830 | +€830 | |
| Total equity and liabilities | 10/49 | €685,079 | €659,542 | -€25,538 | -3.7% |
| Equity | 10/15 | €315,835 | €334,041 | +€18,206 | +5.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €297,235 | €315,441 | +€18,206 | +6.1% |
| Distributable reserves | 133 | €297,235 | €315,441 | +€18,206 | +6.1% |
| Amounts payable | 17/49 | €369,245 | €325,501 | -€43,744 | -11.8% |
| Amounts payable after more than one year | 17 | €296,082 | €241,267 | -€54,815 | -18.5% |
| Financial debts | 170/4 | €296,082 | €241,267 | -€54,815 | -18.5% |
| Amounts payable within one year | 42/48 | €73,163 | €84,234 | +€11,071 | +15.1% |
| Current portion of amounts payable after more than one year | 42 | €55,264 | €54,816 | -€448 | -0.8% |
| Trade debts | 44 | €3,761 | €582 | -€3,179 | -84.5% |
| Suppliers | 440/4 | €3,761 | €582 | -€3,179 | -84.5% |
| Taxes, remuneration and social security | 45 | €4,315 | €14,629 | +€10,314 | +239% |
| Taxes | 450/3 | €4,315 | €14,629 | +€10,314 | +239% |
| Other amounts payable | 47/48 | €9,824 | €14,207 | +€4,384 | +44.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,230 | €22,677 | +€1,447 | +6.8% |
| Other operating charges | 640/8 | €1,861 | €1,631 | -€229 | -12.3% |
| Gross operating margin | 9900 | €78,779 | €104,556 | +€25,777 | +32.7% |
| Operating profit (loss) | 9901 | €55,689 | €80,248 | +€24,560 | +44.1% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €4,368 | €12,261 | +€7,892 | +181% |
| Recurring financial charges | 65 | €4,368 | €12,261 | +€7,892 | +181% |
| Profit (loss) for the period before taxes | 9903 | €51,321 | €67,989 | +€16,668 | +32.5% |
| Income taxes | 67/77 | €17,327 | €20,626 | +€3,299 | +19.0% |
| Profit (loss) for the period | 9904 | €33,994 | €47,363 | +€13,369 | +39.3% |
| Profit (loss) for the period to be appropriated | 9905 | €33,994 | €47,363 | +€13,369 | +39.3% |
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 17 October 2026 via checked.be.