Armand Defraiteur: 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.
Armand Defraiteur
Largest movements
- Receivables within one year +€385,808
up €385,808 (+63,416%), from €608 to €386,417
of which Other amounts receivable: +€381,642
- Stocks and contracts -€99,497
no longer reported in 2026 (was €99,497)
- Cash -€72,224
down €72,224 (-47.1%), from €153,280 to €81,056
mainly Receivables within one year (-€385,808) and Debts after one year (-€57,253)
- Tangible fixed assets -€52,945
down €52,945 (-11.0%), from €479,751 to €426,806
of which Land and buildings: -€30,154
- Current investments -€50,000
down €50,000 (-25.0%), from €200,000 to €150,000
- Reserves +€188,017
up €188,017 (+35.8%), from €525,526 to €713,543
of which Distributable reserves: +€190,000
- Debts after one year -€57,253
down €57,253 (-73.1%), from €78,275 to €21,022
- Gross operating margin +€157,853
up €157,853 (+80.5%), from €196,063 to €353,915
- Taxes +€57,458
up €57,458 (+183%), from €31,444 to €88,902
- Staff costs -€14,684
down €14,684 (-40.9%), from €35,896 to €21,212
- Depreciation +€5,850
up €5,850 (+12.4%), from €47,095 to €52,945
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €935,418 | €1,047,936 | +€112,518 | +12.0% |
| Fixed assets | 21/28 | €479,751 | €426,806 | -€52,945 | -11.0% |
| Tangible fixed assets | 22/27 | €479,751 | €426,806 | -€52,945 | -11.0% |
| Land and buildings | 22 | €382,907 | €352,752 | -€30,154 | -7.9% |
| Furniture and vehicles | 24 | €96,845 | €74,054 | -€22,791 | -23.5% |
| Current assets | 29/58 | €455,666 | €621,129 | +€165,463 | +36.3% |
| Stocks and contracts in progress | 3 | €99,497 | - | -€99,497 | |
| Stocks | 30/36 | €99,497 | - | -€99,497 | |
| Amounts receivable within one year | 40/41 | €608 | €386,417 | +€385,808 | +63,416% |
| Trade receivables | 40 | - | €4,167 | +€4,167 | |
| Other amounts receivable | 41 | €608 | €382,250 | +€381,642 | +62,731% |
| Current investments | 50/53 | €200,000 | €150,000 | -€50,000 | -25.0% |
| Cash at bank and in hand | 54/58 | €153,280 | €81,056 | -€72,224 | -47.1% |
| Deferred charges and accrued income | 490/1 | €2,281 | €3,657 | +€1,376 | +60.3% |
| Total equity and liabilities | 10/49 | €935,418 | €1,047,936 | +€112,518 | +12.0% |
| Equity | 10/15 | €651,319 | €838,742 | +€187,423 | +28.8% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €525,526 | €713,543 | +€188,017 | +35.8% |
| Tax-exempt reserves | 132 | €8,526 | €6,543 | -€1,983 | -23.3% |
| Distributable reserves | 133 | €517,000 | €707,000 | +€190,000 | +36.8% |
| Profit (loss) carried forward | 14 | €1,793 | €1,200 | -€593 | -33.1% |
| Provisions and deferred taxes | 16 | €23,416 | €22,755 | -€661 | -2.8% |
| Provisions for liabilities and charges | 160/5 | €20,574 | €20,574 | = | 0.0% |
| Other liabilities and charges | 164/5 | €20,574 | €20,574 | = | 0.0% |
| Deferred taxes | 168 | €2,842 | €2,181 | -€661 | -23.3% |
| Amounts payable | 17/49 | €260,683 | €186,439 | -€74,244 | -28.5% |
| Amounts payable after more than one year | 17 | €78,275 | €21,022 | -€57,253 | -73.1% |
| Financial debts | 170/4 | €78,275 | €21,022 | -€57,253 | -73.1% |
| Amounts payable within one year | 42/48 | €179,408 | €162,416 | -€16,991 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €65,126 | €57,253 | -€7,873 | -12.1% |
| Trade debts | 44 | €1,721 | €3,075 | +€1,354 | +78.7% |
| Suppliers | 440/4 | €1,721 | €3,075 | +€1,354 | +78.7% |
| Taxes, remuneration and social security | 45 | €27,793 | €26,151 | -€1,642 | -5.9% |
| Taxes | 450/3 | €20,193 | €26,151 | +€5,958 | +29.5% |
| Remuneration and social security | 454/9 | €7,600 | - | -€7,600 | |
| Other amounts payable | 47/48 | €84,768 | €75,938 | -€8,830 | -10.4% |
| Accrued charges and deferred income | 492/3 | €3,000 | €3,000 | = | 0.0% |
| Non-recurring operating income | 76A | - | €330,000 | +€330,000 | |
| Remuneration, social security and pensions | 62 | €35,896 | €21,212 | -€14,684 | -40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,095 | €52,945 | +€5,850 | +12.4% |
| Other operating charges | 640/8 | €6,224 | €6,398 | +€173 | +2.8% |
| Gross operating margin | 9900 | €196,063 | €353,915 | +€157,853 | +80.5% |
| Operating profit (loss) | 9901 | €106,847 | €273,361 | +€166,513 | +156% |
| Financial income | 75/76B | €9,181 | €12,126 | +€2,945 | +32.1% |
| Recurring financial income | 75 | €9,181 | €12,126 | +€2,945 | +32.1% |
| Financial charges | 65/66B | €11,786 | €8,989 | -€2,796 | -23.7% |
| Recurring financial charges | 65 | €11,786 | €8,989 | -€2,796 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €104,243 | €276,497 | +€172,254 | +165% |
| Transfer from deferred taxes | 780 | €464 | €661 | +€197 | +42.6% |
| Transfer to deferred taxes | 680 | €3,306 | - | -€3,306 | |
| Income taxes | 67/77 | €31,444 | €88,902 | +€57,458 | +183% |
| Profit (loss) for the period | 9904 | €69,957 | €188,256 | +€118,299 | +169% |
| Transfer from tax-exempt reserves | 789 | €1,391 | €1,983 | +€592 | +42.6% |
| Transfer to tax-exempt reserves | 689 | €9,917 | - | -€9,917 | |
| Profit (loss) for the period to be appropriated | 9905 | €61,431 | €190,240 | +€128,809 | +210% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.