ARMANG: 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.
ARMANG
Largest movements
- Cash +€358,358
up €358,358 (+45.8%), from €782,200 to €1.1m
mainly Net result for the year (+€676,368) and Other debts (+€458,204)
- Receivables after one year +€344,692
up €344,692 (+62.1%), from €555,308 to €900,000
- Current investments +€322,478
up €322,478 (+36.7%), from €879,290 to €1.2m
- Receivables within one year -€288,748
down €288,748 (-66.6%), from €433,825 to €145,077
of which Other amounts receivable: -€293,693
- Other debts +€458,204
up €458,204 (+415.0%), from €110,417 to €568,621
- Reserves +€218,850
up €218,850 (+7.0%), from €3.1m to €3.3m
- Financial income +€129,738
up €129,738 (+21.8%), from €596,472 to €726,210
- Financial charges +€22,203
up €22,203 (+658.5%), from €3,372 to €25,575
- Gross operating margin +€11,845
up €11,845 (+5.0%), from €235,885 to €247,730
- Taxes +€11,736
up €11,736 (+15.2%), from €77,283 to €89,020
- Staff costs +€6,265
up €6,265 (+3.9%), from €160,712 to €166,977
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 | €9,058,592 | €9,781,250 | +€722,658 | +8.0% |
| Fixed assets | 21/28 | €6,407,969 | €6,393,847 | -€14,122 | -0.2% |
| Tangible fixed assets | 22/27 | €32,555 | €18,434 | -€14,122 | -43.4% |
| Furniture and vehicles | 24 | €32,555 | €18,434 | -€14,122 | -43.4% |
| Financial fixed assets | 28 | €6,375,413 | €6,375,413 | = | 0.0% |
| Current assets | 29/58 | €2,650,623 | €3,387,403 | +€736,780 | +27.8% |
| Amounts receivable after more than one year | 29 | €555,308 | €900,000 | +€344,692 | +62.1% |
| Other amounts receivable | 291 | €555,308 | €900,000 | +€344,692 | +62.1% |
| Amounts receivable within one year | 40/41 | €433,825 | €145,077 | -€288,748 | -66.6% |
| Trade receivables | 40 | €24,650 | €29,595 | +€4,945 | +20.1% |
| Other amounts receivable | 41 | €409,175 | €115,482 | -€293,693 | -71.8% |
| Current investments | 50/53 | €879,290 | €1,201,768 | +€322,478 | +36.7% |
| Cash at bank and in hand | 54/58 | €782,200 | €1,140,558 | +€358,358 | +45.8% |
| Total equity and liabilities | 10/49 | €9,058,592 | €9,781,250 | +€722,658 | +8.0% |
| Equity | 10/15 | €8,872,345 | €9,091,213 | +€218,868 | +2.5% |
| Contributions | 10/11 | €5,230,000 | €5,230,000 | = | 0.0% |
| Reserves | 13 | €3,130,729 | €3,349,579 | +€218,850 | +7.0% |
| Distributable reserves | 133 | €3,130,729 | €3,349,579 | +€218,850 | +7.0% |
| Profit (loss) carried forward | 14 | €511,617 | €511,635 | +€18 | 0.0% |
| Amounts payable | 17/49 | €186,246 | €690,037 | +€503,790 | +270.5% |
| Amounts payable within one year | 42/48 | €186,096 | €690,037 | +€503,940 | +270.8% |
| Trade debts | 44 | €18,655 | €59,833 | +€41,178 | +220.7% |
| Suppliers | 440/4 | €18,655 | €59,833 | +€41,178 | +220.7% |
| Taxes, remuneration and social security | 45 | €57,024 | €61,582 | +€4,558 | +8.0% |
| Taxes | 450/3 | €37,851 | €41,702 | +€3,851 | +10.2% |
| Remuneration and social security | 454/9 | €19,173 | €19,880 | +€707 | +3.7% |
| Other amounts payable | 47/48 | €110,417 | €568,621 | +€458,204 | +415.0% |
| Accrued charges and deferred income | 492/3 | €150 | €0 | -€150 | -100.0% |
| Remuneration, social security and pensions | 62 | €160,712 | €166,977 | +€6,265 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,122 | €14,122 | = | 0.0% |
| Other operating charges | 640/8 | €2,151 | €1,880 | -€271 | -12.6% |
| Gross operating margin | 9900 | €235,885 | €247,730 | +€11,845 | +5.0% |
| Operating profit (loss) | 9901 | €58,901 | €64,752 | +€5,851 | +9.9% |
| Financial income | 75/76B | €596,472 | €726,210 | +€129,738 | +21.8% |
| Recurring financial income | 75 | €596,472 | €726,210 | +€129,738 | +21.8% |
| Financial charges | 65/66B | €3,372 | €25,575 | +€22,203 | +658.5% |
| Recurring financial charges | 65 | €3,372 | €25,575 | +€22,203 | +658.5% |
| Profit (loss) for the period before taxes | 9903 | €652,001 | €765,387 | +€113,387 | +17.4% |
| Income taxes | 67/77 | €77,283 | €89,020 | +€11,736 | +15.2% |
| Profit (loss) for the period | 9904 | €574,718 | €676,368 | +€101,650 | +17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €574,718 | €676,368 | +€101,650 | +17.7% |
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 5 October 2026 via checked.be.