ARMARO: 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.
ARMARO
Largest movements
- Cash -€76,528
down €76,528 (-76.3%), from €100,233 to €23,706
mainly Investment in fixed assets (net) (-€67,544) and Net result for the year (-€15,753)
- Tangible fixed assets +€55,555
up €55,555 (+11.1%), from €498,760 to €554,315
of which Land and buildings: +€57,059
- Profit (loss) carried forward -€11,659
down €11,659 (-61.4%), from -€18,974 to -€30,632
- Gross operating margin +€8,105
up €8,105 (+182.3%), from €4,446 to €12,551
- Financial charges -€1,471
down €1,471 (-10.0%), from €14,655 to €13,184
- Other operating charges -€345
down €345 (-7.1%), from €4,840 to €4,495
- Depreciation -€323
down €323 (-2.6%), from €12,313 to €11,990
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €603,220 | €584,146 | -€19,074 | -3.2% |
| Fixed assets | 21/28 | €499,130 | €554,685 | +€55,555 | +11.1% |
| Tangible fixed assets | 22/27 | €498,760 | €554,315 | +€55,555 | +11.1% |
| Land and buildings | 22 | €497,191 | €554,249 | +€57,059 | +11.5% |
| Other tangible fixed assets | 26 | €87 | €65 | -€21 | -24.3% |
| Assets under construction and advance payments | 27 | €1,483 | €0 | -€1,483 | -100.0% |
| Financial fixed assets | 28 | €370 | €370 | = | 0.0% |
| Current assets | 29/58 | €104,090 | €29,461 | -€74,629 | -71.7% |
| Amounts receivable within one year | 40/41 | €0 | €1,709 | +€1,709 | |
| Trade receivables | 40 | €0 | €191 | +€191 | |
| Other amounts receivable | 41 | - | €1,519 | +€1,519 | |
| Cash at bank and in hand | 54/58 | €100,233 | €23,706 | -€76,528 | -76.3% |
| Deferred charges and accrued income | 490/1 | €3,857 | €4,046 | +€189 | +4.9% |
| Total equity and liabilities | 10/49 | €603,220 | €584,146 | -€19,074 | -3.2% |
| Equity | 10/15 | €271,822 | €256,069 | -€15,753 | -5.8% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €255,796 | €251,702 | -€4,094 | -1.6% |
| Tax-exempt reserves | 132 | €112,096 | €108,002 | -€4,094 | -3.7% |
| Distributable reserves | 133 | €143,700 | €143,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,974 | -€30,632 | -€11,659 | -61.4% |
| Provisions and deferred taxes | 16 | €55,632 | €54,267 | -€1,365 | -2.5% |
| Deferred taxes | 168 | €55,632 | €54,267 | -€1,365 | -2.5% |
| Amounts payable | 17/49 | €275,766 | €273,809 | -€1,957 | -0.7% |
| Amounts payable within one year | 42/48 | €275,766 | €273,809 | -€1,957 | -0.7% |
| Trade debts | 44 | €8,645 | €8,154 | -€490 | -5.7% |
| Suppliers | 440/4 | €8,645 | €8,154 | -€490 | -5.7% |
| Taxes, remuneration and social security | 45 | €5,487 | €5,058 | -€430 | -7.8% |
| Taxes | 450/3 | €5,487 | €5,058 | -€430 | -7.8% |
| Other amounts payable | 47/48 | €261,634 | €260,597 | -€1,037 | -0.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,313 | €11,990 | -€323 | -2.6% |
| Other operating charges | 640/8 | €4,840 | €4,495 | -€345 | -7.1% |
| Gross operating margin | 9900 | €4,446 | €12,551 | +€8,105 | +182.3% |
| Operating profit (loss) | 9901 | -€12,707 | -€3,934 | +€8,773 | +69.0% |
| Financial charges | 65/66B | €14,655 | €13,184 | -€1,471 | -10.0% |
| Recurring financial charges | 65 | €14,655 | €13,184 | -€1,471 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | -€27,362 | -€17,118 | +€10,244 | +37.4% |
| Transfer from deferred taxes | 780 | €1,989 | €1,365 | -€624 | -31.4% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€25,373 | -€15,753 | +€9,620 | +37.9% |
| Transfer from tax-exempt reserves | 789 | €5,967 | €4,094 | -€1,873 | -31.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,406 | -€11,659 | +€7,747 | +39.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.