ARMASANI: 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.
ARMASANI
Largest movements
- Current investments -€800,000
no longer reported in 2025 (was €800,000)
- Cash +€457,774
up €457,774 (+269%), from €170,047 to €627,821
mainly Current investments (+€800,000) and Depreciation (+€23,343)
- Tax, wage and social debts -€258,373
down €258,373 (-95.6%), from €270,163 to €11,790
of which Taxes: -€258,427
- Reserves -€82,569
down €82,569 (-5.9%), from €1.4m to €1.3m
- Gross operating margin -€1.8m
down €1.8m, from €1.7m to -€58,867
- Taxes -€443,332
no longer reported in 2025 (was €443,332)
- Other operating charges -€53,471
down €53,471 (-87.4%), from €61,166 to €7,696
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 | €2,296,492 | €1,932,906 | -€363,586 | -15.8% |
| Fixed assets | 21/28 | €1,016,120 | €1,015,722 | -€398 | 0.0% |
| Tangible fixed assets | 22/27 | €1,012,553 | €1,012,156 | -€398 | 0.0% |
| Land and buildings | 22 | €947,820 | €937,941 | -€9,879 | -1.0% |
| Plant, machinery and equipment | 23 | €59,661 | €74,214 | +€14,553 | +24.4% |
| Furniture and vehicles | 24 | €5,072 | - | -€5,072 | |
| Financial fixed assets | 28 | €3,567 | €3,567 | = | 0.0% |
| Current assets | 29/58 | €1,280,372 | €917,183 | -€363,189 | -28.4% |
| Amounts receivable within one year | 40/41 | €300,000 | €281,104 | -€18,896 | -6.3% |
| Trade receivables | 40 | - | €122 | +€122 | |
| Other amounts receivable | 41 | €300,000 | €280,983 | -€19,017 | -6.3% |
| Current investments | 50/53 | €800,000 | - | -€800,000 | |
| Cash at bank and in hand | 54/58 | €170,047 | €627,821 | +€457,774 | +269% |
| Deferred charges and accrued income | 490/1 | €10,326 | €8,258 | -€2,068 | -20.0% |
| Total equity and liabilities | 10/49 | €2,296,492 | €1,932,906 | -€363,586 | -15.8% |
| Equity | 10/15 | €1,988,240 | €1,905,671 | -€82,569 | -4.2% |
| Contributions | 10/11 | €587,607 | €587,607 | = | 0.0% |
| Reserves | 13 | €1,400,633 | €1,318,064 | -€82,569 | -5.9% |
| Distributable reserves | 133 | €1,400,633 | €1,318,064 | -€82,569 | -5.9% |
| Amounts payable | 17/49 | €308,252 | €27,234 | -€281,018 | -91.2% |
| Amounts payable after more than one year | 17 | €2,455 | €1,295 | -€1,160 | -47.3% |
| Other amounts payable | 178/9 | €2,455 | €1,295 | -€1,160 | -47.3% |
| Amounts payable within one year | 42/48 | €300,700 | €23,104 | -€277,596 | -92.3% |
| Trade debts | 44 | €115 | - | -€115 | |
| Suppliers | 440/4 | €115 | - | -€115 | |
| Taxes, remuneration and social security | 45 | €270,163 | €11,790 | -€258,373 | -95.6% |
| Taxes | 450/3 | €260,879 | €2,452 | -€258,427 | -99.1% |
| Remuneration and social security | 454/9 | €9,284 | €9,338 | +€54 | +0.6% |
| Other amounts payable | 47/48 | €30,422 | €11,314 | -€19,108 | -62.8% |
| Accrued charges and deferred income | 492/3 | €5,097 | €2,836 | -€2,262 | -44.4% |
| Non-recurring operating income | 76A | €1,850,954 | - | -€1.9m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,599 | €23,343 | +€3,744 | +19.1% |
| Other operating charges | 640/8 | €61,166 | €7,696 | -€53,471 | -87.4% |
| Gross operating margin | 9900 | €1,730,931 | -€58,867 | -€1.8m | |
| Operating profit (loss) | 9901 | €1,650,166 | -€89,905 | -€1.7m | |
| Financial income | 75/76B | €19,554 | €9,403 | -€10,151 | -51.9% |
| Recurring financial income | 75 | €17,644 | €9,403 | -€8,240 | -46.7% |
| Non-recurring financial income | 76B | €1,910 | - | -€1,910 | |
| Financial charges | 65/66B | €5,446 | €2,067 | -€3,380 | -62.1% |
| Recurring financial charges | 65 | €5,446 | €2,067 | -€3,380 | -62.1% |
| Profit (loss) for the period before taxes | 9903 | €1,664,273 | -€82,569 | -€1.7m | |
| Income taxes | 67/77 | €443,332 | - | -€443,332 | |
| Profit (loss) for the period | 9904 | €1,220,941 | -€82,569 | -€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,220,941 | -€82,569 | -€1.3m |
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.