ARMASTEEL: 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.
What changed
ARMASTEEL
NACE 24.100, Manufacture of basic metals
financial year 2024 compared with 2023filed annual accounts (NBB)
Net result for the year
€337,284
2023 · €855,206-€517,922
Equity
€7.6m
2023 · €7.3m+€337,284
Cash
€2.9m
2023 · €183,695+€2.7m
Balance sheet total
€52.3m
2023 · €31.3m+€20.9m
Largest movements
Assets
- Receivables within one year +€10.7m
up €10.7m (+99.0%), from €10.8m to €21.4m
of which Trade receivables: +€10.2m
- Tangible fixed assets +€10.2m
up €10.2m (+93.6%), from €10.9m to €21.1m
of which Leasing and similar rights: +€18.0m
- Cash +€2.7m
up €2.7m (+1,496%), from €183,695 to €2.9m
mainly Debts after one year (+€16.3m) and Short-term financial debts (+€6.4m)
- Stocks and contracts -€2.7m
down €2.7m (-29.4%), from €9.3m to €6.5m
Equity and liabilities
- Debts after one year +€16.3m
up €16.3m (+669%), from €2.4m to €18.8m
- Short-term financial debts +€6.4m
up €6.4m (+74.2%), from €8.7m to €15.1m
of which Credit institutions: +€7.6m
- Trade debts -€2.1m
down €2.1m (-30.4%), from €7.0m to €4.9m
- Current portion of long-term debt +€859,758
up €859,758 (+322%), from €266,745 to €1.1m
- Other debts -€650,000
no longer reported in 2024 (was €650,000)
Income statement
- Goods and materials +€18.1m
up €18.1m (+48.9%), from €37.0m to €55.1m
of which Purchases: +€16.8m
- Turnover +€3.2m
up €3.2m (+7.9%), from €40.1m to €43.2m
- Services and other goods +€1.8m
up €1.8m (+61.3%), from €2.9m to €4.7m
- Financial charges +€1.2m
up €1.2m (+356%), from €327,442 to €1.5m
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.
Result 2023
€855,206
Turnover
+€3.2m
Other operating income
-€91,460
Goods and materials
-€18.1m
Services and other goods
-€1.8m
Staff costs
-€162,798
Depreciation
-€422,579
Other operating charges
-€5,740
Other operating items
+€17.5m
Financial income
+€309,374
Financial charges
-€1.2m
Taxes
+€224,405
Result 2024
€337,284
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
-€9.6m
Investment
-€11.2m
Financing
+€23.6m
Cash 2023
€183,695
From operations (derived)
-€9.6m
Net result for the year
+€337,284
Depreciation
+€891,401
Stocks and contracts
+€2.7m
Receivables within one year
-€10.7m
Deferred charges and accrued income
+€67,122
Trade debts
-€2.1m
Tax, wage and social debts
+€78,749
Advances received
-€302,153
Other debts
-€650,000
Investment (derived)
-€11.2m
Investment in fixed assets (net)
-€11.2m
Financing
+€23.6m
Debts after one year
+€16.3m
Current portion of long-term debt
+€859,758
Short-term financial debts
+€6.4m
Cash 2024
€2.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,304,945 | €52,253,371 | +€20.9m | +66.9% |
| Fixed assets | 21/28 | €10,928,391 | €21,268,289 | +€10.3m | +94.6% |
| Intangible fixed assets | 21 | - | €162,804 | +€162,804 | |
| Tangible fixed assets | 22/27 | €10,902,986 | €21,104,479 | +€10.2m | +93.6% |
| Land and buildings | 22 | - | €97,103 | +€97,103 | |
| Plant, machinery and equipment | 23 | €682,710 | €1,346,260 | +€663,550 | +97.2% |
| Furniture and vehicles | 24 | €547,956 | €529,542 | -€18,414 | -3.4% |
| Leasing and similar rights | 25 | €1,154,305 | €19,131,574 | +€18.0m | +1,557% |
| Assets under construction and advance payments | 27 | €8,518,016 | - | -€8.5m | |
| Financial fixed assets | 28 | €25,405 | €1,005 | -€24,400 | -96.0% |
| Other financial fixed assets | 284/8 | €25,405 | €1,005 | -€24,400 | -96.0% |
| Amounts receivable and cash guarantees | 285/8 | €25,405 | €1,005 | -€24,400 | -96.0% |
| Current assets | 29/58 | €20,376,554 | €30,985,083 | +€10.6m | +52.1% |
| Stocks and contracts in progress | 3 | €9,280,758 | €6,548,006 | -€2.7m | -29.4% |
| Stocks | 30/36 | €9,280,758 | €6,548,006 | -€2.7m | -29.4% |
| Finished goods | 33 | €206,057 | €456,412 | +€250,355 | +121% |
| Goods purchased for resale | 34 | €9,074,701 | €6,091,594 | -€3.0m | -32.9% |
| Amounts receivable within one year | 40/41 | €10,764,509 | €21,425,315 | +€10.7m | +99.0% |
| Trade receivables | 40 | €10,764,508 | €20,942,859 | +€10.2m | +94.6% |
| Other amounts receivable | 41 | €2 | €482,456 | +€482,454 | +27,727,258% |
| Cash at bank and in hand | 54/58 | €183,695 | €2,931,292 | +€2.7m | +1,496% |
| Deferred charges and accrued income | 490/1 | €147,592 | €80,470 | -€67,122 | -45.5% |
| Total equity and liabilities | 10/49 | €31,304,945 | €52,253,371 | +€20.9m | +66.9% |
| Equity | 10/15 | €7,275,797 | €7,613,080 | +€337,284 | +4.6% |
| Contributions | 10/11 | €3,675,541 | €3,675,541 | = | 0.0% |
| Capital | 10 | €3,675,541 | €3,675,541 | = | 0.0% |
| Issued capital | 100 | €3,675,541 | €3,675,541 | = | 0.0% |
| Reserves | 13 | €397,779 | €397,779 | = | 0.0% |
| Non-distributable reserves | 130/1 | €367,554 | €367,554 | = | 0.0% |
| Legal reserve | 130 | €367,554 | €367,554 | = | 0.0% |
| Distributable reserves | 133 | €30,226 | €30,226 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,202,476 | €3,539,760 | +€337,284 | +10.5% |
| Amounts payable | 17/49 | €24,029,148 | €44,640,291 | +€20.6m | +85.8% |
| Amounts payable after more than one year | 17 | €2,439,044 | €18,764,886 | +€16.3m | +669% |
| Financial debts | 170/4 | €2,439,044 | €18,764,886 | +€16.3m | +669% |
| Subordinated loans | 170 | €2,014,685 | €2,000,000 | -€14,685 | -0.7% |
| Leasing and similar obligations | 172 | €424,359 | €16,027,586 | +€15.6m | +3,677% |
| Credit institutions | 173 | - | €737,300 | +€737,300 | |
| Amounts payable within one year | 42/48 | €21,590,105 | €25,875,405 | +€4.3m | +19.8% |
| Current portion of amounts payable after more than one year | 42 | €266,745 | €1,126,503 | +€859,758 | +322% |
| Financial debts | 43 | €8,678,377 | €15,114,706 | +€6.4m | +74.2% |
| Credit institutions | 430/8 | €7,500,000 | €15,114,706 | +€7.6m | +102% |
| Other loans | 439 | €1,178,377 | - | -€1.2m | |
| Trade debts | 44 | €7,031,087 | €4,893,704 | -€2.1m | -30.4% |
| Suppliers | 440/4 | €7,031,087 | €4,893,704 | -€2.1m | -30.4% |
| Advances received on contracts in progress | 46 | €4,578,831 | €4,276,677 | -€302,153 | -6.6% |
| Taxes, remuneration and social security | 45 | €385,066 | €463,815 | +€78,749 | +20.5% |
| Taxes | 450/3 | €166,598 | €285,207 | +€118,609 | +71.2% |
| Remuneration and social security | 454/9 | €218,468 | €178,608 | -€39,860 | -18.2% |
| Other amounts payable | 47/48 | €650,000 | - | -€650,000 | |
| Operating income | 70/76A | €43,695,905 | €64,602,639 | +€20.9m | +47.8% |
| Turnover | 70 | €40,067,146 | €43,245,853 | +€3.2m | +7.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €3,433,271 | €20,633,240 | +€17.2m | +501% |
| Other operating income | 74 | €165,006 | €73,546 | -€91,460 | -55.4% |
| Non-recurring operating income | 76A | €30,481 | €650,000 | +€619,519 | +2,032% |
| Operating charges | 60/66A | €42,265,562 | €63,057,500 | +€20.8m | +49.2% |
| Goods for resale, raw materials and consumables | 60 | €37,005,464 | €55,089,385 | +€18.1m | +48.9% |
| Purchases | 600/8 | €35,291,498 | €52,106,278 | +€16.8m | +47.6% |
| Change in stocks: decrease (increase) | 609 | €1,713,966 | €2,983,107 | +€1.3m | +74.0% |
| Services and other goods | 61 | €2,886,851 | €4,657,224 | +€1.8m | +61.3% |
| Remuneration, social security and pensions | 62 | €1,879,872 | €2,042,670 | +€162,798 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €468,822 | €891,401 | +€422,579 | +90.1% |
| Other operating charges | 640/8 | €24,554 | €30,293 | +€5,740 | +23.4% |
| Non-recurring operating charges | 66A | - | €346,527 | +€346,527 | |
| Operating profit (loss) | 9901 | €1,430,342 | €1,545,139 | +€114,797 | +8.0% |
| Financial income | 75/76B | €124,195 | €433,569 | +€309,374 | +249% |
| Recurring financial income | 75 | €124,195 | €433,569 | +€309,374 | +249% |
| Income from financial fixed assets | 750 | - | €1,279 | +€1,279 | |
| Income from current assets | 751 | €14,745 | - | -€14,745 | |
| Other financial income | 752/9 | €109,450 | €432,290 | +€322,841 | +295% |
| Financial charges | 65/66B | €327,442 | €1,493,940 | +€1.2m | +356% |
| Recurring financial charges | 65 | €327,442 | €1,493,940 | +€1.2m | +356% |
| Debt charges | 650 | €308,861 | €1,478,222 | +€1.2m | +379% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €96 | +€96 | |
| Other financial charges | 652/9 | €18,581 | €15,622 | -€2,959 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €1,227,095 | €484,768 | -€742,327 | -60.5% |
| Income taxes | 67/77 | €371,889 | €147,485 | -€224,405 | -60.3% |
| Taxes | 670/3 | €371,889 | €147,485 | -€224,405 | -60.3% |
| Profit (loss) for the period | 9904 | €855,206 | €337,284 | -€517,922 | -60.6% |
| Profit (loss) for the period to be appropriated | 9905 | €855,206 | €337,284 | -€517,922 | -60.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.