ARMATANE: 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.
ARMATANE
Largest movements
- Current investments +€168,951
new in 2025: €168,951
- Tangible fixed assets +€33,672
up €33,672 (+2.6%), from €1.3m to €1.3m
of which Land and buildings: +€51,315
- Cash -€25,930
down €25,930 (-13.5%), from €191,550 to €165,620
mainly Investment in fixed assets (net) (-€173,501) and Current investments (-€168,951)
- Profit (loss) carried forward +€131,625
up €131,625 (+69.0%), from -€190,666 to -€59,041
- Debts after one year +€81,278
up €81,278 (+10.6%), from €763,206 to €844,484
- Tax, wage and social debts -€36,206
down €36,206 (-65.3%), from €55,416 to €19,210
of which Taxes: -€31,341
- Staff costs +€26,677
up €26,677 (+28.9%), from €92,280 to €118,957
- Gross operating margin +€20,332
up €20,332 (+4.3%), from €475,191 to €495,522
- Depreciation +€11,077
up €11,077 (+8.6%), from €128,752 to €139,830
- Financial charges +€5,125
up €5,125 (+12.1%), from €42,379 to €47,504
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 | €1,529,749 | €1,703,611 | +€173,862 | +11.4% |
| Fixed assets | 21/28 | €1,304,696 | €1,338,367 | +€33,672 | +2.6% |
| Tangible fixed assets | 22/27 | €1,303,844 | €1,337,516 | +€33,672 | +2.6% |
| Land and buildings | 22 | €909,882 | €961,197 | +€51,315 | +5.6% |
| Plant, machinery and equipment | 23 | €371,487 | €318,861 | -€52,626 | -14.2% |
| Furniture and vehicles | 24 | €22,475 | €57,458 | +€34,983 | +155.7% |
| Financial fixed assets | 28 | €852 | €852 | = | 0.0% |
| Current assets | 29/58 | €225,053 | €365,244 | +€140,191 | +62.3% |
| Stocks and contracts in progress | 3 | €5,461 | €6,450 | +€989 | +18.1% |
| Stocks | 30/36 | €5,461 | €6,450 | +€989 | +18.1% |
| Amounts receivable within one year | 40/41 | €28,043 | €22,405 | -€5,637 | -20.1% |
| Trade receivables | 40 | €7,998 | €428 | -€7,570 | -94.7% |
| Other amounts receivable | 41 | €20,045 | €21,977 | +€1,933 | +9.6% |
| Current investments | 50/53 | - | €168,951 | +€168,951 | |
| Cash at bank and in hand | 54/58 | €191,550 | €165,620 | -€25,930 | -13.5% |
| Deferred charges and accrued income | 490/1 | - | €1,818 | +€1,818 | |
| Total equity and liabilities | 10/49 | €1,529,749 | €1,703,611 | +€173,862 | +11.4% |
| Equity | 10/15 | €577,254 | €708,879 | +€131,625 | +22.8% |
| Contributions | 10/11 | €185,920 | €185,920 | = | 0.0% |
| Capital | 10 | €185,920 | €185,920 | = | 0.0% |
| Issued capital | 100 | €185,920 | €185,920 | = | 0.0% |
| Revaluation surpluses | 12 | €52,751 | €41,251 | -€11,500 | -21.8% |
| Reserves | 13 | €529,249 | €540,749 | +€11,500 | +2.2% |
| Distributable reserves | 133 | €529,249 | €540,749 | +€11,500 | +2.2% |
| Profit (loss) carried forward | 14 | -€190,666 | -€59,041 | +€131,625 | +69.0% |
| Amounts payable | 17/49 | €952,495 | €994,732 | +€42,237 | +4.4% |
| Amounts payable after more than one year | 17 | €763,206 | €844,484 | +€81,278 | +10.6% |
| Financial debts | 170/4 | €763,206 | €844,484 | +€81,278 | +10.6% |
| Amounts payable within one year | 42/48 | €189,288 | €150,248 | -€39,041 | -20.6% |
| Current portion of amounts payable after more than one year | 42 | €112,236 | €104,196 | -€8,040 | -7.2% |
| Trade debts | 44 | €2,163 | €13,271 | +€11,107 | +513.5% |
| Suppliers | 440/4 | €2,163 | €13,271 | +€11,107 | +513.5% |
| Taxes, remuneration and social security | 45 | €55,416 | €19,210 | -€36,206 | -65.3% |
| Taxes | 450/3 | €39,700 | €8,359 | -€31,341 | -78.9% |
| Remuneration and social security | 454/9 | €15,716 | €10,851 | -€4,865 | -31.0% |
| Other amounts payable | 47/48 | €19,473 | €13,571 | -€5,902 | -30.3% |
| Remuneration, social security and pensions | 62 | €92,280 | €118,957 | +€26,677 | +28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,752 | €139,830 | +€11,077 | +8.6% |
| Other operating charges | 640/8 | €13,022 | €13,450 | +€428 | +3.3% |
| Non-recurring operating charges | 66A | €127 | - | -€127 | |
| Gross operating margin | 9900 | €475,191 | €495,522 | +€20,332 | +4.3% |
| Operating profit (loss) | 9901 | €241,010 | €223,285 | -€17,724 | -7.4% |
| Financial income | 75/76B | €468 | €1,858 | +€1,390 | +297.0% |
| Recurring financial income | 75 | €468 | €1,858 | +€1,390 | +297.0% |
| Financial charges | 65/66B | €42,379 | €47,504 | +€5,125 | +12.1% |
| Recurring financial charges | 65 | €42,379 | €47,504 | +€5,125 | +12.1% |
| Profit (loss) for the period before taxes | 9903 | €199,099 | €177,640 | -€21,459 | -10.8% |
| Income taxes | 67/77 | €47,529 | €46,014 | -€1,514 | -3.2% |
| Profit (loss) for the period | 9904 | €151,570 | €131,625 | -€19,945 | -13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €151,570 | €131,625 | -€19,945 | -13.2% |
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 4 October 2026 via checked.be.