ARMATILCO: 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.
ARMATILCO
Largest movements
- Receivables within one year -€88,325
down €88,325 (-40.1%), from €220,325 to €132,000
of which Other amounts receivable: -€138,325
- Reserves -€170,000
down €170,000 (-22.2%), from €766,020 to €596,020
- Other debts +€166,870
up €166,870 (+9.4%), from €1.8m to €1.9m
- Debts after one year -€137,851
down €137,851 (-32.2%), from €427,488 to €289,637
- Tax, wage and social debts +€37,994
up €37,994 (+260%), from €14,586 to €52,580
- Financial income -€138,000
down €138,000 (-69.0%), from €200,000 to €62,000
- Gross operating margin +€65,945
up €65,945 (+42.5%), from €155,060 to €221,004
- Taxes +€15,043
up €15,043 (+35.0%), from €43,007 to €58,050
- Financial charges +€3,538
up €3,538 (+18.4%), from €19,225 to €22,763
- Depreciation +€2,397
up €2,397 (+14.0%), from €17,135 to €19,532
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 | €3,542,310 | €3,437,788 | -€104,522 | -3.0% |
| Fixed assets | 21/28 | €3,277,292 | €3,260,501 | -€16,791 | -0.5% |
| Tangible fixed assets | 22/27 | €53,440 | €36,650 | -€16,791 | -31.4% |
| Plant, machinery and equipment | 23 | €3,402 | €2,603 | -€798 | -23.5% |
| Furniture and vehicles | 24 | €50,039 | €34,046 | -€15,993 | -32.0% |
| Financial fixed assets | 28 | €3,223,852 | €3,223,852 | = | 0.0% |
| Current assets | 29/58 | €265,018 | €177,287 | -€87,731 | -33.1% |
| Amounts receivable within one year | 40/41 | €220,325 | €132,000 | -€88,325 | -40.1% |
| Trade receivables | 40 | €20,000 | €70,000 | +€50,000 | +250% |
| Other amounts receivable | 41 | €200,325 | €62,000 | -€138,325 | -69.1% |
| Cash at bank and in hand | 54/58 | €43,275 | €42,909 | -€366 | -0.8% |
| Deferred charges and accrued income | 490/1 | €1,418 | €2,378 | +€960 | +67.7% |
| Total equity and liabilities | 10/49 | €3,542,310 | €3,437,788 | -€104,522 | -3.0% |
| Equity | 10/15 | €1,175,210 | €1,007,870 | -€167,340 | -14.2% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €766,020 | €596,020 | -€170,000 | -22.2% |
| Distributable reserves | 133 | €766,020 | €596,020 | -€170,000 | -22.2% |
| Profit (loss) carried forward | 14 | €371,990 | €374,650 | +€2,660 | +0.7% |
| Amounts payable | 17/49 | €2,367,100 | €2,429,918 | +€62,818 | +2.7% |
| Amounts payable after more than one year | 17 | €427,488 | €289,637 | -€137,851 | -32.2% |
| Financial debts | 170/4 | €427,488 | €289,637 | -€137,851 | -32.2% |
| Amounts payable within one year | 42/48 | €1,938,362 | €2,139,318 | +€200,956 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €147,732 | €148,146 | +€414 | +0.3% |
| Trade debts | 44 | €6,071 | €1,749 | -€4,322 | -71.2% |
| Suppliers | 440/4 | €6,071 | €1,749 | -€4,322 | -71.2% |
| Taxes, remuneration and social security | 45 | €14,586 | €52,580 | +€37,994 | +260% |
| Taxes | 450/3 | €14,586 | €52,580 | +€37,994 | +260% |
| Other amounts payable | 47/48 | €1,769,973 | €1,936,843 | +€166,870 | +9.4% |
| Accrued charges and deferred income | 492/3 | €1,250 | €964 | -€287 | -22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,135 | €19,532 | +€2,397 | +14.0% |
| Gross operating margin | 9900 | €155,060 | €221,004 | +€65,945 | +42.5% |
| Operating profit (loss) | 9901 | €137,925 | €201,473 | +€63,548 | +46.1% |
| Financial income | 75/76B | €200,000 | €62,000 | -€138,000 | -69.0% |
| Recurring financial income | 75 | €200,000 | €62,000 | -€138,000 | -69.0% |
| Financial charges | 65/66B | €19,225 | €22,763 | +€3,538 | +18.4% |
| Recurring financial charges | 65 | €19,225 | €22,763 | +€3,538 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | €318,700 | €240,710 | -€77,990 | -24.5% |
| Income taxes | 67/77 | €43,007 | €58,050 | +€15,043 | +35.0% |
| Profit (loss) for the period | 9904 | €275,693 | €182,660 | -€93,033 | -33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €275,693 | €182,660 | -€93,033 | -33.7% |
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 13 October 2026 via checked.be.