ARMATIS: 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.
ARMATIS
Largest movements
- Receivables within one year -€591,801
down €591,801 (-49.9%), from €1.2m to €593,145
of which Trade receivables: -€536,186
- Cash -€289,479
down €289,479 (-40.1%), from €722,427 to €432,949
mainly Trade debts (-€808,681) and Accrued charges and deferred income (-€206,302)
- Stocks and contracts -€178,526
down €178,526 (-37.9%), from €471,488 to €292,962
- Trade debts -€808,681
down €808,681 (-60.0%), from €1.3m to €540,090
- Accrued charges and deferred income -€206,302
down €206,302 (-65.9%), from €313,111 to €106,809
- Tax, wage and social debts -€89,615
down €89,615 (-50.3%), from €178,245 to €88,630
of which Taxes: -€157,924
- Profit (loss) carried forward +€59,785
up €59,785 (+9.3%), from €642,533 to €702,317
- Staff costs +€761,535
up €761,535 (+894.6%), from €85,122 to €846,657
- Gross operating margin +€264,740
up €264,740 (+36.8%), from €719,285 to €984,025
- Taxes -€128,560
down €128,560 (-82.6%), from €155,553 to €26,993
- Depreciation +€12,343
up €12,343 (+163.8%), from €7,534 to €19,877
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 | €2,515,621 | €1,460,752 | -€1.1m | -41.9% |
| Fixed assets | 21/28 | €134,475 | €141,698 | +€7,223 | +5.4% |
| Intangible fixed assets | 21 | €105,469 | €105,736 | +€267 | +0.3% |
| Tangible fixed assets | 22/27 | €29,006 | €23,230 | -€5,777 | -19.9% |
| Plant, machinery and equipment | 23 | €3,999 | €2,545 | -€1,454 | -36.4% |
| Furniture and vehicles | 24 | €25,007 | €20,684 | -€4,322 | -17.3% |
| Financial fixed assets | 28 | - | €12,732 | +€12,732 | |
| Current assets | 29/58 | €2,381,146 | €1,319,055 | -€1.1m | -44.6% |
| Stocks and contracts in progress | 3 | €471,488 | €292,962 | -€178,526 | -37.9% |
| Stocks | 30/36 | €471,488 | €292,962 | -€178,526 | -37.9% |
| Amounts receivable within one year | 40/41 | €1,184,946 | €593,145 | -€591,801 | -49.9% |
| Trade receivables | 40 | €1,093,666 | €557,480 | -€536,186 | -49.0% |
| Other amounts receivable | 41 | €91,280 | €35,665 | -€55,615 | -60.9% |
| Cash at bank and in hand | 54/58 | €722,427 | €432,949 | -€289,479 | -40.1% |
| Deferred charges and accrued income | 490/1 | €2,286 | €0 | -€2,286 | -100.0% |
| Total equity and liabilities | 10/49 | €2,515,621 | €1,460,752 | -€1.1m | -41.9% |
| Equity | 10/15 | €657,533 | €717,317 | +€59,785 | +9.1% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €642,533 | €702,317 | +€59,785 | +9.3% |
| Amounts payable | 17/49 | €1,858,088 | €743,435 | -€1.1m | -60.0% |
| Amounts payable after more than one year | 17 | €7,872 | €0 | -€7,872 | -100.0% |
| Financial debts | 170/4 | €7,872 | €0 | -€7,872 | -100.0% |
| Amounts payable within one year | 42/48 | €1,537,105 | €636,626 | -€900,479 | -58.6% |
| Current portion of amounts payable after more than one year | 42 | €10,090 | €7,872 | -€2,218 | -22.0% |
| Trade debts | 44 | €1,348,771 | €540,090 | -€808,681 | -60.0% |
| Suppliers | 440/4 | €1,348,771 | €540,090 | -€808,681 | -60.0% |
| Taxes, remuneration and social security | 45 | €178,245 | €88,630 | -€89,615 | -50.3% |
| Taxes | 450/3 | €158,519 | €595 | -€157,924 | -99.6% |
| Remuneration and social security | 454/9 | €19,726 | €88,035 | +€68,309 | +346.3% |
| Other amounts payable | 47/48 | - | €35 | +€35 | |
| Accrued charges and deferred income | 492/3 | €313,111 | €106,809 | -€206,302 | -65.9% |
| Remuneration, social security and pensions | 62 | €85,122 | €846,657 | +€761,535 | +894.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,534 | €19,877 | +€12,343 | +163.8% |
| Other operating charges | 640/8 | €17,766 | €17,490 | -€275 | -1.6% |
| Gross operating margin | 9900 | €719,285 | €984,025 | +€264,740 | +36.8% |
| Operating profit (loss) | 9901 | €608,862 | €100,000 | -€508,862 | -83.6% |
| Financial income | 75/76B | €439 | €37 | -€401 | -91.5% |
| Recurring financial income | 75 | €439 | €37 | -€401 | -91.5% |
| Financial charges | 65/66B | €8,316 | €13,260 | +€4,944 | +59.5% |
| Recurring financial charges | 65 | €8,316 | €13,260 | +€4,944 | +59.5% |
| Profit (loss) for the period before taxes | 9903 | €600,985 | €86,777 | -€514,208 | -85.6% |
| Income taxes | 67/77 | €155,553 | €26,993 | -€128,560 | -82.6% |
| Profit (loss) for the period | 9904 | €445,432 | €59,785 | -€385,648 | -86.6% |
| Profit (loss) for the period to be appropriated | 9905 | €445,432 | €59,785 | -€385,648 | -86.6% |
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 7 October 2026 via checked.be.