ARMATO: 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.
ARMATO
Largest movements
- Receivables within one year +€154,233
up €154,233 (+699.9%), from €22,037 to €176,270
of which Other amounts receivable: +€112,171
- Cash -€72,165
down €72,165 (-29.5%), from €244,408 to €172,243
mainly Receivables within one year (-€154,233) and Investment in fixed assets (net) (-€36,134)
- Tangible fixed assets +€33,604
up €33,604 (+826.1%), from €4,068 to €37,671
of which Land and buildings: +€24,909
- Reserves +€68,241
up €68,241 (+26.6%), from €256,868 to €325,109
- Trade debts +€39,696
up €39,696 (+2668.2%), from €1,488 to €41,183
- Tax, wage and social debts +€7,734
up €7,734 (+66.9%), from €11,558 to €19,292
- Gross operating margin -€162,180
down €162,180 (-63.4%), from €255,816 to €93,635
- Taxes -€37,348
down €37,348 (-61.5%), from €60,748 to €23,400
- Financial income +€3,797
up €3,797 (+639.8%), from €593 to €4,391
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 | €270,914 | €386,585 | +€115,671 | +42.7% |
| Fixed assets | 21/28 | €4,468 | €38,071 | +€33,604 | +752.1% |
| Tangible fixed assets | 22/27 | €4,068 | €37,671 | +€33,604 | +826.1% |
| Land and buildings | 22 | - | €24,909 | +€24,909 | |
| Plant, machinery and equipment | 23 | - | €9,811 | +€9,811 | |
| Furniture and vehicles | 24 | €4,068 | €2,951 | -€1,117 | -27.5% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €266,446 | €348,513 | +€82,068 | +30.8% |
| Amounts receivable within one year | 40/41 | €22,037 | €176,270 | +€154,233 | +699.9% |
| Trade receivables | 40 | €8,608 | €50,670 | +€42,062 | +488.6% |
| Other amounts receivable | 41 | €13,429 | €125,600 | +€112,171 | +835.3% |
| Cash at bank and in hand | 54/58 | €244,408 | €172,243 | -€72,165 | -29.5% |
| Total equity and liabilities | 10/49 | €270,914 | €386,585 | +€115,671 | +42.7% |
| Equity | 10/15 | €257,868 | €326,109 | +€68,241 | +26.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €256,868 | €325,109 | +€68,241 | +26.6% |
| Distributable reserves | 133 | €256,868 | €325,109 | +€68,241 | +26.6% |
| Amounts payable | 17/49 | €13,046 | €60,475 | +€47,430 | +363.6% |
| Amounts payable within one year | 42/48 | €13,046 | €60,475 | +€47,430 | +363.6% |
| Trade debts | 44 | €1,488 | €41,183 | +€39,696 | +2668.2% |
| Suppliers | 440/4 | €1,488 | €41,183 | +€39,696 | +2668.2% |
| Taxes, remuneration and social security | 45 | €11,558 | €19,292 | +€7,734 | +66.9% |
| Taxes | 450/3 | €11,558 | €19,292 | +€7,734 | +66.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €676 | €2,531 | +€1,855 | +274.5% |
| Other operating charges | 640/8 | €1,213 | €3,739 | +€2,526 | +208.3% |
| Gross operating margin | 9900 | €255,816 | €93,635 | -€162,180 | -63.4% |
| Operating profit (loss) | 9901 | €253,927 | €87,366 | -€166,561 | -65.6% |
| Financial income | 75/76B | €593 | €4,391 | +€3,797 | +639.8% |
| Recurring financial income | 75 | €593 | €4,391 | +€3,797 | +639.8% |
| Financial charges | 65/66B | €191 | €115 | -€76 | -39.7% |
| Recurring financial charges | 65 | €191 | €115 | -€76 | -39.7% |
| Profit (loss) for the period before taxes | 9903 | €254,330 | €91,641 | -€162,688 | -64.0% |
| Income taxes | 67/77 | €60,748 | €23,400 | -€37,348 | -61.5% |
| Profit (loss) for the period | 9904 | €193,581 | €68,241 | -€125,340 | -64.7% |
| Profit (loss) for the period to be appropriated | 9905 | €193,581 | €68,241 | -€125,340 | -64.7% |
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 12 October 2026 via checked.be.