ARMATOP: 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.
ARMATOP
Largest movements
- Cash -€195,924
down €195,924 (-87.2%), from €224,650 to €28,725
mainly Contributions, distributions and other (-€235,294) and Other debts (-€60,233)
- Receivables within one year +€45,598
up €45,598 (+72.9%), from €62,522 to €108,120
of which Trade receivables: +€52,366
- Tangible fixed assets -€39,203
down €39,203 (-27.6%), from €141,942 to €102,739
- Reserves -€88,226
down €88,226 (-14.4%), from €613,442 to €525,216
- Other debts -€60,233
down €60,233 (-25.0%), from €240,841 to €180,608
- Tax, wage and social debts -€40,906
down €40,906 (-77.6%), from €52,727 to €11,822
- Gross operating margin +€20,945
up €20,945 (+9.5%), from €219,499 to €240,443
- Taxes +€4,570
up €4,570 (+9.7%), from €47,189 to €51,759
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 | €928,198 | €738,774 | -€189,425 | -20.4% |
| Fixed assets | 21/28 | €639,142 | €599,939 | -€39,203 | -6.1% |
| Tangible fixed assets | 22/27 | €141,942 | €102,739 | -€39,203 | -27.6% |
| Furniture and vehicles | 24 | €141,942 | €102,739 | -€39,203 | -27.6% |
| Financial fixed assets | 28 | €497,200 | €497,200 | = | 0.0% |
| Current assets | 29/58 | €289,057 | €138,835 | -€150,222 | -52.0% |
| Amounts receivable within one year | 40/41 | €62,522 | €108,120 | +€45,598 | +72.9% |
| Trade receivables | 40 | €55,754 | €108,120 | +€52,366 | +93.9% |
| Other amounts receivable | 41 | €6,768 | - | -€6,768 | |
| Cash at bank and in hand | 54/58 | €224,650 | €28,725 | -€195,924 | -87.2% |
| Deferred charges and accrued income | 490/1 | €1,884 | €1,989 | +€105 | +5.6% |
| Total equity and liabilities | 10/49 | €928,198 | €738,774 | -€189,425 | -20.4% |
| Equity | 10/15 | €632,042 | €543,816 | -€88,226 | -14.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €613,442 | €525,216 | -€88,226 | -14.4% |
| Distributable reserves | 133 | €613,442 | €525,216 | -€88,226 | -14.4% |
| Amounts payable | 17/49 | €296,156 | €194,958 | -€101,198 | -34.2% |
| Amounts payable within one year | 42/48 | €295,113 | €193,992 | -€101,121 | -34.3% |
| Trade debts | 44 | €1,545 | €1,562 | +€18 | +1.1% |
| Suppliers | 440/4 | €1,545 | €1,562 | +€18 | +1.1% |
| Taxes, remuneration and social security | 45 | €52,727 | €11,822 | -€40,906 | -77.6% |
| Taxes | 450/3 | €52,727 | €11,822 | -€40,906 | -77.6% |
| Other amounts payable | 47/48 | €240,841 | €180,608 | -€60,233 | -25.0% |
| Accrued charges and deferred income | 492/3 | €1,043 | €966 | -€77 | -7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,927 | €39,203 | -€724 | -1.8% |
| Other operating charges | 640/8 | €1,345 | €1,707 | +€362 | +26.9% |
| Gross operating margin | 9900 | €219,499 | €240,443 | +€20,945 | +9.5% |
| Operating profit (loss) | 9901 | €178,227 | €199,534 | +€21,307 | +12.0% |
| Financial charges | 65/66B | €153 | €706 | +€553 | +361% |
| Recurring financial charges | 65 | €153 | €706 | +€553 | +361% |
| Profit (loss) for the period before taxes | 9903 | €178,073 | €198,827 | +€20,754 | +11.7% |
| Income taxes | 67/77 | €47,189 | €51,759 | +€4,570 | +9.7% |
| Profit (loss) for the period | 9904 | €130,884 | €147,068 | +€16,184 | +12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €130,884 | €147,068 | +€16,184 | +12.4% |
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 15 October 2026 via checked.be.