ARMCI: 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.
ARMCI
Largest movements
- Stocks and contracts -€72,021
down €72,021 (-29.7%), from €242,515 to €170,494
- Tangible fixed assets -€12,519
down €12,519 (-63.1%), from €19,839 to €7,320
of which Plant, machinery and equipment: -€6,899
- Receivables within one year +€4,242
up €4,242 (+46.9%), from €9,046 to €13,288
of which Trade receivables: +€4,042
- Cash -€3,987
down €3,987 (-72.9%), from €5,467 to €1,480
mainly Trade debts (-€89,297) and Other debts (-€18,212)
- Trade debts -€89,297
down €89,297 (-44.3%), from €201,731 to €112,434
- Other debts -€18,212
no longer reported in 2025 (was €18,212)
- Tax, wage and social debts +€12,300
up €12,300 (+1,032%), from €1,191 to €13,491
of which Remuneration and social security: +€12,000
- Reserves +€6,196
up €6,196 (+24.1%), from €25,733 to €31,928
of which Distributable reserves: +€6,196
- Short-term financial debts +€4,729
new in 2025: €4,729
- Gross operating margin +€9,040
up €9,040 (+58.6%), from €15,435 to €24,475
- Financial income -€3,139
no longer reported in 2025 (was €3,139)
- Taxes +€2,880
new in 2025: €2,880
- Other operating charges -€1,003
down €1,003 (-50.6%), from €1,983 to €980
- Financial charges +€793
up €793 (+71.7%), from €1,107 to €1,900
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 | €276,867 | €192,582 | -€84,285 | -30.4% |
| Fixed assets | 21/28 | €19,839 | €7,320 | -€12,519 | -63.1% |
| Tangible fixed assets | 22/27 | €19,839 | €7,320 | -€12,519 | -63.1% |
| Plant, machinery and equipment | 23 | €8,599 | €1,700 | -€6,899 | -80.2% |
| Furniture and vehicles | 24 | €11,240 | €5,620 | -€5,620 | -50.0% |
| Current assets | 29/58 | €257,028 | €185,262 | -€71,766 | -27.9% |
| Stocks and contracts in progress | 3 | €242,515 | €170,494 | -€72,021 | -29.7% |
| Stocks | 30/36 | €242,515 | €170,494 | -€72,021 | -29.7% |
| Amounts receivable within one year | 40/41 | €9,046 | €13,288 | +€4,242 | +46.9% |
| Trade receivables | 40 | €8,896 | €12,938 | +€4,042 | +45.4% |
| Other amounts receivable | 41 | €150 | €350 | +€200 | +133% |
| Cash at bank and in hand | 54/58 | €5,467 | €1,480 | -€3,987 | -72.9% |
| Total equity and liabilities | 10/49 | €276,867 | €192,582 | -€84,285 | -30.4% |
| Equity | 10/15 | €55,733 | €61,928 | +€6,196 | +11.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €25,733 | €31,928 | +€6,196 | +24.1% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €22,733 | €28,928 | +€6,196 | +27.3% |
| Amounts payable | 17/49 | €221,134 | €130,654 | -€90,481 | -40.9% |
| Amounts payable within one year | 42/48 | €221,134 | €130,654 | -€90,481 | -40.9% |
| Financial debts | 43 | - | €4,729 | +€4,729 | |
| Credit institutions | 430/8 | - | €4,729 | +€4,729 | |
| Trade debts | 44 | €201,731 | €112,434 | -€89,297 | -44.3% |
| Suppliers | 440/4 | €201,731 | €112,434 | -€89,297 | -44.3% |
| Taxes, remuneration and social security | 45 | €1,191 | €13,491 | +€12,300 | +1,032% |
| Taxes | 450/3 | €1,191 | €1,491 | +€300 | +25.1% |
| Remuneration and social security | 454/9 | - | €12,000 | +€12,000 | |
| Other amounts payable | 47/48 | €18,212 | - | -€18,212 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,519 | €12,519 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,983 | €980 | -€1,003 | -50.6% |
| Non-recurring operating charges | 66A | €63 | - | -€63 | |
| Gross operating margin | 9900 | €15,435 | €24,475 | +€9,040 | +58.6% |
| Operating profit (loss) | 9901 | €870 | €10,976 | +€10,106 | +1,162% |
| Financial income | 75/76B | €3,139 | - | -€3,139 | |
| Recurring financial income | 75 | €3,139 | - | -€3,139 | |
| Financial charges | 65/66B | €1,107 | €1,900 | +€793 | +71.7% |
| Recurring financial charges | 65 | €1,107 | €1,900 | +€793 | +71.7% |
| Profit (loss) for the period before taxes | 9903 | €2,903 | €9,076 | +€6,173 | +213% |
| Income taxes | 67/77 | - | €2,880 | +€2,880 | |
| Profit (loss) for the period | 9904 | €2,903 | €6,196 | +€3,293 | +113% |
| Profit (loss) for the period to be appropriated | 9905 | €2,903 | €6,196 | +€3,293 | +113% |
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 31 October 2026 via checked.be.