ARMENO: 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.
ARMENO
Largest movements
- Receivables within one year +€78,936
up €78,936 (+403.1%), from €19,581 to €98,517
of which Trade receivables: +€76,984
- Cash -€52,087
down €52,087 (-24.7%), from €210,697 to €158,610
- Tangible fixed assets -€17,942
no longer reported in 2025 (was €17,942)
- Profit (loss) carried forward +€38,119
up €38,119 (+20.3%), from €188,012 to €226,131
- Trade debts -€15,402
down €15,402 (-92.2%), from €16,698 to €1,297
- Current portion of long-term debt -€10,860
no longer reported in 2025 (was €10,860)
- Debts after one year -€4,850
no longer reported in 2025 (was €4,850)
- Gross operating margin -€20,037
down €20,037 (-28.7%), from €69,706 to €49,669
- Depreciation -€17,942
no longer reported in 2025 (was €17,942)
- Taxes +€15,467
up €15,467 (+1786.8%), from €866 to €16,332
- Other operating charges +€2,812
new in 2025: €2,812
- Financial charges +€1,600
up €1,600 (+1116.8%), from €143 to €1,743
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €252,061 | €261,077 | +€9,016 | +3.6% |
| Fixed assets | 21/28 | €19,942 | €2,000 | -€17,942 | -90.0% |
| Tangible fixed assets | 22/27 | €17,942 | - | -€17,942 | |
| Furniture and vehicles | 24 | €17,942 | - | -€17,942 | |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €232,119 | €259,077 | +€26,959 | +11.6% |
| Stocks and contracts in progress | 3 | €1,841 | €1,951 | +€110 | +6.0% |
| Stocks | 30/36 | €1,841 | €1,951 | +€110 | +6.0% |
| Amounts receivable within one year | 40/41 | €19,581 | €98,517 | +€78,936 | +403.1% |
| Trade receivables | 40 | €19,454 | €96,438 | +€76,984 | +395.7% |
| Other amounts receivable | 41 | €127 | €2,078 | +€1,952 | +1541.8% |
| Cash at bank and in hand | 54/58 | €210,697 | €158,610 | -€52,087 | -24.7% |
| Total equity and liabilities | 10/49 | €252,061 | €261,077 | +€9,016 | +3.6% |
| Equity | 10/15 | €211,472 | €249,591 | +€38,119 | +18.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,860 | €4,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €188,012 | €226,131 | +€38,119 | +20.3% |
| Amounts payable | 17/49 | €40,588 | €11,486 | -€29,102 | -71.7% |
| Amounts payable after more than one year | 17 | €4,850 | - | -€4,850 | |
| Financial debts | 170/4 | €4,850 | - | -€4,850 | |
| Amounts payable within one year | 42/48 | €35,738 | €11,486 | -€24,252 | -67.9% |
| Current portion of amounts payable after more than one year | 42 | €10,860 | - | -€10,860 | |
| Trade debts | 44 | €16,698 | €1,297 | -€15,402 | -92.2% |
| Suppliers | 440/4 | €16,698 | €1,297 | -€15,402 | -92.2% |
| Advances received on contracts in progress | 46 | €1,828 | - | -€1,828 | |
| Taxes, remuneration and social security | 45 | €6,352 | €8,666 | +€2,314 | +36.4% |
| Taxes | 450/3 | €6,352 | €7,173 | +€821 | +12.9% |
| Remuneration and social security | 454/9 | - | €1,493 | +€1,493 | |
| Other amounts payable | 47/48 | - | €1,523 | +€1,523 | |
| Remuneration, social security and pensions | 62 | €7,574 | €8,180 | +€606 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,942 | - | -€17,942 | |
| Other operating charges | 640/8 | - | €2,812 | +€2,812 | |
| Gross operating margin | 9900 | €69,706 | €49,669 | -€20,037 | -28.7% |
| Operating profit (loss) | 9901 | €44,190 | €38,677 | -€5,513 | -12.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €143 | €1,743 | +€1,600 | +1116.8% |
| Recurring financial charges | 65 | €143 | €1,743 | +€1,600 | +1116.8% |
| Profit (loss) for the period before taxes | 9903 | €44,046 | €36,934 | -€7,113 | -16.1% |
| Income taxes | 67/77 | €866 | €16,332 | +€15,467 | +1786.8% |
| Profit (loss) for the period | 9904 | €43,181 | €20,601 | -€22,579 | -52.3% |
| Profit (loss) for the period to be appropriated | 9905 | €43,181 | €20,601 | -€22,579 | -52.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 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.