ArmenTeKort: 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.
ArmenTeKort
Largest movements
- Receivables within one year -€287,033
down €287,033 (-79.6%), from €360,774 to €73,741
of which Trade receivables: -€289,866
- Cash -€13,503
down €13,503 (-4.4%), from €307,010 to €293,507
mainly Accrued charges and deferred income (-€354,935) and Investment in fixed assets (net) (-€11,793)
- Deferred charges and accrued income +€9,970
up €9,970 (+66.9%), from €14,896 to €24,867
- Financial fixed assets +€8,463
up €8,463 (+118%), from €7,177 to €15,640
- Accrued charges and deferred income -€354,935
down €354,935 (-78.2%), from €453,707 to €98,772
- Profit (loss) carried forward +€49,535
up €49,535 (+130%), from €38,131 to €87,666
- Reserves +€18,429
up €18,429 (+22.6%), from €81,571 to €100,000
- Debts within one year +€6,951
up €6,951 (+5.9%), from €117,849 to €124,800
of which Advances received: +€50,999
- Staff costs -€75,580
down €75,580 (-19.8%), from €381,897 to €306,317
- Gross operating margin -€26,555
down €26,555 (-6.6%), from €403,066 to €376,511
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 | €691,258 | €411,238 | -€280,021 | -40.5% |
| Fixed assets | 21/28 | €8,578 | €19,124 | +€10,546 | +123% |
| Tangible fixed assets | 22/27 | €1,401 | €3,484 | +€2,083 | +149% |
| Furniture and vehicles | 24 | €714 | €3,402 | +€2,689 | +377% |
| Other tangible fixed assets | 26 | €687 | €81 | -€606 | -88.2% |
| Financial fixed assets | 28 | €7,177 | €15,640 | +€8,463 | +118% |
| Current assets | 29/58 | €682,680 | €392,114 | -€290,566 | -42.6% |
| Amounts receivable within one year | 40/41 | €360,774 | €73,741 | -€287,033 | -79.6% |
| Trade receivables | 40 | €360,774 | €70,907 | -€289,866 | -80.3% |
| Other amounts receivable | 41 | - | €2,833 | +€2,833 | |
| Cash at bank and in hand | 54/58 | €307,010 | €293,507 | -€13,503 | -4.4% |
| Deferred charges and accrued income | 490/1 | €14,896 | €24,867 | +€9,970 | +66.9% |
| Total equity and liabilities | 10/49 | €691,258 | €411,238 | -€280,021 | -40.5% |
| Equity | 10/15 | €119,702 | €187,666 | +€67,964 | +56.8% |
| Reserves | 13 | €81,571 | €100,000 | +€18,429 | +22.6% |
| Profit (loss) carried forward | 14 | €38,131 | €87,666 | +€49,535 | +130% |
| Amounts payable | 17/49 | €571,556 | €223,572 | -€347,985 | -60.9% |
| Amounts payable within one year | 42/48 | €117,849 | €124,800 | +€6,951 | +5.9% |
| Trade debts | 44 | €14,791 | €22,145 | +€7,354 | +49.7% |
| Suppliers | 440/4 | €14,791 | €22,145 | +€7,354 | +49.7% |
| Advances received on contracts in progress | 46 | - | €50,999 | +€50,999 | |
| Taxes, remuneration and social security | 45 | €43,058 | €36,656 | -€6,402 | -14.9% |
| Taxes | 450/3 | €5,125 | €8,311 | +€3,186 | +62.2% |
| Remuneration and social security | 454/9 | €37,933 | €28,344 | -€9,589 | -25.3% |
| Accrued charges and deferred income | 492/3 | €453,707 | €98,772 | -€354,935 | -78.2% |
| Remuneration, social security and pensions | 62 | €381,897 | €306,317 | -€75,580 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,274 | €1,247 | -€3,026 | -70.8% |
| Other operating charges | 640/8 | €302 | - | -€302 | |
| Gross operating margin | 9900 | €403,066 | €376,511 | -€26,555 | -6.6% |
| Operating profit (loss) | 9901 | €16,593 | €68,947 | +€52,354 | +316% |
| Financial income | 75/76B | €72 | €11 | -€62 | -85.1% |
| Recurring financial income | 75 | €72 | €11 | -€62 | -85.1% |
| Financial charges | 65/66B | €908 | €994 | +€86 | +9.5% |
| Recurring financial charges | 65 | €908 | €994 | +€86 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €15,758 | €67,964 | +€52,206 | +331% |
| Profit (loss) for the period | 9904 | €15,758 | €67,964 | +€52,206 | +331% |
| Profit (loss) for the period to be appropriated | 9905 | €15,758 | €67,964 | +€52,206 | +331% |
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 22 October 2026 via checked.be.