ARMINIUS: 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.
ARMINIUS
Largest movements
- Tangible fixed assets +€761,970
up €761,970 (+85.9%), from €886,918 to €1.6m
of which Land and buildings: +€764,995
- Cash +€176,281
up €176,281 (+940.7%), from €18,739 to €195,020
mainly Debts after one year (+€542,263) and Contributions, distributions and other (+€439,962)
- Debts after one year +€542,263
up €542,263 (+78.7%), from €688,776 to €1.2m
- Contributions +€439,962
up €439,962 (+440.0%), from €100,000 to €539,962
- Profit (loss) carried forward -€70,153
new in 2025: -€70,153
- Current portion of long-term debt +€34,213
up €34,213 (+46.5%), from €73,524 to €107,737
- Other operating charges +€98,478
up €98,478 (+1803.2%), from €5,461 to €103,939
- Gross operating margin -€25,024
down €25,024 (-20.6%), from €121,333 to €96,308
- Taxes -€11,938
no longer reported in 2025 (was €11,938)
- Financial charges +€1,407
up €1,407 (+17.4%), from €8,094 to €9,501
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 | €907,112 | €1,845,380 | +€938,268 | +103.4% |
| Fixed assets | 21/28 | €886,918 | €1,648,888 | +€761,970 | +85.9% |
| Tangible fixed assets | 22/27 | €886,918 | €1,648,888 | +€761,970 | +85.9% |
| Land and buildings | 22 | €872,238 | €1,637,233 | +€764,995 | +87.7% |
| Plant, machinery and equipment | 23 | €14,680 | €11,655 | -€3,025 | -20.6% |
| Current assets | 29/58 | €20,194 | €196,492 | +€176,298 | +873.0% |
| Cash at bank and in hand | 54/58 | €18,739 | €195,020 | +€176,281 | +940.7% |
| Deferred charges and accrued income | 490/1 | €1,455 | €1,472 | +€17 | +1.2% |
| Total equity and liabilities | 10/49 | €907,112 | €1,845,380 | +€938,268 | +103.4% |
| Equity | 10/15 | €131,872 | €501,681 | +€369,809 | +280.4% |
| Contributions | 10/11 | €100,000 | €539,962 | +€439,962 | +440.0% |
| Reserves | 13 | €31,872 | €31,872 | = | 0.0% |
| Distributable reserves | 133 | €31,872 | €31,872 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€70,153 | -€70,153 | |
| Amounts payable | 17/49 | €775,240 | €1,343,699 | +€568,459 | +73.3% |
| Amounts payable after more than one year | 17 | €688,776 | €1,231,039 | +€542,263 | +78.7% |
| Financial debts | 170/4 | €688,776 | €1,231,039 | +€542,263 | +78.7% |
| Amounts payable within one year | 42/48 | €86,464 | €109,160 | +€22,696 | +26.2% |
| Current portion of amounts payable after more than one year | 42 | €73,524 | €107,737 | +€34,213 | +46.5% |
| Trade debts | 44 | €1,002 | €1,423 | +€421 | +42.0% |
| Suppliers | 440/4 | €1,002 | €1,423 | +€421 | +42.0% |
| Taxes, remuneration and social security | 45 | €11,938 | - | -€11,938 | |
| Taxes | 450/3 | €11,938 | - | -€11,938 | |
| Accrued charges and deferred income | 492/3 | - | €3,500 | +€3,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,291 | €53,030 | +€739 | +1.4% |
| Other operating charges | 640/8 | €5,461 | €103,939 | +€98,478 | +1803.2% |
| Gross operating margin | 9900 | €121,333 | €96,308 | -€25,024 | -20.6% |
| Operating profit (loss) | 9901 | €63,581 | -€60,661 | -€124,241 | |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €8,094 | €9,501 | +€1,407 | +17.4% |
| Recurring financial charges | 65 | €8,094 | €9,501 | +€1,407 | +17.4% |
| Profit (loss) for the period before taxes | 9903 | €55,486 | -€70,153 | -€125,639 | |
| Income taxes | 67/77 | €11,938 | - | -€11,938 | |
| Profit (loss) for the period | 9904 | €43,548 | -€70,153 | -€113,701 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,548 | -€70,153 | -€113,701 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.