ARMO PROJECTS: 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.
ARMO PROJECTS
Largest movements
- Stocks and contracts +€1.7m
up €1.7m (+35.6%), from €4.8m to €6.5m
- Receivables within one year +€632,953
up €632,953 (+117.2%), from €539,882 to €1.2m
of which Other amounts receivable: +€632,953
- Cash -€351,351
down €351,351 (-61.8%), from €568,544 to €217,193
mainly Stocks and contracts (-€1.7m) and Receivables within one year (-€632,953)
- Debts after one year +€1.3m
up €1.3m (+36.4%), from €3.6m to €4.9m
of which Financial debts: +€1.3m
- Reserves +€409,363
up €409,363 (+31.6%), from €1.3m to €1.7m
of which Distributable reserves: +€409,363
- Current portion of long-term debt +€337,031
up €337,031 (+33.6%), from €1.0m to €1.3m
- Gross operating margin +€680,790
up €680,790 (+480.3%), from €141,752 to €822,542
- Financial income -€575,223
down €575,223 (-99.0%), from €581,296 to €6,073
- Taxes +€134,053
up €134,053 (+5665.8%), from €2,366 to €136,419
- Financial charges +€43,287
up €43,287 (+31.8%), from €136,106 to €179,393
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 | €6,209,745 | €8,210,093 | +€2.0m | +32.2% |
| Fixed assets | 21/28 | €43,337 | €42,104 | -€1,233 | -2.8% |
| Intangible fixed assets | 21 | €897 | €762 | -€135 | -15.0% |
| Tangible fixed assets | 22/27 | €32,441 | €31,342 | -€1,099 | -3.4% |
| Land and buildings | 22 | €31,807 | €31,007 | -€800 | -2.5% |
| Furniture and vehicles | 24 | €634 | €336 | -€299 | -47.1% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €6,166,408 | €8,167,989 | +€2.0m | +32.5% |
| Amounts receivable after more than one year | 29 | €230,000 | €230,000 | = | 0.0% |
| Other amounts receivable | 291 | €230,000 | €230,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €4,827,483 | €6,547,711 | +€1.7m | +35.6% |
| Stocks | 30/36 | €4,827,483 | €6,547,711 | +€1.7m | +35.6% |
| Amounts receivable within one year | 40/41 | €539,882 | €1,172,835 | +€632,953 | +117.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €539,882 | €1,172,835 | +€632,953 | +117.2% |
| Cash at bank and in hand | 54/58 | €568,544 | €217,193 | -€351,351 | -61.8% |
| Deferred charges and accrued income | 490/1 | €500 | €250 | -€250 | -50.0% |
| Total equity and liabilities | 10/49 | €6,209,745 | €8,210,093 | +€2.0m | +32.2% |
| Equity | 10/15 | €1,313,789 | €1,723,152 | +€409,363 | +31.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,295,189 | €1,704,552 | +€409,363 | +31.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,295,189 | €1,704,552 | +€409,363 | +31.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,895,956 | €6,486,941 | +€1.6m | +32.5% |
| Amounts payable after more than one year | 17 | €3,607,065 | €4,918,698 | +€1.3m | +36.4% |
| Financial debts | 170/4 | €2,446,065 | €3,757,698 | +€1.3m | +53.6% |
| Other amounts payable | 178/9 | €1,161,000 | €1,161,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,288,891 | €1,558,243 | +€269,351 | +20.9% |
| Current portion of amounts payable after more than one year | 42 | €1,002,114 | €1,339,145 | +€337,031 | +33.6% |
| Financial debts | 43 | €16,916 | €16,853 | -€63 | -0.4% |
| Credit institutions | 430/8 | €16,916 | €16,853 | -€63 | -0.4% |
| Trade debts | 44 | €41,017 | €37,755 | -€3,262 | -8.0% |
| Suppliers | 440/4 | €41,017 | €37,755 | -€3,262 | -8.0% |
| Taxes, remuneration and social security | 45 | €7,867 | €8,284 | +€417 | +5.3% |
| Taxes | 450/3 | €7,867 | €8,284 | +€417 | +5.3% |
| Other amounts payable | 47/48 | €220,978 | €156,206 | -€64,772 | -29.3% |
| Accrued charges and deferred income | 492/3 | €0 | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,903 | €1,233 | -€2,670 | -68.4% |
| Other operating charges | 640/8 | €1,291 | €2,207 | +€916 | +70.9% |
| Gross operating margin | 9900 | €141,752 | €822,542 | +€680,790 | +480.3% |
| Operating profit (loss) | 9901 | €136,558 | €819,102 | +€682,544 | +499.8% |
| Financial income | 75/76B | €581,296 | €6,073 | -€575,223 | -99.0% |
| Recurring financial income | 75 | €581,296 | €6,073 | -€575,223 | -99.0% |
| Financial charges | 65/66B | €136,106 | €179,393 | +€43,287 | +31.8% |
| Recurring financial charges | 65 | €136,106 | €179,393 | +€43,287 | +31.8% |
| Profit (loss) for the period before taxes | 9903 | €581,748 | €645,782 | +€64,035 | +11.0% |
| Income taxes | 67/77 | €2,366 | €136,419 | +€134,053 | +5665.8% |
| Profit (loss) for the period | 9904 | €579,382 | €509,363 | -€70,019 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €579,382 | €509,363 | -€70,019 | -12.1% |
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 9 October 2026 via checked.be.