ARMOFIN: what changed
ARMOFIN
Largest movements
- Receivables within one year +€69,070
up €69,070 (+266%), from €25,930 to €95,000
of which Other amounts receivable: +€95,000
- Financial fixed assets +€40,000
new in 2025: €40,000
- Stocks and contracts +€35,788
up €35,788 (+88.5%), from €40,449 to €76,237
- Tangible fixed assets -€9,481
down €9,481 (-40.3%), from €23,508 to €14,026
- Cash +€7,309
up €7,309 (+6.8%), from €107,497 to €114,806
mainly Net result for the year (+€104,367) and Tax, wage and social debts (+€42,046)
- Reserves +€104,367
up €104,367 (+85.4%), from €122,169 to €226,536
- Tax, wage and social debts +€42,046
up €42,046 (+61.7%), from €68,101 to €110,147
of which Taxes: +€43,549
- Gross operating margin -€31,549
down €31,549 (-16.4%), from €192,571 to €161,022
- Taxes -€9,154
down €9,154 (-16.9%), from €54,248 to €45,094
- Depreciation -€4,587
down €4,587 (-32.6%), from €14,068 to €9,481
- Staff costs +€2,764
new in 2025: €2,764
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €198,249 | €341,982 | +€143,733 | +72.5% |
| Fixed assets | 21/28 | €23,508 | €54,026 | +€30,519 | +130% |
| Tangible fixed assets | 22/27 | €23,508 | €14,026 | -€9,481 | -40.3% |
| Furniture and vehicles | 24 | €23,508 | €14,026 | -€9,481 | -40.3% |
| Financial fixed assets | 28 | - | €40,000 | +€40,000 | |
| Current assets | 29/58 | €174,741 | €287,955 | +€113,215 | +64.8% |
| Stocks and contracts in progress | 3 | €40,449 | €76,237 | +€35,788 | +88.5% |
| Stocks | 30/36 | €40,449 | €76,237 | +€35,788 | +88.5% |
| Amounts receivable within one year | 40/41 | €25,930 | €95,000 | +€69,070 | +266% |
| Trade receivables | 40 | €25,930 | - | -€25,930 | |
| Other amounts receivable | 41 | - | €95,000 | +€95,000 | |
| Cash at bank and in hand | 54/58 | €107,497 | €114,806 | +€7,309 | +6.8% |
| Deferred charges and accrued income | 490/1 | €865 | €1,912 | +€1,048 | +121% |
| Total equity and liabilities | 10/49 | €198,249 | €341,982 | +€143,733 | +72.5% |
| Equity | 10/15 | €127,169 | €231,536 | +€104,367 | +82.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €122,169 | €226,536 | +€104,367 | +85.4% |
| Distributable reserves | 133 | €122,169 | €226,536 | +€104,367 | +85.4% |
| Amounts payable | 17/49 | €71,080 | €110,446 | +€39,366 | +55.4% |
| Amounts payable within one year | 42/48 | €71,080 | €110,446 | +€39,366 | +55.4% |
| Trade debts | 44 | €1,533 | €299 | -€1,234 | -80.5% |
| Suppliers | 440/4 | €1,533 | €299 | -€1,234 | -80.5% |
| Taxes, remuneration and social security | 45 | €68,101 | €110,147 | +€42,046 | +61.7% |
| Taxes | 450/3 | €66,598 | €110,147 | +€43,549 | +65.4% |
| Remuneration and social security | 454/9 | €1,503 | - | -€1,503 | |
| Other amounts payable | 47/48 | €1,446 | - | -€1,446 | |
| Remuneration, social security and pensions | 62 | - | €2,764 | +€2,764 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,068 | €9,481 | -€4,587 | -32.6% |
| Other operating charges | 640/8 | €1,985 | €698 | -€1,287 | -64.8% |
| Gross operating margin | 9900 | €192,571 | €161,022 | -€31,549 | -16.4% |
| Operating profit (loss) | 9901 | €176,518 | €148,079 | -€28,439 | -16.1% |
| Financial income | 75/76B | - | €1,452 | +€1,452 | |
| Recurring financial income | 75 | - | €1,452 | +€1,452 | |
| Financial charges | 65/66B | €101 | €70 | -€31 | -30.4% |
| Recurring financial charges | 65 | €101 | €70 | -€31 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | €176,417 | €149,460 | -€26,956 | -15.3% |
| Income taxes | 67/77 | €54,248 | €45,094 | -€9,154 | -16.9% |
| Profit (loss) for the period | 9904 | €122,169 | €104,367 | -€17,802 | -14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €122,169 | €104,367 | -€17,802 | -14.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.