ARMOISE: 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.
ARMOISE
Largest movements
- Current investments -€47,708
down €47,708 (-91.5%), from €52,132 to €4,424
- Tangible fixed assets +€7,307
up €7,307 (+5.3%), from €138,831 to €146,138
of which Other tangible fixed assets: +€23,623
- Profit (loss) carried forward -€22,365
down €22,365 (-14.0%), from -€159,266 to -€181,631
- Other debts -€18,253
down €18,253 (-38.1%), from €47,845 to €29,592
- Gross operating margin +€20,674
up €20,674, from -€17,418 to €3,256
- Purchases and services -€20,674
down €20,674 (-62.2%), from €33,247 to €12,573
- Depreciation +€1,918
up €1,918 (+8.9%), from €21,467 to €23,385
- Financial income -€184
down €184 (-58.3%), from €316 to €132
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 | €192,447 | €150,710 | -€41,737 | -21.7% |
| Fixed assets | 21/28 | €138,831 | €146,138 | +€7,307 | +5.3% |
| Tangible fixed assets | 22/27 | €138,831 | €146,138 | +€7,307 | +5.3% |
| Land and buildings | 22 | €91,343 | €83,517 | -€7,826 | -8.6% |
| Furniture and vehicles | 24 | €16,988 | €8,499 | -€8,489 | -50.0% |
| Other tangible fixed assets | 26 | €30,500 | €54,122 | +€23,623 | +77.5% |
| Current assets | 29/58 | €53,616 | €4,572 | -€49,044 | -91.5% |
| Current investments | 50/53 | €52,132 | €4,424 | -€47,708 | -91.5% |
| Cash at bank and in hand | 54/58 | €1,483 | €148 | -€1,336 | -90.0% |
| Total equity and liabilities | 10/49 | €192,447 | €150,710 | -€41,737 | -21.7% |
| Equity | 10/15 | €143,483 | €121,118 | -€22,365 | -15.6% |
| Contributions | 10/11 | €281,505 | €281,505 | = | 0.0% |
| Outside capital | 11 | €281,505 | €281,505 | = | 0.0% |
| Other | 1109/19 | €281,505 | €281,505 | = | 0.0% |
| Reserves | 13 | €21,243 | €21,243 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,493 | €2,493 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,493 | €2,493 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€159,266 | -€181,631 | -€22,365 | -14.0% |
| Amounts payable | 17/49 | €48,964 | €29,592 | -€19,371 | -39.6% |
| Amounts payable within one year | 42/48 | €48,964 | €29,592 | -€19,371 | -39.6% |
| Trade debts | 44 | €1,003 | - | -€1,003 | |
| Suppliers | 440/4 | €1,003 | - | -€1,003 | |
| Taxes, remuneration and social security | 45 | €116 | - | -€116 | |
| Taxes | 450/3 | €116 | - | -€116 | |
| Other amounts payable | 47/48 | €47,845 | €29,592 | -€18,253 | -38.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €33,247 | €12,573 | -€20,674 | -62.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,467 | €23,385 | +€1,918 | +8.9% |
| Other operating charges | 640/8 | €1,933 | €2,044 | +€112 | +5.8% |
| Gross operating margin | 9900 | -€17,418 | €3,256 | +€20,674 | |
| Operating profit (loss) | 9901 | -€40,817 | -€22,173 | +€18,644 | +45.7% |
| Financial income | 75/76B | €316 | €132 | -€184 | -58.3% |
| Recurring financial income | 75 | €316 | €132 | -€184 | -58.3% |
| Financial charges | 65/66B | €333 | €287 | -€46 | -13.8% |
| Recurring financial charges | 65 | €333 | €287 | -€46 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | -€40,835 | -€22,329 | +€18,506 | +45.3% |
| Income taxes | 67/77 | €117 | €37 | -€80 | -68.7% |
| Profit (loss) for the period | 9904 | -€40,952 | -€22,365 | +€18,587 | +45.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,952 | -€22,365 | +€18,587 | +45.4% |
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 28 September 2026 via checked.be.