ARMONEA: 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.
What changed
ARMONEA
NACE 87.301, Residential care activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€51.3m
2024 · -€39.9m-€11.4m
Equity
-€12.3m
2024 · €39.0m-€51.3m
Cash
€29.0m
2024 · €4.4m+€24.6m
Balance sheet total
€215.5m
2024 · €218.1m-€2.6m
Largest movements
Assets
- Financial fixed assets -€27.4m
down €27.4m (-18.6%), from €147.2m to €119.8m
of which Affiliated companies: -€27.7m
- Cash +€24.6m
up €24.6m (+557.2%), from €4.4m to €29.0m
mainly Debts after one year (+€51.2m) and Investment in fixed assets (net) (+€21.1m)
Equity and liabilities
- Profit (loss) carried forward -€51.3m
down €51.3m (-64.1%), from -€80.0m to -€131.3m
- Debts after one year +€51.2m
up €51.2m (+68.7%), from €74.5m to €125.8m
of which Financial debts: +€50.9m
- Short-term financial debts -€5.1m
down €5.1m (-24.6%), from €20.6m to €15.6m
of which Credit institutions: -€3.9m
- Tax, wage and social debts +€2.3m
up €2.3m (+6.9%), from €33.6m to €35.9m
of which Taxes: +€2.3m
Income statement
- Financial charges +€6.5m
up €6.5m (+25.0%), from €26.0m to €32.5m
of which Non-recurring financial charges: +€13.4m
- Turnover +€5.2m
up €5.2m (+2.4%), from €220.6m to €225.9m
- Services and other goods +€5.0m
up €5.0m (+4.5%), from €109.9m to €114.9m
- Other operating income -€3.1m
down €3.1m (-7.4%), from €41.9m to €38.8m
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.
Result 2024
-€39.9m
Turnover
+€5.2m
Other operating income
-€3.1m
Goods and materials
-€795,485
Services and other goods
-€5.0m
Staff costs
-€744,669
Depreciation
+€225,875
Write-downs
-€110,656
Provisions
+€196,453
Other operating charges
+€216,089
Other operating items
-€891,785
Financial income
-€72,625
Financial charges
-€6.5m
Taxes
-€38,285
Result 2025
-€51.3m
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.
From operations
-€42.8m
Investment
+€21.1m
Financing
+€46.3m
Cash 2024
€4.4m
From operations (derived)
-€42.8m
Net result for the year
-€51.3m
Depreciation
+€6.7m
Smaller working-capital items
+€36,038
Receivables within one year
-€238,887
Deferred charges and accrued income
-€374,104
Trade debts
+€1.6m
Tax, wage and social debts
+€2.3m
Other debts
-€1.7m
Accrued charges and deferred income
+€134,660
Investment (derived)
+€21.1m
Investment in fixed assets (net)
+€21.1m
Financing
+€46.3m
Debts after one year
+€51.2m
Current portion of long-term debt
+€191,876
Short-term financial debts
-€5.1m
Cash 2025
€29.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €218,127,971 | €215,482,047 | -€2.6m | -1.2% |
| Formation expenses | 20 | €2,751,992 | €2,490,841 | -€261,151 | -9.5% |
| Fixed assets | 21/28 | €171,465,932 | €143,990,268 | -€27.5m | -16.0% |
| Intangible fixed assets | 21 | €6,905,897 | €6,257,112 | -€648,785 | -9.4% |
| Tangible fixed assets | 22/27 | €17,368,545 | €17,943,078 | +€574,534 | +3.3% |
| Plant, machinery and equipment | 23 | €12,689,458 | €13,812,027 | +€1.1m | +8.8% |
| Furniture and vehicles | 24 | €1,195,642 | €1,115,954 | -€79,688 | -6.7% |
| Leasing and similar rights | 25 | - | €1,198,095 | +€1.2m | |
| Other tangible fixed assets | 26 | €1,848,214 | €1,664,002 | -€184,212 | -10.0% |
| Assets under construction and advance payments | 27 | €1,635,230 | €153,000 | -€1.5m | -90.6% |
| Financial fixed assets | 28 | €147,191,491 | €119,790,078 | -€27.4m | -18.6% |
| Affiliated companies | 280/1 | €147,182,791 | €119,474,759 | -€27.7m | -18.8% |
| Participating interests | 280 | €135,182,791 | €110,974,759 | -€24.2m | -17.9% |
| Amounts receivable | 281 | €12,000,000 | €8,500,000 | -€3.5m | -29.2% |
| Other financial fixed assets | 284/8 | €8,700 | €315,319 | +€306,619 | +3524.2% |
| Shares | 284 | €2,400 | €2,400 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €6,300 | €312,919 | +€306,619 | +4866.8% |
| Current assets | 29/58 | €43,910,046 | €69,000,939 | +€25.1m | +57.1% |
| Stocks and contracts in progress | 3 | €891,037 | €770,511 | -€120,526 | -13.5% |
| Stocks | 30/36 | €891,037 | €770,511 | -€120,526 | -13.5% |
| Goods purchased for resale | 34 | €891,037 | €770,511 | -€120,526 | -13.5% |
| Amounts receivable within one year | 40/41 | €32,584,746 | €32,823,632 | +€238,887 | +0.7% |
| Trade receivables | 40 | €22,954,022 | €24,202,022 | +€1.2m | +5.4% |
| Other amounts receivable | 41 | €9,630,723 | €8,621,610 | -€1.0m | -10.5% |
| Cash at bank and in hand | 54/58 | €4,414,712 | €29,013,140 | +€24.6m | +557.2% |
| Deferred charges and accrued income | 490/1 | €6,019,551 | €6,393,656 | +€374,104 | +6.2% |
| Total equity and liabilities | 10/49 | €218,127,971 | €215,482,047 | -€2.6m | -1.2% |
| Equity | 10/15 | €39,047,194 | -€12,259,638 | -€51.3m | |
| Contributions | 10/11 | €119,026,890 | €119,026,890 | = | 0.0% |
| Capital | 10 | €43,942,463 | €43,942,463 | = | 0.0% |
| Issued capital | 100 | €43,942,463 | €43,942,463 | = | 0.0% |
| Outside capital | 11 | €75,084,427 | €75,084,427 | = | 0.0% |
| Share premium | 1100/10 | €75,084,427 | €75,084,427 | = | 0.0% |
| Reserves | 13 | €14,049 | €14,049 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,049 | €14,049 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,993,745 | -€131,300,577 | -€51.3m | -64.1% |
| Provisions and deferred taxes | 16 | €126,068 | €41,579 | -€84,489 | -67.0% |
| Provisions for liabilities and charges | 160/5 | €126,068 | €41,579 | -€84,489 | -67.0% |
| Other liabilities and charges | 164/5 | €126,068 | €41,579 | -€84,489 | -67.0% |
| Amounts payable | 17/49 | €178,954,709 | €227,700,106 | +€48.7m | +27.2% |
| Amounts payable after more than one year | 17 | €74,545,067 | €125,759,186 | +€51.2m | +68.7% |
| Financial debts | 170/4 | €74,245,067 | €125,159,186 | +€50.9m | +68.6% |
| Leasing and similar obligations | 172 | - | €1,025,032 | +€1.0m | |
| Credit institutions | 173 | €245,067 | €134,154 | -€110,913 | -45.3% |
| Other loans | 174 | €74,000,000 | €124,000,000 | +€50.0m | +67.6% |
| Other amounts payable | 178/9 | €300,000 | €600,000 | +€300,000 | +100.0% |
| Amounts payable within one year | 42/48 | €95,068,994 | €92,465,611 | -€2.6m | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €107,279 | €299,155 | +€191,876 | +178.9% |
| Financial debts | 43 | €20,616,153 | €15,552,973 | -€5.1m | -24.6% |
| Credit institutions | 430/8 | €4,249,045 | €324,670 | -€3.9m | -92.4% |
| Other loans | 439 | €16,367,107 | €15,228,303 | -€1.1m | -7.0% |
| Trade debts | 44 | €33,194,391 | €34,822,015 | +€1.6m | +4.9% |
| Suppliers | 440/4 | €33,194,391 | €34,822,015 | +€1.6m | +4.9% |
| Taxes, remuneration and social security | 45 | €33,634,944 | €35,948,387 | +€2.3m | +6.9% |
| Taxes | 450/3 | €4,230,030 | €6,516,922 | +€2.3m | +54.1% |
| Remuneration and social security | 454/9 | €29,404,913 | €29,431,465 | +€26,552 | +0.1% |
| Other amounts payable | 47/48 | €7,516,227 | €5,843,082 | -€1.7m | -22.3% |
| Accrued charges and deferred income | 492/3 | €9,340,649 | €9,475,309 | +€134,660 | +1.4% |
| Operating income | 70/76A | €265,400,539 | €265,194,864 | -€205,675 | -0.1% |
| Turnover | 70 | €220,647,218 | €225,856,316 | +€5.2m | +2.4% |
| Own construction capitalised | 72 | €432,941 | €378,737 | -€54,204 | -12.5% |
| Other operating income | 74 | €41,901,297 | €38,795,231 | -€3.1m | -7.4% |
| Non-recurring operating income | 76A | €2,419,082 | €164,580 | -€2.3m | -93.2% |
| Operating charges | 60/66A | €281,748,121 | €286,343,220 | +€4.6m | +1.6% |
| Goods for resale, raw materials and consumables | 60 | €9,897,364 | €10,692,848 | +€795,485 | +8.0% |
| Purchases | 600/8 | €10,073,721 | €10,572,322 | +€498,600 | +4.9% |
| Change in stocks: decrease (increase) | 609 | -€176,358 | €120,526 | +€296,884 | |
| Services and other goods | 61 | €109,913,208 | €114,912,835 | +€5.0m | +4.5% |
| Remuneration, social security and pensions | 62 | €152,331,937 | €153,076,606 | +€744,669 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,886,516 | €6,660,641 | -€225,875 | -3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,346 | €114,002 | +€110,656 | +3306.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €111,964 | -€84,489 | -€196,453 | |
| Other operating charges | 640/8 | €853,215 | €637,126 | -€216,089 | -25.3% |
| Non-recurring operating charges | 66A | €1,750,572 | €333,651 | -€1.4m | -80.9% |
| Operating profit (loss) | 9901 | -€16,347,583 | -€21,148,356 | -€4.8m | -29.4% |
| Financial income | 75/76B | €2,456,805 | €2,384,180 | -€72,625 | -3.0% |
| Recurring financial income | 75 | €1,127,138 | €1,043,689 | -€83,448 | -7.4% |
| Income from current assets | 751 | €1,107,308 | €1,043,339 | -€63,969 | -5.8% |
| Other financial income | 752/9 | €19,830 | €351 | -€19,479 | -98.2% |
| Non-recurring financial income | 76B | €1,329,668 | €1,340,491 | +€10,824 | +0.8% |
| Financial charges | 65/66B | €25,978,377 | €32,484,944 | +€6.5m | +25.0% |
| Recurring financial charges | 65 | €15,133,377 | €8,276,912 | -€6.9m | -45.3% |
| Debt charges | 650 | €14,119,417 | €6,909,621 | -€7.2m | -51.1% |
| Other financial charges | 652/9 | €1,013,960 | €1,367,291 | +€353,331 | +34.8% |
| Non-recurring financial charges | 66B | €10,845,000 | €24,208,032 | +€13.4m | +123.2% |
| Profit (loss) for the period before taxes | 9903 | -€39,869,155 | -€51,249,119 | -€11.4m | -28.5% |
| Income taxes | 67/77 | €19,428 | €57,713 | +€38,285 | +197.1% |
| Taxes | 670/3 | €19,428 | €57,713 | +€38,285 | +197.1% |
| Profit (loss) for the period | 9904 | -€39,888,583 | -€51,306,832 | -€11.4m | -28.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,888,583 | -€51,306,832 | -€11.4m | -28.6% |
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 4 October 2026 via checked.be.