ARMOR INTERNATIONAL: what changed
Two financial 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.
ARMOR INTERNATIONAL
Largest movements
- Receivables within one year +€131,702
up €131,702 (+45.6%), from €288,904 to €420,606
of which Trade receivables: +€151,686
- Tangible fixed assets +€102,540
up €102,540 (+49.5%), from €207,117 to €309,657
of which Furniture and vehicles: +€111,891
- Trade debts +€94,159
up €94,159 (+120%), from €78,367 to €172,526
- Other debts +€72,340
up €72,340 (+4.4%), from €1.7m to €1.7m
- Debts after one year +€48,853
up €48,853 (+10.3%), from €473,902 to €522,755
- Current portion of long-term debt +€19,624
up €19,624 (+68.4%), from €28,683 to €48,307
- Gross operating margin -€22,690
down €22,690 (-32.5%), from €69,741 to €47,051
- Financial income -€7,196
down €7,196 (-40.7%), from €17,666 to €10,470
- Depreciation +€6,649
up €6,649 (+20.8%), from €31,921 to €38,570
- Other operating charges +€4,343
up €4,343 (+37.9%), from €11,445 to €15,789
- Financial charges -€1,142
down €1,142 (-13.3%), from €8,598 to €7,456
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.
Derived cash bridge
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 | €499,539 | €731,470 | +€231,930 | +46.4% |
| Fixed assets | 21/28 | €207,117 | €309,657 | +€102,540 | +49.5% |
| Tangible fixed assets | 22/27 | €207,117 | €309,657 | +€102,540 | +49.5% |
| Land and buildings | 22 | €207,117 | €197,767 | -€9,351 | -4.5% |
| Furniture and vehicles | 24 | - | €111,891 | +€111,891 | |
| Current assets | 29/58 | €292,422 | €421,812 | +€129,390 | +44.2% |
| Amounts receivable within one year | 40/41 | €288,904 | €420,606 | +€131,702 | +45.6% |
| Trade receivables | 40 | €80,179 | €231,864 | +€151,686 | +189% |
| Other amounts receivable | 41 | €208,725 | €188,742 | -€19,983 | -9.6% |
| Cash at bank and in hand | 54/58 | €3,518 | €490 | -€3,028 | -86.1% |
| Deferred charges and accrued income | 490/1 | - | €716 | +€716 | |
| Total equity and liabilities | 10/49 | €499,539 | €731,470 | +€231,930 | +46.4% |
| Equity | 10/15 | -€1,739,966 | -€1,744,259 | -€4,294 | -0.2% |
| Contributions | 10/11 | €272,683 | €272,683 | = | 0.0% |
| Capital | 10 | €272,683 | €272,683 | = | 0.0% |
| Issued capital | 100 | €272,683 | €272,683 | = | 0.0% |
| Reserves | 13 | €27,268 | €27,268 | = | 0.0% |
| Non-distributable reserves | 130/1 | €27,268 | €27,268 | = | 0.0% |
| Legal reserve | 130 | €27,268 | €27,268 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,039,917 | -€2,044,211 | -€4,294 | -0.2% |
| Amounts payable | 17/49 | €2,239,505 | €2,475,729 | +€236,224 | +10.5% |
| Amounts payable after more than one year | 17 | €473,902 | €522,755 | +€48,853 | +10.3% |
| Financial debts | 170/4 | €473,902 | €522,755 | +€48,853 | +10.3% |
| Amounts payable within one year | 42/48 | €1,765,603 | €1,952,974 | +€187,372 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €28,683 | €48,307 | +€19,624 | +68.4% |
| Trade debts | 44 | €78,367 | €172,526 | +€94,159 | +120% |
| Suppliers | 440/4 | €78,367 | €172,526 | +€94,159 | +120% |
| Taxes, remuneration and social security | 45 | €332 | €1,581 | +€1,249 | +376% |
| Taxes | 450/3 | €332 | €1,581 | +€1,249 | +376% |
| Other amounts payable | 47/48 | €1,658,220 | €1,730,560 | +€72,340 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,921 | €38,570 | +€6,649 | +20.8% |
| Other operating charges | 640/8 | €11,445 | €15,789 | +€4,343 | +37.9% |
| Gross operating margin | 9900 | €69,741 | €47,051 | -€22,690 | -32.5% |
| Operating profit (loss) | 9901 | €26,375 | -€7,308 | -€33,683 | |
| Financial income | 75/76B | €17,666 | €10,470 | -€7,196 | -40.7% |
| Recurring financial income | 75 | €17,666 | €10,470 | -€7,196 | -40.7% |
| Financial charges | 65/66B | €8,598 | €7,456 | -€1,142 | -13.3% |
| Recurring financial charges | 65 | €8,598 | €7,456 | -€1,142 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €35,443 | -€4,294 | -€39,737 | |
| Profit (loss) for the period | 9904 | €35,443 | -€4,294 | -€39,737 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,443 | -€4,294 | -€39,737 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.