ARMOSA: 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.
What changed
ARMOSA
NACE 20.200, Manufacture of chemicals and chemical products
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€626,585
2024 · €873,584-€246,999
Equity
€2.2m
2024 · €2.2m+€26,585
Cash
€262,476
2024 · €326,913-€64,438
Balance sheet total
€12.9m
2024 · €11.9m+€960,389
Largest movements
Assets
- Receivables within one year +€912,053
up €912,053 (+27.0%), from €3.4m to €4.3m
of which Other amounts receivable: +€1.4m
- Stocks and contracts -€342,693
down €342,693 (-4.3%), from €7.9m to €7.6m
- Intangible fixed assets +€278,953
up €278,953 (+135.8%), from €205,418 to €484,371
Equity and liabilities
- Short-term financial debts +€1.7m
up €1.7m (+40.8%), from €4.1m to €5.7m
- Trade debts -€904,519
down €904,519 (-30.9%), from €2.9m to €2.0m
- Other debts -€595,719
down €595,719 (-28.2%), from €2.1m to €1.5m
- Debts after one year +€339,118
up €339,118 (+382.4%), from €88,680 to €427,799
- Current portion of long-term debt +€286,699
new in 2025: €286,699
Income statement
- Turnover +€1.1m
up €1.1m (+4.5%), from €24.7m to €25.8m
- Goods and materials +€805,556
up €805,556 (+4.6%), from €17.5m to €18.3m
of which Change in stocks: decrease (increase): +€2.7m
- Services and other goods +€442,383
up €442,383 (+12.0%), from €3.7m to €4.1m
- Staff costs +€295,870
up €295,870 (+16.0%), from €1.8m to €2.1m
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
€873,584
Turnover
+€1.1m
Other operating income
+€159,059
Goods and materials
-€805,556
Services and other goods
-€442,383
Staff costs
-€295,870
Depreciation
-€53,750
Write-downs
-€121,272
Other operating charges
+€5,048
Other operating items
+€63,368
Financial income
-€6,026
Financial charges
+€35,061
Taxes
+€100,376
Result 2025
€626,585
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
-€1.1m
Investment
-€605,793
Financing
+€1.7m
Cash 2024
€326,913
From operations (derived)
-€1.1m
Net result for the year
+€626,585
Depreciation
+€210,860
Stocks and contracts
+€342,693
Receivables within one year
-€912,053
Deferred charges and accrued income
-€60,534
Trade debts
-€904,519
Tax, wage and social debts
+€87,571
Advances received
-€6,900
Other debts
-€595,719
Accrued charges and deferred income
+€76,622
Investment (derived)
-€605,793
Investment in fixed assets (net)
-€605,793
Financing
+€1.7m
Debts after one year
+€339,118
Current portion of long-term debt
+€286,699
Short-term financial debts
+€1.7m
Contributions, distributions and other
-€600,000
Cash 2025
€262,476
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,911,523 | €12,871,912 | +€960,389 | +8.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €289,719 | €684,651 | +€394,932 | +136.3% |
| Intangible fixed assets | 21 | €205,418 | €484,371 | +€278,953 | +135.8% |
| Tangible fixed assets | 22/27 | €69,570 | €185,550 | +€115,979 | +166.7% |
| Plant, machinery and equipment | 23 | €33,959 | €33,832 | -€127 | -0.4% |
| Furniture and vehicles | 24 | €35,612 | €151,718 | +€116,106 | +326.0% |
| Financial fixed assets | 28 | €14,730 | €14,730 | = | 0.0% |
| Other financial fixed assets | 284/8 | €14,730 | €14,730 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €14,730 | €14,730 | = | 0.0% |
| Current assets | 29/58 | €11,621,804 | €12,187,261 | +€565,456 | +4.9% |
| Stocks and contracts in progress | 3 | €7,922,222 | €7,579,529 | -€342,693 | -4.3% |
| Stocks | 30/36 | €7,922,222 | €7,579,529 | -€342,693 | -4.3% |
| Goods purchased for resale | 34 | €7,922,222 | €7,579,529 | -€342,693 | -4.3% |
| Amounts receivable within one year | 40/41 | €3,372,669 | €4,284,722 | +€912,053 | +27.0% |
| Trade receivables | 40 | €3,322,950 | €2,797,202 | -€525,748 | -15.8% |
| Other amounts receivable | 41 | €49,719 | €1,487,520 | +€1.4m | +2891.9% |
| Cash at bank and in hand | 54/58 | €326,913 | €262,476 | -€64,438 | -19.7% |
| Deferred charges and accrued income | 490/1 | - | €60,534 | +€60,534 | |
| Total equity and liabilities | 10/49 | €11,911,523 | €12,871,912 | +€960,389 | +8.1% |
| Equity | 10/15 | €2,175,688 | €2,202,273 | +€26,585 | +1.2% |
| Contributions | 10/11 | €253,281 | €253,281 | = | 0.0% |
| Capital | 10 | €253,281 | €253,281 | = | 0.0% |
| Issued capital | 100 | €253,281 | €253,281 | = | 0.0% |
| Reserves | 13 | €586,955 | €586,955 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,328 | €25,328 | = | 0.0% |
| Legal reserve | 130 | €25,328 | €25,328 | = | 0.0% |
| Tax-exempt reserves | 132 | €325,170 | €325,170 | = | 0.0% |
| Distributable reserves | 133 | €236,456 | €236,456 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,335,453 | €1,362,038 | +€26,585 | +2.0% |
| Amounts payable | 17/49 | €9,735,835 | €10,669,638 | +€933,804 | +9.6% |
| Amounts payable after more than one year | 17 | €88,680 | €427,799 | +€339,118 | +382.4% |
| Financial debts | 170/4 | €88,680 | €427,799 | +€339,118 | +382.4% |
| Credit institutions | 173 | €88,680 | €427,799 | +€339,118 | +382.4% |
| Amounts payable within one year | 42/48 | €9,472,577 | €9,990,640 | +€518,063 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | - | €286,699 | +€286,699 | |
| Financial debts | 43 | €4,050,000 | €5,700,930 | +€1.7m | +40.8% |
| Credit institutions | 430/8 | €4,050,000 | €5,700,930 | +€1.7m | +40.8% |
| Trade debts | 44 | €2,931,708 | €2,027,189 | -€904,519 | -30.9% |
| Suppliers | 440/4 | €2,931,708 | €2,027,189 | -€904,519 | -30.9% |
| Advances received on contracts in progress | 46 | €6,900 | €0 | -€6,900 | -100.0% |
| Taxes, remuneration and social security | 45 | €373,204 | €460,775 | +€87,571 | +23.5% |
| Taxes | 450/3 | €130,826 | €171,994 | +€41,168 | +31.5% |
| Remuneration and social security | 454/9 | €242,377 | €288,781 | +€46,404 | +19.1% |
| Other amounts payable | 47/48 | €2,110,765 | €1,515,046 | -€595,719 | -28.2% |
| Accrued charges and deferred income | 492/3 | €174,578 | €251,200 | +€76,622 | +43.9% |
| Operating income | 70/76A | €24,890,888 | €26,164,893 | +€1.3m | +5.1% |
| Turnover | 70 | €24,672,548 | €25,787,495 | +€1.1m | +4.5% |
| Other operating income | 74 | €218,339 | €377,398 | +€159,059 | +72.8% |
| Operating charges | 60/66A | €23,320,996 | €24,971,411 | +€1.7m | +7.1% |
| Goods for resale, raw materials and consumables | 60 | €17,528,187 | €18,333,743 | +€805,556 | +4.6% |
| Purchases | 600/8 | €20,025,206 | €18,105,507 | -€1.9m | -9.6% |
| Change in stocks: decrease (increase) | 609 | -€2,497,019 | €228,236 | +€2.7m | |
| Services and other goods | 61 | €3,690,565 | €4,132,948 | +€442,383 | +12.0% |
| Remuneration, social security and pensions | 62 | €1,847,456 | €2,143,326 | +€295,870 | +16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,111 | €210,860 | +€53,750 | +34.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €27,991 | €149,263 | +€121,272 | +433.3% |
| Other operating charges | 640/8 | €6,319 | €1,270 | -€5,048 | -79.9% |
| Non-recurring operating charges | 66A | €63,368 | €0 | -€63,368 | -100.0% |
| Operating profit (loss) | 9901 | €1,569,892 | €1,193,482 | -€376,410 | -24.0% |
| Financial income | 75/76B | €21,625 | €15,600 | -€6,026 | -27.9% |
| Recurring financial income | 75 | €21,625 | €15,600 | -€6,026 | -27.9% |
| Income from current assets | 751 | - | €2,280 | +€2,280 | |
| Other financial income | 752/9 | €21,625 | €13,320 | -€8,306 | -38.4% |
| Financial charges | 65/66B | €376,146 | €341,085 | -€35,061 | -9.3% |
| Recurring financial charges | 65 | €376,146 | €341,085 | -€35,061 | -9.3% |
| Debt charges | 650 | €280,746 | €227,947 | -€52,799 | -18.8% |
| Other financial charges | 652/9 | €95,400 | €113,139 | +€17,739 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €1,215,371 | €867,996 | -€347,375 | -28.6% |
| Income taxes | 67/77 | €341,787 | €241,411 | -€100,376 | -29.4% |
| Taxes | 670/3 | €342,000 | €248,300 | -€93,700 | -27.4% |
| Tax adjustments and reversals of tax provisions | 77 | €213 | €6,889 | +€6,676 | +3127.2% |
| Profit (loss) for the period | 9904 | €873,584 | €626,585 | -€246,999 | -28.3% |
| Transfer to tax-exempt reserves | 689 | €325,170 | €0 | -€325,170 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €548,414 | €626,585 | +€78,171 | +14.3% |
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 9 October 2026 via checked.be.