ARMSTAR: 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.
ARMSTAR
Largest movements
- Financial fixed assets +€189,920
up €189,920 (+219%), from €86,806 to €276,726
- Stocks and contracts -€98,865
down €98,865 (-43.2%), from €229,034 to €130,170
- Tangible fixed assets +€33,710
up €33,710 (+225%), from €14,967 to €48,676
of which Plant, machinery and equipment: +€32,824
- Cash -€10,439
down €10,439 (-50.0%), from €20,880 to €10,441
mainly Investment in fixed assets (net) (-€230,632) and Debts after one year (-€12,348)
- Other debts +€69,392
up €69,392 (+224%), from €31,031 to €100,423
- Tax, wage and social debts +€54,224
up €54,224 (+69.2%), from €78,369 to €132,593
of which Taxes: +€51,150
- Reserves +€15,791
up €15,791 (+57.4%), from €27,523 to €43,314
- Debts after one year -€12,348
down €12,348 (-57.4%), from €21,512 to €9,164
- Trade debts -€11,182
down €11,182 (-11.1%), from €100,926 to €89,744
- Other operating charges +€19,513
up €19,513 (+218%), from €8,942 to €28,454
- Staff costs -€11,881
down €11,881 (-10.0%), from €118,313 to €106,432
- Taxes -€9,928
down €9,928 (-39.8%), from €24,920 to €14,992
- Financial charges +€7,188
up €7,188 (+104%), from €6,945 to €14,133
- Gross operating margin -€4,317
down €4,317 (-2.2%), from €192,562 to €188,246
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 | €357,743 | €474,486 | +€116,743 | +32.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €101,773 | €325,403 | +€223,630 | +220% |
| Tangible fixed assets | 22/27 | €14,967 | €48,676 | +€33,710 | +225% |
| Plant, machinery and equipment | 23 | €9,105 | €41,929 | +€32,824 | +361% |
| Furniture and vehicles | 24 | €5,862 | €6,051 | +€189 | +3.2% |
| Other tangible fixed assets | 26 | €0 | €697 | +€697 | |
| Financial fixed assets | 28 | €86,806 | €276,726 | +€189,920 | +219% |
| Current assets | 29/58 | €255,970 | €149,083 | -€106,886 | -41.8% |
| Stocks and contracts in progress | 3 | €229,034 | €130,170 | -€98,865 | -43.2% |
| Stocks | 30/36 | €229,034 | €130,170 | -€98,865 | -43.2% |
| Amounts receivable within one year | 40/41 | €1,444 | €4,643 | +€3,199 | +222% |
| Trade receivables | 40 | - | €0 | = | |
| Other amounts receivable | 41 | €1,444 | €4,643 | +€3,199 | +222% |
| Cash at bank and in hand | 54/58 | €20,880 | €10,441 | -€10,439 | -50.0% |
| Deferred charges and accrued income | 490/1 | €4,612 | €3,829 | -€782 | -17.0% |
| Total equity and liabilities | 10/49 | €357,743 | €474,486 | +€116,743 | +32.6% |
| Equity | 10/15 | €114,423 | €130,214 | +€15,791 | +13.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €27,523 | €43,314 | +€15,791 | +57.4% |
| Distributable reserves | 133 | €27,523 | €43,314 | +€15,791 | +57.4% |
| Profit (loss) carried forward | 14 | €68,300 | €68,300 | = | 0.0% |
| Amounts payable | 17/49 | €243,320 | €344,272 | +€100,952 | +41.5% |
| Amounts payable after more than one year | 17 | €21,512 | €9,164 | -€12,348 | -57.4% |
| Financial debts | 170/4 | €21,512 | €9,164 | -€12,348 | -57.4% |
| Amounts payable within one year | 42/48 | €221,808 | €335,108 | +€113,300 | +51.1% |
| Current portion of amounts payable after more than one year | 42 | €11,482 | €12,348 | +€866 | +7.5% |
| Trade debts | 44 | €100,926 | €89,744 | -€11,182 | -11.1% |
| Suppliers | 440/4 | €100,926 | €89,744 | -€11,182 | -11.1% |
| Taxes, remuneration and social security | 45 | €78,369 | €132,593 | +€54,224 | +69.2% |
| Taxes | 450/3 | €43,782 | €94,932 | +€51,150 | +117% |
| Remuneration and social security | 454/9 | €34,587 | €37,661 | +€3,074 | +8.9% |
| Other amounts payable | 47/48 | €31,031 | €100,423 | +€69,392 | +224% |
| Non-recurring operating income | 76A | - | €17,525 | +€17,525 | |
| Remuneration, social security and pensions | 62 | €118,313 | €106,432 | -€11,881 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,944 | €7,002 | +€1,058 | +17.8% |
| Other operating charges | 640/8 | €8,942 | €28,454 | +€19,513 | +218% |
| Non-recurring operating charges | 66A | - | €1,463 | +€1,463 | |
| Gross operating margin | 9900 | €192,562 | €188,246 | -€4,317 | -2.2% |
| Operating profit (loss) | 9901 | €59,364 | €44,894 | -€14,470 | -24.4% |
| Financial income | 75/76B | €23 | €23 | -€1 | -4.0% |
| Recurring financial income | 75 | €23 | €23 | -€1 | -4.0% |
| Financial charges | 65/66B | €6,945 | €14,133 | +€7,188 | +104% |
| Recurring financial charges | 65 | €6,945 | €14,133 | +€7,188 | +104% |
| Profit (loss) for the period before taxes | 9903 | €52,443 | €30,784 | -€21,659 | -41.3% |
| Income taxes | 67/77 | €24,920 | €14,992 | -€9,928 | -39.8% |
| Profit (loss) for the period | 9904 | €27,523 | €15,791 | -€11,732 | -42.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,523 | €15,791 | -€11,732 | -42.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.