Army Recognition Group: 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.
Army Recognition Group
Largest movements
- Receivables within one year +€95,711
up €95,711 (+64.9%), from €147,389 to €243,100
of which Other amounts receivable: +€178,158
- Stocks and contracts -€64,754
no longer reported in 2025 (was €64,754)
- Tangible fixed assets -€19,888
down €19,888 (-7.5%), from €264,267 to €244,379
of which Land and buildings: -€11,408
- Intangible fixed assets -€13,000
down €13,000 (-40.0%), from €32,500 to €19,500
- Profit (loss) carried forward +€88,469
up €88,469, from -€56,173 to €32,297
- Tax, wage and social debts -€59,309
down €59,309 (-72.8%), from €81,515 to €22,206
of which Remuneration and social security: -€41,012
- Other debts +€42,957
up €42,957 (+91.8%), from €46,810 to €89,768
- Trade debts -€38,652
down €38,652 (-55.8%), from €69,316 to €30,664
- Debts after one year -€20,304
down €20,304 (-9.0%), from €225,037 to €204,733
- Staff costs -€183,411
down €183,411 (-51.4%), from €356,993 to €173,582
- Gross operating margin -€94,134
down €94,134 (-23.8%), from €394,816 to €300,682
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 | €516,591 | €516,869 | +€277 | +0.1% |
| Fixed assets | 21/28 | €298,129 | €265,241 | -€32,888 | -11.0% |
| Intangible fixed assets | 21 | €32,500 | €19,500 | -€13,000 | -40.0% |
| Tangible fixed assets | 22/27 | €264,267 | €244,379 | -€19,888 | -7.5% |
| Land and buildings | 22 | €186,558 | €175,150 | -€11,408 | -6.1% |
| Plant, machinery and equipment | 23 | €60,069 | €60,391 | +€322 | +0.5% |
| Furniture and vehicles | 24 | €17,639 | €8,838 | -€8,802 | -49.9% |
| Financial fixed assets | 28 | €1,362 | €1,362 | = | 0.0% |
| Current assets | 29/58 | €218,463 | €251,628 | +€33,165 | +15.2% |
| Stocks and contracts in progress | 3 | €64,754 | - | -€64,754 | |
| Contracts in progress | 37 | €64,754 | - | -€64,754 | |
| Amounts receivable within one year | 40/41 | €147,389 | €243,100 | +€95,711 | +64.9% |
| Trade receivables | 40 | €91,860 | €9,413 | -€82,447 | -89.8% |
| Other amounts receivable | 41 | €55,529 | €233,687 | +€178,158 | +321% |
| Cash at bank and in hand | 54/58 | €6,319 | €7,458 | +€1,139 | +18.0% |
| Deferred charges and accrued income | 490/1 | - | €1,070 | +€1,070 | |
| Total equity and liabilities | 10/49 | €516,591 | €516,869 | +€277 | +0.1% |
| Equity | 10/15 | €48,367 | €123,862 | +€75,495 | +156% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €33,000 | €33,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €33,000 | €33,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €33,000 | €33,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,173 | €32,297 | +€88,469 | |
| Investment grants | 15 | €41,540 | €28,565 | -€12,974 | -31.2% |
| Amounts payable | 17/49 | €468,224 | €393,007 | -€75,218 | -16.1% |
| Amounts payable after more than one year | 17 | €225,037 | €204,733 | -€20,304 | -9.0% |
| Financial debts | 170/4 | €225,037 | €204,733 | -€20,304 | -9.0% |
| Amounts payable within one year | 42/48 | €242,973 | €188,274 | -€54,700 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €19,935 | €20,304 | +€369 | +1.9% |
| Financial debts | 43 | €25,397 | €25,331 | -€66 | -0.3% |
| Credit institutions | 430/8 | €25,397 | €25,331 | -€66 | -0.3% |
| Trade debts | 44 | €69,316 | €30,664 | -€38,652 | -55.8% |
| Suppliers | 440/4 | €69,316 | €30,664 | -€38,652 | -55.8% |
| Taxes, remuneration and social security | 45 | €81,515 | €22,206 | -€59,309 | -72.8% |
| Taxes | 450/3 | €18,495 | €199 | -€18,297 | -98.9% |
| Remuneration and social security | 454/9 | €63,019 | €22,008 | -€41,012 | -65.1% |
| Other amounts payable | 47/48 | €46,810 | €89,768 | +€42,957 | +91.8% |
| Accrued charges and deferred income | 492/3 | €214 | - | -€214 | |
| Remuneration, social security and pensions | 62 | €356,993 | €173,582 | -€183,411 | -51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,352 | €37,152 | +€1,800 | +5.1% |
| Other operating charges | 640/8 | €4,113 | €5,277 | +€1,164 | +28.3% |
| Gross operating margin | 9900 | €394,816 | €300,682 | -€94,134 | -23.8% |
| Operating profit (loss) | 9901 | -€1,643 | €84,671 | +€86,313 | |
| Financial income | 75/76B | €12,974 | €15,031 | +€2,057 | +15.9% |
| Recurring financial income | 75 | €12,974 | €15,031 | +€2,057 | +15.9% |
| Financial charges | 65/66B | €8,599 | €11,092 | +€2,493 | +29.0% |
| Recurring financial charges | 65 | €8,599 | €11,092 | +€2,493 | +29.0% |
| Profit (loss) for the period before taxes | 9903 | €2,733 | €88,610 | +€85,877 | +3,142% |
| Income taxes | 67/77 | €174 | €141 | -€34 | -19.3% |
| Profit (loss) for the period | 9904 | €2,558 | €88,469 | +€85,911 | +3,358% |
| Profit (loss) for the period to be appropriated | 9905 | €2,558 | €88,469 | +€85,911 | +3,358% |
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 26 October 2026 via checked.be.