BEL - ARMOR: 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.
BEL - ARMOR
Largest movements
- Receivables within one year +€136,393
up €136,393 (+123.9%), from €110,062 to €246,454
of which Trade receivables: +€93,902
- Cash -€23,053
down €23,053 (-85.1%), from €27,104 to €4,052
mainly Receivables within one year (-€136,393) and Investment in fixed assets (net) (-€1,795)
- Accrued charges and deferred income +€54,434
up €54,434 (+72.6%), from €75,000 to €129,434
- Trade debts +€39,998
up €39,998 (+721.7%), from €5,542 to €45,540
- Tax, wage and social debts +€10,641
up €10,641 (+76.4%), from €13,937 to €24,578
- Profit (loss) carried forward +€5,598
up €5,598 (+14.4%), from -€38,818 to -€33,220
- Short-term financial debts +€3,153
new in 2025: €3,153
- Gross operating margin +€2,589
up €2,589 (+25.1%), from €10,295 to €12,884
- Taxes +€2,174
up €2,174 (+253.9%), from €856 to €3,030
- Financial charges +€402
up €402 (+14.8%), from €2,718 to €3,119
- Financial income -€277
down €277 (-67.6%), from €410 to €133
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €137,466 | €253,522 | +€116,057 | +84.4% |
| Fixed assets | 21/28 | €300 | €1,968 | +€1,668 | +556.2% |
| Tangible fixed assets | 22/27 | - | €1,668 | +€1,668 | |
| Furniture and vehicles | 24 | - | €1,668 | +€1,668 | |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €137,166 | €251,554 | +€114,388 | +83.4% |
| Amounts receivable within one year | 40/41 | €110,062 | €246,454 | +€136,393 | +123.9% |
| Trade receivables | 40 | €39,615 | €133,517 | +€93,902 | +237.0% |
| Other amounts receivable | 41 | €70,447 | €112,938 | +€42,491 | +60.3% |
| Cash at bank and in hand | 54/58 | €27,104 | €4,052 | -€23,053 | -85.1% |
| Deferred charges and accrued income | 490/1 | - | €1,048 | +€1,048 | |
| Total equity and liabilities | 10/49 | €137,466 | €253,522 | +€116,057 | +84.4% |
| Equity | 10/15 | €42,987 | €48,585 | +€5,598 | +13.0% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €7,437 | €7,437 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,818 | -€33,220 | +€5,598 | +14.4% |
| Amounts payable | 17/49 | €94,479 | €204,938 | +€110,458 | +116.9% |
| Amounts payable within one year | 42/48 | €19,479 | €75,504 | +€56,025 | +287.6% |
| Financial debts | 43 | - | €3,153 | +€3,153 | |
| Credit institutions | 430/8 | - | €3,153 | +€3,153 | |
| Trade debts | 44 | €5,542 | €45,540 | +€39,998 | +721.7% |
| Suppliers | 440/4 | €5,542 | €45,540 | +€39,998 | +721.7% |
| Advances received on contracts in progress | 46 | - | €2,233 | +€2,233 | |
| Taxes, remuneration and social security | 45 | €13,937 | €24,578 | +€10,641 | +76.4% |
| Taxes | 450/3 | €13,937 | €24,578 | +€10,641 | +76.4% |
| Accrued charges and deferred income | 492/3 | €75,000 | €129,434 | +€54,434 | +72.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185 | €126 | -€59 | -31.8% |
| Other operating charges | 640/8 | €1,034 | €1,143 | +€109 | +10.6% |
| Gross operating margin | 9900 | €10,295 | €12,884 | +€2,589 | +25.1% |
| Operating profit (loss) | 9901 | €9,076 | €11,615 | +€2,539 | +28.0% |
| Financial income | 75/76B | €410 | €133 | -€277 | -67.6% |
| Recurring financial income | 75 | €410 | €133 | -€277 | -67.6% |
| Financial charges | 65/66B | €2,718 | €3,119 | +€402 | +14.8% |
| Recurring financial charges | 65 | €2,718 | €3,119 | +€402 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | €6,768 | €8,628 | +€1,860 | +27.5% |
| Income taxes | 67/77 | €856 | €3,030 | +€2,174 | +253.9% |
| Profit (loss) for the period | 9904 | €5,912 | €5,598 | -€314 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,912 | €5,598 | -€314 | -5.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.