DE ARMOEDE: 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
DE ARMOEDE
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · €2.6m-€1.3m
Equity
€22.0m
2024 · €21.3m+€621,113
Cash
€293,488
2024 · €241,482+€52,006
Balance sheet total
€23.7m
2024 · €22.1m+€1.6m
Largest movements
Assets
- Tangible fixed assets +€1.9m
up €1.9m (+60.2%), from €3.1m to €5.0m
of which Land and buildings: +€1.9m
Equity and liabilities
- Contributions +€1.6m
up €1.6m (+207%), from €780,000 to €2.4m
of which Contributions outside capital: +€1.6m
- Debts after one year +€952,148
up €952,148 (+316%), from €301,229 to €1.3m
- Profit (loss) carried forward -€797,782
down €797,782 (-4.0%), from €19.8m to €19.0m
Income statement
- Turnover -€1.1m
down €1.1m (-40.7%), from €2.7m to €1.6m
- Financial income -€949,360
down €949,360 (-41.9%), from €2.3m to €1.3m
- Taxes -€222,669
down €222,669 (-85.0%), from €262,035 to €39,367
of which Taxes: -€219,223
- Financial charges -€208,917
down €208,917 (-82.3%), from €253,832 to €44,915
- Services and other goods -€133,500
down €133,500 (-9.9%), from €1.3m to €1.2m
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
€2.6m
Turnover
-€1.1m
Other operating income
-€35,756
Services and other goods
+€133,500
Staff costs
+€122,073
Depreciation
+€23,099
Other operating charges
+€57,338
Financial income
-€949,360
Financial charges
+€208,917
Taxes
+€222,669
Deferred taxes and other
+€4,320
Result 2025
€1.3m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.7m
Investment
-€2.0m
Financing
+€376,681
Cash 2024
€241,482
From operations (derived)
+€1.7m
Net result for the year
+€1.3m
Depreciation
+€312,856
Receivables within one year
-€55,517
Deferred charges and accrued income
+€201,522
Provisions
-€3,035
Trade debts
+€144,380
Tax, wage and social debts
-€141,081
Other debts
-€74,946
Accrued charges and deferred income
-€17,509
Investment (derived)
-€2.0m
Investment in fixed assets (net)
-€2.2m
Current investments
+€234,134
Financing
+€376,681
Debts after one year
+€952,148
Current portion of long-term debt
+€116,247
Contributions, distributions and other
-€691,714
Cash 2025
€293,488
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,062,572 | €23,659,890 | +€1.6m | +7.2% |
| Fixed assets | 21/28 | €14,604,265 | €16,529,714 | +€1.9m | +13.2% |
| Tangible fixed assets | 22/27 | €3,139,975 | €5,030,065 | +€1.9m | +60.2% |
| Land and buildings | 22 | €2,817,723 | €4,703,632 | +€1.9m | +66.9% |
| Plant, machinery and equipment | 23 | €98,901 | €175,078 | +€76,177 | +77.0% |
| Furniture and vehicles | 24 | €223,351 | €151,355 | -€71,996 | -32.2% |
| Financial fixed assets | 28 | €11,464,290 | €11,499,650 | +€35,360 | +0.3% |
| Affiliated companies | 280/1 | €11,464,290 | €11,499,650 | +€35,360 | +0.3% |
| Participating interests | 280 | €11,464,290 | €11,499,650 | +€35,360 | +0.3% |
| Current assets | 29/58 | €7,458,307 | €7,130,175 | -€328,132 | -4.4% |
| Amounts receivable within one year | 40/41 | €979,888 | €1,035,405 | +€55,517 | +5.7% |
| Trade receivables | 40 | €440,359 | €355,539 | -€84,820 | -19.3% |
| Other amounts receivable | 41 | €539,529 | €679,866 | +€140,337 | +26.0% |
| Current investments | 50/53 | €6,031,226 | €5,797,093 | -€234,134 | -3.9% |
| Other investments | 51/53 | €6,031,226 | €5,797,093 | -€234,134 | -3.9% |
| Cash at bank and in hand | 54/58 | €241,482 | €293,488 | +€52,006 | +21.5% |
| Deferred charges and accrued income | 490/1 | €205,711 | €4,189 | -€201,522 | -98.0% |
| Total equity and liabilities | 10/49 | €22,062,572 | €23,659,890 | +€1.6m | +7.2% |
| Equity | 10/15 | €21,332,182 | €21,953,295 | +€621,113 | +2.9% |
| Contributions | 10/11 | €780,000 | €2,394,000 | +€1.6m | +207% |
| Capital | 10 | €780,000 | €839,009 | +€59,009 | +7.6% |
| Issued capital | 100 | €780,000 | €839,009 | +€59,009 | +7.6% |
| Contributions outside capital | 11 | - | €1,554,991 | +€1.6m | |
| Share premium | 1100/10 | - | €1,554,991 | +€1.6m | |
| Reserves | 13 | €740,397 | €545,293 | -€195,105 | -26.4% |
| Non-distributable reserves | 130/1 | €489,240 | €489,240 | = | 0.0% |
| Legal reserve | 130 | €489,240 | €489,240 | = | 0.0% |
| Tax-exempt reserves | 132 | €65,157 | €56,053 | -€9,105 | -14.0% |
| Distributable reserves | 133 | €186,000 | - | -€186,000 | |
| Profit (loss) carried forward | 14 | €19,811,785 | €19,014,002 | -€797,782 | -4.0% |
| Provisions and deferred taxes | 16 | €33,561 | €30,526 | -€3,035 | -9.0% |
| Deferred taxes | 168 | €33,561 | €30,526 | -€3,035 | -9.0% |
| Amounts payable | 17/49 | €696,829 | €1,676,068 | +€979,239 | +141% |
| Amounts payable after more than one year | 17 | €301,229 | €1,253,377 | +€952,148 | +316% |
| Financial debts | 170/4 | €301,229 | €1,253,377 | +€952,148 | +316% |
| Credit institutions | 173 | - | €1,253,377 | +€1.3m | |
| Other loans | 174 | €301,229 | - | -€301,229 | |
| Amounts payable within one year | 42/48 | €373,743 | €418,343 | +€44,600 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | - | €116,247 | +€116,247 | |
| Trade debts | 44 | €70,307 | €214,686 | +€144,380 | +205% |
| Suppliers | 440/4 | €70,307 | €214,686 | +€144,380 | +205% |
| Taxes, remuneration and social security | 45 | €205,436 | €64,355 | -€141,081 | -68.7% |
| Taxes | 450/3 | €65,867 | €43,655 | -€22,212 | -33.7% |
| Remuneration and social security | 454/9 | €139,569 | €20,700 | -€118,869 | -85.2% |
| Other amounts payable | 47/48 | €98,000 | €23,054 | -€74,946 | -76.5% |
| Accrued charges and deferred income | 492/3 | €21,857 | €4,348 | -€17,509 | -80.1% |
| Operating income | 70/76A | €3,178,953 | €2,046,378 | -€1.1m | -35.6% |
| Turnover | 70 | €2,697,351 | €1,600,532 | -€1.1m | -40.7% |
| Other operating income | 74 | €481,602 | €445,846 | -€35,756 | -7.4% |
| Operating charges | 60/66A | €2,302,232 | €1,966,221 | -€336,010 | -14.6% |
| Services and other goods | 61 | €1,347,435 | €1,213,935 | -€133,500 | -9.9% |
| Remuneration, social security and pensions | 62 | €527,819 | €405,745 | -€122,073 | -23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €335,955 | €312,856 | -€23,099 | -6.9% |
| Other operating charges | 640/8 | €91,023 | €33,685 | -€57,338 | -63.0% |
| Operating profit (loss) | 9901 | €876,721 | €80,157 | -€796,565 | -90.9% |
| Financial income | 75/76B | €2,263,277 | €1,313,917 | -€949,360 | -41.9% |
| Recurring financial income | 75 | €2,263,277 | €1,313,917 | -€949,360 | -41.9% |
| Income from financial fixed assets | 750 | €2,099,955 | €1,240,743 | -€859,212 | -40.9% |
| Income from current assets | 751 | €82,818 | €60,608 | -€22,210 | -26.8% |
| Other financial income | 752/9 | €80,504 | €12,566 | -€67,938 | -84.4% |
| Financial charges | 65/66B | €253,832 | €44,915 | -€208,917 | -82.3% |
| Recurring financial charges | 65 | €253,832 | €44,915 | -€208,917 | -82.3% |
| Debt charges | 650 | €119,660 | €44,907 | -€74,753 | -62.5% |
| Other financial charges | 652/9 | €134,172 | €8 | -€134,164 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €2,886,166 | €1,349,159 | -€1.5m | -53.3% |
| Transfer from deferred taxes | 780 | €2,752 | €3,035 | +€283 | +10.3% |
| Transfer to deferred taxes | 680 | €4,038 | - | -€4,038 | |
| Income taxes | 67/77 | €262,035 | €39,367 | -€222,669 | -85.0% |
| Taxes | 670/3 | €262,035 | €42,812 | -€219,223 | -83.7% |
| Tax adjustments and reversals of tax provisions | 77 | - | €3,446 | +€3,446 | |
| Profit (loss) for the period | 9904 | €2,622,846 | €1,312,827 | -€1.3m | -49.9% |
| Transfer from tax-exempt reserves | 789 | €8,257 | €9,105 | +€848 | +10.3% |
| Transfer to tax-exempt reserves | 689 | €12,113 | - | -€12,113 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,618,990 | €1,321,932 | -€1.3m | -49.5% |
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 16 October 2026 via checked.be.