MARC ARMANI: what changed
Two fiscal 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.
MARC ARMANI
Largest movements
- Cash -€183,785
down €183,785 (-69.6%), from €263,901 to €80,116
mainly Receivables within one year (-€159,198) and Current investments (-€50,091)
- Receivables within one year +€159,198
up €159,198 (+1200.7%), from €13,259 to €172,457
of which Other amounts receivable: +€159,198
- Current investments +€50,091
up €50,091 (+8.5%), from €590,294 to €640,385
- Tangible fixed assets -€12,721
down €12,721 (-15.8%), from €80,311 to €67,590
of which Furniture and vehicles: -€16,927
- Reserves +€37,699
up €37,699 (+4.2%), from €889,509 to €927,208
of which Distributable reserves: +€37,699
- Tax, wage and social debts -€24,273
down €24,273 (-59.1%), from €41,039 to €16,766
- Gross operating margin -€63,742
down €63,742 (-45.9%), from €138,844 to €75,102
- Taxes -€15,475
down €15,475 (-42.1%), from €36,773 to €21,298
- Financial income +€14,777
up €14,777 (+16319.0%), from €91 to €14,867
- Financial charges +€3,952
up €3,952 (+298.7%), from €1,323 to €5,275
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 | €952,488 | €965,495 | +€13,008 | +1.4% |
| Fixed assets | 21/28 | €80,311 | €67,590 | -€12,721 | -15.8% |
| Tangible fixed assets | 22/27 | €80,311 | €67,590 | -€12,721 | -15.8% |
| Plant, machinery and equipment | 23 | €12,597 | €16,803 | +€4,206 | +33.4% |
| Furniture and vehicles | 24 | €51,158 | €34,230 | -€16,927 | -33.1% |
| Other tangible fixed assets | 26 | €16,556 | €16,556 | = | 0.0% |
| Current assets | 29/58 | €872,177 | €897,906 | +€25,729 | +2.9% |
| Amounts receivable within one year | 40/41 | €13,259 | €172,457 | +€159,198 | +1200.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €13,259 | €172,457 | +€159,198 | +1200.7% |
| Current investments | 50/53 | €590,294 | €640,385 | +€50,091 | +8.5% |
| Cash at bank and in hand | 54/58 | €263,901 | €80,116 | -€183,785 | -69.6% |
| Deferred charges and accrued income | 490/1 | €4,723 | €4,947 | +€225 | +4.8% |
| Total equity and liabilities | 10/49 | €952,488 | €965,495 | +€13,008 | +1.4% |
| Equity | 10/15 | €902,009 | €939,708 | +€37,699 | +4.2% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €889,509 | €927,208 | +€37,699 | +4.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €887,649 | €925,348 | +€37,699 | +4.2% |
| Amounts payable | 17/49 | €50,479 | €25,787 | -€24,691 | -48.9% |
| Amounts payable within one year | 42/48 | €50,479 | €25,787 | -€24,691 | -48.9% |
| Trade debts | 44 | €9,440 | €9,021 | -€418 | -4.4% |
| Suppliers | 440/4 | €9,440 | €9,021 | -€418 | -4.4% |
| Taxes, remuneration and social security | 45 | €41,039 | €16,766 | -€24,273 | -59.1% |
| Taxes | 450/3 | €41,039 | €16,766 | -€24,273 | -59.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €350 | €2,000 | +€1,650 | +471.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,516 | €24,094 | +€578 | +2.5% |
| Other operating charges | 640/8 | €1,496 | €1,603 | +€107 | +7.1% |
| Gross operating margin | 9900 | €138,844 | €75,102 | -€63,742 | -45.9% |
| Operating profit (loss) | 9901 | €113,832 | €49,405 | -€64,427 | -56.6% |
| Financial income | 75/76B | €91 | €14,867 | +€14,777 | +16319.0% |
| Recurring financial income | 75 | €91 | €14,867 | +€14,777 | +16319.0% |
| Financial charges | 65/66B | €1,323 | €5,275 | +€3,952 | +298.7% |
| Recurring financial charges | 65 | €1,323 | €5,275 | +€3,952 | +298.7% |
| Profit (loss) for the period before taxes | 9903 | €112,599 | €58,997 | -€53,602 | -47.6% |
| Income taxes | 67/77 | €36,773 | €21,298 | -€15,475 | -42.1% |
| Profit (loss) for the period | 9904 | €75,826 | €37,699 | -€38,127 | -50.3% |
| Profit (loss) for the period to be appropriated | 9905 | €75,826 | €37,699 | -€38,127 | -50.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.