ROYAL ARMENIA: what changed
ROYAL ARMENIA
Largest movements
- Receivables within one year -€36,772
down €36,772 (-55.8%), from €65,931 to €29,159
of which Trade receivables: -€20,781
- Cash -€4,438
down €4,438 (-72.5%), from €6,120 to €1,682
mainly Trade debts (-€28,828) and Advances received (-€22,474)
- Stocks and contracts +€2,123
up €2,123 (+8.2%), from €25,767 to €27,890
- Financial fixed assets +€1,269
up €1,269 (+22.2%), from €5,705 to €6,974
- Trade debts -€28,828
down €28,828 (-61.7%), from €46,691 to €17,863
- Advances received -€22,474
down €22,474 (-42.1%), from €53,335 to €30,861
- Other debts +€16,194
new in 2025: €16,194
- Profit (loss) carried forward -€9,579
down €9,579 (-73.7%), from -€13,000 to -€22,579
- Accrued charges and deferred income +€6,000
new in 2025: €6,000
- Gross operating margin -€7,984
down €7,984, from €6,885 to -€1,099
- Other operating charges +€2,669
up €2,669 (+110%), from €2,423 to €5,092
- Taxes -€601
no longer reported in 2025 (was €601)
- Depreciation +€335
up €335 (+47.5%), from €705 to €1,040
- Staff costs +€304
new in 2025: €304
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €108,018 | €69,160 | -€38,858 | -36.0% |
| Fixed assets | 21/28 | €10,200 | €10,429 | +€229 | +2.2% |
| Tangible fixed assets | 22/27 | €4,495 | €3,455 | -€1,040 | -23.1% |
| Plant, machinery and equipment | 23 | €4,495 | €3,455 | -€1,040 | -23.1% |
| Financial fixed assets | 28 | €5,705 | €6,974 | +€1,269 | +22.2% |
| Current assets | 29/58 | €97,818 | €58,731 | -€39,087 | -40.0% |
| Stocks and contracts in progress | 3 | €25,767 | €27,890 | +€2,123 | +8.2% |
| Stocks | 30/36 | €25,767 | €27,890 | +€2,123 | +8.2% |
| Amounts receivable within one year | 40/41 | €65,931 | €29,159 | -€36,772 | -55.8% |
| Trade receivables | 40 | €49,940 | €29,159 | -€20,781 | -41.6% |
| Other amounts receivable | 41 | €15,991 | - | -€15,991 | |
| Cash at bank and in hand | 54/58 | €6,120 | €1,682 | -€4,438 | -72.5% |
| Total equity and liabilities | 10/49 | €108,018 | €69,160 | -€38,858 | -36.0% |
| Equity | 10/15 | €6,500 | -€3,079 | -€9,579 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €900 | €900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €900 | €900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €900 | €900 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,000 | -€22,579 | -€9,579 | -73.7% |
| Amounts payable | 17/49 | €101,518 | €72,239 | -€29,279 | -28.8% |
| Amounts payable within one year | 42/48 | €101,518 | €66,239 | -€35,279 | -34.8% |
| Trade debts | 44 | €46,691 | €17,863 | -€28,828 | -61.7% |
| Suppliers | 440/4 | €46,691 | €17,863 | -€28,828 | -61.7% |
| Advances received on contracts in progress | 46 | €53,335 | €30,861 | -€22,474 | -42.1% |
| Taxes, remuneration and social security | 45 | €1,492 | €1,321 | -€171 | -11.5% |
| Taxes | 450/3 | €1,431 | €1,260 | -€171 | -11.9% |
| Remuneration and social security | 454/9 | €61 | €61 | = | 0.0% |
| Other amounts payable | 47/48 | - | €16,194 | +€16,194 | |
| Accrued charges and deferred income | 492/3 | - | €6,000 | +€6,000 | |
| Remuneration, social security and pensions | 62 | - | €304 | +€304 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €705 | €1,040 | +€335 | +47.5% |
| Other operating charges | 640/8 | €2,423 | €5,092 | +€2,669 | +110% |
| Non-recurring operating charges | 66A | - | €227 | +€227 | |
| Gross operating margin | 9900 | €6,885 | -€1,099 | -€7,984 | |
| Operating profit (loss) | 9901 | €3,757 | -€7,762 | -€11,519 | |
| Financial income | 75/76B | - | €37 | +€37 | |
| Recurring financial income | 75 | - | €37 | +€37 | |
| Financial charges | 65/66B | €1,784 | €1,854 | +€70 | +3.9% |
| Recurring financial charges | 65 | €1,784 | €1,854 | +€70 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | €1,973 | -€9,579 | -€11,552 | |
| Income taxes | 67/77 | €601 | - | -€601 | |
| Profit (loss) for the period | 9904 | €1,372 | -€9,579 | -€10,951 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,372 | -€9,579 | -€10,951 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.