ARMSTAR: what changed
ARMSTAR
Largest movements
- Financial fixed assets +€189,920
up €189,920 (+219%), from €86,806 to €276,726
- Stocks and contracts -€98,865
down €98,865 (-43.2%), from €229,034 to €130,170
- Tangible fixed assets +€33,710
up €33,710 (+225%), from €14,967 to €48,676
of which Plant, machinery and equipment: +€32,824
- Cash -€10,439
down €10,439 (-50.0%), from €20,880 to €10,441
mainly Investment in fixed assets (net) (-€230,632) and Debts after one year (-€12,348)
- Other debts +€69,392
up €69,392 (+224%), from €31,031 to €100,423
- Tax, wage and social debts +€54,224
up €54,224 (+69.2%), from €78,369 to €132,593
of which Taxes: +€51,150
- Reserves +€15,791
up €15,791 (+57.4%), from €27,523 to €43,314
- Debts after one year -€12,348
down €12,348 (-57.4%), from €21,512 to €9,164
- Trade debts -€11,182
down €11,182 (-11.1%), from €100,926 to €89,744
- Other operating charges +€19,513
up €19,513 (+218%), from €8,942 to €28,454
- Staff costs -€11,881
down €11,881 (-10.0%), from €118,313 to €106,432
- Taxes -€9,928
down €9,928 (-39.8%), from €24,920 to €14,992
- Financial charges +€7,188
up €7,188 (+104%), from €6,945 to €14,133
- Gross operating margin -€4,317
down €4,317 (-2.2%), from €192,562 to €188,246
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 | €357,743 | €474,486 | +€116,743 | +32.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €101,773 | €325,403 | +€223,630 | +220% |
| Tangible fixed assets | 22/27 | €14,967 | €48,676 | +€33,710 | +225% |
| Plant, machinery and equipment | 23 | €9,105 | €41,929 | +€32,824 | +361% |
| Furniture and vehicles | 24 | €5,862 | €6,051 | +€189 | +3.2% |
| Other tangible fixed assets | 26 | €0 | €697 | +€697 | |
| Financial fixed assets | 28 | €86,806 | €276,726 | +€189,920 | +219% |
| Current assets | 29/58 | €255,970 | €149,083 | -€106,886 | -41.8% |
| Stocks and contracts in progress | 3 | €229,034 | €130,170 | -€98,865 | -43.2% |
| Stocks | 30/36 | €229,034 | €130,170 | -€98,865 | -43.2% |
| Amounts receivable within one year | 40/41 | €1,444 | €4,643 | +€3,199 | +222% |
| Trade receivables | 40 | - | €0 | = | |
| Other amounts receivable | 41 | €1,444 | €4,643 | +€3,199 | +222% |
| Cash at bank and in hand | 54/58 | €20,880 | €10,441 | -€10,439 | -50.0% |
| Deferred charges and accrued income | 490/1 | €4,612 | €3,829 | -€782 | -17.0% |
| Total equity and liabilities | 10/49 | €357,743 | €474,486 | +€116,743 | +32.6% |
| Equity | 10/15 | €114,423 | €130,214 | +€15,791 | +13.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €27,523 | €43,314 | +€15,791 | +57.4% |
| Distributable reserves | 133 | €27,523 | €43,314 | +€15,791 | +57.4% |
| Profit (loss) carried forward | 14 | €68,300 | €68,300 | = | 0.0% |
| Amounts payable | 17/49 | €243,320 | €344,272 | +€100,952 | +41.5% |
| Amounts payable after more than one year | 17 | €21,512 | €9,164 | -€12,348 | -57.4% |
| Financial debts | 170/4 | €21,512 | €9,164 | -€12,348 | -57.4% |
| Amounts payable within one year | 42/48 | €221,808 | €335,108 | +€113,300 | +51.1% |
| Current portion of amounts payable after more than one year | 42 | €11,482 | €12,348 | +€866 | +7.5% |
| Trade debts | 44 | €100,926 | €89,744 | -€11,182 | -11.1% |
| Suppliers | 440/4 | €100,926 | €89,744 | -€11,182 | -11.1% |
| Taxes, remuneration and social security | 45 | €78,369 | €132,593 | +€54,224 | +69.2% |
| Taxes | 450/3 | €43,782 | €94,932 | +€51,150 | +117% |
| Remuneration and social security | 454/9 | €34,587 | €37,661 | +€3,074 | +8.9% |
| Other amounts payable | 47/48 | €31,031 | €100,423 | +€69,392 | +224% |
| Non-recurring operating income | 76A | - | €17,525 | +€17,525 | |
| Remuneration, social security and pensions | 62 | €118,313 | €106,432 | -€11,881 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,944 | €7,002 | +€1,058 | +17.8% |
| Other operating charges | 640/8 | €8,942 | €28,454 | +€19,513 | +218% |
| Non-recurring operating charges | 66A | - | €1,463 | +€1,463 | |
| Gross operating margin | 9900 | €192,562 | €188,246 | -€4,317 | -2.2% |
| Operating profit (loss) | 9901 | €59,364 | €44,894 | -€14,470 | -24.4% |
| Financial income | 75/76B | €23 | €23 | -€1 | -4.0% |
| Recurring financial income | 75 | €23 | €23 | -€1 | -4.0% |
| Financial charges | 65/66B | €6,945 | €14,133 | +€7,188 | +104% |
| Recurring financial charges | 65 | €6,945 | €14,133 | +€7,188 | +104% |
| Profit (loss) for the period before taxes | 9903 | €52,443 | €30,784 | -€21,659 | -41.3% |
| Income taxes | 67/77 | €24,920 | €14,992 | -€9,928 | -39.8% |
| Profit (loss) for the period | 9904 | €27,523 | €15,791 | -€11,732 | -42.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,523 | €15,791 | -€11,732 | -42.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.