ARMAY: what changed
ARMAY
Largest movements
- Tangible fixed assets -€18,934
no longer reported in 2025 (was €18,934)
- Receivables within one year +€14,359
up €14,359 (+115%), from €12,538 to €26,897
- Stocks and contracts -€2,152
no longer reported in 2025 (was €2,152)
- Cash -€717
down €717 (-98.5%), from €728 to €11
mainly Receivables within one year (-€14,359) and Net result for the year (-€12,905)
- Profit (loss) carried forward -€12,905
down €12,905 (-40.9%), from -€31,556 to -€44,461
- Other debts +€4,294
up €4,294 (+40.5%), from €10,591 to €14,885
- Tax, wage and social debts +€1,724
up €1,724 (+385%), from €447 to €2,172
- Trade debts -€557
down €557 (-18.2%), from €3,069 to €2,512
- Turnover -€35,188
down €35,188 (-97.4%), from €36,130 to €942
- Purchases and services -€26,987
down €26,987 (-79.1%), from €34,097 to €7,110
- Gross operating margin -€8,201
down €8,201, from €2,033 to -€6,168
- Other operating charges +€5,769
up €5,769 (+3,068%), from €188 to €5,957
- Depreciation -€2,864
down €2,864 (-83.2%), from €3,444 to €580
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 | €35,102 | €27,658 | -€7,444 | -21.2% |
| Fixed assets | 21/28 | €19,684 | €750 | -€18,934 | -96.2% |
| Tangible fixed assets | 22/27 | €18,934 | - | -€18,934 | |
| Plant, machinery and equipment | 23 | €3,672 | - | -€3,672 | |
| Furniture and vehicles | 24 | €6,766 | - | -€6,766 | |
| Leasing and similar rights | 25 | €8,495 | - | -€8,495 | |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €15,418 | €26,908 | +€11,490 | +74.5% |
| Stocks and contracts in progress | 3 | €2,152 | - | -€2,152 | |
| Stocks | 30/36 | €2,152 | - | -€2,152 | |
| Amounts receivable within one year | 40/41 | €12,538 | €26,897 | +€14,359 | +115% |
| Trade receivables | 40 | €12,538 | €26,897 | +€14,359 | +115% |
| Cash at bank and in hand | 54/58 | €728 | €11 | -€717 | -98.5% |
| Total equity and liabilities | 10/49 | €35,102 | €27,658 | -€7,444 | -21.2% |
| Equity | 10/15 | -€12,442 | -€25,347 | -€12,905 | -104% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €514 | €514 | = | 0.0% |
| Non-distributable reserves | 130/1 | €514 | €514 | = | 0.0% |
| Reserves not available under the articles | 1311 | €514 | €514 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,556 | -€44,461 | -€12,905 | -40.9% |
| Amounts payable | 17/49 | €47,544 | €53,005 | +€5,461 | +11.5% |
| Amounts payable within one year | 42/48 | €14,108 | €19,568 | +€5,461 | +38.7% |
| Trade debts | 44 | €3,069 | €2,512 | -€557 | -18.2% |
| Suppliers | 440/4 | €3,069 | €2,512 | -€557 | -18.2% |
| Taxes, remuneration and social security | 45 | €447 | €2,172 | +€1,724 | +385% |
| Taxes | 450/3 | €447 | €2,172 | +€1,724 | +385% |
| Other amounts payable | 47/48 | €10,591 | €14,885 | +€4,294 | +40.5% |
| Accrued charges and deferred income | 492/3 | €33,436 | €33,436 | = | 0.0% |
| Turnover | 70 | €36,130 | €942 | -€35,188 | -97.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €34,097 | €7,110 | -€26,987 | -79.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,444 | €580 | -€2,864 | -83.2% |
| Other operating charges | 640/8 | €188 | €5,957 | +€5,769 | +3,068% |
| Gross operating margin | 9900 | €2,033 | -€6,168 | -€8,201 | |
| Operating profit (loss) | 9901 | -€1,599 | -€12,705 | -€11,106 | -695% |
| Financial charges | 65/66B | €442 | €200 | -€242 | -54.8% |
| Recurring financial charges | 65 | €442 | €200 | -€242 | -54.8% |
| Profit (loss) for the period before taxes | 9903 | -€2,041 | -€12,905 | -€10,864 | -532% |
| Income taxes | 67/77 | €431 | - | -€431 | |
| Profit (loss) for the period | 9904 | -€2,472 | -€12,905 | -€10,432 | -422% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,472 | -€12,905 | -€10,432 | -422% |
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 2 November 2026 via checked.be.