A.R.D.: 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.
A.R.D.
Largest movements
- Tangible fixed assets -€24,879
down €24,879 (-8.8%), from €282,594 to €257,715
- Cash -€11,911
down €11,911 (-12.4%), from €96,437 to €84,526
mainly Net result for the year (-€34,042) and Other debts (-€6,000)
- Profit (loss) carried forward -€34,042
down €34,042 (-64.7%), from €52,600 to €18,558
- Other debts -€6,000
down €6,000 (-8.5%), from €70,571 to €64,571
- Depreciation -€3,679
down €3,679 (-12.9%), from €28,558 to €24,879
- Gross operating margin -€2,875
down €2,875 (-98.9%), from €2,908 to €32
- Other operating charges -€372
down €372 (-3.9%), from €9,537 to €9,165
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €381,108 | €344,342 | -€36,766 | -9.6% |
| Fixed assets | 21/28 | €282,594 | €257,715 | -€24,879 | -8.8% |
| Tangible fixed assets | 22/27 | €282,594 | €257,715 | -€24,879 | -8.8% |
| Land and buildings | 22 | €282,594 | €257,715 | -€24,879 | -8.8% |
| Current assets | 29/58 | €98,514 | €86,627 | -€11,887 | -12.1% |
| Amounts receivable within one year | 40/41 | €1,401 | €1,401 | = | 0.0% |
| Other amounts receivable | 41 | €1,401 | €1,401 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €96,437 | €84,526 | -€11,911 | -12.4% |
| Deferred charges and accrued income | 490/1 | €676 | €700 | +€24 | +3.6% |
| Total equity and liabilities | 10/49 | €381,108 | €344,342 | -€36,766 | -9.6% |
| Equity | 10/15 | €309,404 | €275,363 | -€34,042 | -11.0% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €182,437 | €182,437 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Distributable reserves | 133 | €175,000 | €175,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,600 | €18,558 | -€34,042 | -64.7% |
| Amounts payable | 17/49 | €71,704 | €68,980 | -€2,724 | -3.8% |
| Amounts payable within one year | 42/48 | €71,704 | €68,980 | -€2,724 | -3.8% |
| Trade debts | 44 | €1,133 | €4,408 | +€3,276 | +289% |
| Suppliers | 440/4 | €1,133 | €4,408 | +€3,276 | +289% |
| Other amounts payable | 47/48 | €70,571 | €64,571 | -€6,000 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,558 | €24,879 | -€3,679 | -12.9% |
| Other operating charges | 640/8 | €9,537 | €9,165 | -€372 | -3.9% |
| Gross operating margin | 9900 | €2,908 | €32 | -€2,875 | -98.9% |
| Operating profit (loss) | 9901 | -€35,188 | -€34,012 | +€1,176 | +3.3% |
| Financial charges | 65/66B | €29 | €30 | +€2 | +5.3% |
| Recurring financial charges | 65 | €29 | €30 | +€2 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | -€35,216 | -€34,042 | +€1,174 | +3.3% |
| Profit (loss) for the period | 9904 | -€35,216 | -€34,042 | +€1,174 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,216 | -€34,042 | +€1,174 | +3.3% |
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 18 October 2026 via checked.be.