AARDAWIN: 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.
AARDAWIN
Largest movements
- Receivables within one year +€94,108
up €94,108 (+112%), from €84,140 to €178,248
of which Other amounts receivable: +€78,228
- Cash -€47,451
down €47,451 (-16.8%), from €282,348 to €234,897
mainly Receivables within one year (-€94,108) and Other debts (-€50,000)
- Reserves +€85,200
up €85,200 (+20.6%), from €413,255 to €498,455
- Other debts -€50,000
down €50,000 (-100%), from €50,000 to €0
- Debts after one year -€20,709
down €20,709 (-9.0%), from €229,674 to €208,965
- Tax, wage and social debts +€19,267
up €19,267 (+72.4%), from €26,629 to €45,895
- Gross operating margin -€163,296
down €163,296 (-51.7%), from €315,668 to €152,372
- Taxes -€52,859
down €52,859 (-54.9%), from €96,206 to €43,347
- Provisions +€16,000
up €16,000, from -€16,000 to €0
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 | €768,301 | €799,086 | +€30,785 | +4.0% |
| Fixed assets | 21/28 | €373,210 | €366,410 | -€6,800 | -1.8% |
| Tangible fixed assets | 22/27 | €373,210 | €366,410 | -€6,800 | -1.8% |
| Land and buildings | 22 | €332,756 | €325,826 | -€6,930 | -2.1% |
| Plant, machinery and equipment | 23 | €10,055 | €5,607 | -€4,448 | -44.2% |
| Furniture and vehicles | 24 | €15,173 | €22,577 | +€7,404 | +48.8% |
| Other tangible fixed assets | 26 | €15,226 | €12,399 | -€2,826 | -18.6% |
| Current assets | 29/58 | €395,091 | €432,676 | +€37,585 | +9.5% |
| Amounts receivable after more than one year | 29 | €25,339 | €17,743 | -€7,596 | -30.0% |
| Other amounts receivable | 291 | €25,339 | €17,743 | -€7,596 | -30.0% |
| Amounts receivable within one year | 40/41 | €84,140 | €178,248 | +€94,108 | +112% |
| Trade receivables | 40 | €1,659 | €17,540 | +€15,880 | +957% |
| Other amounts receivable | 41 | €82,481 | €160,709 | +€78,228 | +94.8% |
| Cash at bank and in hand | 54/58 | €282,348 | €234,897 | -€47,451 | -16.8% |
| Deferred charges and accrued income | 490/1 | €3,264 | €1,787 | -€1,477 | -45.2% |
| Total equity and liabilities | 10/49 | €768,301 | €799,086 | +€30,785 | +4.0% |
| Equity | 10/15 | €429,277 | €511,533 | +€82,256 | +19.2% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €413,255 | €498,455 | +€85,200 | +20.6% |
| Distributable reserves | 133 | €413,255 | €498,455 | +€85,200 | +20.6% |
| Profit (loss) carried forward | 14 | €3,522 | €578 | -€2,944 | -83.6% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Amounts payable | 17/49 | €339,024 | €287,553 | -€51,471 | -15.2% |
| Amounts payable after more than one year | 17 | €229,674 | €208,965 | -€20,709 | -9.0% |
| Financial debts | 170/4 | €229,674 | €208,965 | -€20,709 | -9.0% |
| Amounts payable within one year | 42/48 | €107,505 | €75,505 | -€32,000 | -29.8% |
| Current portion of amounts payable after more than one year | 42 | €20,475 | €20,709 | +€235 | +1.1% |
| Trade debts | 44 | €10,401 | €8,900 | -€1,501 | -14.4% |
| Suppliers | 440/4 | €10,401 | €8,900 | -€1,501 | -14.4% |
| Taxes, remuneration and social security | 45 | €26,629 | €45,895 | +€19,267 | +72.4% |
| Taxes | 450/3 | €26,629 | €45,895 | +€19,267 | +72.4% |
| Other amounts payable | 47/48 | €50,000 | €0 | -€50,000 | -100% |
| Accrued charges and deferred income | 492/3 | €1,845 | €3,084 | +€1,238 | +67.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,508 | €25,750 | +€242 | +0.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€16,000 | €0 | +€16,000 | |
| Other operating charges | 640/8 | €3,439 | €2,136 | -€1,303 | -37.9% |
| Gross operating margin | 9900 | €315,668 | €152,372 | -€163,296 | -51.7% |
| Operating profit (loss) | 9901 | €302,721 | €124,486 | -€178,235 | -58.9% |
| Financial income | 75/76B | €2,661 | €4,302 | +€1,641 | +61.7% |
| Recurring financial income | 75 | €2,661 | €4,302 | +€1,641 | +61.7% |
| Financial charges | 65/66B | €3,673 | €3,185 | -€488 | -13.3% |
| Recurring financial charges | 65 | €3,673 | €3,185 | -€488 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €301,708 | €125,603 | -€176,106 | -58.4% |
| Income taxes | 67/77 | €96,206 | €43,347 | -€52,859 | -54.9% |
| Profit (loss) for the period | 9904 | €205,503 | €82,256 | -€123,247 | -60.0% |
| Profit (loss) for the period to be appropriated | 9905 | €205,503 | €82,256 | -€123,247 | -60.0% |
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 17 October 2026 via checked.be.