AARDEX Group: 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.
AARDEX Group
Largest movements
- Current investments -€800,000
no longer reported in 2025 (was €800,000)
- Intangible fixed assets -€171,399
down €171,399 (-5.8%), from €2.9m to €2.8m
- Cash -€165,304
down €165,304 (-16.0%), from €1.0m to €866,592
mainly Net result for the year (-€2.2m) and Investment in fixed assets (net) (-€867,790)
- Profit (loss) carried forward -€2.2m
down €2.2m (-66.0%), from -€3.3m to -€5.4m
- Short-term financial debts +€1.1m
new in 2025: €1.1m
- Investment grants +€105,773
up €105,773 (+26.6%), from €398,064 to €503,837
- Current portion of long-term debt -€86,828
down €86,828 (-43.5%), from €199,681 to €112,853
- Debts after one year -€81,229
down €81,229 (-19.6%), from €414,720 to €333,491
of which Financial debts: -€72,917
- Financial income -€1.6m
down €1.6m (-91.9%), from €1.7m to €138,438
of which Non-recurring financial income: -€1.4m
- Gross operating margin -€122,107
down €122,107, from €41,639 to -€80,469
- Staff costs -€111,866
down €111,866 (-9.3%), from €1.2m to €1.1m
- Depreciation +€37,350
up €37,350 (+3.7%), from €1.0m to €1.0m
- Other operating charges +€3,959
up €3,959 (+28.9%), from €13,704 to €17,663
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.
Cash bridge derived
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 | €6,279,031 | €5,134,943 | -€1.1m | -18.2% |
| Fixed assets | 21/28 | €4,203,676 | €4,028,613 | -€175,063 | -4.2% |
| Intangible fixed assets | 21 | €2,949,755 | €2,778,356 | -€171,399 | -5.8% |
| Tangible fixed assets | 22/27 | €7,568 | €3,904 | -€3,664 | -48.4% |
| Plant, machinery and equipment | 23 | €7,568 | €2,835 | -€4,733 | -62.5% |
| Furniture and vehicles | 24 | - | €1,069 | +€1,069 | |
| Financial fixed assets | 28 | €1,246,353 | €1,246,353 | = | 0.0% |
| Current assets | 29/58 | €2,075,355 | €1,106,330 | -€969,025 | -46.7% |
| Amounts receivable within one year | 40/41 | €227,452 | €217,970 | -€9,483 | -4.2% |
| Trade receivables | 40 | €126,242 | €130,070 | +€3,828 | +3.0% |
| Other amounts receivable | 41 | €101,210 | €87,900 | -€13,310 | -13.2% |
| Current investments | 50/53 | €800,000 | - | -€800,000 | |
| Cash at bank and in hand | 54/58 | €1,031,896 | €866,592 | -€165,304 | -16.0% |
| Deferred charges and accrued income | 490/1 | €16,006 | €21,768 | +€5,762 | +36.0% |
| Total equity and liabilities | 10/49 | €6,279,031 | €5,134,943 | -€1.1m | -18.2% |
| Equity | 10/15 | €4,684,785 | €2,633,406 | -€2.1m | -43.8% |
| Contributions | 10/11 | €6,288,550 | €6,288,550 | = | 0.0% |
| Capital | 10 | €384,734 | €384,734 | = | 0.0% |
| Issued capital | 100 | €384,734 | €384,734 | = | 0.0% |
| Contributions outside capital | 11 | €5,903,816 | €5,903,816 | = | 0.0% |
| Share premium | 1100/10 | €5,903,816 | €5,903,816 | = | 0.0% |
| Revaluation surpluses | 12 | €1,238,470 | €1,238,470 | = | 0.0% |
| Reserves | 13 | €28,855 | €28,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €28,855 | €28,855 | = | 0.0% |
| Legal reserve | 130 | €28,855 | €28,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,269,154 | -€5,426,306 | -€2.2m | -66.0% |
| Investment grants | 15 | €398,064 | €503,837 | +€105,773 | +26.6% |
| Amounts payable | 17/49 | €1,594,245 | €2,501,537 | +€907,292 | +56.9% |
| Amounts payable after more than one year | 17 | €414,720 | €333,491 | -€81,229 | -19.6% |
| Financial debts | 170/4 | €387,500 | €314,583 | -€72,917 | -18.8% |
| Other amounts payable | 178/9 | €27,220 | €18,908 | -€8,312 | -30.5% |
| Amounts payable within one year | 42/48 | €1,152,586 | €2,107,307 | +€954,721 | +82.8% |
| Current portion of amounts payable after more than one year | 42 | €199,681 | €112,853 | -€86,828 | -43.5% |
| Financial debts | 43 | - | €1,130,000 | +€1.1m | |
| Credit institutions | 430/8 | - | €1,130,000 | +€1.1m | |
| Trade debts | 44 | €814,994 | €735,825 | -€79,169 | -9.7% |
| Suppliers | 440/4 | €814,994 | €735,825 | -€79,169 | -9.7% |
| Advances received on contracts in progress | 46 | €1,500 | €1,500 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €135,569 | €115,488 | -€20,081 | -14.8% |
| Taxes | 450/3 | €2,790 | - | -€2,790 | |
| Remuneration and social security | 454/9 | €132,779 | €115,488 | -€17,291 | -13.0% |
| Other amounts payable | 47/48 | €842 | €11,641 | +€10,799 | +1282.9% |
| Accrued charges and deferred income | 492/3 | €26,939 | €60,739 | +€33,800 | +125.5% |
| Remuneration, social security and pensions | 62 | €1,198,896 | €1,087,030 | -€111,866 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,005,503 | €1,042,853 | +€37,350 | +3.7% |
| Other operating charges | 640/8 | €13,704 | €17,663 | +€3,959 | +28.9% |
| Gross operating margin | 9900 | €41,639 | -€80,469 | -€122,107 | |
| Operating profit (loss) | 9901 | -€2,176,464 | -€2,228,015 | -€51,551 | -2.4% |
| Financial income | 75/76B | €1,705,661 | €138,438 | -€1.6m | -91.9% |
| Recurring financial income | 75 | €267,696 | €138,438 | -€129,257 | -48.3% |
| Non-recurring financial income | 76B | €1,437,965 | - | -€1.4m | |
| Financial charges | 65/66B | €62,294 | €65,308 | +€3,014 | +4.8% |
| Recurring financial charges | 65 | €62,294 | €65,308 | +€3,014 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | -€533,097 | -€2,154,884 | -€1.6m | -304.2% |
| Income taxes | 67/77 | €2,706 | €2,268 | -€438 | -16.2% |
| Profit (loss) for the period | 9904 | -€535,804 | -€2,157,153 | -€1.6m | -302.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€535,804 | -€2,157,153 | -€1.6m | -302.6% |
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 12 October 2026 via checked.be.