AD ARDOISES: 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.
AD ARDOISES
Largest movements
- Receivables within one year +€38,711
up €38,711 (+657%), from €5,894 to €44,605
of which Trade receivables: +€22,360
- Tangible fixed assets -€30,068
down €30,068 (-12.3%), from €243,469 to €213,401
- Cash -€27,780
down €27,780 (-58.9%), from €47,202 to €19,422
mainly Debts after one year (-€64,893) and Receivables within one year (-€38,711)
- Deferred charges and accrued income -€10,000
no longer reported in 2025 (was €10,000)
- Debts after one year -€64,893
down €64,893 (-30.5%), from €212,417 to €147,524
- Other debts -€25,745
down €25,745 (-98.2%), from €26,227 to €482
- Reserves +€22,000
up €22,000 (+66.7%), from €33,000 to €55,000
- Trade debts +€17,721
up €17,721 (+229%), from €7,735 to €25,456
- Current portion of long-term debt +€14,882
up €14,882 (+69.0%), from €21,570 to €36,452
- Gross operating margin +€43,323
up €43,323 (+24.3%), from €178,216 to €221,539
- Staff costs +€24,123
up €24,123 (+23.0%), from €104,955 to €129,078
- Depreciation +€7,048
up €7,048 (+18.3%), from €38,598 to €45,647
- Taxes +€5,866
up €5,866 (+143%), from €4,088 to €9,954
- Other operating charges -€4,503
down €4,503 (-58.9%), from €7,642 to €3,139
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 | €323,547 | €293,059 | -€30,488 | -9.4% |
| Fixed assets | 21/28 | €245,450 | €214,032 | -€31,418 | -12.8% |
| Intangible fixed assets | 21 | €1,809 | €459 | -€1,350 | -74.6% |
| Tangible fixed assets | 22/27 | €243,469 | €213,401 | -€30,068 | -12.3% |
| Land and buildings | 22 | €148,502 | €144,143 | -€4,359 | -2.9% |
| Plant, machinery and equipment | 23 | €26,159 | €18,472 | -€7,686 | -29.4% |
| Furniture and vehicles | 24 | €60,750 | €48,124 | -€12,626 | -20.8% |
| Leasing and similar rights | 25 | €8,059 | €2,662 | -€5,397 | -67.0% |
| Financial fixed assets | 28 | €173 | €173 | = | 0.0% |
| Current assets | 29/58 | €78,097 | €79,027 | +€930 | +1.2% |
| Stocks and contracts in progress | 3 | €15,000 | €15,000 | = | 0.0% |
| Stocks | 30/36 | €15,000 | €15,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,894 | €44,605 | +€38,711 | +657% |
| Trade receivables | 40 | €448 | €22,808 | +€22,360 | +4,996% |
| Other amounts receivable | 41 | €5,447 | €21,797 | +€16,350 | +300% |
| Cash at bank and in hand | 54/58 | €47,202 | €19,422 | -€27,780 | -58.9% |
| Deferred charges and accrued income | 490/1 | €10,000 | - | -€10,000 | |
| Total equity and liabilities | 10/49 | €323,547 | €293,059 | -€30,488 | -9.4% |
| Equity | 10/15 | €53,575 | €79,421 | +€25,846 | +48.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €33,000 | €55,000 | +€22,000 | +66.7% |
| Distributable reserves | 133 | €33,000 | €55,000 | +€22,000 | +66.7% |
| Profit (loss) carried forward | 14 | €18,575 | €22,421 | +€3,846 | +20.7% |
| Amounts payable | 17/49 | €269,973 | €213,639 | -€56,334 | -20.9% |
| Amounts payable after more than one year | 17 | €212,417 | €147,524 | -€64,893 | -30.5% |
| Financial debts | 170/4 | €212,417 | €147,524 | -€64,893 | -30.5% |
| Amounts payable within one year | 42/48 | €57,556 | €66,115 | +€8,559 | +14.9% |
| Current portion of amounts payable after more than one year | 42 | €21,570 | €36,452 | +€14,882 | +69.0% |
| Trade debts | 44 | €7,735 | €25,456 | +€17,721 | +229% |
| Suppliers | 440/4 | €7,735 | €25,456 | +€17,721 | +229% |
| Taxes, remuneration and social security | 45 | €2,024 | €3,726 | +€1,701 | +84.0% |
| Remuneration and social security | 454/9 | €2,024 | €3,726 | +€1,701 | +84.0% |
| Other amounts payable | 47/48 | €26,227 | €482 | -€25,745 | -98.2% |
| Remuneration, social security and pensions | 62 | €104,955 | €129,078 | +€24,123 | +23.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,598 | €45,647 | +€7,048 | +18.3% |
| Other operating charges | 640/8 | €7,642 | €3,139 | -€4,503 | -58.9% |
| Non-recurring operating charges | 66A | - | €5 | +€5 | |
| Gross operating margin | 9900 | €178,216 | €221,539 | +€43,323 | +24.3% |
| Operating profit (loss) | 9901 | €27,020 | €43,671 | +€16,651 | +61.6% |
| Financial income | 75/76B | €1 | €1 | -€0 | -20.0% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -20.0% |
| Financial charges | 65/66B | €8,875 | €7,871 | -€1,004 | -11.3% |
| Recurring financial charges | 65 | €8,875 | €7,871 | -€1,004 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €18,146 | €35,800 | +€17,654 | +97.3% |
| Income taxes | 67/77 | €4,088 | €9,954 | +€5,866 | +143% |
| Profit (loss) for the period | 9904 | €14,058 | €25,846 | +€11,788 | +83.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,058 | €25,846 | +€11,788 | +83.9% |
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 15 October 2026 via checked.be.