ARD: what changed
Two fiscal 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.
ARD
Largest movements
- Receivables within one year +€15,050
up €15,050 (+102.4%), from €14,704 to €29,754
of which Trade receivables: +€13,986
- Cash -€6,396
down €6,396 (-87.8%), from €7,285 to €888
mainly Receivables within one year (-€15,050) and Net result for the year (-€7,164)
- Tangible fixed assets -€6,301
down €6,301 (-78.2%), from €8,060 to €1,759
of which Plant, machinery and equipment: -€6,249
- Deferred charges and accrued income +€1,643
up €1,643 (+82.5%), from €1,992 to €3,634
- Trade debts +€12,967
up €12,967 (+293.1%), from €4,424 to €17,391
- Profit (loss) carried forward -€7,164
new in 2025: -€7,164
- Other debts -€1,092
no longer reported in 2025 (was €1,092)
- Tax, wage and social debts -€716
down €716 (-13.4%), from €5,331 to €4,615
of which Remuneration and social security: -€519
- Gross operating margin -€14,851
down €14,851 (-70.8%), from €20,976 to €6,125
- Staff costs -€5,905
down €5,905, from €5,699 to -€206
- Other operating charges +€1,678
up €1,678 (+181.1%), from €927 to €2,605
- Depreciation -€1,333
down €1,333 (-17.5%), from €7,635 to €6,301
- Taxes -€1,016
down €1,016 (-79.3%), from €1,281 to €265
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 | €32,607 | €36,602 | +€3,996 | +12.3% |
| Fixed assets | 21/28 | €8,626 | €2,325 | -€6,301 | -73.0% |
| Tangible fixed assets | 22/27 | €8,060 | €1,759 | -€6,301 | -78.2% |
| Plant, machinery and equipment | 23 | €8,008 | €1,759 | -€6,249 | -78.0% |
| Furniture and vehicles | 24 | €52 | - | -€52 | |
| Financial fixed assets | 28 | €566 | €566 | = | 0.0% |
| Current assets | 29/58 | €23,980 | €34,277 | +€10,297 | +42.9% |
| Amounts receivable within one year | 40/41 | €14,704 | €29,754 | +€15,050 | +102.4% |
| Trade receivables | 40 | €14,704 | €28,690 | +€13,986 | +95.1% |
| Other amounts receivable | 41 | - | €1,065 | +€1,065 | |
| Cash at bank and in hand | 54/58 | €7,285 | €888 | -€6,396 | -87.8% |
| Deferred charges and accrued income | 490/1 | €1,992 | €3,634 | +€1,643 | +82.5% |
| Total equity and liabilities | 10/49 | €32,607 | €36,602 | +€3,996 | +12.3% |
| Equity | 10/15 | €21,761 | €14,596 | -€7,164 | -32.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €18,761 | €18,761 | = | 0.0% |
| Distributable reserves | 133 | €18,761 | €18,761 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€7,164 | -€7,164 | |
| Amounts payable | 17/49 | €10,846 | €22,006 | +€11,160 | +102.9% |
| Amounts payable within one year | 42/48 | €10,846 | €22,006 | +€11,160 | +102.9% |
| Trade debts | 44 | €4,424 | €17,391 | +€12,967 | +293.1% |
| Suppliers | 440/4 | €4,424 | €17,391 | +€12,967 | +293.1% |
| Taxes, remuneration and social security | 45 | €5,331 | €4,615 | -€716 | -13.4% |
| Taxes | 450/3 | €4,812 | €4,615 | -€197 | -4.1% |
| Remuneration and social security | 454/9 | €519 | - | -€519 | |
| Other amounts payable | 47/48 | €1,092 | - | -€1,092 | |
| Remuneration, social security and pensions | 62 | €5,699 | -€206 | -€5,905 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,635 | €6,301 | -€1,333 | -17.5% |
| Other operating charges | 640/8 | €927 | €2,605 | +€1,678 | +181.1% |
| Gross operating margin | 9900 | €20,976 | €6,125 | -€14,851 | -70.8% |
| Operating profit (loss) | 9901 | €6,716 | -€2,575 | -€9,292 | |
| Financial income | 75/76B | €130 | €0 | -€130 | -100.0% |
| Recurring financial income | 75 | €130 | €0 | -€130 | -100.0% |
| Financial charges | 65/66B | €5,017 | €4,324 | -€693 | -13.8% |
| Recurring financial charges | 65 | €5,017 | €4,324 | -€693 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €1,829 | -€6,899 | -€8,728 | |
| Income taxes | 67/77 | €1,281 | €265 | -€1,016 | -79.3% |
| Profit (loss) for the period | 9904 | €548 | -€7,164 | -€7,712 | |
| Profit (loss) for the period to be appropriated | 9905 | €548 | -€7,164 | -€7,712 |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.