ARD BELGIUM: 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.
ARD BELGIUM
Largest movements
- Receivables within one year +€54,790
up €54,790 (+53.1%), from €103,276 to €158,066
of which Trade receivables: +€43,516
- Tangible fixed assets +€33,460
up €33,460 (+93.4%), from €35,831 to €69,290
of which Furniture and vehicles: +€32,102
- Cash -€22,512
down €22,512 (-64.5%), from €34,924 to €12,412
mainly Receivables within one year (-€54,790) and Investment in fixed assets (net) (-€48,531)
- Profit (loss) carried forward +€35,757
up €35,757 (+46.4%), from €77,091 to €112,848
- Advances received +€25,056
up €25,056 (+193%), from €12,987 to €38,043
- Trade debts +€4,416
up €4,416 (+63.4%), from €6,964 to €11,379
- Gross operating margin -€28,469
down €28,469 (-14.1%), from €201,560 to €173,091
- Staff costs +€3,796
up €3,796 (+4.1%), from €93,524 to €97,320
- Depreciation +€2,936
up €2,936 (+24.2%), from €12,136 to €15,071
- Other operating charges +€2,894
up €2,894 (+173%), from €1,676 to €4,570
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 | €174,030 | €239,767 | +€65,738 | +37.8% |
| Fixed assets | 21/28 | €35,831 | €69,290 | +€33,460 | +93.4% |
| Tangible fixed assets | 22/27 | €35,831 | €69,290 | +€33,460 | +93.4% |
| Plant, machinery and equipment | 23 | - | €1,357 | +€1,357 | |
| Furniture and vehicles | 24 | €35,831 | €67,933 | +€32,102 | +89.6% |
| Current assets | 29/58 | €138,199 | €170,477 | +€32,278 | +23.4% |
| Amounts receivable within one year | 40/41 | €103,276 | €158,066 | +€54,790 | +53.1% |
| Trade receivables | 40 | €6,710 | €50,225 | +€43,516 | +649% |
| Other amounts receivable | 41 | €96,566 | €107,840 | +€11,274 | +11.7% |
| Cash at bank and in hand | 54/58 | €34,924 | €12,412 | -€22,512 | -64.5% |
| Total equity and liabilities | 10/49 | €174,030 | €239,767 | +€65,738 | +37.8% |
| Equity | 10/15 | €140,266 | €176,023 | +€35,757 | +25.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €58,175 | €58,175 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,175 | €3,175 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,175 | €3,175 | = | 0.0% |
| Distributable reserves | 133 | €55,000 | €55,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,091 | €112,848 | +€35,757 | +46.4% |
| Amounts payable | 17/49 | €33,764 | €63,745 | +€29,981 | +88.8% |
| Amounts payable within one year | 42/48 | €33,764 | €63,745 | +€29,981 | +88.8% |
| Trade debts | 44 | €6,964 | €11,379 | +€4,416 | +63.4% |
| Suppliers | 440/4 | €6,964 | €11,379 | +€4,416 | +63.4% |
| Advances received on contracts in progress | 46 | €12,987 | €38,043 | +€25,056 | +193% |
| Taxes, remuneration and social security | 45 | €13,813 | €14,322 | +€509 | +3.7% |
| Taxes | 450/3 | €13,813 | €14,322 | +€509 | +3.7% |
| Remuneration, social security and pensions | 62 | €93,524 | €97,320 | +€3,796 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,136 | €15,071 | +€2,936 | +24.2% |
| Other operating charges | 640/8 | €1,676 | €4,570 | +€2,894 | +173% |
| Non-recurring operating charges | 66A | €358 | €39 | -€319 | -89.0% |
| Gross operating margin | 9900 | €201,560 | €173,091 | -€28,469 | -14.1% |
| Operating profit (loss) | 9901 | €93,867 | €56,091 | -€37,776 | -40.2% |
| Financial charges | 65/66B | €69 | €134 | +€64 | +93.3% |
| Recurring financial charges | 65 | €69 | €134 | +€64 | +93.3% |
| Profit (loss) for the period before taxes | 9903 | €93,798 | €55,958 | -€37,840 | -40.3% |
| Income taxes | 67/77 | €19,273 | €20,201 | +€928 | +4.8% |
| Profit (loss) for the period | 9904 | €74,525 | €35,757 | -€38,768 | -52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €74,525 | €35,757 | -€38,768 | -52.0% |
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 28 October 2026 via checked.be.