ARD'ELEC: 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'ELEC
Largest movements
- Cash -€272,986
down €272,986 (-64.2%), from €425,168 to €152,181
mainly Trade debts (-€135,782) and Net result for the year (-€130,829)
- Receivables within one year +€71,757
up €71,757 (+7.0%), from €1.0m to €1.1m
of which Trade receivables: +€92,887
- Stocks and contracts -€70,687
down €70,687 (-7.1%), from €993,513 to €922,826
- Trade debts -€135,782
down €135,782 (-10.8%), from €1.3m to €1.1m
- Profit (loss) carried forward -€130,829
down €130,829 (-18.0%), from €727,579 to €596,751
- Gross operating margin -€105,592
down €105,592 (-13.4%), from €788,195 to €682,603
- Staff costs +€23,118
up €23,118 (+3.2%), from €725,462 to €748,580
- Write-downs -€8,434
down €8,434 (-772%), from -€1,092 to -€9,526
- Other operating charges -€8,053
down €8,053 (-23.7%), from €33,915 to €25,861
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 | €2,551,926 | €2,259,288 | -€292,638 | -11.5% |
| Fixed assets | 21/28 | €100,960 | €79,877 | -€21,083 | -20.9% |
| Tangible fixed assets | 22/27 | €100,910 | €79,752 | -€21,158 | -21.0% |
| Plant, machinery and equipment | 23 | €4,136 | €3,469 | -€667 | -16.1% |
| Furniture and vehicles | 24 | €12,136 | €9,037 | -€3,099 | -25.5% |
| Other tangible fixed assets | 26 | €84,638 | €67,246 | -€17,392 | -20.5% |
| Financial fixed assets | 28 | €50 | €125 | +€75 | +150% |
| Current assets | 29/58 | €2,450,966 | €2,179,411 | -€271,555 | -11.1% |
| Stocks and contracts in progress | 3 | €993,513 | €922,826 | -€70,687 | -7.1% |
| Stocks | 30/36 | €993,513 | €922,826 | -€70,687 | -7.1% |
| Amounts receivable within one year | 40/41 | €1,027,142 | €1,098,899 | +€71,757 | +7.0% |
| Trade receivables | 40 | €1,006,011 | €1,098,899 | +€92,887 | +9.2% |
| Other amounts receivable | 41 | €21,131 | - | -€21,131 | |
| Cash at bank and in hand | 54/58 | €425,168 | €152,181 | -€272,986 | -64.2% |
| Deferred charges and accrued income | 490/1 | €5,144 | €5,505 | +€361 | +7.0% |
| Total equity and liabilities | 10/49 | €2,551,926 | €2,259,288 | -€292,638 | -11.5% |
| Equity | 10/15 | €795,229 | €664,401 | -€130,829 | -16.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €727,579 | €596,751 | -€130,829 | -18.0% |
| Amounts payable | 17/49 | €1,756,697 | €1,594,888 | -€161,809 | -9.2% |
| Amounts payable within one year | 42/48 | €1,756,299 | €1,593,771 | -€162,528 | -9.3% |
| Trade debts | 44 | €1,262,617 | €1,126,836 | -€135,782 | -10.8% |
| Suppliers | 440/4 | €1,262,617 | €1,126,836 | -€135,782 | -10.8% |
| Taxes, remuneration and social security | 45 | €162,813 | €153,605 | -€9,208 | -5.7% |
| Taxes | 450/3 | €54,589 | €48,184 | -€6,405 | -11.7% |
| Remuneration and social security | 454/9 | €108,224 | €105,421 | -€2,803 | -2.6% |
| Other amounts payable | 47/48 | €330,869 | €313,330 | -€17,539 | -5.3% |
| Accrued charges and deferred income | 492/3 | €398 | €1,117 | +€719 | +181% |
| Remuneration, social security and pensions | 62 | €725,462 | €748,580 | +€23,118 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,819 | €24,308 | -€3,511 | -12.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,092 | -€9,526 | -€8,434 | -772% |
| Other operating charges | 640/8 | €33,915 | €25,861 | -€8,053 | -23.7% |
| Gross operating margin | 9900 | €788,195 | €682,603 | -€105,592 | -13.4% |
| Operating profit (loss) | 9901 | €2,092 | -€106,620 | -€108,712 | |
| Financial income | 75/76B | €7,334 | €13,407 | +€6,073 | +82.8% |
| Recurring financial income | 75 | €7,334 | €13,407 | +€6,073 | +82.8% |
| Financial charges | 65/66B | €41,499 | €36,697 | -€4,802 | -11.6% |
| Recurring financial charges | 65 | €41,499 | €36,697 | -€4,802 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | -€32,072 | -€129,909 | -€97,837 | -305% |
| Income taxes | 67/77 | €776 | €919 | +€143 | +18.4% |
| Profit (loss) for the period | 9904 | -€32,849 | -€130,829 | -€97,980 | -298% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,849 | -€130,829 | -€97,980 | -298% |
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 22 October 2026 via checked.be.