ARD'n MANAGEMENT: 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'n MANAGEMENT
Largest movements
- Receivables within one year -€26,971
down €26,971 (-83.0%), from €32,492 to €5,521
of which Trade receivables: -€24,653
- Tangible fixed assets -€25,487
down €25,487 (-7.3%), from €348,628 to €323,141
of which Furniture and vehicles: -€19,537
- Cash -€5,222
down €5,222 (-95.4%), from €5,472 to €250
mainly Net result for the year (-€28,680) and Other debts (-€25,897)
- Profit (loss) carried forward -€28,680
down €28,680 (-8.2%), from -€348,823 to -€377,503
- Other debts -€25,897
down €25,897 (-4.6%), from €562,279 to €536,382
- Trade debts -€4,705
down €4,705 (-37.9%), from €12,417 to €7,712
- Gross operating margin -€24,377
down €24,377, from €11,385 to -€12,991
- Depreciation -€14,402
down €14,402 (-55.0%), from €26,198 to €11,796
- Financial charges +€7,821
up €7,821 (+1,987%), from €394 to €8,215
of which Non-recurring financial charges: +€7,854
- Financial income +€6,534
up €6,534 (+19,168%), from €34 to €6,569
of which Non-recurring financial income: +€6,567
- Other operating charges -€396
down €396 (-16.0%), from €2,466 to €2,071
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 | €387,745 | €329,278 | -€58,467 | -15.1% |
| Fixed assets | 21/28 | €348,878 | €323,391 | -€25,487 | -7.3% |
| Tangible fixed assets | 22/27 | €348,628 | €323,141 | -€25,487 | -7.3% |
| Land and buildings | 22 | €328,591 | €323,141 | -€5,451 | -1.7% |
| Plant, machinery and equipment | 23 | €500 | - | -€500 | |
| Furniture and vehicles | 24 | €19,537 | - | -€19,537 | |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €38,867 | €5,888 | -€32,980 | -84.9% |
| Amounts receivable within one year | 40/41 | €32,492 | €5,521 | -€26,971 | -83.0% |
| Trade receivables | 40 | €30,174 | €5,521 | -€24,653 | -81.7% |
| Other amounts receivable | 41 | €2,318 | - | -€2,318 | |
| Cash at bank and in hand | 54/58 | €5,472 | €250 | -€5,222 | -95.4% |
| Deferred charges and accrued income | 490/1 | €903 | €116 | -€787 | -87.1% |
| Total equity and liabilities | 10/49 | €387,745 | €329,278 | -€58,467 | -15.1% |
| Equity | 10/15 | -€187,319 | -€215,999 | -€28,680 | -15.3% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €81,503 | €81,503 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,235 | €10,235 | = | 0.0% |
| Distributable reserves | 133 | €71,268 | €71,268 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€348,823 | -€377,503 | -€28,680 | -8.2% |
| Amounts payable | 17/49 | €575,065 | €545,277 | -€29,787 | -5.2% |
| Amounts payable within one year | 42/48 | €575,035 | €545,277 | -€29,757 | -5.2% |
| Trade debts | 44 | €12,417 | €7,712 | -€4,705 | -37.9% |
| Suppliers | 440/4 | €12,417 | €7,712 | -€4,705 | -37.9% |
| Taxes, remuneration and social security | 45 | €339 | €1,184 | +€845 | +249% |
| Taxes | 450/3 | €339 | €1,184 | +€845 | +249% |
| Other amounts payable | 47/48 | €562,279 | €536,382 | -€25,897 | -4.6% |
| Accrued charges and deferred income | 492/3 | €30 | - | -€30 | |
| Non-recurring operating income | 76A | €191 | - | -€191 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,198 | €11,796 | -€14,402 | -55.0% |
| Other operating charges | 640/8 | €2,466 | €2,071 | -€396 | -16.0% |
| Non-recurring operating charges | 66A | €1,495 | - | -€1,495 | |
| Gross operating margin | 9900 | €11,385 | -€12,991 | -€24,377 | |
| Operating profit (loss) | 9901 | -€18,774 | -€26,858 | -€8,083 | -43.1% |
| Financial income | 75/76B | €34 | €6,569 | +€6,534 | +19,168% |
| Recurring financial income | 75 | €34 | €1 | -€33 | -96.9% |
| Non-recurring financial income | 76B | - | €6,567 | +€6,567 | |
| Financial charges | 65/66B | €394 | €8,215 | +€7,821 | +1,987% |
| Recurring financial charges | 65 | €394 | €361 | -€33 | -8.3% |
| Non-recurring financial charges | 66B | - | €7,854 | +€7,854 | |
| Profit (loss) for the period before taxes | 9903 | -€19,134 | -€28,504 | -€9,370 | -49.0% |
| Income taxes | 67/77 | €183 | €176 | -€8 | -4.2% |
| Profit (loss) for the period | 9904 | -€19,317 | -€28,680 | -€9,363 | -48.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,317 | -€28,680 | -€9,363 | -48.5% |
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.