ARDA & DIVAN: 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.
ARDA & DIVAN
Largest movements
- Tangible fixed assets -€15,300
down €15,300 (-41.9%), from €36,547 to €21,247
of which Furniture and vehicles: -€14,900
- Receivables within one year -€7,963
down €7,963 (-47.5%), from €16,760 to €8,797
of which Trade receivables: -€8,010
- Stocks and contracts +€4,962
up €4,962 (+668%), from €743 to €5,705
- Profit (loss) carried forward -€15,883
down €15,883, from €4,731 to -€11,152
- Other debts +€12,391
up €12,391 (+1,293%), from €958 to €13,349
- Debts after one year -€12,179
down €12,179 (-85.2%), from €14,290 to €2,112
- Tax, wage and social debts -€2,106
down €2,106 (-18.4%), from €11,429 to €9,322
- Trade debts -€1,058
no longer reported in 2025 (was €1,058)
- Gross operating margin -€33,831
down €33,831 (-83.6%), from €40,459 to €6,627
- Taxes -€6,535
down €6,535 (-95.1%), from €6,871 to €335
- Financial charges -€1,323
down €1,323 (-29.8%), from €4,440 to €3,117
- Other operating charges +€1,309
up €1,309 (+53.4%), from €2,450 to €3,759
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 | €62,442 | €44,410 | -€18,033 | -28.9% |
| Fixed assets | 21/28 | €40,747 | €25,447 | -€15,300 | -37.5% |
| Tangible fixed assets | 22/27 | €36,547 | €21,247 | -€15,300 | -41.9% |
| Furniture and vehicles | 24 | €35,901 | €21,001 | -€14,900 | -41.5% |
| Other tangible fixed assets | 26 | €646 | €246 | -€400 | -61.9% |
| Financial fixed assets | 28 | €4,200 | €4,200 | = | 0.0% |
| Current assets | 29/58 | €21,695 | €18,963 | -€2,733 | -12.6% |
| Stocks and contracts in progress | 3 | €743 | €5,705 | +€4,962 | +668% |
| Stocks | 30/36 | €743 | €5,705 | +€4,962 | +668% |
| Amounts receivable within one year | 40/41 | €16,760 | €8,797 | -€7,963 | -47.5% |
| Trade receivables | 40 | €16,658 | €8,648 | -€8,010 | -48.1% |
| Other amounts receivable | 41 | €102 | €149 | +€47 | +46.0% |
| Cash at bank and in hand | 54/58 | €4,093 | €4,395 | +€302 | +7.4% |
| Deferred charges and accrued income | 490/1 | €100 | €65 | -€35 | -34.6% |
| Total equity and liabilities | 10/49 | €62,442 | €44,410 | -€18,033 | -28.9% |
| Equity | 10/15 | €23,331 | €7,448 | -€15,883 | -68.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,731 | -€11,152 | -€15,883 | |
| Amounts payable | 17/49 | €39,111 | €36,962 | -€2,149 | -5.5% |
| Amounts payable after more than one year | 17 | €14,290 | €2,112 | -€12,179 | -85.2% |
| Financial debts | 170/4 | €14,290 | €2,112 | -€12,179 | -85.2% |
| Amounts payable within one year | 42/48 | €24,821 | €34,850 | +€10,029 | +40.4% |
| Current portion of amounts payable after more than one year | 42 | €11,377 | €12,179 | +€802 | +7.0% |
| Trade debts | 44 | €1,058 | - | -€1,058 | |
| Suppliers | 440/4 | €1,058 | - | -€1,058 | |
| Taxes, remuneration and social security | 45 | €11,429 | €9,322 | -€2,106 | -18.4% |
| Taxes | 450/3 | €11,429 | €9,322 | -€2,106 | -18.4% |
| Other amounts payable | 47/48 | €958 | €13,349 | +€12,391 | +1,293% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,300 | €15,300 | = | 0.0% |
| Other operating charges | 640/8 | €2,450 | €3,759 | +€1,309 | +53.4% |
| Gross operating margin | 9900 | €40,459 | €6,627 | -€33,831 | -83.6% |
| Operating profit (loss) | 9901 | €22,709 | -€12,431 | -€35,140 | |
| Financial charges | 65/66B | €4,440 | €3,117 | -€1,323 | -29.8% |
| Recurring financial charges | 65 | €4,440 | €3,117 | -€1,323 | -29.8% |
| Profit (loss) for the period before taxes | 9903 | €18,269 | -€15,548 | -€33,817 | |
| Income taxes | 67/77 | €6,871 | €335 | -€6,535 | -95.1% |
| Profit (loss) for the period | 9904 | €11,399 | -€15,883 | -€27,282 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,399 | -€15,883 | -€27,282 |
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 14 October 2026 via checked.be.