ARDACO: 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.
ARDACO
Largest movements
- Cash +€40,122
up €40,122 (+39.1%), from €102,590 to €142,712
mainly Net result for the year (+€56,509) and Depreciation (+€37,565)
- Tangible fixed assets -€20,177
down €20,177 (-19.6%), from €103,032 to €82,855
of which Furniture and vehicles: -€19,332
- Receivables within one year +€9,987
up €9,987 (+58.7%), from €17,022 to €27,009
of which Trade receivables: +€7,341
- Reserves +€56,509
up €56,509 (+32.4%), from €174,645 to €231,153
- Other debts -€12,421
down €12,421 (-40.8%), from €30,461 to €18,039
- Tax, wage and social debts -€11,972
down €11,972 (-80.5%), from €14,867 to €2,895
of which Taxes: -€12,106
- Gross operating margin +€18,037
up €18,037 (+17.9%), from €100,621 to €118,658
- Taxes +€4,632
up €4,632 (+24.7%), from €18,769 to €23,401
- Depreciation +€1,489
up €1,489 (+4.1%), from €36,075 to €37,565
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 | €222,643 | €252,576 | +€29,932 | +13.4% |
| Fixed assets | 21/28 | €103,032 | €82,855 | -€20,177 | -19.6% |
| Tangible fixed assets | 22/27 | €103,032 | €82,855 | -€20,177 | -19.6% |
| Plant, machinery and equipment | 23 | €26,843 | €25,998 | -€845 | -3.1% |
| Furniture and vehicles | 24 | €76,189 | €56,857 | -€19,332 | -25.4% |
| Current assets | 29/58 | €119,612 | €169,721 | +€50,109 | +41.9% |
| Amounts receivable within one year | 40/41 | €17,022 | €27,009 | +€9,987 | +58.7% |
| Trade receivables | 40 | €14,954 | €22,296 | +€7,341 | +49.1% |
| Other amounts receivable | 41 | €2,067 | €4,713 | +€2,646 | +128% |
| Cash at bank and in hand | 54/58 | €102,590 | €142,712 | +€40,122 | +39.1% |
| Total equity and liabilities | 10/49 | €222,643 | €252,576 | +€29,932 | +13.4% |
| Equity | 10/15 | €174,745 | €231,253 | +€56,509 | +32.3% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €174,645 | €231,153 | +€56,509 | +32.4% |
| Distributable reserves | 133 | €174,645 | €231,153 | +€56,509 | +32.4% |
| Amounts payable | 17/49 | €47,899 | €21,323 | -€26,576 | -55.5% |
| Amounts payable within one year | 42/48 | €47,749 | €21,323 | -€26,426 | -55.3% |
| Current portion of amounts payable after more than one year | 42 | €1,065 | - | -€1,065 | |
| Trade debts | 44 | €1,356 | €388 | -€968 | -71.4% |
| Suppliers | 440/4 | €1,356 | €388 | -€968 | -71.4% |
| Taxes, remuneration and social security | 45 | €14,867 | €2,895 | -€11,972 | -80.5% |
| Taxes | 450/3 | €12,666 | €560 | -€12,106 | -95.6% |
| Remuneration and social security | 454/9 | €2,202 | €2,335 | +€134 | +6.1% |
| Other amounts payable | 47/48 | €30,461 | €18,039 | -€12,421 | -40.8% |
| Accrued charges and deferred income | 492/3 | €150 | - | -€150 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,075 | €37,565 | +€1,489 | +4.1% |
| Other operating charges | 640/8 | €306 | €742 | +€435 | +142% |
| Gross operating margin | 9900 | €100,621 | €118,658 | +€18,037 | +17.9% |
| Operating profit (loss) | 9901 | €64,240 | €80,352 | +€16,112 | +25.1% |
| Financial income | 75/76B | €0 | €1 | +€1 | +233% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +233% |
| Financial charges | 65/66B | €556 | €443 | -€112 | -20.2% |
| Recurring financial charges | 65 | €556 | €443 | -€112 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €63,685 | €79,910 | +€16,225 | +25.5% |
| Income taxes | 67/77 | €18,769 | €23,401 | +€4,632 | +24.7% |
| Profit (loss) for the period | 9904 | €44,915 | €56,509 | +€11,593 | +25.8% |
| Profit (loss) for the period to be appropriated | 9905 | €44,915 | €56,509 | +€11,593 | +25.8% |
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 24 October 2026 via checked.be.