ARDAGO: what changed
Two fiscal 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.
ARDAGO
Largest movements
- Tangible fixed assets -€16,721
down €16,721 (-29.0%), from €57,685 to €40,964
of which Furniture and vehicles: -€16,482
- Cash -€11,100
down €11,100 (-5.9%), from €188,999 to €177,899
mainly Contributions, distributions and other (-€85,000) and Trade debts (-€30,119)
- Trade debts -€30,119
down €30,119 (-97.2%), from €30,994 to €875
- Other debts -€5,072
down €5,072 (-6.6%), from €77,322 to €72,250
- Tax, wage and social debts +€4,400
up €4,400 (+18.6%), from €23,705 to €28,105
- Reserves +€4,258
up €4,258 (+4.0%), from €106,167 to €110,425
- Gross operating margin -€6,273
down €6,273 (-4.3%), from €147,420 to €141,147
- Taxes +€4,946
up €4,946 (+17.9%), from €27,704 to €32,650
- Staff costs -€2,626
no longer reported in 2025 (was €2,626)
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.
Cash bridge derived
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 | €248,188 | €221,655 | -€26,533 | -10.7% |
| Fixed assets | 21/28 | €57,685 | €40,964 | -€16,721 | -29.0% |
| Tangible fixed assets | 22/27 | €57,685 | €40,964 | -€16,721 | -29.0% |
| Furniture and vehicles | 24 | €55,555 | €39,073 | -€16,482 | -29.7% |
| Other tangible fixed assets | 26 | €2,130 | €1,891 | -€239 | -11.2% |
| Current assets | 29/58 | €190,503 | €180,691 | -€9,812 | -5.2% |
| Cash at bank and in hand | 54/58 | €188,999 | €177,899 | -€11,100 | -5.9% |
| Deferred charges and accrued income | 490/1 | €1,504 | €2,793 | +€1,289 | +85.7% |
| Total equity and liabilities | 10/49 | €248,188 | €221,655 | -€26,533 | -10.7% |
| Equity | 10/15 | €116,167 | €120,425 | +€4,258 | +3.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €106,167 | €110,425 | +€4,258 | +4.0% |
| Distributable reserves | 133 | €106,167 | €110,425 | +€4,258 | +4.0% |
| Amounts payable | 17/49 | €132,021 | €101,230 | -€30,791 | -23.3% |
| Amounts payable within one year | 42/48 | €132,021 | €101,230 | -€30,791 | -23.3% |
| Trade debts | 44 | €30,994 | €875 | -€30,119 | -97.2% |
| Suppliers | 440/4 | €30,994 | €875 | -€30,119 | -97.2% |
| Taxes, remuneration and social security | 45 | €23,705 | €28,105 | +€4,400 | +18.6% |
| Taxes | 450/3 | €23,705 | €28,105 | +€4,400 | +18.6% |
| Other amounts payable | 47/48 | €77,322 | €72,250 | -€5,072 | -6.6% |
| Non-recurring operating income | 76A | €20 | - | -€20 | |
| Remuneration, social security and pensions | 62 | €2,626 | - | -€2,626 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,446 | €16,720 | +€274 | +1.7% |
| Other operating charges | 640/8 | €2,355 | €2,444 | +€89 | +3.8% |
| Non-recurring operating charges | 66A | €142 | €0 | -€142 | -100.0% |
| Gross operating margin | 9900 | €147,420 | €141,147 | -€6,273 | -4.3% |
| Operating profit (loss) | 9901 | €125,851 | €121,983 | -€3,868 | -3.1% |
| Financial charges | 65/66B | €75 | €75 | = | 0.0% |
| Recurring financial charges | 65 | €75 | €75 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €125,776 | €121,908 | -€3,868 | -3.1% |
| Income taxes | 67/77 | €27,704 | €32,650 | +€4,946 | +17.9% |
| Profit (loss) for the period | 9904 | €98,072 | €89,258 | -€8,814 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €98,072 | €89,258 | -€8,814 | -9.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.