ARDEA: 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.
ARDEA
Largest movements
- Receivables within one year -€91,259
down €91,259 (-78.1%), from €116,909 to €25,649
of which Other amounts receivable: -€95,116
- Receivables after one year -€81,317
down €81,317 (-23.3%), from €349,317 to €268,000
- Tangible fixed assets +€54,375
up €54,375 (+318.9%), from €17,048 to €71,423
of which Furniture and vehicles: +€54,333
- Cash -€24,570
down €24,570 (-12.7%), from €193,950 to €169,380
mainly Contributions, distributions and other (-€178,947) and Investment in fixed assets (net) (-€68,891)
- Reserves -€156,296
down €156,296 (-23.4%), from €668,894 to €512,598
of which Distributable reserves: -€176,705
- Financial income +€15,969
up €15,969 (+69.5%), from €22,991 to €38,961
of which Non-recurring financial income: +€32,645
- Depreciation +€11,353
up €11,353 (+358.9%), from €3,164 to €14,516
- Taxes -€4,494
down €4,494 (-80.4%), from €5,592 to €1,098
- Gross operating margin +€3,988
up €3,988 (+299.3%), from €1,333 to €5,320
- Other operating charges -€2,621
down €2,621 (-76.6%), from €3,420 to €799
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 | €682,231 | €538,515 | -€143,716 | -21.1% |
| Fixed assets | 21/28 | €17,048 | €71,423 | +€54,375 | +318.9% |
| Tangible fixed assets | 22/27 | €17,048 | €71,423 | +€54,375 | +318.9% |
| Plant, machinery and equipment | 23 | - | €2,642 | +€2,642 | |
| Furniture and vehicles | 24 | €4,336 | €58,669 | +€54,333 | +1253.1% |
| Other tangible fixed assets | 26 | €12,713 | €10,112 | -€2,600 | -20.5% |
| Current assets | 29/58 | €665,182 | €467,091 | -€198,091 | -29.8% |
| Amounts receivable after more than one year | 29 | €349,317 | €268,000 | -€81,317 | -23.3% |
| Other amounts receivable | 291 | €349,317 | €268,000 | -€81,317 | -23.3% |
| Amounts receivable within one year | 40/41 | €116,909 | €25,649 | -€91,259 | -78.1% |
| Trade receivables | 40 | €8,611 | €12,469 | +€3,857 | +44.8% |
| Other amounts receivable | 41 | €108,297 | €13,181 | -€95,116 | -87.8% |
| Cash at bank and in hand | 54/58 | €193,950 | €169,380 | -€24,570 | -12.7% |
| Deferred charges and accrued income | 490/1 | €5,007 | €4,062 | -€945 | -18.9% |
| Total equity and liabilities | 10/49 | €682,231 | €538,515 | -€143,716 | -21.1% |
| Equity | 10/15 | €675,094 | €518,798 | -€156,296 | -23.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €668,894 | €512,598 | -€156,296 | -23.4% |
| Tax-exempt reserves | 132 | - | €20,409 | +€20,409 | |
| Distributable reserves | 133 | €668,894 | €492,189 | -€176,705 | -26.4% |
| Provisions and deferred taxes | 16 | - | €5,102 | +€5,102 | |
| Deferred taxes | 168 | - | €5,102 | +€5,102 | |
| Amounts payable | 17/49 | €7,137 | €14,615 | +€7,478 | +104.8% |
| Amounts payable within one year | 42/48 | €7,011 | €14,615 | +€7,604 | +108.5% |
| Trade debts | 44 | €2,213 | €3,932 | +€1,719 | +77.7% |
| Suppliers | 440/4 | €2,213 | €3,932 | +€1,719 | +77.7% |
| Taxes, remuneration and social security | 45 | €3,081 | €8,965 | +€5,885 | +191.0% |
| Taxes | 450/3 | €3,081 | €8,965 | +€5,885 | +191.0% |
| Other amounts payable | 47/48 | €1,718 | €1,718 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €126 | - | -€126 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,164 | €14,516 | +€11,353 | +358.9% |
| Other operating charges | 640/8 | €3,420 | €799 | -€2,621 | -76.6% |
| Gross operating margin | 9900 | €1,333 | €5,320 | +€3,988 | +299.3% |
| Operating profit (loss) | 9901 | -€5,251 | -€9,994 | -€4,744 | -90.3% |
| Financial income | 75/76B | €22,991 | €38,961 | +€15,969 | +69.5% |
| Recurring financial income | 75 | €22,991 | €6,316 | -€16,675 | -72.5% |
| Non-recurring financial income | 76B | - | €32,645 | +€32,645 | |
| Financial charges | 65/66B | €90 | €116 | +€26 | +28.5% |
| Recurring financial charges | 65 | €90 | €116 | +€26 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €17,651 | €28,851 | +€11,200 | +63.5% |
| Transfer from deferred taxes | 780 | - | €931 | +€931 | |
| Transfer to deferred taxes | 680 | - | €6,033 | +€6,033 | |
| Income taxes | 67/77 | €5,592 | €1,098 | -€4,494 | -80.4% |
| Profit (loss) for the period | 9904 | €12,059 | €22,651 | +€10,592 | +87.8% |
| Transfer from tax-exempt reserves | 789 | - | €3,724 | +€3,724 | |
| Transfer to tax-exempt reserves | 689 | - | €24,132 | +€24,132 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,059 | €2,242 | -€9,816 | -81.4% |
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 8 October 2026 via checked.be.