ARDEAE: 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.
ARDEAE
Largest movements
- Current investments +€256,495
up €256,495, from €0 to €256,495
- Cash -€64,602
down €64,602 (-12.1%), from €535,292 to €470,690
mainly Current investments (-€256,495) and Investment in fixed assets (net) (-€73,370)
- Tangible fixed assets +€40,517
up €40,517 (+33.8%), from €119,848 to €160,366
of which Plant, machinery and equipment: +€48,154
- Receivables within one year +€10,942
up €10,942 (+92.5%), from €11,835 to €22,777
of which Trade receivables: +€21,675
- Reserves +€201,396
up €201,396 (+36.2%), from €556,147 to €757,543
- Trade debts +€36,186
up €36,186 (+119%), from €30,365 to €66,550
- Gross operating margin +€36,664
up €36,664 (+9.5%), from €384,846 to €421,511
- Staff costs +€15,695
up €15,695 (+18.2%), from €86,383 to €102,077
- Depreciation +€12,019
up €12,019 (+57.7%), from €20,834 to €32,853
- Financial income -€5,231
down €5,231 (-58.2%), from €8,983 to €3,751
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 | €673,578 | €920,323 | +€246,744 | +36.6% |
| Fixed assets | 21/28 | €119,848 | €160,366 | +€40,517 | +33.8% |
| Tangible fixed assets | 22/27 | €119,848 | €160,366 | +€40,517 | +33.8% |
| Plant, machinery and equipment | 23 | €49,689 | €97,843 | +€48,154 | +96.9% |
| Furniture and vehicles | 24 | €29,195 | €28,282 | -€913 | -3.1% |
| Other tangible fixed assets | 26 | €40,964 | €34,241 | -€6,723 | -16.4% |
| Current assets | 29/58 | €553,730 | €759,957 | +€206,227 | +37.2% |
| Amounts receivable within one year | 40/41 | €11,835 | €22,777 | +€10,942 | +92.5% |
| Trade receivables | 40 | €1,102 | €22,777 | +€21,675 | +1,967% |
| Other amounts receivable | 41 | €10,733 | €0 | -€10,733 | -100% |
| Current investments | 50/53 | €0 | €256,495 | +€256,495 | |
| Cash at bank and in hand | 54/58 | €535,292 | €470,690 | -€64,602 | -12.1% |
| Deferred charges and accrued income | 490/1 | €6,602 | €9,994 | +€3,392 | +51.4% |
| Total equity and liabilities | 10/49 | €673,578 | €920,323 | +€246,744 | +36.6% |
| Equity | 10/15 | €597,447 | €798,843 | +€201,396 | +33.7% |
| Contributions | 10/11 | €41,300 | €41,300 | = | 0.0% |
| Reserves | 13 | €556,147 | €757,543 | +€201,396 | +36.2% |
| Distributable reserves | 133 | €556,147 | €757,543 | +€201,396 | +36.2% |
| Amounts payable | 17/49 | €76,131 | €121,479 | +€45,348 | +59.6% |
| Amounts payable within one year | 42/48 | €76,098 | €121,205 | +€45,107 | +59.3% |
| Financial debts | 43 | €175 | €1,536 | +€1,362 | +780% |
| Credit institutions | 430/8 | €175 | €1,536 | +€1,362 | +780% |
| Trade debts | 44 | €30,365 | €66,550 | +€36,186 | +119% |
| Suppliers | 440/4 | €30,365 | €66,550 | +€36,186 | +119% |
| Taxes, remuneration and social security | 45 | €37,670 | €45,453 | +€7,783 | +20.7% |
| Taxes | 450/3 | €24,727 | €29,974 | +€5,247 | +21.2% |
| Remuneration and social security | 454/9 | €12,943 | €15,479 | +€2,536 | +19.6% |
| Other amounts payable | 47/48 | €7,889 | €7,666 | -€223 | -2.8% |
| Accrued charges and deferred income | 492/3 | €33 | €274 | +€241 | +733% |
| Remuneration, social security and pensions | 62 | €86,383 | €102,077 | +€15,695 | +18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,834 | €32,853 | +€12,019 | +57.7% |
| Other operating charges | 640/8 | €523 | €462 | -€62 | -11.8% |
| Gross operating margin | 9900 | €384,846 | €421,511 | +€36,664 | +9.5% |
| Operating profit (loss) | 9901 | €277,107 | €286,119 | +€9,012 | +3.3% |
| Financial income | 75/76B | €8,983 | €3,751 | -€5,231 | -58.2% |
| Recurring financial income | 75 | €8,983 | €3,751 | -€5,231 | -58.2% |
| Financial charges | 65/66B | €275 | €2,013 | +€1,738 | +631% |
| Recurring financial charges | 65 | €275 | €2,013 | +€1,738 | +631% |
| Profit (loss) for the period before taxes | 9903 | €285,814 | €287,856 | +€2,042 | +0.7% |
| Income taxes | 67/77 | €86,415 | €86,460 | +€45 | +0.1% |
| Profit (loss) for the period | 9904 | €199,399 | €201,396 | +€1,997 | +1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €199,399 | €201,396 | +€1,997 | +1.0% |
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.