Ardec: 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.
Ardec
Largest movements
- Receivables within one year +€73,174
up €73,174 (+40.5%), from €180,575 to €253,749
of which Other amounts receivable: +€72,600
- Cash -€37,668
down €37,668 (-11.9%), from €315,666 to €277,999
mainly Receivables within one year (-€73,174) and Tax, wage and social debts (-€11,703)
- Profit (loss) carried forward +€45,576
up €45,576 (+10.1%), from €449,982 to €495,558
- Tax, wage and social debts -€11,703
down €11,703 (-32.1%), from €36,423 to €24,720
- Trade debts +€5,472
up €5,472 (+768.7%), from €712 to €6,184
- Gross operating margin +€7,344
up €7,344 (+12.5%), from €58,952 to €66,296
- Depreciation -€2,140
down €2,140 (-75.6%), from €2,831 to €691
- Taxes +€1,276
up €1,276 (+8.4%), from €15,208 to €16,484
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 | €502,928 | €537,743 | +€34,815 | +6.9% |
| Fixed assets | 21/28 | €6,686 | €5,995 | -€691 | -10.3% |
| Tangible fixed assets | 22/27 | €6,686 | €5,995 | -€691 | -10.3% |
| Land and buildings | 22 | €3,443 | €3,205 | -€237 | -6.9% |
| Furniture and vehicles | 24 | €3,243 | €2,790 | -€453 | -14.0% |
| Current assets | 29/58 | €496,242 | €531,748 | +€35,506 | +7.2% |
| Amounts receivable within one year | 40/41 | €180,575 | €253,749 | +€73,174 | +40.5% |
| Trade receivables | 40 | €180,575 | €181,149 | +€574 | +0.3% |
| Other amounts receivable | 41 | - | €72,600 | +€72,600 | |
| Cash at bank and in hand | 54/58 | €315,666 | €277,999 | -€37,668 | -11.9% |
| Total equity and liabilities | 10/49 | €502,928 | €537,743 | +€34,815 | +6.9% |
| Equity | 10/15 | €459,982 | €505,558 | +€45,576 | +9.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €449,982 | €495,558 | +€45,576 | +10.1% |
| Amounts payable | 17/49 | €42,946 | €32,184 | -€10,761 | -25.1% |
| Amounts payable within one year | 42/48 | €42,946 | €32,184 | -€10,761 | -25.1% |
| Trade debts | 44 | €712 | €6,184 | +€5,472 | +768.7% |
| Suppliers | 440/4 | €712 | €6,184 | +€5,472 | +768.7% |
| Taxes, remuneration and social security | 45 | €36,423 | €24,720 | -€11,703 | -32.1% |
| Taxes | 450/3 | €36,423 | €24,720 | -€11,703 | -32.1% |
| Other amounts payable | 47/48 | €5,811 | €1,281 | -€4,530 | -78.0% |
| Remuneration, social security and pensions | 62 | €1,804 | €1,951 | +€147 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,831 | €691 | -€2,140 | -75.6% |
| Other operating charges | 640/8 | €1,060 | €1,366 | +€306 | +28.9% |
| Gross operating margin | 9900 | €58,952 | €66,296 | +€7,344 | +12.5% |
| Operating profit (loss) | 9901 | €53,256 | €62,288 | +€9,032 | +17.0% |
| Financial income | 75/76B | €21 | €3 | -€19 | -87.5% |
| Recurring financial income | 75 | €21 | €3 | -€19 | -87.5% |
| Financial charges | 65/66B | €288 | €230 | -€58 | -20.0% |
| Recurring financial charges | 65 | €288 | €230 | -€58 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €52,990 | €62,060 | +€9,071 | +17.1% |
| Income taxes | 67/77 | €15,208 | €16,484 | +€1,276 | +8.4% |
| Profit (loss) for the period | 9904 | €37,782 | €45,576 | +€7,795 | +20.6% |
| Profit (loss) for the period to be appropriated | 9905 | €37,782 | €45,576 | +€7,795 | +20.6% |
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 9 October 2026 via checked.be.