ARDECY: 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.
ARDECY
Largest movements
- Intangible fixed assets -€18,000
down €18,000 (-20.3%), from €88,816 to €70,816
- Stocks and contracts -€11,665
down €11,665 (-59.2%), from €19,712 to €8,047
- Receivables within one year +€7,536
up €7,536 (+49.6%), from €15,184 to €22,720
of which Trade receivables: +€7,506
- Tangible fixed assets +€5,869
up €5,869 (+105.0%), from €5,591 to €11,460
of which Furniture and vehicles: +€6,095
- Cash +€1,864
up €1,864 (+5.7%), from €32,817 to €34,682
mainly Depreciation (+€25,131) and Tax, wage and social debts (+€17,525)
- Debts after one year -€18,743
down €18,743 (-37.8%), from €49,519 to €30,776
- Tax, wage and social debts +€17,525
up €17,525 (+90.4%), from €19,383 to €36,908
of which Remuneration and social security: +€13,783
- Profit (loss) carried forward -€12,835
down €12,835, from €8,239 to -€4,596
- Trade debts -€4,803
down €4,803 (-34.7%), from €13,822 to €9,019
- Current portion of long-term debt +€2,873
up €2,873 (+10.4%), from €27,617 to €30,490
- Staff costs +€32,057
up €32,057 (+31.5%), from €101,857 to €133,914
- Gross operating margin -€25,395
down €25,395 (-14.5%), from €175,098 to €149,702
- Depreciation +€5,748
up €5,748 (+29.7%), from €19,384 to €25,131
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 | €165,602 | €151,251 | -€14,351 | -8.7% |
| Fixed assets | 21/28 | €94,766 | €82,635 | -€12,131 | -12.8% |
| Intangible fixed assets | 21 | €88,816 | €70,816 | -€18,000 | -20.3% |
| Tangible fixed assets | 22/27 | €5,591 | €11,460 | +€5,869 | +105.0% |
| Furniture and vehicles | 24 | €5,365 | €11,460 | +€6,095 | +113.6% |
| Other tangible fixed assets | 26 | €226 | - | -€226 | |
| Financial fixed assets | 28 | €360 | €360 | = | 0.0% |
| Current assets | 29/58 | €70,835 | €68,616 | -€2,219 | -3.1% |
| Stocks and contracts in progress | 3 | €19,712 | €8,047 | -€11,665 | -59.2% |
| Stocks | 30/36 | €19,712 | €8,047 | -€11,665 | -59.2% |
| Amounts receivable within one year | 40/41 | €15,184 | €22,720 | +€7,536 | +49.6% |
| Trade receivables | 40 | €14,110 | €21,615 | +€7,506 | +53.2% |
| Other amounts receivable | 41 | €1,074 | €1,105 | +€31 | +2.9% |
| Cash at bank and in hand | 54/58 | €32,817 | €34,682 | +€1,864 | +5.7% |
| Deferred charges and accrued income | 490/1 | €3,122 | €3,167 | +€45 | +1.4% |
| Total equity and liabilities | 10/49 | €165,602 | €151,251 | -€14,351 | -8.7% |
| Equity | 10/15 | €38,239 | €25,404 | -€12,835 | -33.6% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,239 | -€4,596 | -€12,835 | |
| Amounts payable | 17/49 | €127,363 | €125,847 | -€1,515 | -1.2% |
| Amounts payable after more than one year | 17 | €49,519 | €30,776 | -€18,743 | -37.8% |
| Financial debts | 170/4 | €49,519 | €30,776 | -€18,743 | -37.8% |
| Amounts payable within one year | 42/48 | €76,839 | €94,779 | +€17,941 | +23.3% |
| Current portion of amounts payable after more than one year | 42 | €27,617 | €30,490 | +€2,873 | +10.4% |
| Trade debts | 44 | €13,822 | €9,019 | -€4,803 | -34.7% |
| Suppliers | 440/4 | €13,822 | €9,019 | -€4,803 | -34.7% |
| Taxes, remuneration and social security | 45 | €19,383 | €36,908 | +€17,525 | +90.4% |
| Taxes | 450/3 | €10,662 | €14,404 | +€3,742 | +35.1% |
| Remuneration and social security | 454/9 | €8,721 | €22,505 | +€13,783 | +158.0% |
| Other amounts payable | 47/48 | €16,016 | €18,362 | +€2,346 | +14.6% |
| Accrued charges and deferred income | 492/3 | €1,005 | €292 | -€713 | -71.0% |
| Remuneration, social security and pensions | 62 | €101,857 | €133,914 | +€32,057 | +31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,384 | €25,131 | +€5,748 | +29.7% |
| Other operating charges | 640/8 | €772 | €559 | -€212 | -27.5% |
| Gross operating margin | 9900 | €175,098 | €149,702 | -€25,395 | -14.5% |
| Operating profit (loss) | 9901 | €53,085 | -€9,902 | -€62,987 | |
| Financial income | 75/76B | €43 | €146 | +€103 | +237.5% |
| Recurring financial income | 75 | €43 | €146 | +€103 | +237.5% |
| Financial charges | 65/66B | €3,971 | €3,079 | -€892 | -22.5% |
| Recurring financial charges | 65 | €3,971 | €3,079 | -€892 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €49,157 | -€12,835 | -€61,992 | |
| Profit (loss) for the period | 9904 | €49,157 | -€12,835 | -€61,992 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,157 | -€12,835 | -€61,992 |
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 3 October 2026 via checked.be.