ARDEEL DIRK: 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.
ARDEEL DIRK
Largest movements
- Tangible fixed assets +€704,386
up €704,386 (+18.3%), from €3.9m to €4.6m
of which Land and buildings: +€757,249
- Cash -€525,672
down €525,672 (-31.9%), from €1.7m to €1.1m
mainly Investment in fixed assets (net) (-€1.0m) and Receivables within one year (-€115,663)
- Receivables within one year +€115,663
up €115,663 (+11.1%), from €1.0m to €1.2m
of which Trade receivables: +€108,303
- Reserves +€220,315
up €220,315 (+3.8%), from €5.8m to €6.0m
of which Distributable reserves: +€220,315
- Financial income -€32,946
down €32,946 (-60.7%), from €54,321 to €21,375
- Depreciation +€27,186
up €27,186 (+8.6%), from €317,113 to €344,299
- Gross operating margin +€22,359
up €22,359 (+3.5%), from €637,282 to €659,641
- Taxes -€20,612
down €20,612 (-23.2%), from €88,676 to €68,064
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 | €6,610,042 | €6,869,417 | +€259,375 | +3.9% |
| Fixed assets | 21/28 | €3,855,640 | €4,555,976 | +€700,336 | +18.2% |
| Intangible fixed assets | 21 | €4,199 | €149 | -€4,050 | -96.5% |
| Tangible fixed assets | 22/27 | €3,851,359 | €4,555,745 | +€704,386 | +18.3% |
| Land and buildings | 22 | €3,444,305 | €4,201,554 | +€757,249 | +22.0% |
| Plant, machinery and equipment | 23 | €42,619 | €12,872 | -€29,747 | -69.8% |
| Furniture and vehicles | 24 | - | €30,344 | +€30,344 | |
| Other tangible fixed assets | 26 | €364,435 | €310,975 | -€53,460 | -14.7% |
| Financial fixed assets | 28 | €82 | €82 | = | 0.0% |
| Current assets | 29/58 | €2,754,402 | €2,313,441 | -€440,961 | -16.0% |
| Amounts receivable within one year | 40/41 | €1,043,163 | €1,158,826 | +€115,663 | +11.1% |
| Trade receivables | 40 | €392,090 | €500,393 | +€108,303 | +27.6% |
| Other amounts receivable | 41 | €651,073 | €658,433 | +€7,360 | +1.1% |
| Cash at bank and in hand | 54/58 | €1,650,406 | €1,124,734 | -€525,672 | -31.9% |
| Deferred charges and accrued income | 490/1 | €60,833 | €29,881 | -€30,952 | -50.9% |
| Total equity and liabilities | 10/49 | €6,610,042 | €6,869,417 | +€259,375 | +3.9% |
| Equity | 10/15 | €5,912,602 | €6,132,917 | +€220,315 | +3.7% |
| Contributions | 10/11 | €111,592 | €111,592 | = | 0.0% |
| Reserves | 13 | €5,800,424 | €6,020,739 | +€220,315 | +3.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Other | 1319 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €5,798,565 | €6,018,880 | +€220,315 | +3.8% |
| Profit (loss) carried forward | 14 | €586 | €586 | = | 0.0% |
| Amounts payable | 17/49 | €697,440 | €736,500 | +€39,060 | +5.6% |
| Amounts payable within one year | 42/48 | €697,313 | €736,373 | +€39,060 | +5.6% |
| Trade debts | 44 | €1,415 | €2,313 | +€898 | +63.5% |
| Suppliers | 440/4 | €1,415 | €2,313 | +€898 | +63.5% |
| Taxes, remuneration and social security | 45 | €27,074 | €25,851 | -€1,223 | -4.5% |
| Taxes | 450/3 | €24,025 | €22,779 | -€1,246 | -5.2% |
| Remuneration and social security | 454/9 | €3,049 | €3,072 | +€23 | +0.8% |
| Other amounts payable | 47/48 | €668,824 | €708,209 | +€39,385 | +5.9% |
| Accrued charges and deferred income | 492/3 | €127 | €127 | = | 0.0% |
| Non-recurring operating income | 76A | - | €3,498 | +€3,498 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €317,113 | €344,299 | +€27,186 | +8.6% |
| Other operating charges | 640/8 | €1,197 | €1,209 | +€12 | +1.0% |
| Gross operating margin | 9900 | €637,282 | €659,641 | +€22,359 | +3.5% |
| Operating profit (loss) | 9901 | €318,972 | €314,133 | -€4,839 | -1.5% |
| Financial income | 75/76B | €54,321 | €21,375 | -€32,946 | -60.7% |
| Recurring financial income | 75 | €54,321 | €21,375 | -€32,946 | -60.7% |
| Financial charges | 65/66B | €51,846 | €47,129 | -€4,717 | -9.1% |
| Recurring financial charges | 65 | €51,846 | €46,219 | -€5,627 | -10.9% |
| Non-recurring financial charges | 66B | - | €910 | +€910 | |
| Profit (loss) for the period before taxes | 9903 | €321,447 | €288,379 | -€33,068 | -10.3% |
| Income taxes | 67/77 | €88,676 | €68,064 | -€20,612 | -23.2% |
| Profit (loss) for the period | 9904 | €232,771 | €220,315 | -€12,456 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €232,771 | €220,315 | -€12,456 | -5.4% |
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 12 October 2026 via checked.be.