ARDEEL NICK: 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 NICK
Largest movements
- Tangible fixed assets -€85,719
down €85,719 (-7.0%), from €1.2m to €1.1m
of which Land and buildings: -€67,645
- Cash +€31,043
up €31,043 (+56.9%), from €54,598 to €85,641
mainly Depreciation (+€85,719) and Other debts (+€20,546)
- Reserves -€51,757
down €51,757 (-5.5%), from €940,738 to €888,981
- Other debts +€20,546
up €20,546 (+4.7%), from €435,272 to €455,818
- Tax, wage and social debts -€15,670
down €15,670 (-61.4%), from €25,537 to €9,868
of which Taxes: -€15,684
- Gross operating margin +€7,909
up €7,909 (+13.1%), from €60,191 to €68,099
- Financial charges -€4,867
down €4,867 (-13.4%), from €36,265 to €31,397
- Taxes +€1,006
up €1,006 (+149%), from €677 to €1,683
- Depreciation +€807
up €807 (+1.0%), from €84,912 to €85,719
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 | €1,439,381 | €1,387,271 | -€52,110 | -3.6% |
| Fixed assets | 21/28 | €1,241,600 | €1,155,880 | -€85,719 | -6.9% |
| Tangible fixed assets | 22/27 | €1,219,600 | €1,133,880 | -€85,719 | -7.0% |
| Land and buildings | 22 | €1,158,724 | €1,091,079 | -€67,645 | -5.8% |
| Furniture and vehicles | 24 | €60,876 | €42,801 | -€18,075 | -29.7% |
| Financial fixed assets | 28 | €22,000 | €22,000 | = | 0.0% |
| Current assets | 29/58 | €197,781 | €231,390 | +€33,609 | +17.0% |
| Amounts receivable within one year | 40/41 | €140,405 | €140,565 | +€160 | +0.1% |
| Trade receivables | 40 | €127,689 | €127,848 | +€159 | +0.1% |
| Other amounts receivable | 41 | €12,716 | €12,717 | +€2 | 0.0% |
| Cash at bank and in hand | 54/58 | €54,598 | €85,641 | +€31,043 | +56.9% |
| Deferred charges and accrued income | 490/1 | €2,778 | €5,184 | +€2,406 | +86.6% |
| Total equity and liabilities | 10/49 | €1,439,381 | €1,387,271 | -€52,110 | -3.6% |
| Equity | 10/15 | €941,738 | €889,981 | -€51,757 | -5.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €940,738 | €888,981 | -€51,757 | -5.5% |
| Distributable reserves | 133 | €940,738 | €888,981 | -€51,757 | -5.5% |
| Amounts payable | 17/49 | €497,643 | €497,290 | -€353 | -0.1% |
| Amounts payable after more than one year | 17 | €26,503 | €16,530 | -€9,973 | -37.6% |
| Financial debts | 170/4 | €26,503 | €16,530 | -€9,973 | -37.6% |
| Amounts payable within one year | 42/48 | €471,140 | €480,760 | +€9,619 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €9,627 | €9,973 | +€345 | +3.6% |
| Trade debts | 44 | €703 | €5,101 | +€4,398 | +626% |
| Suppliers | 440/4 | €703 | €5,101 | +€4,398 | +626% |
| Taxes, remuneration and social security | 45 | €25,537 | €9,868 | -€15,670 | -61.4% |
| Taxes | 450/3 | €23,038 | €7,354 | -€15,684 | -68.1% |
| Remuneration and social security | 454/9 | €2,500 | €2,514 | +€14 | +0.6% |
| Other amounts payable | 47/48 | €435,272 | €455,818 | +€20,546 | +4.7% |
| Non-recurring operating income | 76A | - | €4,132 | +€4,132 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,912 | €85,719 | +€807 | +1.0% |
| Other operating charges | 640/8 | €1,197 | €1,208 | +€11 | +1.0% |
| Gross operating margin | 9900 | €60,191 | €68,099 | +€7,909 | +13.1% |
| Operating profit (loss) | 9901 | -€25,919 | -€18,828 | +€7,090 | +27.4% |
| Financial income | 75/76B | €106 | €152 | +€46 | +42.9% |
| Recurring financial income | 75 | €106 | €152 | +€46 | +42.9% |
| Financial charges | 65/66B | €36,265 | €31,397 | -€4,867 | -13.4% |
| Recurring financial charges | 65 | €36,265 | €31,397 | -€4,867 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | -€62,077 | -€50,074 | +€12,003 | +19.3% |
| Income taxes | 67/77 | €677 | €1,683 | +€1,006 | +149% |
| Profit (loss) for the period | 9904 | -€62,754 | -€51,757 | +€10,997 | +17.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€62,754 | -€51,757 | +€10,997 | +17.5% |
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 16 October 2026 via checked.be.