ARDEF: 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.
ARDEF
Largest movements
- Tangible fixed assets +€68,674
up €68,674 (+186%), from €36,854 to €105,528
of which Furniture and vehicles: +€70,896
- Receivables within one year +€15,988
up €15,988 (+46.5%), from €34,417 to €50,404
of which Other amounts receivable: +€8,759
- Cash -€9,687
down €9,687 (-8.4%), from €115,455 to €105,769
mainly Investment in fixed assets (net) (-€76,620) and Contributions, distributions and other (-€71,264)
- Debts after one year +€53,257
new in 2025: €53,257
- Current portion of long-term debt +€12,709
new in 2025: €12,709
- Profit (loss) carried forward +€7,083
up €7,083 (+9.9%), from €71,264 to €78,347
- Tax, wage and social debts +€2,728
up €2,728 (+8.2%), from €33,239 to €35,967
- Gross operating margin +€14,894
up €14,894 (+15.4%), from €96,529 to €111,423
- Taxes +€4,401
up €4,401 (+21.2%), from €20,711 to €25,112
- Depreciation +€3,902
up €3,902 (+96.5%), from €4,044 to €7,946
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 | €188,209 | €263,937 | +€75,729 | +40.2% |
| Fixed assets | 21/28 | €36,854 | €105,528 | +€68,674 | +186% |
| Tangible fixed assets | 22/27 | €36,854 | €105,528 | +€68,674 | +186% |
| Furniture and vehicles | 24 | €17,440 | €88,335 | +€70,896 | +407% |
| Other tangible fixed assets | 26 | €19,414 | €17,193 | -€2,222 | -11.4% |
| Current assets | 29/58 | €151,354 | €158,409 | +€7,055 | +4.7% |
| Amounts receivable within one year | 40/41 | €34,417 | €50,404 | +€15,988 | +46.5% |
| Trade receivables | 40 | €16,954 | €24,183 | +€7,229 | +42.6% |
| Other amounts receivable | 41 | €17,463 | €26,221 | +€8,759 | +50.2% |
| Cash at bank and in hand | 54/58 | €115,455 | €105,769 | -€9,687 | -8.4% |
| Deferred charges and accrued income | 490/1 | €1,483 | €2,236 | +€754 | +50.8% |
| Total equity and liabilities | 10/49 | €188,209 | €263,937 | +€75,729 | +40.2% |
| Equity | 10/15 | €151,741 | €158,824 | +€7,083 | +4.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €80,377 | €80,377 | = | 0.0% |
| Distributable reserves | 133 | €80,377 | €80,377 | = | 0.0% |
| Profit (loss) carried forward | 14 | €71,264 | €78,347 | +€7,083 | +9.9% |
| Amounts payable | 17/49 | €36,468 | €105,113 | +€68,645 | +188% |
| Amounts payable after more than one year | 17 | - | €53,257 | +€53,257 | |
| Financial debts | 170/4 | - | €53,257 | +€53,257 | |
| Amounts payable within one year | 42/48 | €36,468 | €51,856 | +€15,388 | +42.2% |
| Current portion of amounts payable after more than one year | 42 | - | €12,709 | +€12,709 | |
| Trade debts | 44 | €3,229 | €3,180 | -€49 | -1.5% |
| Suppliers | 440/4 | €3,229 | €3,180 | -€49 | -1.5% |
| Taxes, remuneration and social security | 45 | €33,239 | €35,967 | +€2,728 | +8.2% |
| Taxes | 450/3 | €33,239 | €35,967 | +€2,728 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,044 | €7,946 | +€3,902 | +96.5% |
| Other operating charges | 640/8 | €226 | €112 | -€114 | -50.5% |
| Gross operating margin | 9900 | €96,529 | €111,423 | +€14,894 | +15.4% |
| Operating profit (loss) | 9901 | €92,259 | €103,365 | +€11,107 | +12.0% |
| Financial income | 75/76B | €376 | €1,196 | +€820 | +218% |
| Recurring financial income | 75 | €376 | €1,196 | +€820 | +218% |
| Financial charges | 65/66B | €659 | €1,102 | +€443 | +67.1% |
| Recurring financial charges | 65 | €659 | €1,102 | +€443 | +67.1% |
| Profit (loss) for the period before taxes | 9903 | €91,975 | €103,459 | +€11,484 | +12.5% |
| Income taxes | 67/77 | €20,711 | €25,112 | +€4,401 | +21.2% |
| Profit (loss) for the period | 9904 | €71,264 | €78,347 | +€7,083 | +9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €71,264 | €78,347 | +€7,083 | +9.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.