ARDEK: 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.
ARDEK
Largest movements
- Cash -€199,510
down €199,510 (-78.6%), from €253,931 to €54,421
mainly Contributions, distributions and other (-€242,917) and Investment in fixed assets (net) (-€28,964)
- Tangible fixed assets +€24,870
up €24,870 (+109.7%), from €22,678 to €47,548
of which Other tangible fixed assets: +€38,221
- Receivables within one year +€18,530
up €18,530 (+42.5%), from €43,642 to €62,172
of which Trade receivables: +€18,900
- Deferred charges and accrued income +€11,575
up €11,575 (+418.5%), from €2,766 to €14,341
- Reserves -€141,515
down €141,515 (-60.5%), from €234,097 to €92,582
- Contributions -€17,600
down €17,600 (-94.6%), from €18,600 to €1,000
- Tax, wage and social debts +€9,514
up €9,514 (+64.3%), from €14,801 to €24,315
- Trade debts +€4,401
up €4,401 (+19.8%), from €22,198 to €26,600
- Gross operating margin +€51,933
up €51,933 (+82.6%), from €62,891 to €114,825
- Taxes -€6,032
down €6,032 (-20.5%), from €29,463 to €23,432
- Financial charges +€1,643
up €1,643 (+207.2%), from €793 to €2,435
- Depreciation +€1,257
up €1,257 (+44.3%), from €2,836 to €4,093
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 | €323,017 | €178,482 | -€144,535 | -44.7% |
| Fixed assets | 21/28 | €22,678 | €47,548 | +€24,870 | +109.7% |
| Tangible fixed assets | 22/27 | €22,678 | €47,548 | +€24,870 | +109.7% |
| Plant, machinery and equipment | 23 | €10,281 | €9,328 | -€954 | -9.3% |
| Furniture and vehicles | 24 | €12,397 | - | -€12,397 | |
| Other tangible fixed assets | 26 | - | €38,221 | +€38,221 | |
| Current assets | 29/58 | €300,339 | €130,934 | -€169,405 | -56.4% |
| Amounts receivable within one year | 40/41 | €43,642 | €62,172 | +€18,530 | +42.5% |
| Trade receivables | 40 | €43,272 | €62,172 | +€18,900 | +43.7% |
| Other amounts receivable | 41 | €370 | - | -€370 | |
| Cash at bank and in hand | 54/58 | €253,931 | €54,421 | -€199,510 | -78.6% |
| Deferred charges and accrued income | 490/1 | €2,766 | €14,341 | +€11,575 | +418.5% |
| Total equity and liabilities | 10/49 | €323,017 | €178,482 | -€144,535 | -44.7% |
| Equity | 10/15 | €252,697 | €93,582 | -€159,115 | -63.0% |
| Contributions | 10/11 | €18,600 | €1,000 | -€17,600 | -94.6% |
| Reserves | 13 | €234,097 | €92,582 | -€141,515 | -60.5% |
| Distributable reserves | 133 | €234,097 | €92,582 | -€141,515 | -60.5% |
| Amounts payable | 17/49 | €70,320 | €84,900 | +€14,580 | +20.7% |
| Amounts payable within one year | 42/48 | €70,320 | €84,900 | +€14,580 | +20.7% |
| Trade debts | 44 | €22,198 | €26,600 | +€4,401 | +19.8% |
| Suppliers | 440/4 | €22,198 | €26,600 | +€4,401 | +19.8% |
| Taxes, remuneration and social security | 45 | €14,801 | €24,315 | +€9,514 | +64.3% |
| Taxes | 450/3 | €14,801 | €24,315 | +€9,514 | +64.3% |
| Other amounts payable | 47/48 | €33,321 | €33,985 | +€664 | +2.0% |
| Non-recurring operating income | 76A | - | €17,975 | +€17,975 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,836 | €4,093 | +€1,257 | +44.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,114 | - | -€1,114 | |
| Other operating charges | 640/8 | €2,036 | €1,084 | -€952 | -46.8% |
| Non-recurring operating charges | 66A | €1,454 | - | -€1,454 | |
| Gross operating margin | 9900 | €62,891 | €114,825 | +€51,933 | +82.6% |
| Operating profit (loss) | 9901 | €55,452 | €109,648 | +€54,196 | +97.7% |
| Financial income | 75/76B | €88 | €22 | -€66 | -75.5% |
| Recurring financial income | 75 | €88 | €22 | -€66 | -75.5% |
| Financial charges | 65/66B | €793 | €2,435 | +€1,643 | +207.2% |
| Recurring financial charges | 65 | €793 | €2,435 | +€1,643 | +207.2% |
| Profit (loss) for the period before taxes | 9903 | €54,747 | €107,234 | +€52,487 | +95.9% |
| Income taxes | 67/77 | €29,463 | €23,432 | -€6,032 | -20.5% |
| Profit (loss) for the period | 9904 | €25,283 | €83,802 | +€58,519 | +231.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,283 | €83,802 | +€58,519 | +231.5% |
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 8 October 2026 via checked.be.