ARDEL: 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.
ARDEL
Largest movements
- Current investments +€361,090
up €361,090 (+38.7%), from €932,013 to €1.3m
- Cash -€181,311
down €181,311 (-65.9%), from €275,003 to €93,692
mainly Current investments (-€361,090) and Receivables within one year (-€55,553)
- Receivables within one year +€55,553
up €55,553 (+172.8%), from €32,158 to €87,711
of which Other amounts receivable: +€60,914
- Reserves +€181,854
up €181,854 (+15.7%), from €1.2m to €1.3m
of which Distributable reserves: +€181,854
- Tax, wage and social debts +€67,042
new in 2025: €67,042
- Financial income +€175,970
up €175,970 (+350.8%), from €50,160 to €226,130
- Taxes +€14,547
new in 2025: €14,547
- Gross operating margin -€6,772
down €6,772 (-21.2%), from €31,921 to €25,149
- Financial charges +€6,098
up €6,098 (+18.5%), from €32,890 to €38,988
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 | €1,248,269 | €1,483,291 | +€235,022 | +18.8% |
| Fixed assets | 21/28 | €9,095 | €8,135 | -€960 | -10.6% |
| Tangible fixed assets | 22/27 | €9,095 | €8,135 | -€960 | -10.6% |
| Land and buildings | 22 | €9,095 | €8,135 | -€960 | -10.6% |
| Current assets | 29/58 | €1,239,174 | €1,475,157 | +€235,982 | +19.0% |
| Amounts receivable within one year | 40/41 | €32,158 | €87,711 | +€55,553 | +172.8% |
| Trade receivables | 40 | €5,361 | - | -€5,361 | |
| Other amounts receivable | 41 | €26,797 | €87,711 | +€60,914 | +227.3% |
| Current investments | 50/53 | €932,013 | €1,293,103 | +€361,090 | +38.7% |
| Cash at bank and in hand | 54/58 | €275,003 | €93,692 | -€181,311 | -65.9% |
| Deferred charges and accrued income | 490/1 | - | €650 | +€650 | |
| Total equity and liabilities | 10/49 | €1,248,269 | €1,483,291 | +€235,022 | +18.8% |
| Equity | 10/15 | €1,220,804 | €1,402,659 | +€181,854 | +14.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,159,304 | €1,341,159 | +€181,854 | +15.7% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €1,153,154 | €1,335,009 | +€181,854 | +15.8% |
| Amounts payable | 17/49 | €27,465 | €80,633 | +€53,168 | +193.6% |
| Amounts payable within one year | 42/48 | €14,045 | €77,059 | +€63,014 | +448.6% |
| Trade debts | 44 | €12,845 | €10,017 | -€2,828 | -22.0% |
| Suppliers | 440/4 | €12,845 | €10,017 | -€2,828 | -22.0% |
| Taxes, remuneration and social security | 45 | - | €67,042 | +€67,042 | |
| Taxes | 450/3 | - | €67,042 | +€67,042 | |
| Other amounts payable | 47/48 | €1,200 | - | -€1,200 | |
| Accrued charges and deferred income | 492/3 | €13,420 | €3,574 | -€9,846 | -73.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €960 | €960 | = | 0.0% |
| Other operating charges | 640/8 | €14,975 | €14,929 | -€46 | -0.3% |
| Gross operating margin | 9900 | €31,921 | €25,149 | -€6,772 | -21.2% |
| Operating profit (loss) | 9901 | €15,986 | €9,260 | -€6,726 | -42.1% |
| Financial income | 75/76B | €50,160 | €226,130 | +€175,970 | +350.8% |
| Recurring financial income | 75 | €50,160 | €226,130 | +€175,970 | +350.8% |
| Financial charges | 65/66B | €32,890 | €38,988 | +€6,098 | +18.5% |
| Recurring financial charges | 65 | €32,890 | €38,988 | +€6,098 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €33,255 | €196,401 | +€163,146 | +490.6% |
| Income taxes | 67/77 | - | €14,547 | +€14,547 | |
| Profit (loss) for the period | 9904 | €33,255 | €181,854 | +€148,599 | +446.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,255 | €181,854 | +€148,599 | +446.8% |
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 29 September 2026 via checked.be.