ARDEMA: 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.
ARDEMA
Largest movements
- Tangible fixed assets -€43,265
down €43,265 (-2.9%), from €1.5m to €1.4m
of which Furniture and vehicles: -€21,664
- Receivables within one year +€42,304
up €42,304 (+699%), from €6,050 to €48,354
of which Trade receivables: +€41,910
- Stocks and contracts +€34,313
up €34,313 (+34.0%), from €100,955 to €135,268
- Other debts +€87,152
up €87,152 (+15.0%), from €580,249 to €667,400
- Debts after one year -€60,146
down €60,146 (-8.2%), from €737,972 to €677,826
- Short-term financial debts +€50,000
up €50,000 (+100%), from €50,000 to €100,000
- Profit (loss) carried forward -€22,750
down €22,750 (-67.2%), from -€33,848 to -€56,597
- Gross operating margin -€7,094
down €7,094 (-11.5%), from €61,773 to €54,679
- Taxes +€2,028
up €2,028 (+1,825%), from €111 to €2,139
- Financial charges -€1,580
down €1,580 (-6.1%), from €25,712 to €24,133
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 | €1,588,638 | €1,630,357 | +€41,718 | +2.6% |
| Fixed assets | 21/28 | €1,476,233 | €1,432,968 | -€43,265 | -2.9% |
| Tangible fixed assets | 22/27 | €1,476,233 | €1,432,968 | -€43,265 | -2.9% |
| Land and buildings | 22 | €1,378,414 | €1,357,247 | -€21,166 | -1.5% |
| Plant, machinery and equipment | 23 | €435 | €0 | -€435 | -100% |
| Furniture and vehicles | 24 | €79,457 | €57,793 | -€21,664 | -27.3% |
| Other tangible fixed assets | 26 | €17,928 | €17,928 | = | 0.0% |
| Current assets | 29/58 | €112,405 | €197,388 | +€84,983 | +75.6% |
| Stocks and contracts in progress | 3 | €100,955 | €135,268 | +€34,313 | +34.0% |
| Stocks | 30/36 | €100,955 | €135,268 | +€34,313 | +34.0% |
| Amounts receivable within one year | 40/41 | €6,050 | €48,354 | +€42,304 | +699% |
| Trade receivables | 40 | €6,050 | €47,960 | +€41,910 | +693% |
| Other amounts receivable | 41 | €0 | €394 | +€394 | |
| Cash at bank and in hand | 54/58 | €5,400 | €13,766 | +€8,366 | +155% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,588,638 | €1,630,357 | +€41,718 | +2.6% |
| Equity | 10/15 | €127,841 | €105,091 | -€22,750 | -17.8% |
| Contributions | 10/11 | €80,287 | €80,287 | = | 0.0% |
| Reserves | 13 | €81,401 | €81,401 | = | 0.0% |
| Non-distributable reserves | 130/1 | €811 | €811 | = | 0.0% |
| Other | 1319 | €811 | €811 | = | 0.0% |
| Tax-exempt reserves | 132 | €226 | €226 | = | 0.0% |
| Distributable reserves | 133 | €80,364 | €80,364 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,848 | -€56,597 | -€22,750 | -67.2% |
| Amounts payable | 17/49 | €1,460,797 | €1,525,265 | +€64,468 | +4.4% |
| Amounts payable after more than one year | 17 | €737,972 | €677,826 | -€60,146 | -8.2% |
| Financial debts | 170/4 | €737,972 | €677,826 | -€60,146 | -8.2% |
| Amounts payable within one year | 42/48 | €713,828 | €838,901 | +€125,073 | +17.5% |
| Current portion of amounts payable after more than one year | 42 | €63,610 | €65,096 | +€1,486 | +2.3% |
| Financial debts | 43 | €50,000 | €100,000 | +€50,000 | +100% |
| Other loans | 439 | €50,000 | €100,000 | +€50,000 | +100% |
| Trade debts | 44 | €16,575 | €1,939 | -€14,636 | -88.3% |
| Suppliers | 440/4 | €16,575 | €1,939 | -€14,636 | -88.3% |
| Taxes, remuneration and social security | 45 | €3,395 | €4,466 | +€1,071 | +31.6% |
| Taxes | 450/3 | €3,395 | €4,466 | +€1,071 | +31.6% |
| Other amounts payable | 47/48 | €580,249 | €667,400 | +€87,152 | +15.0% |
| Accrued charges and deferred income | 492/3 | €8,997 | €8,538 | -€459 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,743 | €43,265 | -€478 | -1.1% |
| Other operating charges | 640/8 | €7,689 | €7,901 | +€212 | +2.8% |
| Gross operating margin | 9900 | €61,773 | €54,679 | -€7,094 | -11.5% |
| Operating profit (loss) | 9901 | €10,342 | €3,513 | -€6,829 | -66.0% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €25,712 | €24,133 | -€1,580 | -6.1% |
| Recurring financial charges | 65 | €25,712 | €24,133 | -€1,580 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | -€15,371 | -€20,611 | -€5,240 | -34.1% |
| Income taxes | 67/77 | €111 | €2,139 | +€2,028 | +1,825% |
| Profit (loss) for the period | 9904 | -€15,482 | -€22,750 | -€7,268 | -46.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,482 | -€22,750 | -€7,268 | -46.9% |
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 22 October 2026 via checked.be.