ARDEON: 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.
ARDEON
Largest movements
- Intangible fixed assets +€147,769
new in 2025: €147,769
- Cash +€26,137
up €26,137 (+103.7%), from €25,198 to €51,335
mainly Debts after one year (+€110,307) and Net result for the year (+€34,084)
- Tangible fixed assets -€19,095
down €19,095 (-24.3%), from €78,649 to €59,554
of which Furniture and vehicles: -€21,480
- Deferred charges and accrued income +€12,495
up €12,495 (+76.4%), from €16,345 to €28,840
- Debts after one year +€110,307
up €110,307 (+204.0%), from €54,065 to €164,372
- Reserves +€22,168
up €22,168 (+61.4%), from €36,087 to €58,255
- Current portion of long-term debt +€20,020
up €20,020 (+101.8%), from €19,673 to €39,693
- Other debts +€6,777
up €6,777 (+101.6%), from €6,673 to €13,450
- Tax, wage and social debts +€5,881
up €5,881 (+272.9%), from €2,155 to €8,036
- Gross operating margin +€30,475
up €30,475 (+59.9%), from €50,862 to €81,337
- Taxes +€7,495
up €7,495 (+74.3%), from €10,087 to €17,582
- Depreciation +€5,045
up €5,045 (+25.4%), from €19,882 to €24,927
- Financial charges -€1,078
down €1,078 (-26.6%), from €4,055 to €2,977
- Other operating charges -€883
down €883 (-31.5%), from €2,805 to €1,923
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 | €125,142 | €292,333 | +€167,191 | +133.6% |
| Fixed assets | 21/28 | €81,184 | €211,075 | +€129,891 | +160.0% |
| Intangible fixed assets | 21 | - | €147,769 | +€147,769 | |
| Tangible fixed assets | 22/27 | €78,649 | €59,554 | -€19,095 | -24.3% |
| Plant, machinery and equipment | 23 | €721 | €3,415 | +€2,694 | +373.7% |
| Furniture and vehicles | 24 | €75,021 | €53,541 | -€21,480 | -28.6% |
| Other tangible fixed assets | 26 | €2,907 | €2,599 | -€309 | -10.6% |
| Financial fixed assets | 28 | €2,535 | €3,752 | +€1,217 | +48.0% |
| Current assets | 29/58 | €43,958 | €81,258 | +€37,300 | +84.9% |
| Amounts receivable within one year | 40/41 | €2,415 | €1,083 | -€1,332 | -55.2% |
| Trade receivables | 40 | €1,905 | €573 | -€1,332 | -69.9% |
| Other amounts receivable | 41 | €510 | €510 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €25,198 | €51,335 | +€26,137 | +103.7% |
| Deferred charges and accrued income | 490/1 | €16,345 | €28,840 | +€12,495 | +76.4% |
| Total equity and liabilities | 10/49 | €125,142 | €292,333 | +€167,191 | +133.6% |
| Equity | 10/15 | €42,287 | €64,455 | +€22,168 | +52.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €36,087 | €58,255 | +€22,168 | +61.4% |
| Distributable reserves | 133 | €36,087 | €58,255 | +€22,168 | +61.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €82,855 | €227,877 | +€145,022 | +175.0% |
| Amounts payable after more than one year | 17 | €54,065 | €164,372 | +€110,307 | +204.0% |
| Financial debts | 170/4 | €54,065 | €164,372 | +€110,307 | +204.0% |
| Amounts payable within one year | 42/48 | €28,790 | €63,505 | +€34,715 | +120.6% |
| Current portion of amounts payable after more than one year | 42 | €19,673 | €39,693 | +€20,020 | +101.8% |
| Financial debts | 43 | €15 | €782 | +€767 | +5117.9% |
| Credit institutions | 430/8 | - | €782 | +€782 | |
| Other loans | 439 | €15 | €0 | -€15 | -100.0% |
| Trade debts | 44 | €274 | €1,544 | +€1,270 | +464.5% |
| Suppliers | 440/4 | €274 | €1,544 | +€1,270 | +464.5% |
| Taxes, remuneration and social security | 45 | €2,155 | €8,036 | +€5,881 | +272.9% |
| Taxes | 450/3 | €2,155 | €8,036 | +€5,881 | +272.9% |
| Other amounts payable | 47/48 | €6,673 | €13,450 | +€6,777 | +101.6% |
| Remuneration, social security and pensions | 62 | -€164 | €0 | +€164 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,882 | €24,927 | +€5,045 | +25.4% |
| Other operating charges | 640/8 | €2,805 | €1,923 | -€883 | -31.5% |
| Non-recurring operating charges | 66A | €84 | €0 | -€84 | -100.0% |
| Gross operating margin | 9900 | €50,862 | €81,337 | +€30,475 | +59.9% |
| Operating profit (loss) | 9901 | €28,255 | €54,488 | +€26,233 | +92.8% |
| Financial income | 75/76B | €21 | €155 | +€134 | +622.8% |
| Recurring financial income | 75 | €21 | €155 | +€134 | +622.8% |
| Financial charges | 65/66B | €4,055 | €2,977 | -€1,078 | -26.6% |
| Recurring financial charges | 65 | €4,055 | €2,977 | -€1,078 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €24,221 | €51,666 | +€27,445 | +113.3% |
| Income taxes | 67/77 | €10,087 | €17,582 | +€7,495 | +74.3% |
| Profit (loss) for the period | 9904 | €14,134 | €34,084 | +€19,950 | +141.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,134 | €34,084 | +€19,950 | +141.1% |
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 12 October 2026 via checked.be.