ARDES: 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.
ARDES
Largest movements
- Cash -€36,526
down €36,526 (-21.3%), from €171,272 to €134,746
mainly Contributions, distributions and other (-€137,500) and Current investments (-€24,925)
- Current investments +€24,925
new in 2025: €24,925
- Receivables within one year +€24,442
up €24,442 (+47.1%), from €51,881 to €76,322
of which Trade receivables: +€33,063
- Stocks and contracts -€11,366
down €11,366 (-92.5%), from €12,282 to €916
- Tangible fixed assets -€4,103
down €4,103 (-6.3%), from €64,974 to €60,870
of which Other tangible fixed assets: -€6,691
- Contributions -€137,500
no longer reported in 2025 (was €137,500)
- Other debts +€112,995
new in 2025: €112,995
- Profit (loss) carried forward +€37,443
up €37,443, from -€3,918 to €33,526
- Debts after one year -€8,022
down €8,022 (-83.4%), from €9,624 to €1,602
- Trade debts -€7,430
down €7,430 (-39.2%), from €18,946 to €11,516
- Staff costs -€50,146
down €50,146 (-66.8%), from €75,053 to €24,907
- Gross operating margin -€40,444
down €40,444 (-30.5%), from €132,456 to €92,013
- Write-downs -€5,556
no longer reported in 2025 (was €5,556)
- Financial charges -€2,167
down €2,167 (-40.2%), from €5,393 to €3,227
of which Non-recurring financial charges: -€1,283
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 | €308,713 | €307,549 | -€1,164 | -0.4% |
| Fixed assets | 21/28 | €65,296 | €61,193 | -€4,103 | -6.3% |
| Tangible fixed assets | 22/27 | €64,974 | €60,870 | -€4,103 | -6.3% |
| Land and buildings | 22 | €11,573 | €10,804 | -€770 | -6.7% |
| Plant, machinery and equipment | 23 | €814 | €286 | -€528 | -64.8% |
| Furniture and vehicles | 24 | €13,955 | €17,840 | +€3,885 | +27.8% |
| Other tangible fixed assets | 26 | €38,631 | €31,940 | -€6,691 | -17.3% |
| Financial fixed assets | 28 | €322 | €322 | = | 0.0% |
| Current assets | 29/58 | €243,417 | €246,356 | +€2,940 | +1.2% |
| Stocks and contracts in progress | 3 | €12,282 | €916 | -€11,366 | -92.5% |
| Stocks | 30/36 | €12,282 | €916 | -€11,366 | -92.5% |
| Amounts receivable within one year | 40/41 | €51,881 | €76,322 | +€24,442 | +47.1% |
| Trade receivables | 40 | €41,898 | €74,961 | +€33,063 | +78.9% |
| Other amounts receivable | 41 | €9,983 | €1,361 | -€8,621 | -86.4% |
| Current investments | 50/53 | - | €24,925 | +€24,925 | |
| Cash at bank and in hand | 54/58 | €171,272 | €134,746 | -€36,526 | -21.3% |
| Deferred charges and accrued income | 490/1 | €7,982 | €9,446 | +€1,465 | +18.4% |
| Total equity and liabilities | 10/49 | €308,713 | €307,549 | -€1,164 | -0.4% |
| Equity | 10/15 | €258,758 | €158,701 | -€100,057 | -38.7% |
| Contributions | 10/11 | €137,500 | - | -€137,500 | |
| Reserves | 13 | €125,175 | €125,175 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,611 | €1,611 | = | 0.0% |
| Distributable reserves | 133 | €123,564 | €123,564 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,918 | €33,526 | +€37,443 | |
| Amounts payable | 17/49 | €49,955 | €148,848 | +€98,893 | +198% |
| Amounts payable after more than one year | 17 | €9,624 | €1,602 | -€8,022 | -83.4% |
| Financial debts | 170/4 | €9,624 | €1,602 | -€8,022 | -83.4% |
| Amounts payable within one year | 42/48 | €39,792 | €146,708 | +€106,916 | +269% |
| Current portion of amounts payable after more than one year | 42 | €10,180 | €8,022 | -€2,158 | -21.2% |
| Trade debts | 44 | €18,946 | €11,516 | -€7,430 | -39.2% |
| Suppliers | 440/4 | €18,946 | €11,516 | -€7,430 | -39.2% |
| Taxes, remuneration and social security | 45 | €10,666 | €14,174 | +€3,508 | +32.9% |
| Taxes | 450/3 | €3,661 | €7,839 | +€4,178 | +114% |
| Remuneration and social security | 454/9 | €7,005 | €6,336 | -€670 | -9.6% |
| Other amounts payable | 47/48 | - | €112,995 | +€112,995 | |
| Accrued charges and deferred income | 492/3 | €538 | €538 | = | 0.0% |
| Non-recurring operating income | 76A | €15,393 | - | -€15,393 | |
| Remuneration, social security and pensions | 62 | €75,053 | €24,907 | -€50,146 | -66.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,630 | €15,936 | +€1,306 | +8.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,556 | - | -€5,556 | |
| Other operating charges | 640/8 | €907 | €559 | -€348 | -38.4% |
| Non-recurring operating charges | 66A | €116 | - | -€116 | |
| Gross operating margin | 9900 | €132,456 | €92,013 | -€40,444 | -30.5% |
| Operating profit (loss) | 9901 | €36,194 | €50,610 | +€14,417 | +39.8% |
| Financial income | 75/76B | €276 | €339 | +€63 | +23.0% |
| Recurring financial income | 75 | €276 | €339 | +€63 | +23.0% |
| Financial charges | 65/66B | €5,393 | €3,227 | -€2,167 | -40.2% |
| Recurring financial charges | 65 | €4,110 | €3,227 | -€884 | -21.5% |
| Non-recurring financial charges | 66B | €1,283 | - | -€1,283 | |
| Profit (loss) for the period before taxes | 9903 | €31,076 | €47,723 | +€16,647 | +53.6% |
| Income taxes | 67/77 | €9,661 | €10,280 | +€619 | +6.4% |
| Profit (loss) for the period | 9904 | €21,416 | €37,443 | +€16,028 | +74.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,416 | €37,443 | +€16,028 | +74.8% |
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 27 October 2026 via checked.be.