ARDESA: 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.
ARDESA
Largest movements
- Current investments +€4.5m
up €4.5m (+111%), from €4.0m to €8.5m
- Tangible fixed assets -€475,820
down €475,820 (-62.6%), from €760,156 to €284,336
- Reserves +€3.9m
up €3.9m (+88.5%), from €4.4m to €8.3m
of which Distributable reserves: +€4.0m
- Tax, wage and social debts +€406,812
up €406,812 (+880%), from €46,251 to €453,063
- Accrued charges and deferred income -€316,900
down €316,900 (-100%), from €316,900 to €0
- Gross operating margin +€5.3m
up €5.3m (+1,516%), from €348,746 to €5.6m
- Taxes +€1.7m
up €1.7m (+1,266%), from €131,350 to €1.8m
- Financial income -€96,168
down €96,168 (-29.3%), from €328,764 to €232,595
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 | €4,831,474 | €8,816,072 | +€4.0m | +82.5% |
| Fixed assets | 21/28 | €760,156 | €284,336 | -€475,820 | -62.6% |
| Tangible fixed assets | 22/27 | €760,156 | €284,336 | -€475,820 | -62.6% |
| Land and buildings | 22 | €760,156 | €284,336 | -€475,820 | -62.6% |
| Current assets | 29/58 | €4,071,318 | €8,531,736 | +€4.5m | +110% |
| Amounts receivable within one year | 40/41 | €570 | €581 | +€12 | +2.0% |
| Trade receivables | 40 | €570 | €581 | +€12 | +2.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €4,027,475 | €8,515,379 | +€4.5m | +111% |
| Cash at bank and in hand | 54/58 | €15,801 | €5,559 | -€10,241 | -64.8% |
| Deferred charges and accrued income | 490/1 | €27,472 | €10,216 | -€17,256 | -62.8% |
| Total equity and liabilities | 10/49 | €4,831,474 | €8,816,072 | +€4.0m | +82.5% |
| Equity | 10/15 | €4,465,886 | €8,358,823 | +€3.9m | +87.2% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €4,400,886 | €8,293,823 | +€3.9m | +88.5% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €421,000 | €336,800 | -€84,200 | -20.0% |
| Distributable reserves | 133 | €3,973,386 | €7,950,523 | +€4.0m | +100% |
| Amounts payable | 17/49 | €365,588 | €457,249 | +€91,661 | +25.1% |
| Amounts payable within one year | 42/48 | €48,688 | €457,249 | +€408,561 | +839% |
| Trade debts | 44 | €446 | €2,195 | +€1,749 | +392% |
| Suppliers | 440/4 | €446 | €2,195 | +€1,749 | +392% |
| Taxes, remuneration and social security | 45 | €46,251 | €453,063 | +€406,812 | +880% |
| Taxes | 450/3 | €46,251 | €453,063 | +€406,812 | +880% |
| Other amounts payable | 47/48 | €1,991 | €1,991 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €316,900 | €0 | -€316,900 | -100% |
| Non-recurring operating income | 76A | - | €5,334,531 | +€5.3m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,351 | €4,351 | = | 0.0% |
| Other operating charges | 640/8 | €41,217 | €43,231 | +€2,014 | +4.9% |
| Non-recurring operating charges | 66A | - | €140,227 | +€140,227 | |
| Gross operating margin | 9900 | €348,746 | €5,635,684 | +€5.3m | +1,516% |
| Operating profit (loss) | 9901 | €303,178 | €5,447,875 | +€5.1m | +1,697% |
| Financial income | 75/76B | €328,764 | €232,595 | -€96,168 | -29.3% |
| Recurring financial income | 75 | €328,764 | €232,595 | -€96,168 | -29.3% |
| Financial charges | 65/66B | €8,093 | -€6,913 | -€15,006 | |
| Recurring financial charges | 65 | €8,093 | -€6,913 | -€15,006 | |
| Profit (loss) for the period before taxes | 9903 | €623,848 | €5,687,383 | +€5.1m | +812% |
| Income taxes | 67/77 | €131,350 | €1,794,446 | +€1.7m | +1,266% |
| Profit (loss) for the period | 9904 | €492,498 | €3,892,937 | +€3.4m | +690% |
| Transfer from tax-exempt reserves | 789 | €84,200 | €84,200 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €126,300 | €0 | -€126,300 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €450,398 | €3,977,137 | +€3.5m | +783% |
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 13 October 2026 via checked.be.