ARDESCO: 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.
ARDESCO
Largest movements
- Tangible fixed assets -€34,510
down €34,510 (-4.2%), from €824,372 to €789,862
- Receivables within one year +€11,890
new in 2025: €11,890
- Debts after one year -€90,274
down €90,274 (-14.4%), from €627,686 to €537,412
- Other debts +€80,301
new in 2025: €80,301
- Trade debts -€26,178
down €26,178 (-32.6%), from €80,301 to €54,123
- Profit (loss) carried forward +€10,811
up €10,811 (+5.7%), from -€188,739 to -€177,928
- Gross operating margin -€19,366
down €19,366 (-17.1%), from €113,048 to €93,682
- Financial charges -€17,803
down €17,803 (-32.6%), from €54,644 to €36,842
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 | €829,639 | €810,390 | -€19,250 | -2.3% |
| Fixed assets | 21/28 | €824,372 | €789,862 | -€34,510 | -4.2% |
| Tangible fixed assets | 22/27 | €824,372 | €789,862 | -€34,510 | -4.2% |
| Land and buildings | 22 | €824,372 | €789,862 | -€34,510 | -4.2% |
| Current assets | 29/58 | €5,268 | €20,528 | +€15,260 | +289.7% |
| Amounts receivable within one year | 40/41 | - | €11,890 | +€11,890 | |
| Trade receivables | 40 | - | €11,890 | +€11,890 | |
| Cash at bank and in hand | 54/58 | €5,268 | €8,638 | +€3,370 | +64.0% |
| Total equity and liabilities | 10/49 | €829,639 | €810,390 | -€19,250 | -2.3% |
| Equity | 10/15 | €34,564 | €45,375 | +€10,811 | +31.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €175,460 | €175,460 | = | 0.0% |
| Reserves | 13 | €29,243 | €29,243 | = | 0.0% |
| Distributable reserves | 133 | €29,243 | €29,243 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€188,739 | -€177,928 | +€10,811 | +5.7% |
| Amounts payable | 17/49 | €795,075 | €765,015 | -€30,060 | -3.8% |
| Amounts payable after more than one year | 17 | €627,686 | €537,412 | -€90,274 | -14.4% |
| Financial debts | 170/4 | €627,686 | €537,412 | -€90,274 | -14.4% |
| Amounts payable within one year | 42/48 | €167,389 | €227,603 | +€60,214 | +36.0% |
| Current portion of amounts payable after more than one year | 42 | €82,610 | €88,995 | +€6,385 | +7.7% |
| Trade debts | 44 | €80,301 | €54,123 | -€26,178 | -32.6% |
| Suppliers | 440/4 | €80,301 | €54,123 | -€26,178 | -32.6% |
| Taxes, remuneration and social security | 45 | €4,478 | €4,184 | -€294 | -6.6% |
| Taxes | 450/3 | €4,478 | €4,184 | -€294 | -6.6% |
| Other amounts payable | 47/48 | - | €80,301 | +€80,301 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,398 | €39,439 | +€41 | +0.1% |
| Other operating charges | 640/8 | €7,490 | €6,591 | -€898 | -12.0% |
| Gross operating margin | 9900 | €113,048 | €93,682 | -€19,366 | -17.1% |
| Operating profit (loss) | 9901 | €66,161 | €47,652 | -€18,509 | -28.0% |
| Financial charges | 65/66B | €54,644 | €36,842 | -€17,803 | -32.6% |
| Recurring financial charges | 65 | €54,644 | €36,842 | -€17,803 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €11,517 | €10,811 | -€706 | -6.1% |
| Profit (loss) for the period | 9904 | €11,517 | €10,811 | -€706 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,517 | €10,811 | -€706 | -6.1% |
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 4 October 2026 via checked.be.