Ardex: 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.
Ardex
Largest movements
- Cash -€20,944
down €20,944 (-96.3%), from €21,744 to €800
mainly Net result for the year (-€66,615) and Trade debts (-€941)
- Tangible fixed assets -€6,834
down €6,834 (-1.4%), from €473,208 to €466,375
- Profit (loss) carried forward -€66,615
down €66,615 (-118.1%), from -€56,403 to -€123,018
- Other debts +€38,485
new in 2025: €38,485
- Services and other goods -€5,628
down €5,628 (-10.9%), from €51,740 to €46,112
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 | €498,071 | €469,000 | -€29,071 | -5.8% |
| Fixed assets | 21/28 | €473,208 | €466,375 | -€6,834 | -1.4% |
| Tangible fixed assets | 22/27 | €473,208 | €466,375 | -€6,834 | -1.4% |
| Land and buildings | 22 | €473,208 | €466,375 | -€6,834 | -1.4% |
| Current assets | 29/58 | €24,863 | €2,625 | -€22,238 | -89.4% |
| Amounts receivable within one year | 40/41 | €3,119 | €1,825 | -€1,293 | -41.5% |
| Other amounts receivable | 41 | €3,119 | €1,825 | -€1,293 | -41.5% |
| Cash at bank and in hand | 54/58 | €21,744 | €800 | -€20,944 | -96.3% |
| Total equity and liabilities | 10/49 | €498,071 | €469,000 | -€29,071 | -5.8% |
| Equity | 10/15 | €475,343 | €408,728 | -€66,615 | -14.0% |
| Contributions | 10/11 | €96,737 | €96,737 | = | 0.0% |
| Capital | 10 | €96,737 | €96,737 | = | 0.0% |
| Issued capital | 100 | €96,737 | €96,737 | = | 0.0% |
| Revaluation surpluses | 12 | €406,954 | €406,954 | = | 0.0% |
| Reserves | 13 | €28,056 | €28,056 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,585 | €9,585 | = | 0.0% |
| Legal reserve | 130 | €9,585 | €9,585 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,039 | €13,039 | = | 0.0% |
| Distributable reserves | 133 | €5,432 | €5,432 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,403 | -€123,018 | -€66,615 | -118.1% |
| Amounts payable | 17/49 | €22,728 | €60,272 | +€37,544 | +165.2% |
| Amounts payable within one year | 42/48 | €22,728 | €60,272 | +€37,544 | +165.2% |
| Trade debts | 44 | €22,728 | €21,787 | -€941 | -4.1% |
| Suppliers | 440/4 | €22,728 | €21,787 | -€941 | -4.1% |
| Other amounts payable | 47/48 | - | €38,485 | +€38,485 | |
| Operating charges | 60/66A | €76,091 | €65,315 | -€10,776 | -14.2% |
| Services and other goods | 61 | €51,740 | €46,112 | -€5,628 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,138 | €6,834 | -€3,304 | -32.6% |
| Other operating charges | 640/8 | €14,213 | €12,369 | -€1,844 | -13.0% |
| Operating profit (loss) | 9901 | -€76,091 | -€65,315 | +€10,776 | +14.2% |
| Financial charges | 65/66B | €666 | €1,301 | +€635 | +95.4% |
| Recurring financial charges | 65 | €666 | €1,301 | +€635 | +95.4% |
| Debt charges | 650 | - | €485 | +€485 | |
| Other financial charges | 652/9 | €666 | €816 | +€150 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | -€76,756 | -€66,615 | +€10,141 | +13.2% |
| Profit (loss) for the period | 9904 | -€76,756 | -€66,615 | +€10,141 | +13.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€76,756 | -€66,615 | +€10,141 | +13.2% |
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 1 October 2026 via checked.be.