Ardhi: 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.
Ardhi
Largest movements
- Stocks and contracts -€280,066
down €280,066 (-44.0%), from €636,547 to €356,480
- Cash -€14,695
down €14,695 (-97.1%), from €15,134 to €439
mainly Advances received (-€210,115) and Other debts (-€73,000)
- Advances received -€210,115
down €210,115 (-100%), from €210,115 to €0
- Other debts -€73,000
down €73,000 (-27.6%), from €264,941 to €191,941
- Profit (loss) carried forward -€8,369
down €8,369 (-30.4%), from -€27,517 to -€35,886
- Gross operating margin +€4,821
up €4,821 (+45.9%), from -€10,495 to -€5,674
- Other operating charges +€2,018
up €2,018 (+399%), from €505 to €2,523
- Financial charges -€1,790
down €1,790 (-91.2%), from €1,962 to €172
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 | €651,681 | €360,479 | -€291,202 | -44.7% |
| Current assets | 29/58 | €651,681 | €360,479 | -€291,202 | -44.7% |
| Stocks and contracts in progress | 3 | €636,547 | €356,480 | -€280,066 | -44.0% |
| Stocks | 30/36 | €636,547 | €356,480 | -€280,066 | -44.0% |
| Amounts receivable within one year | 40/41 | - | €3,000 | +€3,000 | |
| Other amounts receivable | 41 | - | €3,000 | +€3,000 | |
| Cash at bank and in hand | 54/58 | €15,134 | €439 | -€14,695 | -97.1% |
| Deferred charges and accrued income | 490/1 | - | €560 | +€560 | |
| Total equity and liabilities | 10/49 | €651,681 | €360,479 | -€291,202 | -44.7% |
| Equity | 10/15 | -€23,517 | -€31,886 | -€8,369 | -35.6% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,517 | -€35,886 | -€8,369 | -30.4% |
| Amounts payable | 17/49 | €675,198 | €392,365 | -€282,833 | -41.9% |
| Amounts payable within one year | 42/48 | €675,198 | €392,365 | -€282,833 | -41.9% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €141 | €424 | +€283 | +200% |
| Suppliers | 440/4 | €141 | €424 | +€283 | +200% |
| Advances received on contracts in progress | 46 | €210,115 | €0 | -€210,115 | -100% |
| Other amounts payable | 47/48 | €264,941 | €191,941 | -€73,000 | -27.6% |
| Other operating charges | 640/8 | €505 | €2,523 | +€2,018 | +399% |
| Gross operating margin | 9900 | -€10,495 | -€5,674 | +€4,821 | +45.9% |
| Operating profit (loss) | 9901 | -€11,000 | -€8,197 | +€2,804 | +25.5% |
| Financial charges | 65/66B | €1,962 | €172 | -€1,790 | -91.2% |
| Recurring financial charges | 65 | €1,962 | €172 | -€1,790 | -91.2% |
| Profit (loss) for the period before taxes | 9903 | -€12,962 | -€8,369 | +€4,593 | +35.4% |
| Profit (loss) for the period | 9904 | -€12,962 | -€8,369 | +€4,593 | +35.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,962 | -€8,369 | +€4,593 | +35.4% |
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 21 October 2026 via checked.be.