ARDMORE: 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.
ARDMORE
Largest movements
- Current investments -€600,000
down €600,000 (-100%), from €600,000 to €0
- Cash +€128,909
up €128,909 (+278%), from €46,360 to €175,268
mainly Current investments (+€600,000) and Depreciation (+€27,028)
- Tangible fixed assets -€16,270
down €16,270 (-7.7%), from €212,583 to €196,313
of which Furniture and vehicles: -€10,030
- Profit (loss) carried forward -€396,701
down €396,701 (-58.8%), from €675,010 to €278,309
- Contributions -€103,299
down €103,299 (-57.1%), from €180,797 to €77,497
- Gross operating margin -€18,407
down €18,407 (-34.3%), from €53,614 to €35,207
- Other operating charges -€3,214
down €3,214 (-28.1%), from €11,421 to €8,207
- Taxes -€1,139
down €1,139 (-59.0%), from €1,931 to €792
- Depreciation -€1,137
down €1,137 (-4.0%), from €28,165 to €27,028
- Financial income -€636
down €636 (-8.3%), from €7,629 to €6,994
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 | €895,222 | €401,008 | -€494,213 | -55.2% |
| Fixed assets | 21/28 | €236,248 | €214,061 | -€22,187 | -9.4% |
| Intangible fixed assets | 21 | €23,665 | €17,749 | -€5,916 | -25.0% |
| Tangible fixed assets | 22/27 | €212,583 | €196,313 | -€16,270 | -7.7% |
| Land and buildings | 22 | €158,430 | €156,045 | -€2,385 | -1.5% |
| Plant, machinery and equipment | 23 | €15,376 | €11,521 | -€3,856 | -25.1% |
| Furniture and vehicles | 24 | €38,776 | €28,747 | -€10,030 | -25.9% |
| Current assets | 29/58 | €658,974 | €186,947 | -€472,027 | -71.6% |
| Amounts receivable within one year | 40/41 | €7,482 | €6,370 | -€1,112 | -14.9% |
| Trade receivables | 40 | €200 | €382 | +€182 | +91.2% |
| Other amounts receivable | 41 | €7,282 | €5,987 | -€1,295 | -17.8% |
| Current investments | 50/53 | €600,000 | €0 | -€600,000 | -100% |
| Cash at bank and in hand | 54/58 | €46,360 | €175,268 | +€128,909 | +278% |
| Deferred charges and accrued income | 490/1 | €5,132 | €5,309 | +€177 | +3.4% |
| Total equity and liabilities | 10/49 | €895,222 | €401,008 | -€494,213 | -55.2% |
| Equity | 10/15 | €894,368 | €400,092 | -€494,276 | -55.3% |
| Contributions | 10/11 | €180,797 | €77,497 | -€103,299 | -57.1% |
| Capital | 10 | €180,797 | €77,497 | -€103,299 | -57.1% |
| Issued capital | 100 | €180,797 | €77,497 | -€103,299 | -57.1% |
| Reserves | 13 | €38,562 | €44,286 | +€5,724 | +14.8% |
| Non-distributable reserves | 130/1 | €19,256 | €19,256 | = | 0.0% |
| Legal reserve | 130 | €19,256 | €19,256 | = | 0.0% |
| Distributable reserves | 133 | €19,306 | €25,029 | +€5,724 | +29.6% |
| Profit (loss) carried forward | 14 | €675,010 | €278,309 | -€396,701 | -58.8% |
| Amounts payable | 17/49 | €853 | €916 | +€63 | +7.4% |
| Amounts payable within one year | 42/48 | €853 | €916 | +€63 | +7.4% |
| Trade debts | 44 | €833 | €916 | +€83 | +10.0% |
| Suppliers | 440/4 | €833 | €916 | +€83 | +10.0% |
| Advances received on contracts in progress | 46 | €20 | €0 | -€20 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,165 | €27,028 | -€1,137 | -4.0% |
| Other operating charges | 640/8 | €11,421 | €8,207 | -€3,214 | -28.1% |
| Gross operating margin | 9900 | €53,614 | €35,207 | -€18,407 | -34.3% |
| Operating profit (loss) | 9901 | €14,029 | -€28 | -€14,056 | |
| Financial income | 75/76B | €7,629 | €6,994 | -€636 | -8.3% |
| Recurring financial income | 75 | €7,629 | €6,994 | -€636 | -8.3% |
| Financial charges | 65/66B | €422 | €450 | +€29 | +6.8% |
| Recurring financial charges | 65 | €422 | €450 | +€29 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €21,236 | €6,516 | -€14,721 | -69.3% |
| Income taxes | 67/77 | €1,931 | €792 | -€1,139 | -59.0% |
| Profit (loss) for the period | 9904 | €19,306 | €5,724 | -€13,582 | -70.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,306 | €5,724 | -€13,582 | -70.4% |
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 16 October 2026 via checked.be.