ARDONOT: 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.
ARDONOT
Largest movements
- Current investments -€658,285
down €658,285 (-20.9%), from €3.1m to €2.5m
- Other debts -€351,468
down €351,468 (-40.9%), from €859,908 to €508,440
- Reserves -€334,735
down €334,735 (-11.8%), from €2.8m to €2.5m
of which Tax-exempt reserves: -€421,000
- Tax, wage and social debts +€63,751
up €63,751 (+657%), from €9,707 to €73,458
- Gross operating margin +€109,207
up €109,207 (+61.4%), from €177,724 to €286,932
- Taxes +€59,435
up €59,435 (+88.0%), from €67,552 to €126,987
- Financial income +€35,158
up €35,158 (+41.9%), from €83,919 to €119,076
- Financial charges +€8,467
up €8,467 (+11.5%), from €73,909 to €82,377
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 | €3,801,846 | €3,151,172 | -€650,674 | -17.1% |
| Fixed assets | 21/28 | €4,343 | €1,135 | -€3,208 | -73.9% |
| Tangible fixed assets | 22/27 | €4,343 | €1,135 | -€3,208 | -73.9% |
| Furniture and vehicles | 24 | €303 | €46 | -€257 | -84.9% |
| Other tangible fixed assets | 26 | €4,040 | €1,089 | -€2,951 | -73.0% |
| Current assets | 29/58 | €3,797,503 | €3,150,037 | -€647,466 | -17.0% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €20,268 | €44,979 | +€24,711 | +122% |
| Trade receivables | 40 | €17,630 | €4,386 | -€13,243 | -75.1% |
| Other amounts receivable | 41 | €2,638 | €40,592 | +€37,954 | +1,439% |
| Current investments | 50/53 | €3,142,884 | €2,484,598 | -€658,285 | -20.9% |
| Cash at bank and in hand | 54/58 | €587,459 | €610,460 | +€23,001 | +3.9% |
| Deferred charges and accrued income | 490/1 | €36,893 | €0 | -€36,893 | -100% |
| Total equity and liabilities | 10/49 | €3,801,846 | €3,151,172 | -€650,674 | -17.1% |
| Equity | 10/15 | €2,848,548 | €2,513,813 | -€334,735 | -11.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,836,148 | €2,501,413 | -€334,735 | -11.8% |
| Tax-exempt reserves | 132 | €421,000 | €0 | -€421,000 | -100% |
| Distributable reserves | 133 | €2,415,148 | €2,501,413 | +€86,265 | +3.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €953,298 | €637,359 | -€315,939 | -33.1% |
| Amounts payable within one year | 42/48 | €871,750 | €586,219 | -€285,531 | -32.8% |
| Trade debts | 44 | €2,134 | €4,321 | +€2,187 | +102% |
| Suppliers | 440/4 | €2,134 | €4,321 | +€2,187 | +102% |
| Taxes, remuneration and social security | 45 | €9,707 | €73,458 | +€63,751 | +657% |
| Taxes | 450/3 | €9,707 | €73,458 | +€63,751 | +657% |
| Other amounts payable | 47/48 | €859,908 | €508,440 | -€351,468 | -40.9% |
| Accrued charges and deferred income | 492/3 | €81,548 | €51,140 | -€30,408 | -37.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,259 | €3,208 | -€1,051 | -24.7% |
| Other operating charges | 640/8 | €1,649 | €3,616 | +€1,966 | +119% |
| Gross operating margin | 9900 | €177,724 | €286,932 | +€109,207 | +61.4% |
| Operating profit (loss) | 9901 | €171,816 | €280,108 | +€108,292 | +63.0% |
| Financial income | 75/76B | €83,919 | €119,076 | +€35,158 | +41.9% |
| Recurring financial income | 75 | €83,919 | €119,076 | +€35,158 | +41.9% |
| Financial charges | 65/66B | €73,909 | €82,377 | +€8,467 | +11.5% |
| Recurring financial charges | 65 | €73,909 | €82,377 | +€8,467 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | €181,826 | €316,807 | +€134,982 | +74.2% |
| Income taxes | 67/77 | €67,552 | €126,987 | +€59,435 | +88.0% |
| Profit (loss) for the period | 9904 | €114,274 | €189,821 | +€75,547 | +66.1% |
| Transfer from tax-exempt reserves | 789 | €101,040 | €421,000 | +€319,960 | +317% |
| Profit (loss) for the period to be appropriated | 9905 | €215,314 | €610,821 | +€395,507 | +184% |
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 19 October 2026 via checked.be.