ARDOU: 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.
ARDOU
Largest movements
- Tangible fixed assets -€37,570
down €37,570 (-10.9%), from €345,454 to €307,883
of which Furniture and vehicles: -€22,303
- Cash +€13,685
up €13,685 (+5.4%), from €252,320 to €266,005
mainly Depreciation (+€43,021) and Net result for the year (+€17,688)
- Reserves +€15,970
up €15,970 (+4.2%), from €378,063 to €394,034
of which Distributable reserves: +€24,245
- Current portion of long-term debt -€12,045
down €12,045 (-38.6%), from €31,234 to €19,189
- Tax, wage and social debts -€9,748
down €9,748 (-66.3%), from €14,699 to €4,951
- Debts after one year -€9,534
down €9,534 (-22.7%), from €41,967 to €32,433
- Taxes -€57,304
down €57,304 (-81.5%), from €70,340 to €13,035
- Gross operating margin -€8,858
down €8,858 (-10.8%), from €81,872 to €73,014
- Other operating charges -€3,431
down €3,431 (-53.6%), from €6,402 to €2,970
- Depreciation +€2,552
up €2,552 (+6.3%), from €40,468 to €43,021
- Financial income +€1,364
up €1,364 (+266.7%), from €511 to €1,875
of which Financial income: +€1,364
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 | €620,349 | €598,343 | -€22,005 | -3.5% |
| Fixed assets | 21/28 | €345,472 | €307,902 | -€37,570 | -10.9% |
| Tangible fixed assets | 22/27 | €345,454 | €307,883 | -€37,570 | -10.9% |
| Land and buildings | 22 | €282,999 | €267,001 | -€15,998 | -5.7% |
| Plant, machinery and equipment | 23 | €0 | €730 | +€730 | |
| Furniture and vehicles | 24 | €62,455 | €40,153 | -€22,303 | -35.7% |
| Financial fixed assets | 28 | €19 | €19 | = | 0.0% |
| Current assets | 29/58 | €274,876 | €290,441 | +€15,565 | +5.7% |
| Amounts receivable within one year | 40/41 | €21,185 | €23,051 | +€1,865 | +8.8% |
| Trade receivables | 40 | €13,754 | €15,620 | +€1,866 | +13.6% |
| Other amounts receivable | 41 | €7,431 | €7,430 | -€1 | 0.0% |
| Cash at bank and in hand | 54/58 | €252,320 | €266,005 | +€13,685 | +5.4% |
| Deferred charges and accrued income | 490/1 | €1,371 | €1,385 | +€15 | +1.1% |
| Total equity and liabilities | 10/49 | €620,349 | €598,343 | -€22,005 | -3.5% |
| Equity | 10/15 | €484,437 | €500,407 | +€15,970 | +3.3% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €378,063 | €394,034 | +€15,970 | +4.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €81,724 | €73,450 | -€8,274 | -10.1% |
| Distributable reserves | 133 | €296,339 | €320,584 | +€24,245 | +8.2% |
| Profit (loss) carried forward | 14 | €100,176 | €100,176 | = | 0.0% |
| Provisions and deferred taxes | 16 | €42,253 | €37,992 | -€4,261 | -10.1% |
| Deferred taxes | 168 | €42,253 | €37,992 | -€4,261 | -10.1% |
| Amounts payable | 17/49 | €93,659 | €59,944 | -€33,715 | -36.0% |
| Amounts payable after more than one year | 17 | €41,967 | €32,433 | -€9,534 | -22.7% |
| Financial debts | 170/4 | €41,967 | €32,433 | -€9,534 | -22.7% |
| Amounts payable within one year | 42/48 | €50,726 | €26,544 | -€24,182 | -47.7% |
| Current portion of amounts payable after more than one year | 42 | €31,234 | €19,189 | -€12,045 | -38.6% |
| Trade debts | 44 | €3,075 | €685 | -€2,389 | -77.7% |
| Suppliers | 440/4 | €3,075 | €685 | -€2,389 | -77.7% |
| Taxes, remuneration and social security | 45 | €14,699 | €4,951 | -€9,748 | -66.3% |
| Taxes | 450/3 | €14,699 | €4,951 | -€9,748 | -66.3% |
| Other amounts payable | 47/48 | €1,718 | €1,718 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €966 | €967 | +€1 | +0.1% |
| Non-recurring operating income | 76A | €23,866 | €0 | -€23,866 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,468 | €43,021 | +€2,552 | +6.3% |
| Other operating charges | 640/8 | €6,402 | €2,970 | -€3,431 | -53.6% |
| Gross operating margin | 9900 | €81,872 | €73,014 | -€8,858 | -10.8% |
| Operating profit (loss) | 9901 | €35,002 | €27,023 | -€7,979 | -22.8% |
| Financial income | 75/76B | €511 | €1,875 | +€1,364 | +266.7% |
| Recurring financial income | 75 | €511 | €1,875 | +€1,364 | +266.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €3,045 | €2,434 | -€611 | -20.1% |
| Recurring financial charges | 65 | €3,045 | €2,434 | -€611 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €32,468 | €26,463 | -€6,005 | -18.5% |
| Transfer from deferred taxes | 780 | €53,219 | €4,261 | -€48,959 | -92.0% |
| Income taxes | 67/77 | €70,340 | €13,035 | -€57,304 | -81.5% |
| Profit (loss) for the period | 9904 | €15,347 | €17,688 | +€2,341 | +15.3% |
| Transfer from tax-exempt reserves | 789 | €128,139 | €8,274 | -€119,864 | -93.5% |
| Profit (loss) for the period to be appropriated | 9905 | €143,486 | €25,963 | -€117,523 | -81.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.