ARDRTD: 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.
ARDRTD
Largest movements
- Cash +€97,863
up €97,863 (+261.4%), from €37,442 to €135,305
mainly Net result for the year (+€180,957) and Depreciation (+€113,930)
- Intangible fixed assets -€45,000
down €45,000 (-16.8%), from €267,904 to €222,904
- Reserves +€130,957
up €130,957 (+25.1%), from €521,635 to €652,592
- Other debts -€112,833
down €112,833 (-75.6%), from €149,209 to €36,375
- Debts after one year -€77,345
down €77,345 (-9.3%), from €827,809 to €750,464
- Current portion of long-term debt +€55,249
new in 2025: €55,249
- Accrued charges and deferred income +€49,036
new in 2025: €49,036
- Gross operating margin +€69,905
up €69,905 (+19.8%), from €353,488 to €423,393
- Depreciation +€8,680
up €8,680 (+8.2%), from €105,249 to €113,930
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 | €1,505,933 | €1,559,565 | +€53,632 | +3.6% |
| Fixed assets | 21/28 | €1,295,720 | €1,241,003 | -€54,716 | -4.2% |
| Intangible fixed assets | 21 | €267,904 | €222,904 | -€45,000 | -16.8% |
| Tangible fixed assets | 22/27 | €1,027,815 | €1,018,099 | -€9,716 | -0.9% |
| Land and buildings | 22 | €774,356 | €755,010 | -€19,346 | -2.5% |
| Plant, machinery and equipment | 23 | €209,889 | €187,167 | -€22,722 | -10.8% |
| Furniture and vehicles | 24 | €43,570 | €75,922 | +€32,351 | +74.3% |
| Current assets | 29/58 | €210,214 | €318,562 | +€108,349 | +51.5% |
| Amounts receivable within one year | 40/41 | €169,344 | €176,318 | +€6,974 | +4.1% |
| Trade receivables | 40 | €129,869 | €176,024 | +€46,155 | +35.5% |
| Other amounts receivable | 41 | €39,475 | €294 | -€39,180 | -99.3% |
| Cash at bank and in hand | 54/58 | €37,442 | €135,305 | +€97,863 | +261.4% |
| Deferred charges and accrued income | 490/1 | €3,428 | €6,939 | +€3,512 | +102.4% |
| Total equity and liabilities | 10/49 | €1,505,933 | €1,559,565 | +€53,632 | +3.6% |
| Equity | 10/15 | €526,635 | €657,592 | +€130,957 | +24.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €521,635 | €652,592 | +€130,957 | +25.1% |
| Distributable reserves | 133 | €521,635 | €652,592 | +€130,957 | +25.1% |
| Amounts payable | 17/49 | €979,298 | €901,974 | -€77,325 | -7.9% |
| Amounts payable after more than one year | 17 | €827,809 | €750,464 | -€77,345 | -9.3% |
| Financial debts | 170/4 | €827,809 | €750,464 | -€77,345 | -9.3% |
| Amounts payable within one year | 42/48 | €151,489 | €102,473 | -€49,016 | -32.4% |
| Current portion of amounts payable after more than one year | 42 | - | €55,249 | +€55,249 | |
| Trade debts | 44 | €1,984 | €5,268 | +€3,284 | +165.6% |
| Suppliers | 440/4 | €1,984 | €5,268 | +€3,284 | +165.6% |
| Taxes, remuneration and social security | 45 | €297 | €5,580 | +€5,284 | +1780.2% |
| Taxes | 450/3 | €280 | €5,580 | +€5,300 | +1890.4% |
| Remuneration and social security | 454/9 | €16 | - | -€16 | |
| Other amounts payable | 47/48 | €149,209 | €36,375 | -€112,833 | -75.6% |
| Accrued charges and deferred income | 492/3 | - | €49,036 | +€49,036 | |
| Remuneration, social security and pensions | 62 | €1,513 | €116 | -€1,397 | -92.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,249 | €113,930 | +€8,680 | +8.2% |
| Other operating charges | 640/8 | €1,473 | €4,175 | +€2,702 | +183.4% |
| Gross operating margin | 9900 | €353,488 | €423,393 | +€69,905 | +19.8% |
| Operating profit (loss) | 9901 | €245,253 | €305,172 | +€59,919 | +24.4% |
| Financial income | 75/76B | €76 | - | -€76 | |
| Recurring financial income | 75 | €76 | - | -€76 | |
| Financial charges | 65/66B | €93,155 | €90,474 | -€2,681 | -2.9% |
| Recurring financial charges | 65 | €93,155 | €90,474 | -€2,681 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €152,174 | €214,698 | +€62,524 | +41.1% |
| Income taxes | 67/77 | €31,750 | €33,741 | +€1,991 | +6.3% |
| Profit (loss) for the period | 9904 | €120,424 | €180,957 | +€60,533 | +50.3% |
| Profit (loss) for the period to be appropriated | 9905 | €120,424 | €180,957 | +€60,533 | +50.3% |
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 5 October 2026 via checked.be.