ARDS: 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.
ARDS
Largest movements
- Tangible fixed assets +€676,131
up €676,131 (+174%), from €388,698 to €1.1m
of which Furniture and vehicles: +€694,111
- Stocks and contracts -€388,935
down €388,935 (-39.6%), from €981,670 to €592,736
- Receivables within one year +€116,551
up €116,551 (+59.7%), from €195,354 to €311,905
of which Trade receivables: +€141,401
- Cash +€70,455
up €70,455 (+110%), from €63,924 to €134,379
mainly Net result for the year (+€472,802) and Stocks and contracts (+€388,935)
- Reserves +€472,800
up €472,800 (+285%), from €165,800 to €638,600
- Trade debts -€153,263
down €153,263 (-33.4%), from €458,790 to €305,527
- Advances received +€92,492
up €92,492 (+239%), from €38,742 to €131,235
- Current portion of long-term debt +€77,830
up €77,830 (+20.0%), from €389,455 to €467,285
- Tax, wage and social debts +€40,041
up €40,041 (+77.6%), from €51,576 to €91,616
of which Taxes: +€41,152
- Gross operating margin +€691,076
up €691,076 (+114%), from €604,687 to €1.3m
- Depreciation +€215,918
up €215,918 (+225%), from €96,073 to €311,991
- Taxes +€129,193
up €129,193 (+318%), from €40,580 to €169,773
- Staff costs +€36,989
up €36,989 (+14.4%), from €256,163 to €293,152
- Financial charges +€15,790
up €15,790 (+52.7%), from €29,977 to €45,768
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 | €1,644,496 | €2,130,183 | +€485,687 | +29.5% |
| Fixed assets | 21/28 | €398,670 | €1,078,813 | +€680,143 | +171% |
| Intangible fixed assets | 21 | €585 | €477 | -€108 | -18.5% |
| Tangible fixed assets | 22/27 | €388,698 | €1,064,829 | +€676,131 | +174% |
| Plant, machinery and equipment | 23 | €23,657 | €13,472 | -€10,185 | -43.1% |
| Furniture and vehicles | 24 | €271,258 | €965,369 | +€694,111 | +256% |
| Other tangible fixed assets | 26 | €89,782 | €78,487 | -€11,295 | -12.6% |
| Assets under construction and advance payments | 27 | €4,000 | €7,500 | +€3,500 | +87.5% |
| Financial fixed assets | 28 | €9,387 | €13,507 | +€4,120 | +43.9% |
| Current assets | 29/58 | €1,245,826 | €1,051,370 | -€194,456 | -15.6% |
| Stocks and contracts in progress | 3 | €981,670 | €592,736 | -€388,935 | -39.6% |
| Stocks | 30/36 | €981,670 | €592,736 | -€388,935 | -39.6% |
| Amounts receivable within one year | 40/41 | €195,354 | €311,905 | +€116,551 | +59.7% |
| Trade receivables | 40 | €143,787 | €285,189 | +€141,401 | +98.3% |
| Other amounts receivable | 41 | €51,567 | €26,717 | -€24,850 | -48.2% |
| Current investments | 50/53 | €837 | - | -€837 | |
| Cash at bank and in hand | 54/58 | €63,924 | €134,379 | +€70,455 | +110% |
| Deferred charges and accrued income | 490/1 | €4,041 | €12,351 | +€8,309 | +206% |
| Total equity and liabilities | 10/49 | €1,644,496 | €2,130,183 | +€485,687 | +29.5% |
| Equity | 10/15 | €331,694 | €804,496 | +€472,802 | +143% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €165,800 | €638,600 | +€472,800 | +285% |
| Distributable reserves | 133 | €165,800 | €638,600 | +€472,800 | +285% |
| Profit (loss) carried forward | 14 | €115,894 | €115,896 | +€2 | 0.0% |
| Amounts payable | 17/49 | €1,312,801 | €1,325,687 | +€12,885 | +1.0% |
| Amounts payable after more than one year | 17 | €308,304 | €298,775 | -€9,529 | -3.1% |
| Financial debts | 170/4 | €308,304 | €298,775 | -€9,529 | -3.1% |
| Amounts payable within one year | 42/48 | €1,004,497 | €1,026,911 | +€22,414 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €389,455 | €467,285 | +€77,830 | +20.0% |
| Financial debts | 43 | €2,500 | €3,965 | +€1,465 | +58.6% |
| Credit institutions | 430/8 | €2,500 | €3,965 | +€1,465 | +58.6% |
| Trade debts | 44 | €458,790 | €305,527 | -€153,263 | -33.4% |
| Suppliers | 440/4 | €458,790 | €305,527 | -€153,263 | -33.4% |
| Advances received on contracts in progress | 46 | €38,742 | €131,235 | +€92,492 | +239% |
| Taxes, remuneration and social security | 45 | €51,576 | €91,616 | +€40,041 | +77.6% |
| Taxes | 450/3 | €18,240 | €59,391 | +€41,152 | +226% |
| Remuneration and social security | 454/9 | €33,336 | €32,225 | -€1,111 | -3.3% |
| Other amounts payable | 47/48 | €63,434 | €27,283 | -€36,151 | -57.0% |
| Remuneration, social security and pensions | 62 | €256,163 | €293,152 | +€36,989 | +14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,073 | €311,991 | +€215,918 | +225% |
| Other operating charges | 640/8 | €16,272 | €4,255 | -€12,017 | -73.8% |
| Gross operating margin | 9900 | €604,687 | €1,295,763 | +€691,076 | +114% |
| Operating profit (loss) | 9901 | €236,179 | €686,364 | +€450,185 | +191% |
| Financial income | 75/76B | €261 | €1,978 | +€1,718 | +659% |
| Recurring financial income | 75 | €261 | €1,978 | +€1,718 | +659% |
| Financial charges | 65/66B | €29,977 | €45,768 | +€15,790 | +52.7% |
| Recurring financial charges | 65 | €29,977 | €45,768 | +€15,790 | +52.7% |
| Profit (loss) for the period before taxes | 9903 | €206,463 | €642,575 | +€436,113 | +211% |
| Income taxes | 67/77 | €40,580 | €169,773 | +€129,193 | +318% |
| Profit (loss) for the period | 9904 | €165,883 | €472,802 | +€306,920 | +185% |
| Profit (loss) for the period to be appropriated | 9905 | €165,883 | €472,802 | +€306,920 | +185% |
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 17 October 2026 via checked.be.