ARDS: 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.
ARDS
Largest movements
- Cash +€27,560
up €27,560 (+9.3%), from €297,331 to €324,891
mainly Net result for the year (+€161,431) and Other debts (+€23,708)
- Deferred charges and accrued income +€23,190
up €23,190 (+18.8%), from €123,514 to €146,704
- Reserves +€56,896
up €56,896 (+75.1%), from €75,780 to €132,676
of which Distributable reserves: +€56,896
- Debts after one year -€51,797
down €51,797 (-40.3%), from €128,390 to €76,594
- Other debts +€23,708
up €23,708 (+14.5%), from €163,087 to €186,795
- Tax, wage and social debts +€18,190
new in 2025: €18,190
- Profit (loss) carried forward -€5,465
no longer reported in 2025 (was €5,465)
- Gross operating margin +€87,438
up €87,438 (+42.8%), from €204,113 to €291,551
- Financial charges -€26,917
down €26,917 (-21.0%), from €128,186 to €101,269
- Taxes +€7,093
up €7,093 (+37.8%), from €18,744 to €25,837
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 | €429,341 | €473,700 | +€44,359 | +10.3% |
| Fixed assets | 21/28 | €2,853 | €2,106 | -€747 | -26.2% |
| Tangible fixed assets | 22/27 | €2,853 | €2,106 | -€747 | -26.2% |
| Furniture and vehicles | 24 | €2,853 | €2,106 | -€747 | -26.2% |
| Current assets | 29/58 | €426,488 | €471,594 | +€45,106 | +10.6% |
| Amounts receivable after more than one year | 29 | €1,058 | - | -€1,058 | |
| Trade receivables | 290 | €1,058 | - | -€1,058 | |
| Amounts receivable within one year | 40/41 | €4,585 | - | -€4,585 | |
| Other amounts receivable | 41 | €4,585 | - | -€4,585 | |
| Cash at bank and in hand | 54/58 | €297,331 | €324,891 | +€27,560 | +9.3% |
| Deferred charges and accrued income | 490/1 | €123,514 | €146,704 | +€23,190 | +18.8% |
| Total equity and liabilities | 10/49 | €429,341 | €473,700 | +€44,359 | +10.3% |
| Equity | 10/15 | €83,245 | €134,676 | +€51,431 | +61.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €75,780 | €132,676 | +€56,896 | +75.1% |
| Tax-exempt reserves | 132 | €75,780 | €75,780 | = | 0.0% |
| Distributable reserves | 133 | - | €56,896 | +€56,896 | |
| Profit (loss) carried forward | 14 | €5,465 | - | -€5,465 | |
| Amounts payable | 17/49 | €346,096 | €339,024 | -€7,072 | -2.0% |
| Amounts payable after more than one year | 17 | €128,390 | €76,594 | -€51,797 | -40.3% |
| Financial debts | 170/4 | €128,390 | €76,594 | -€51,797 | -40.3% |
| Amounts payable within one year | 42/48 | €217,706 | €262,431 | +€44,725 | +20.5% |
| Current portion of amounts payable after more than one year | 42 | €54,619 | €56,030 | +€1,411 | +2.6% |
| Trade debts | 44 | - | €1,415 | +€1,415 | |
| Suppliers | 440/4 | - | €1,415 | +€1,415 | |
| Taxes, remuneration and social security | 45 | - | €18,190 | +€18,190 | |
| Taxes | 450/3 | - | €18,190 | +€18,190 | |
| Other amounts payable | 47/48 | €163,087 | €186,795 | +€23,708 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,971 | €2,081 | +€110 | +5.6% |
| Other operating charges | 640/8 | €572 | €934 | +€362 | +63.2% |
| Gross operating margin | 9900 | €204,113 | €291,551 | +€87,438 | +42.8% |
| Operating profit (loss) | 9901 | €201,570 | €288,537 | +€86,967 | +43.1% |
| Financial charges | 65/66B | €128,186 | €101,269 | -€26,917 | -21.0% |
| Recurring financial charges | 65 | €128,186 | €101,269 | -€26,917 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | €73,384 | €187,268 | +€113,884 | +155.2% |
| Income taxes | 67/77 | €18,744 | €25,837 | +€7,093 | +37.8% |
| Profit (loss) for the period | 9904 | €54,640 | €161,431 | +€106,791 | +195.4% |
| Transfer to tax-exempt reserves | 689 | €75,780 | - | -€75,780 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,140 | €161,431 | +€182,571 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.