ARDUO: 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.
ARDUO
Largest movements
- Receivables within one year +€60,230
up €60,230 (+1,141%), from €5,277 to €65,507
of which Trade receivables: +€48,850
- Tangible fixed assets -€48,649
down €48,649 (-9.8%), from €497,977 to €449,328
of which Land and buildings: -€50,857
- Cash -€25,182
down €25,182 (-14.0%), from €179,439 to €154,257
mainly Receivables within one year (-€60,230) and Debts after one year (-€17,691)
- Debts after one year -€17,691
no longer reported in 2025 (was €17,691)
- Reserves +€14,818
up €14,818 (+15.4%), from €96,293 to €111,111
- Other debts -€11,830
down €11,830 (-2.4%), from €493,471 to €481,641
- Gross operating margin +€52,762
up €52,762 (+98.1%), from €53,789 to €106,550
- Financial charges -€5,764
down €5,764 (-14.7%), from €39,082 to €33,318
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 | €684,990 | €670,410 | -€14,580 | -2.1% |
| Fixed assets | 21/28 | €497,977 | €449,328 | -€48,649 | -9.8% |
| Tangible fixed assets | 22/27 | €497,977 | €449,328 | -€48,649 | -9.8% |
| Land and buildings | 22 | €496,685 | €445,828 | -€50,857 | -10.2% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €1,292 | €3,500 | +€2,208 | +171% |
| Current assets | 29/58 | €187,013 | €221,083 | +€34,070 | +18.2% |
| Amounts receivable within one year | 40/41 | €5,277 | €65,507 | +€60,230 | +1,141% |
| Trade receivables | 40 | €4,789 | €53,639 | +€48,850 | +1,020% |
| Other amounts receivable | 41 | €488 | €11,868 | +€11,380 | +2,332% |
| Cash at bank and in hand | 54/58 | €179,439 | €154,257 | -€25,182 | -14.0% |
| Deferred charges and accrued income | 490/1 | €2,296 | €1,318 | -€978 | -42.6% |
| Total equity and liabilities | 10/49 | €684,990 | €670,410 | -€14,580 | -2.1% |
| Equity | 10/15 | €114,893 | €129,711 | +€14,818 | +12.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €96,293 | €111,111 | +€14,818 | +15.4% |
| Distributable reserves | 133 | €96,293 | €111,111 | +€14,818 | +15.4% |
| Amounts payable | 17/49 | €570,097 | €540,699 | -€29,398 | -5.2% |
| Amounts payable after more than one year | 17 | €17,691 | - | -€17,691 | |
| Financial debts | 170/4 | €17,691 | - | -€17,691 | |
| Amounts payable within one year | 42/48 | €552,406 | €539,764 | -€12,641 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €20,975 | €17,691 | -€3,283 | -15.7% |
| Trade debts | 44 | €778 | €1,019 | +€240 | +30.9% |
| Suppliers | 440/4 | €778 | €1,019 | +€240 | +30.9% |
| Taxes, remuneration and social security | 45 | €37,182 | €39,413 | +€2,231 | +6.0% |
| Taxes | 450/3 | €37,182 | €39,413 | +€2,231 | +6.0% |
| Other amounts payable | 47/48 | €493,471 | €481,641 | -€11,830 | -2.4% |
| Accrued charges and deferred income | 492/3 | - | €935 | +€935 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,856 | €52,815 | +€959 | +1.8% |
| Other operating charges | 640/8 | €5,297 | €5,467 | +€170 | +3.2% |
| Gross operating margin | 9900 | €53,789 | €106,550 | +€52,762 | +98.1% |
| Operating profit (loss) | 9901 | -€3,365 | €48,268 | +€51,633 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €39,082 | €33,318 | -€5,764 | -14.7% |
| Recurring financial charges | 65 | €39,082 | €33,318 | -€5,764 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | -€42,447 | €14,950 | +€57,397 | |
| Income taxes | 67/77 | €140 | €132 | -€8 | -5.4% |
| Profit (loss) for the period | 9904 | -€42,586 | €14,818 | +€57,405 | |
| Profit (loss) for the period to be appropriated | 9905 | -€42,586 | €14,818 | +€57,405 |
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 18 October 2026 via checked.be.