B' ARDAN: 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.
B' ARDAN
Largest movements
- Cash +€110,016
up €110,016 (+119%), from €92,555 to €202,570
mainly Depreciation (+€64,887) and Trade debts (+€57,935)
- Stocks and contracts +€57,345
up €57,345 (+232%), from €24,716 to €82,061
- Receivables within one year -€39,411
down €39,411 (-79.9%), from €49,327 to €9,916
of which Other amounts receivable: -€36,984
- Tangible fixed assets -€6,700
down €6,700 (-3.2%), from €206,571 to €199,871
of which Plant, machinery and equipment: -€21,226
- Deferred charges and accrued income -€5,508
down €5,508 (-45.5%), from €12,097 to €6,589
- Trade debts +€57,935
up €57,935 (+106%), from €54,875 to €112,810
- Debts after one year +€21,745
up €21,745 (+113%), from €19,269 to €41,014
- Profit (loss) carried forward +€12,912
up €12,912 (+8.1%), from €159,869 to €172,781
- Other debts +€12,338
up €12,338 (+18.0%), from €68,474 to €80,812
- Short-term financial debts +€5,018
up €5,018 (+162%), from €3,097 to €8,115
- Staff costs +€33,588
up €33,588 (+9.0%), from €371,992 to €405,580
- Gross operating margin +€31,003
up €31,003 (+6.1%), from €509,674 to €540,677
- Financial charges +€7,135
up €7,135 (+56.8%), from €12,557 to €19,693
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 | €385,854 | €501,596 | +€115,742 | +30.0% |
| Fixed assets | 21/28 | €207,159 | €200,459 | -€6,700 | -3.2% |
| Tangible fixed assets | 22/27 | €206,571 | €199,871 | -€6,700 | -3.2% |
| Plant, machinery and equipment | 23 | €75,143 | €53,917 | -€21,226 | -28.2% |
| Furniture and vehicles | 24 | €20,822 | €14,683 | -€6,139 | -29.5% |
| Other tangible fixed assets | 26 | €110,606 | €131,271 | +€20,665 | +18.7% |
| Financial fixed assets | 28 | €588 | €588 | = | 0.0% |
| Current assets | 29/58 | €178,695 | €301,137 | +€122,442 | +68.5% |
| Stocks and contracts in progress | 3 | €24,716 | €82,061 | +€57,345 | +232% |
| Stocks | 30/36 | €24,716 | €82,061 | +€57,345 | +232% |
| Amounts receivable within one year | 40/41 | €49,327 | €9,916 | -€39,411 | -79.9% |
| Trade receivables | 40 | €2,427 | €0 | -€2,427 | -100% |
| Other amounts receivable | 41 | €46,900 | €9,916 | -€36,984 | -78.9% |
| Cash at bank and in hand | 54/58 | €92,555 | €202,570 | +€110,016 | +119% |
| Deferred charges and accrued income | 490/1 | €12,097 | €6,589 | -€5,508 | -45.5% |
| Total equity and liabilities | 10/49 | €385,854 | €501,596 | +€115,742 | +30.0% |
| Equity | 10/15 | €180,329 | €193,241 | +€12,912 | +7.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €159,869 | €172,781 | +€12,912 | +8.1% |
| Amounts payable | 17/49 | €205,525 | €308,355 | +€102,830 | +50.0% |
| Amounts payable after more than one year | 17 | €19,269 | €41,014 | +€21,745 | +113% |
| Financial debts | 170/4 | €19,269 | €41,014 | +€21,745 | +113% |
| Amounts payable within one year | 42/48 | €185,869 | €267,341 | +€81,472 | +43.8% |
| Current portion of amounts payable after more than one year | 42 | €11,973 | €13,255 | +€1,282 | +10.7% |
| Financial debts | 43 | €3,097 | €8,115 | +€5,018 | +162% |
| Credit institutions | 430/8 | €3,097 | €8,115 | +€5,018 | +162% |
| Trade debts | 44 | €54,875 | €112,810 | +€57,935 | +106% |
| Suppliers | 440/4 | €54,875 | €112,810 | +€57,935 | +106% |
| Taxes, remuneration and social security | 45 | €47,449 | €52,349 | +€4,900 | +10.3% |
| Taxes | 450/3 | €6,728 | €10,197 | +€3,469 | +51.6% |
| Remuneration and social security | 454/9 | €40,721 | €42,152 | +€1,431 | +3.5% |
| Other amounts payable | 47/48 | €68,474 | €80,812 | +€12,338 | +18.0% |
| Accrued charges and deferred income | 492/3 | €387 | €0 | -€387 | -100% |
| Remuneration, social security and pensions | 62 | €371,992 | €405,580 | +€33,588 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,936 | €64,887 | +€1,951 | +3.1% |
| Other operating charges | 640/8 | €7,791 | €2,572 | -€5,220 | -67.0% |
| Non-recurring operating charges | 66A | €90 | €0 | -€90 | -100% |
| Gross operating margin | 9900 | €509,674 | €540,677 | +€31,003 | +6.1% |
| Operating profit (loss) | 9901 | €66,865 | €67,638 | +€773 | +1.2% |
| Financial charges | 65/66B | €12,557 | €19,693 | +€7,135 | +56.8% |
| Recurring financial charges | 65 | €12,557 | €19,693 | +€7,135 | +56.8% |
| Profit (loss) for the period before taxes | 9903 | €54,308 | €47,946 | -€6,362 | -11.7% |
| Income taxes | 67/77 | €8,234 | €5,033 | -€3,201 | -38.9% |
| Profit (loss) for the period | 9904 | €46,073 | €42,912 | -€3,161 | -6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €46,073 | €42,912 | -€3,161 | -6.9% |
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 14 October 2026 via checked.be.