ARDANO
ActiveSummary
The computed 12-month bankruptcy probability of ARDANO is 2.0% (moderate). The 2025 annual accounts show equity of €252,265 and a net result of €21,159. Equity is growing by ~38.1% per year across the filed fiscal years. Its solvency ranks better than 58% of 28254 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability74▼-26
Solvency79▼-8
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
2.0%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €15,000 at 30 days acceptable
Liquidity ample (current ratio 2.46 against 2.48 in 2024; short-term debt: 32.5% and cash: 1.4% of total assets), and 45.8% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
54.2%
Return on assets
4.5%
Age of the figures
15 mo
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 03-02-2026, 3 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 5 filingsDeviation from the deadline
2025
3 d late
2024
4 d late
2023
on the day
2022
5 d early
2021
38 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 7 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 31 January (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close28-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€252,265▲ 9.2%
2024 · €231,105
Total assets
€465,052▲ 24.1%
2024 · €374,716
Net result
€21,159▼ 81.9%
2024 · €116,594
Working capital
€220,413▲ 21.1%
2024 · €182,045
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€88,408-€25,974▼ 70.6%€36,082▲ 38.9%€160,507▲ 345%€32,647▼ 79.7%
Net result€68,650above the sector's middle half-€17,798within the sector's middle half▼ 74.1%€23,063within the sector's middle half▲ 29.6%€116,594above the sector's middle half▲ 406%€21,159within the sector's middle half▼ 81.9%
Equity€73,650within the sector's middle half-€91,448within the sector's middle half▲ 24.2%€114,511within the sector's middle half▲ 25.2%€231,105above the sector's middle half▲ 102%€252,265above the sector's middle half▲ 9.2%
Total assets€110,289within the sector's middle half-€260,799within the sector's middle half▲ 136%€428,521above the sector's middle half▲ 64.3%€374,716above the sector's middle half▼ 12.6%€465,052above the sector's middle half▲ 24.1%
Debt€36,638-€169,351▲ 362%€314,010▲ 85.4%€143,611▼ 54.3%€212,787▲ 48.2%
Working capital€68,528within the sector's middle half-€85,453within the sector's middle half▲ 24.7%€114,749above the sector's middle half▲ 34.3%€182,045above the sector's middle half▲ 58.6%€220,413above the sector's middle half▲ 21.1%
Solvency66.8%above the sector's middle half-35.1%within the sector's middle half▼ 31.7pp26.7%within the sector's middle half▼ 8.3pp61.7%within the sector's middle half▲ 35.0pp54.2%within the sector's middle half▼ 7.4pp
Current ratio2.89within the sector's middle half-1.83within the sector's middle half▼ 1.061.48within the sector's middle half▼ 0.352.48within the sector's middle half▲ 1.002.46within the sector's middle half▼ 0.02
Return on assets (ROA)62.2%above the sector's middle half-6.8%within the sector's middle half▼ 55.4pp5.4%within the sector's middle half▼ 1.4pp31.1%above the sector's middle half▲ 25.7pp4.5%within the sector's middle half▼ 26.6pp
Staff (FTE)0.2-1▲ 400%1.5▲ 50.0%2.7▲ 80.0%1.3▼ 51.9%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 80% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €465,052
Fixed assets
€93,551 ▲ 34.8%
Current assets
€371,501 ▲ 21.7%
Equity and liabilities €465,052
Equity
€252,265 ▲ 9.2%
Debt
€212,787 ▲ 48.2%
Debt's share of the balance-sheet total rises from 38.3% to 45.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€53,690▼
2024 · €198,667
Cash flow
€42,203▼
2024 · €154,754
Debt to equity
0.84▲
2024 · 0.62
ROE
8.4%▼
2024 · 50.5%
Interest coverage
21.29▼
2024 · 60.43
Debt ≤ 1 year
€151,088▲
2024 · €123,282
Debt > 1 year
€60,103▲
2024 · €19,206
Income taxes
€9,366▼
2024 · €40,695
Staff costs
€63,732▼
2024 · €115,376
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,049 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 94% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
2.0%
went bankrupt
3.7%
stopped otherwise
94%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 2.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 5,049 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €42,435 | €58,243 | €115,376 | €63,732 | ▼ 44.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €555 | €19,048 | €27,358 | €38,160 | €21,043 | ▼ 44.9% |
| Other operating charges640/8 | - | €1,716 | €2,830 | €2,134 | €3,156 | ▲ 47.9% |
| Non-recurring operating charges66A | - | - | €3,320 | €0 | €9,997 | - |
| Gross operating margin9900 | €98,787 | €89,173 | €127,834 | €316,177 | €130,575 | ▼ 58.7% |
| Operating profit (loss)9901 | €88,408 | €25,974 | €36,082 | €160,507 | €32,647 | ▼ 79.7% |
| Financial income75/76B | - | €13 | €4 | €69 | €400 | ▲ 476% |
| Recurring financial income75 | €1 | €13 | €4 | €69 | €400 | ▲ 476% |
| Financial charges65/66B | - | €2,460 | €3,164 | €3,287 | €2,521 | ▼ 23.3% |
| Recurring financial charges65 | €409 | €2,460 | €3,164 | €3,287 | €2,521 | ▼ 23.3% |
| Profit (loss) for the period before taxes9903 | €88,000 | €23,527 | €32,922 | €157,289 | €30,526 | ▼ 80.6% |
| Income taxes67/77 | €19,350 | €5,729 | €9,859 | €40,695 | €9,366 | ▼ 77.0% |
| Profit (loss) for the period9904 | €68,650 | €17,798 | €23,063 | €116,594 | €21,159 | ▼ 81.9% |
| Profit (loss) for the period to be appropriated9905 | €68,650 | €17,798 | €23,063 | €116,594 | €21,159 | ▼ 81.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €110,289 | €260,799 | €428,521 | €374,716 | €465,052 | ▲ 24.1% |
| Fixed assets21/28 | €5,475 | €72,100 | €74,949 | €69,388 | €93,551 | ▲ 34.8% |
| Tangible fixed assets22/27 | €3,875 | €70,500 | €73,349 | €67,788 | €91,951 | ▲ 35.6% |
| Plant, machinery and equipment23 | - | €2,398 | €6,139 | €7,636 | €4,002 | ▼ 47.6% |
| Furniture and vehicles24 | - | €33,377 | €67,209 | €60,152 | €87,949 | ▲ 46.2% |
| Leasing and similar rights25 | - | €34,725 | - | - | - | - |
| Financial fixed assets28 | €1,600 | €1,600 | €1,600 | €1,600 | €1,600 | = |
| Current assets29/58 | €104,814 | €188,699 | €353,572 | €305,328 | €371,501 | ▲ 21.7% |
| Amounts receivable within one year40/41 | €92,976 | €176,937 | €209,928 | €295,525 | €361,596 | ▲ 22.4% |
| Trade receivables40 | - | €157,463 | €144,326 | €167,475 | €138,337 | ▼ 17.4% |
| Other amounts receivable41 | - | €19,474 | €65,602 | €128,050 | €223,260 | ▲ 74.4% |
| Cash at bank and in hand54/58 | €4,400 | €8,936 | €31,084 | €3,934 | €6,621 | ▲ 68.3% |
| Deferred charges and accrued income490/1 | - | €2,826 | €112,561 | €5,869 | €3,284 | ▼ 44.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €110,289 | €260,799 | €428,521 | €374,716 | €465,052 | ▲ 24.1% |
| Equity10/15 | €73,650 | €91,448 | €114,511 | €231,105 | €252,265 | ▲ 9.2% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €68,650 | €86,448 | €109,511 | €226,105 | €247,265 | ▲ 9.4% |
| Distributable reserves133 | - | €86,448 | €109,511 | €226,105 | €247,265 | ▲ 9.4% |
| Amounts payable17/49 | €36,638 | €169,351 | €314,010 | €143,611 | €212,787 | ▲ 48.2% |
| Amounts payable after more than one year17 | - | €43,042 | €45,214 | €19,206 | €60,103 | ▲ 213% |
| Financial debts170/4 | - | €43,042 | €45,214 | €19,206 | €60,103 | ▲ 213% |
| Amounts payable within one year42/48 | €36,286 | €103,246 | €238,823 | €123,282 | €151,088 | ▲ 22.6% |
| Current portion of amounts payable after more than one year42 | - | €20,381 | €37,260 | €26,008 | €30,360 | ▲ 16.7% |
| Financial debts43 | - | - | - | - | €20,881 | - |
| Credit institutions430/8 | - | - | - | - | €20,881 | - |
| Trade debts44 | €15,486 | €69,009 | €180,626 | €48,860 | €66,003 | ▲ 35.1% |
| Suppliers440/4 | - | €69,009 | €180,626 | €48,860 | €66,003 | ▲ 35.1% |
| Advances received on contracts in progress46 | - | €6,105 | - | - | €3,000 | - |
| Taxes, remuneration and social security45 | - | €7,750 | €20,937 | €48,414 | €30,845 | ▼ 36.3% |
| Taxes450/3 | - | €6,212 | €11,895 | €42,272 | €28,475 | ▼ 32.6% |
| Remuneration and social security454/9 | - | €1,539 | €9,042 | €6,142 | €2,370 | ▼ 61.4% |
| Accrued charges and deferred income492/3 | - | €23,064 | €29,972 | €1,123 | €1,596 | ▲ 42.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €68,650 | €17,798 | €23,063 | €116,594 | €21,159 | ▼ 81.9% |
| + Depreciation and write-downs630 | €555 | €19,048 | €27,358 | €38,160 | €21,043 | ▼ 44.9% |
| Operating cash flow (approximation) | €69,205 | €36,846 | €50,421 | €154,754 | €42,203 | ▼ 72.7% |
| Investment in fixed assets (approximation) | - | -€85,674 | -€30,206 | -€32,600 | -€45,205 | ▼ 38.7% |
| Change in cash | - | €4,536 | €22,148 | -€27,149 | €2,687 | ▲ 110% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
03-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 3 days late
2025
04-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 4 days late
2024
30-06
Financial
Highest result since 2021net €116,594 ▲406%
Operating result €160,507, net result €116,594, both a record.
30-06
Financial
Equity above €200,000Eq €231,105 ▲102%
4 profitable years in a row build equity to €231,105.
31-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
Financial
Equity above €100,000Eq €114,511 ▲25.2%
3 profitable years in a row build equity to €114,511.
26-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-06
Financial
Weakest financial yearnet €17,798 ▼74.1%
Net result drops to €17,798, the lowest in the series; recovery starts the following year.
2021
24-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Geraardsbergen · 1 establishment unit since 2020
Ground area
822 m²
Building footprint
217 m²
Volume, LiDAR
1,239 m³
Parcel 41041B0010/00D000, Flanders · tallest building 8.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
ARDANO
since 20202.303.720.108
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41041B0010/00D000 | Flanders | 822 m² | 1 · 217 m² | 8.7 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 8,464 companies in sector 43120 we hold annual accounts for 3,233. 2,517 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded23-06-2020
Fiscal year end30-06
Activities, NACEBEL 2025
42120Civil engineering
43120Site preparation
43110Demolition
43211General electrical installation work
43230Insulation installation
43910Bricklaying and masonry work
77221Rental and leasing activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0748879392
Registered
14-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.