Skip to content

ARDO

Active
Public limited companyfounded 198838 yrs activeWezestraat 61, 8850 Ardooie, BelgiumKBO/BCE: BE 0433.803.794
Summary

ARDO has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €117.70M and a net result of €5.20M. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 61% of 4886 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).

Checked score

Score 2025
Axes · tick = 2024
Profitability56▲+41
Solvency81▲+28
Growth85▲+17
Track record100
Bankruptcy probability, 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2M at 30 days acceptable
Liquidity ample (current ratio 2.27 against 1.35 in 2024; short-term debt: 43.9% and cash: 1.9% of total assets), and 44.2% of the assets are financed with debt.
Credit check for your own amount and term

Signals

Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation date
Age against the risk zone
highest failure risk from 2 to 8 years 38 years 0 40 y
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025
Solvency, return and age of the figures
Solvency
55.8%
Return on assets
2.5%
Age of the figures
15 mo
lowers risk · Lower-risk legal form
Companies with this legal form statistically fail less often than a BV.
KBO · legal form
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 10-12-2025, 52 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
52 d early
2024
44 d early
2023
54 d late
2022
27 d early
2021
46 d early
2020
59 d early
2019
50 d early
← before the deadline after the deadline →
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.
Companies Code · seven months
Position in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
neutral · No strike-offs in the KBO publications
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage

Financials · fiscal year 2025, full schema

Turnover
€792.84M▲ 47.0%
2024 · €539.19M
2019: €13.55Mlowest value 2020: €136.89M▲ +910% vs 2019 2021: €130.99M▼ -4.3% vs 2020 2022: €136.54M▲ +4.2% vs 2021 2024: €539.19M 2025: €792.84M▲ +47.0% vs 2024highest value
2019 → 2025
EBIT margin
0.8%▲ 1.3pp
2024 · -0.4%
2019: 1.5% 2020: 0.2%▼ -87.5% vs 2019 2021: 0.4%▲ +127% vs 2020 2022: 1.6%▲ +281% vs 2021highest value 2024: -0.4%lowest value 2025: 0.8%▲ +282% vs 2024
2019 → 2025
Net result
€5.20M
2024 · €-3.25M
2018: €5k 2019: €197k▲ +3868% vs 2018 2020: €15k▼ -92.3% vs 2019 2021: €288k▲ +1785% vs 2020 2022: €4.69M▲ +1527% vs 2021 2024: €-3.25Mlowest value 2025: €5.20M▲ +260% vs 2024highest value
2018 → 2025
Working capital
€117.74M▲ 466%
2024 · €20.81M
2018: €294k 2019: €497k▲ +68.9% vs 2018 2020: €-893k▼ -280% vs 2019lowest value 2021: €-533k▲ +40.3% vs 2020 2022: €1.81M▲ +439% vs 2021 2024: €20.81M 2025: €117.74M▲ +466% vs 2024highest value
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise ▼ fall
Line20202021202220242025Trend
Turnover€136.89M-€130.99M▼ 4.3%€136.54M▲ 4.2%€539.19M▲ 295%€792.84M▲ 47.0% 2020: €136.89M 2021: €130.99M▼ -4.3% vs 2020lowest value 2022: €136.54M▲ +4.2% vs 2021 2024: €539.19M 2025: €792.84M▲ +47.0% vs 2024highest value
Equity€1.77M-€2.06M▲ 16.2%€2.75M▲ 33.3%€23.17M▲ 743%€117.70M▲ 408% 2020: €1.77Mlowest value 2021: €2.06M▲ +16.2% vs 2020 2022: €2.75M▲ +33.3% vs 2021 2024: €23.17M 2025: €117.70M▲ +408% vs 2024highest value
Operating result€256k-€555k▲ 117%€2.21M▲ 298%€-2.41M€6.44M 2020: €256k 2021: €555k▲ +117% vs 2020 2022: €2.21M▲ +298% vs 2021 2024: €-2.41Mlowest value 2025: €6.44M▲ +368% vs 2024highest value
Net result€15k-€288k▲ 1,785%€4.69M▲ 1,527%€-3.25M€5.20M 2020: €15k 2021: €288k▲ +1785% vs 2020 2022: €4.69M▲ +1527% vs 2021 2024: €-3.25Mlowest value 2025: €5.20M▲ +260% vs 2024highest value
Result per fiscal year
Operating resultNet result
€-5.00M€-2.50M€0€2.50M€5.00M€7.50MOperating result 2020: €256k€256kNet result 2020: €15k€15kOperating result 2021: €555k€555kNet result 2021: €288k€288kOperating result 2022: €2.21M€2.21MNet result 2022: €4.69M€4.69MOperating result 2024: €-2.41M€-2.41MNet result 2024: €-3.25M€-3.25MOperating result 2025: €6.44M€6.44MNet result 2025: €5.20M€5.20M20202021202220242025€-5M€-2.5M€0€2.5M€5M€7.5MOperating result 2022: €2.21M€2.2MNet result 2022: €4.69M€4.7MOperating result 2024: €-2.41M€-2.4MNet result 2024: €-3.25M€-3.2MOperating result 2025: €6.44M€6.4MNet result 2025: €5.20M€5.2M202220242025
The operating result returns to profit in 2025: €6.44M after a loss of €2.41M in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €210.97M
Fixed assets €650k ▼ 75.0%
Current assets €210.32M ▲ 163%
Equity and liabilities €210.97M
Equity €117.70M ▲ 408%
Provisions €365k ▲ 812%
Debt €92.90M ▲ 56.6%
Debt's share of the balance-sheet total falls from 71.9% to 44.0%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€8.34M▲
2024 · €-2.24M
Cash flow
€7.10M▲
2024 · €-3.08M
Current ratio
2.27▲
2024 · 1.35
Debt to equity
0.79▼
2024 · 2.56
ROE
4.4%▲
2024 · -14.0%
ROA
2.5%▲
2024 · -3.9%
Interest coverage
17.59▲
2024 · -0.54
Debt ≤ 1 year
€92.58M▲
2024 · €59.12M
Income taxes
€2.45M▲
2024 · €508k
Staff costs
€14.65M▲
2024 · €10.70M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 91 lines
Balance sheet Code20242025
Assets
Total assets20/58€82.52M€210.97M▲
Fixed assets21/28€2.60M€650k▼
Intangible fixed assets21€25k€99k▲
Tangible fixed assets22/27€2.18M€196k▼
Land and buildings22€2.10M€87k▼
Plant, machinery and equipment23€6k€5k▼
Furniture and vehicles24€53k€69k▲
Other tangible fixed assets26€22k€35k▲
Financial fixed assets28€390k€354k▼
Affiliated companies280/1€332k€284k▼
Participating interests280€332k€284k▼
Other financial fixed assets284/8€58k€71k▲
Shares284€250€250=
Amounts receivable and cash guarantees285/8€58k€70k▲
Current assets29/58€79.93M€210.32M▲
Stocks and contracts in progress3€945-
Stocks30/36€945-
Finished goods33€945-
Amounts receivable within one year40/41€74.99M€206.17M▲
Trade receivables40€55.47M€50.23M▼
Other amounts receivable41€19.52M€155.93M▲
Cash at bank and in hand54/58€4.84M€3.96M▼
Deferred charges and accrued income490/1€96k€200k▲
Equity and liabilities
Total equity and liabilities10/49€82.52M€210.97M▲
Equity10/15€23.17M€117.70M▲
Contributions10/11€21.60M€60.12M▲
Capital10€15.16M€31.23M▲
Issued capital100€15.16M€31.23M▲
Outside capital11€6.44M€28.88M▲
Share premium1100/10€6.44M€28.88M▲
Reserves13€1.57M€57.59M▲
Non-distributable reserves130/1€127k€1.99M▲
Legal reserve130€121k€1.99M▲
Other1319€5k€5k=
Tax-exempt reserves132€32k€38k▲
Distributable reserves133€1.41M€55.55M▲
Provisions and deferred taxes16€40k€365k▲
Provisions for liabilities and charges160/5€40k€358k▲
Pensions and similar obligations160€40k€245k▲
Other liabilities and charges164/5-€114k
Deferred taxes168-€7k
Amounts payable17/49€59.31M€92.90M▲
Amounts payable within one year42/48€59.12M€92.58M▲
Financial debts43-€2.57M
Other loans439-€2.57M
Trade debts44€56.92M€84.49M▲
Suppliers440/4€56.92M€84.49M▲
Taxes, remuneration and social security45€2.20M€5.50M▲
Taxes450/3€873k€3.14M▲
Remuneration and social security454/9€1.32M€2.37M▲
Other amounts payable47/48€5k€6k▲
Accrued charges and deferred income492/3€188k€326k▲
Income statement Code20242025
Operating income70/76A€499.97M€769.24M▲
Turnover70€539.19M€792.84M▲
Change in stocks of work in progress, finished goods and contracts in progress71€-42.30M€-24.58M▲
Other operating income74€2.35M€957k▼
Non-recurring operating income76A€737k€15k▼
Operating charges60/66A€502.38M€762.80M▲
Goods for resale, raw materials and consumables60€466.06M€734.83M▲
Purchases600/8€493.86M€759.07M▲
Change in stocks: decrease (increase)609€-27.80M€-24.24M▲
Services and other goods61€18.07M€10.81M▼
Remuneration, social security and pensions62€10.70M€14.65M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€166k€1.90M▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€73k€51k▼
Provisions for liabilities and charges: additions (uses and reversals)635/8€40k€42k▲
Other operating charges640/8€33k€519k▲
Non-recurring operating charges66A€7.24M€1k▼
Operating profit (loss)9901€-2.41M€6.44M▲
Financial income75/76B€6.70M€6.56M▼
Recurring financial income75€5.57M€5.59M▲
Income from current assets751€3.52M€4.25M▲
Other financial income752/9€2.06M€1.34M▼
Non-recurring financial income76B€1.13M€975k▼
Financial charges65/66B€7.04M€5.35M▼
Recurring financial charges65€7.04M€5.35M▼
Debt charges650€4.14M€474k▼
Other financial charges652/9€2.90M€4.88M▲
Profit (loss) for the period before taxes9903€-2.74M€7.65M▲
Income taxes67/77€508k€2.45M▲
Taxes670/3€508k€2.45M▲
Profit (loss) for the period9904€-3.25M€5.20M▲
Profit (loss) for the period to be appropriated9905€-3.25M€5.20M▲
Appropriation of the result
Profit (loss) to be appropriated9906€-3.02M€5.20M▲
Profit (loss) brought forward from the previous period14P€227k-
Transfer from equity791/2€3.02M-
From reserves792€3.02M-
Transfer to equity691/2-€5.20M
To the legal reserve6920-€260k
To other reserves6921-€4.94M
Social balance
Average headcount (FTE)908745.755.0▲

The notes to these accounts (80 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Accounts by statement
Line20202021202220242025Change
Operating income70/76A--€138.30M€499.97M€769.24M▲ 53.9%
Turnover70€136.89M€130.99M€136.54M€539.19M€792.84M▲ 47.0%
Change in stocks of work in progress, finished goods and contracts in progress71--€188k€-42.30M€-24.58M▲ 41.9%
Other operating income74--€497k€2.35M€957k▼ 59.2%
Non-recurring operating income76A--€1.07M€737k€15k▼ 97.9%
Operating charges60/66A--€136.09M€502.38M€762.80M▲ 51.8%
Goods for resale, raw materials and consumables60--€130.73M€466.06M€734.83M▲ 57.7%
Purchases600/8--€130.73M€493.86M€759.07M▲ 53.7%
Change in stocks: decrease (increase)609---€-27.80M€-24.24M▲ 12.8%
Services and other goods61--€3.89M€18.07M€10.81M▼ 40.2%
Remuneration, social security and pensions62--€1.41M€10.70M€14.65M▲ 36.9%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€59k€72k€53k€166k€1.90M▲ 1,044%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4--€-561€73k€51k▼ 29.8%
Provisions for liabilities and charges: additions (uses and reversals)635/8---€40k€42k▲ 5.0%
Other operating charges640/8--€1k€33k€519k▲ 1,481%
Non-recurring operating charges66A---€7.24M€1k▼ 100.0%
Operating profit (loss)9901€256k€555k€2.21M€-2.41M€6.44M▲ 368%
Financial income75/76B--€3.32M€6.70M€6.56M▼ 2.1%
Recurring financial income75€10k€62k€3.32M€5.57M€5.59M▲ 0.3%
Income from financial fixed assets750--€3.00M---
Income from current assets751---€3.52M€4.25M▲ 20.7%
Other financial income752/9--€322k€2.06M€1.34M▼ 34.7%
Non-recurring financial income76B---€1.13M€975k▼ 13.8%
Financial charges65/66B--€143k€7.04M€5.35M▼ 23.9%
Recurring financial charges65€223k€215k€143k€7.04M€5.35M▼ 23.9%
Debt charges650€11k€85€153€4.14M€474k▼ 88.5%
Other financial charges652/9--€143k€2.90M€4.88M▲ 68.1%
Profit (loss) for the period before taxes9903€43k€402k€5.39M€-2.74M€7.65M▲ 379%
Income taxes67/77€28k€114k€702k€508k€2.45M▲ 383%
Taxes670/3--€702k€508k€2.45M▲ 383%
Profit (loss) for the period9904€15k€288k€4.69M€-3.25M€5.20M▲ 260%
Profit (loss) for the period to be appropriated9905€15k€288k€4.69M€-3.25M€5.20M▲ 260%
Line20202021202220242025Change
Assets
Total assets20/58€16.68M€16.72M€27.34M€82.52M€210.97M▲ 156%
Fixed assets21/28€2.67M€2.60M€1.29M€2.60M€650k▼ 75.0%
Intangible fixed assets21€224k€152k€99k€25k€99k▲ 292%
Tangible fixed assets22/27---€2.18M€196k▼ 91.0%
Land and buildings22---€2.10M€87k▼ 95.9%
Plant, machinery and equipment23---€6k€5k▼ 12.2%
Furniture and vehicles24---€53k€69k▲ 29.9%
Other tangible fixed assets26---€22k€35k▲ 59.5%
Financial fixed assets28€2.44M€2.44M€1.19M€390k€354k▼ 9.1%
Affiliated companies280/1--€1.19M€332k€284k▼ 14.5%
Participating interests280--€1.19M€332k€284k▼ 14.5%
Other financial fixed assets284/8---€58k€71k▲ 21.9%
Shares284---€250€250=
Amounts receivable and cash guarantees285/8---€58k€70k▲ 22.0%
Current assets29/58€14.01M€14.12M€26.05M€79.93M€210.32M▲ 163%
Stocks and contracts in progress3€212k€290k€478k€945--
Stocks30/36--€143k€945--
Work in progress32--€8k---
Finished goods33--€134k€945--
Contracts in progress37--€335k---
Amounts receivable within one year40/41€12.20M€13.41M€23.58M€74.99M€206.17M▲ 175%
Trade receivables40--€11.69M€55.47M€50.23M▼ 9.4%
Other amounts receivable41--€11.89M€19.52M€155.93M▲ 699%
Cash at bank and in hand54/58€1.59M€416k€1.99M€4.84M€3.96M▼ 18.3%
Deferred charges and accrued income490/1---€96k€200k▲ 109%
Equity and liabilities
Total equity and liabilities10/49€16.68M€16.72M€27.34M€82.52M€210.97M▲ 156%
Equity10/15€1.77M€2.06M€2.75M€23.17M€117.70M▲ 408%
Contributions10/11€333k€333k€333k€21.60M€60.12M▲ 178%
Capital10--€333k€15.16M€31.23M▲ 106%
Issued capital100--€333k€15.16M€31.23M▲ 106%
Outside capital11---€6.44M€28.88M▲ 348%
Share premium1100/10---€6.44M€28.88M▲ 348%
Reserves13€1.21M€1.50M€2.19M€1.57M€57.59M▲ 3,561%
Non-distributable reserves130/1--€33k€127k€1.99M▲ 1,474%
Legal reserve130--€33k€121k€1.99M▲ 1,539%
Other1319---€5k€5k=
Tax-exempt reserves132--€26k€32k€38k▲ 16.6%
Distributable reserves133--€2.13M€1.41M€55.55M▲ 3,828%
Profit (loss) carried forward14€227k€227k€227k---
Provisions and deferred taxes16---€40k€365k▲ 812%
Provisions for liabilities and charges160/5---€40k€358k▲ 795%
Pensions and similar obligations160---€40k€245k▲ 511%
Other liabilities and charges164/5----€114k-
Deferred taxes168----€7k-
Amounts payable17/49€14.90M€14.65M€24.59M€59.31M€92.90M▲ 56.6%
Amounts payable within one year42/48€14.90M€14.65M€24.24M€59.12M€92.58M▲ 56.6%
Financial debts43----€2.57M-
Other loans439----€2.57M-
Trade debts44€14.73M€14.39M€23.49M€56.92M€84.49M▲ 48.4%
Suppliers440/4--€23.49M€56.92M€84.49M▲ 48.4%
Taxes, remuneration and social security45--€745k€2.20M€5.50M▲ 151%
Taxes450/3--€570k€873k€3.14M▲ 259%
Remuneration and social security454/9--€175k€1.32M€2.37M▲ 79.2%
Other amounts payable47/48---€5k€6k▲ 37.8%
Accrued charges and deferred income492/3--€352k€188k€326k▲ 73.4%
Line20202021202220242025Change
Profit (loss) for the period9904€15k€288k€4.69M€-3.25M€5.20M▲ 260%
+ Depreciation and write-downs630€59k€72k€53k€166k€1.90M▲ 1,044%
Operating cash flow (approximation)€74k€360k€4.74M€-3.08M€7.10M▲ 330%
Investment in fixed assets (approximation)-€0€1.25M-€50k-
Change in cash-€-1.18M€1.57M-€-887k-

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

Sign in to download as CSV

Timeline · acts, filings and financial milestones

Next filing, fiscal year 2026, expected by 31-01-2027
2026
26-08
State Gazette act Appointment: Sebastiaan Besems (director)
2 facts ▸
  • General meeting, 05-03-2026
  • Director appointment, Sebastiaan Besems (director)
2025
10-12
NBB filing Annual accounts filed
fiscal year 2025 · full schema
30-06
Financial Back to profitnet €5.20M
Net result €5.20M after one loss-making year.
30-06
Financial Equity above €100MEq €117.70M ▲408%
Equity rises from €23.17M to €117.70M.
2024
18-12
NBB filing Annual accounts filed
fiscal year 2024 · full schema
30-06
Financial Weakest financial yearnet €-3.25M
Net result drops to €-3.25M, the lowest in the series; recovery starts the following year.
30-06
Financial Equity above €10MEq €23.17M ▲743%
Equity rises from €2.75M to €23.17M.
25-03
NBB filing Annual accounts filed
fiscal year 2023 · full schema · 54 days late
2023
04-01
NBB filing Annual accounts filed
fiscal year 2022 · full schema
2021
16-12
NBB filing Annual accounts filed
fiscal year 2021 · full schema
30-06
Financial Equity above €2MEq €2.06M ▲16.2%
4 profitable years in a row build equity to €2.06M.
2020
03-12
NBB filing Annual accounts filed
fiscal year 2020 · full schema
Show earlier events
2019
12-12
NBB filing Annual accounts filed
fiscal year 2019 · full schema
30-06
Financial Equity above €1MEq €1.76M ▲497%
2 profitable years in a row build equity to €1.76M.
27-03
NBB filing Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
29-03
NBB filing Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
31-03
NBB filing Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 26 acts read
About the unread acts

Of the 26 Belgian State Gazette acts we know for this company, 1 has been read. The other 25 have not been read yet: what they contain is neither established nor disproved here.

Have them read with priority Sign in to place this company at the front of the reading queue.

Directors · office · real estate

Directors
1 director, last change in 2026
Sebastiaan Besems
Director · since 05-01-2026
Current
05-01-2026 Appointed as Director
Not every act has been read: a resignation may be missing here
25 of this company's 26 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Ardooie · 1 establishment unit since 1988
seat establishment The establishment unit on the map
Ground area
5,807 m²
Building footprint
2,144 m²
Volume, LiDAR
4,098 m³
Parcel 36001C1498/00A000, Flanders · tallest building 14.5 m. Linked by address, not a title deed.
14 companies at this address See who is registered here
1 establishment unit
Ardo NV
Wezestraat 61, 8850 ArdooieNACE 70201
since 19882.037.660.984
1 parcel
Flanders 1 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
36001C1498/00A000 Flanders 5,807 m² 1 · 2,144 m² 14.5 m
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.

Structure & network

Acquisitions and mergers

1 transaction
Received in a demerger part of:ARDO
BE 0416.330.136partial demerger · State Gazette act of 22-07-2019 (3 acts) · effective 20-05-2019

Recognitions · licences · registrations

Food safety, FASFC

1 site
Ardooie2.037.660.984
1 permission
Toelating · Groothandelaar levensmiddelen · since 02-10-2019

Legal Entity Identifier

9845008FCB6NF8CAS815
live in the LEI register

Similar companies · same sector, comparable size

Of 223 companies in sector 46391 we hold annual accounts for 139. 8 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Identification & contact

Identification
Legal formPublic limited company
Founded31-03-1988
Fiscal year end30-06
Activities, NACEBEL 2025
46391Wholesale trade

Scores and ratios are computed by Checked and are not a credit decision.