RIWARD
RIWARD and the 9 companies it controls according to the LEI register and the annual accounts: the structure, the figures, each company's health and where the risk sits.
Sum of the filed annual accounts of 7 of the 7 Belgian companies (fiscal years 2025). Not a consolidation: receivables, participations and sales between group companies are not eliminated, so they count.
RIWARD also files consolidated accounts (fiscal year 2025): the real group figures, with intra-group positions eliminated. Checked does not read their figures yet; the document is at the National Bank's Central Balance Sheet Office.
Group risk
How healthy the group's Belgian companies are, and where the risk sits. A weak subsidiary can cost the parent money, and the other way round.
- The parent itself: RIWARD, healthy (67/100).
- 2 companies with a loss in the latest year: ARDO FOODS (-€24.0m), ARDO ENERGY (-€47,835).
- 48.4% of the added-up total assets sits in one company: ARDO FOODS.
- 48.6% of the added-up total assets sits at companies with an elevated or high risk.
Group structure
Who consolidates whom according to the LEI register, completed with who holds more than half of the shares according to the annual accounts. Both mean control.
- RIWARD3 subsidiariesHealthy · 67€263.2m €252.6m 2025
- Elevated · 44€3.2m €222,180 2025
- ARDO FOODS4 subsidiariesElevated · 43€698.4m €51.4m 2025
- Healthy · 72€211.0m €117.7m 2025
- Healthy · 70€63.9m €37.0m 2025
- Fair · 58€113.0m €39.0m 2025
- ARDO UK LIMITED
- DIGROM IMMO2 subsidiariesHealthy · 73€90.2m €32.3m 2025
- ARDO REAL ESTATE SPAIN SL
- ASHFORD COLD STORE LIMITED
High risk Elevated Healthy Fair No verdict Amounts: total assets and equity from the latest accounts.
Shared directors
Who sits on the boards of several group companies. This is where control over the group sits in practice.
- 3
- 2
- 2
- 2
- 2
- 2
- 2
- 2
- 2
- 2
Events in the group
Bankruptcies, director changes, capital changes and other publications of all Belgian group companies, over the last two years.
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4 directors appointed, 4 directors resigning, 1 reappointed
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2 directors appointed, 6 directors resigning, 2 reappointed
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1 director appointed, 1 director resigning
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Sebastiaan Besems appointed as director
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4 directors appointed, 3 directors resigning, 1 reappointed
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4 directors appointed, 4 directors resigning
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5 directors appointed, 3 directors resigning, 1 reappointed
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Capital increase of €40,000,000 to €90,000,000
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Where do these figures come from?
Completed with the annual accounts: a company of which another Belgian company holds more than half of the shares, by the list of holdings or the shareholder structure in its accounts, stands under that company, with the share. The register of ultimate beneficial owners (UBO) is not public.
The group's make-up comes from the LEI register (GLEIF): which company consolidates which other, directly or ultimately. A company whose link the register does not state is not listed here, even if it does belong to the group.
The amounts are those of the annual accounts each Belgian company filed with the National Bank, added up without consolidation. The verdict per company is that of its dossier on Checked.be. Everything is updated every night.
Updated on 28-09-2026