ARDANCY: what changed
Two fiscal 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.
What changed
ARDANCY
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€164,629
2024 · -€241,763+€77,134
Equity
-€556,113
2024 · -€391,484-€164,629
Cash
€203,728
2024 · €172,656+€31,072
Balance sheet total
€7.7m
2024 · €7.0m+€676,563
Largest movements
Assets
- Tangible fixed assets +€570,994
up €570,994 (+8.5%), from €6.8m to €7.3m
of which Assets under construction and advance payments: +€662,803
Equity and liabilities
- Debts after one year +€1.6m
up €1.6m (+27.2%), from €6.0m to €7.6m
of which Financial debts: +€1.6m
- Current portion of long-term debt -€894,720
down €894,720 (-71.3%), from €1.3m to €360,716
- Profit (loss) carried forward -€164,629
down €164,629 (-19.2%), from -€859,484 to -€1.0m
- Trade debts +€102,050
up €102,050 (+130.2%), from €78,353 to €180,404
Income statement
- Turnover +€129,714
up €129,714 (+18.7%), from €695,478 to €825,192
- Financial charges +€57,767
up €57,767 (+18.3%), from €316,196 to €373,964
- Depreciation +€29,740
up €29,740 (+11.8%), from €252,984 to €282,724
- Services and other goods -€28,836
down €28,836 (-10.2%), from €282,250 to €253,414
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.
Result 2024
-€241,763
Turnover
+€129,714
Other operating income
+€1,754
Services and other goods
+€28,836
Depreciation
-€29,740
Write-downs
+€6,536
Other operating charges
-€2,199
Financial income
-€0
Financial charges
-€57,767
Result 2025
-€164,629
Cash bridge derived
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.
From operations
+€148,819
Investment
-€853,718
Financing
+€735,972
Cash 2024
€172,656
From operations (derived)
+€148,819
Net result for the year
-€164,629
Depreciation
+€282,724
Receivables within one year
-€27,962
Deferred charges and accrued income
-€46,535
Trade debts
+€102,050
Tax, wage and social debts
+€15,008
Other debts
-€46
Accrued charges and deferred income
-€11,792
Investment (derived)
-€853,718
Investment in fixed assets (net)
-€853,718
Financing
+€735,972
Debts after one year
+€1.6m
Current portion of long-term debt
-€894,720
Cash 2025
€203,728
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,992,083 | €7,668,646 | +€676,563 | +9.7% |
| Fixed assets | 21/28 | €6,751,320 | €7,322,314 | +€570,994 | +8.5% |
| Tangible fixed assets | 22/27 | €6,751,320 | €7,322,314 | +€570,994 | +8.5% |
| Land and buildings | 22 | €5,972,897 | €5,753,023 | -€219,874 | -3.7% |
| Plant, machinery and equipment | 23 | €103,586 | €231,652 | +€128,066 | +123.6% |
| Assets under construction and advance payments | 27 | €674,836 | €1,337,639 | +€662,803 | +98.2% |
| Current assets | 29/58 | €240,763 | €346,332 | +€105,569 | +43.8% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €46,077 | €74,038 | +€27,962 | +60.7% |
| Trade receivables | 40 | €46,077 | €74,038 | +€27,962 | +60.7% |
| Cash at bank and in hand | 54/58 | €172,656 | €203,728 | +€31,072 | +18.0% |
| Deferred charges and accrued income | 490/1 | €22,031 | €68,565 | +€46,535 | +211.2% |
| Total equity and liabilities | 10/49 | €6,992,083 | €7,668,646 | +€676,563 | +9.7% |
| Equity | 10/15 | -€391,484 | -€556,113 | -€164,629 | -42.1% |
| Contributions | 10/11 | €468,000 | €468,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€859,484 | -€1,024,113 | -€164,629 | -19.2% |
| Amounts payable | 17/49 | €7,383,567 | €8,224,759 | +€841,193 | +11.4% |
| Amounts payable after more than one year | 17 | €5,991,850 | €7,622,543 | +€1.6m | +27.2% |
| Financial debts | 170/4 | €4,926,753 | €6,557,155 | +€1.6m | +33.1% |
| Subordinated loans | 170 | €1,692,902 | €2,006,489 | +€313,587 | +18.5% |
| Unsubordinated bonds | 171 | €0 | - | = | |
| Credit institutions | 173 | €3,233,851 | €4,550,666 | +€1.3m | +40.7% |
| Other amounts payable | 178/9 | €1,065,097 | €1,065,388 | +€291 | 0.0% |
| Amounts payable within one year | 42/48 | €1,368,637 | €590,929 | -€777,708 | -56.8% |
| Current portion of amounts payable after more than one year | 42 | €1,255,436 | €360,716 | -€894,720 | -71.3% |
| Trade debts | 44 | €78,353 | €180,404 | +€102,050 | +130.2% |
| Suppliers | 440/4 | €78,353 | €180,404 | +€102,050 | +130.2% |
| Taxes, remuneration and social security | 45 | €34,711 | €49,719 | +€15,008 | +43.2% |
| Taxes | 450/3 | €34,711 | €49,719 | +€15,008 | +43.2% |
| Other amounts payable | 47/48 | €137 | €91 | -€46 | -33.3% |
| Accrued charges and deferred income | 492/3 | €23,080 | €11,288 | -€11,792 | -51.1% |
| Operating income | 70/76A | €696,097 | €827,565 | +€131,468 | +18.9% |
| Turnover | 70 | €695,478 | €825,192 | +€129,714 | +18.7% |
| Other operating income | 74 | €619 | €2,373 | +€1,754 | +283.3% |
| Operating charges | 60/66A | €621,663 | €618,231 | -€3,433 | -0.6% |
| Services and other goods | 61 | €282,250 | €253,414 | -€28,836 | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €252,984 | €282,724 | +€29,740 | +11.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,536 | €0 | -€6,536 | -100.0% |
| Other operating charges | 640/8 | €79,893 | €82,093 | +€2,199 | +2.8% |
| Operating profit (loss) | 9901 | €74,433 | €209,334 | +€134,901 | +181.2% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Income from current assets | 751 | €0 | - | = | |
| Other financial income | 752/9 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €316,196 | €373,964 | +€57,767 | +18.3% |
| Recurring financial charges | 65 | €316,196 | €373,964 | +€57,767 | +18.3% |
| Debt charges | 650 | €315,862 | €373,610 | +€57,748 | +18.3% |
| Other financial charges | 652/9 | €334 | €354 | +€19 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | -€241,763 | -€164,629 | +€77,134 | +31.9% |
| Profit (loss) for the period | 9904 | -€241,763 | -€164,629 | +€77,134 | +31.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€241,763 | -€164,629 | +€77,134 | +31.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.