ARDELICE: 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.
What changed
ARDELICE
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€977,273
2024 · €190,564+€786,709
Equity
€8.3m
2024 · €7.4m+€843,833
Cash
€145,423
2024 · €139,833+€5,590
Balance sheet total
€18.9m
2024 · €10.3m+€8.5m
Largest movements
Assets
- Financial fixed assets +€8.4m
up €8.4m (+83.5%), from €10.1m to €18.5m
Equity and liabilities
- Debts after one year +€6.6m
up €6.6m (+825.2%), from €800,000 to €7.4m
of which Other amounts payable: +€3.6m
- Short-term financial debts +€2.0m
new in 2025: €2.0m
- Other debts -€1.5m
down €1.5m (-73.4%), from €2.0m to €543,440
- Reserves +€843,833
up €843,833 (+21.5%), from €3.9m to €4.8m
of which Distributable reserves: +€843,833
- Current portion of long-term debt +€548,580
new in 2025: €548,580
Income statement
- Financial income +€823,522
up €823,522 (+452.5%), from €182,000 to €1.0m
- Turnover +€266,290
up €266,290 (+39.0%), from €683,388 to €949,678
- Staff costs +€201,373
up €201,373 (+174.9%), from €115,127 to €316,500
- Services and other goods +€85,437
up €85,437 (+17.1%), from €499,863 to €585,300
- Financial charges +€28,592
up €28,592 (+34.5%), from €82,930 to €111,522
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
€190,564
Turnover
+€266,290
Other operating income
+€15,743
Services and other goods
-€85,437
Staff costs
-€201,373
Depreciation
-€1,401
Other operating charges
-€1,081
Other operating items
-€2,478
Financial income
+€823,522
Financial charges
-€28,592
Taxes
+€1,516
Result 2025
€977,273
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
-€502,023
Investment
-€8.5m
Financing
+€9.0m
Cash 2024
€139,833
From operations (derived)
-€502,023
Net result for the year
+€977,273
Depreciation
+€7,735
Receivables within one year
-€41,782
Smaller working-capital items
+€2,912
Tax, wage and social debts
+€47,910
Other debts
-€1.5m
Investment (derived)
-€8.5m
Investment in fixed assets (net)
-€8.5m
Financing
+€9.0m
Debts after one year
+€6.6m
Current portion of long-term debt
+€548,580
Short-term financial debts
+€2.0m
Contributions, distributions and other
-€133,440
Cash 2025
€145,423
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,334,623 | €18,883,214 | +€8.5m | +82.7% |
| Fixed assets | 21/28 | €10,113,322 | €18,614,952 | +€8.5m | +84.1% |
| Intangible fixed assets | 21 | €17,652 | €12,252 | -€5,400 | -30.6% |
| Tangible fixed assets | 22/27 | €2,335 | €81,099 | +€78,763 | +3372.7% |
| Land and buildings | 22 | - | €81,099 | +€81,099 | |
| Furniture and vehicles | 24 | €2,335 | €0 | -€2,335 | -100.0% |
| Financial fixed assets | 28 | €10,093,335 | €18,521,601 | +€8.4m | +83.5% |
| Affiliated companies | 280/1 | €10,093,335 | €18,521,601 | +€8.4m | +83.5% |
| Participating interests | 280 | €10,093,335 | €15,921,601 | +€5.8m | +57.7% |
| Amounts receivable | 281 | - | €2,600,000 | +€2.6m | |
| Current assets | 29/58 | €221,300 | €268,263 | +€46,962 | +21.2% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €81,057 | €122,840 | +€41,782 | +51.5% |
| Trade receivables | 40 | €81,057 | €90,496 | +€9,438 | +11.6% |
| Other amounts receivable | 41 | - | €32,344 | +€32,344 | |
| Cash at bank and in hand | 54/58 | €139,833 | €145,423 | +€5,590 | +4.0% |
| Deferred charges and accrued income | 490/1 | €410 | €0 | -€410 | -100.0% |
| Total equity and liabilities | 10/49 | €10,334,623 | €18,883,214 | +€8.5m | +82.7% |
| Equity | 10/15 | €7,430,545 | €8,274,377 | +€843,833 | +11.4% |
| Contributions | 10/11 | €3,500,000 | €3,500,000 | = | 0.0% |
| Capital | 10 | €3,500,000 | €3,500,000 | = | 0.0% |
| Issued capital | 100 | €3,500,000 | €3,500,000 | = | 0.0% |
| Reserves | 13 | €3,930,545 | €4,774,377 | +€843,833 | +21.5% |
| Non-distributable reserves | 130/1 | €350,000 | €350,000 | = | 0.0% |
| Legal reserve | 130 | €350,000 | €350,000 | = | 0.0% |
| Distributable reserves | 133 | €3,580,545 | €4,424,377 | +€843,833 | +23.6% |
| Amounts payable | 17/49 | €2,904,078 | €10,608,837 | +€7.7m | +265.3% |
| Amounts payable after more than one year | 17 | €800,000 | €7,401,838 | +€6.6m | +825.2% |
| Financial debts | 170/4 | €800,000 | €3,758,058 | +€3.0m | +369.8% |
| Credit institutions | 173 | - | €2,958,058 | +€3.0m | |
| Other loans | 174 | €800,000 | €800,000 | = | 0.0% |
| Other amounts payable | 178/9 | - | €3,643,780 | +€3.6m | |
| Amounts payable within one year | 42/48 | €2,104,078 | €3,205,041 | +€1.1m | +52.3% |
| Current portion of amounts payable after more than one year | 42 | - | €548,580 | +€548,580 | |
| Financial debts | 43 | - | €2,000,000 | +€2.0m | |
| Credit institutions | 430/8 | - | €2,000,000 | +€2.0m | |
| Trade debts | 44 | €22,016 | €22,559 | +€543 | +2.5% |
| Suppliers | 440/4 | €22,016 | €22,559 | +€543 | +2.5% |
| Taxes, remuneration and social security | 45 | €42,551 | €90,462 | +€47,910 | +112.6% |
| Taxes | 450/3 | €29,309 | €51,691 | +€22,381 | +76.4% |
| Remuneration and social security | 454/9 | €13,242 | €38,771 | +€25,529 | +192.8% |
| Other amounts payable | 47/48 | €2,039,511 | €543,440 | -€1.5m | -73.4% |
| Accrued charges and deferred income | 492/3 | - | €1,959 | +€1,959 | |
| Operating income | 70/76A | €720,877 | €1,002,910 | +€282,033 | +39.1% |
| Turnover | 70 | €683,388 | €949,678 | +€266,290 | +39.0% |
| Other operating income | 74 | €37,489 | €53,232 | +€15,743 | +42.0% |
| Operating charges | 60/66A | €624,356 | €916,126 | +€291,770 | +46.7% |
| Services and other goods | 61 | €499,863 | €585,300 | +€85,437 | +17.1% |
| Remuneration, social security and pensions | 62 | €115,127 | €316,500 | +€201,373 | +174.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,334 | €7,735 | +€1,401 | +22.1% |
| Other operating charges | 640/8 | €3,032 | €4,113 | +€1,081 | +35.7% |
| Non-recurring operating charges | 66A | - | €2,478 | +€2,478 | |
| Operating profit (loss) | 9901 | €96,521 | €86,783 | -€9,738 | -10.1% |
| Financial income | 75/76B | €182,000 | €1,005,522 | +€823,522 | +452.5% |
| Recurring financial income | 75 | €182,000 | €1,005,522 | +€823,522 | +452.5% |
| Income from financial fixed assets | 750 | €182,000 | €1,005,522 | +€823,522 | +452.5% |
| Financial charges | 65/66B | €82,930 | €111,522 | +€28,592 | +34.5% |
| Recurring financial charges | 65 | €82,930 | €111,522 | +€28,592 | +34.5% |
| Debt charges | 650 | €82,777 | €108,393 | +€25,616 | +30.9% |
| Other financial charges | 652/9 | €153 | €3,129 | +€2,976 | +1946.2% |
| Profit (loss) for the period before taxes | 9903 | €195,591 | €980,784 | +€785,193 | +401.4% |
| Income taxes | 67/77 | €5,027 | €3,511 | -€1,516 | -30.2% |
| Taxes | 670/3 | €5,027 | €3,511 | -€1,516 | -30.2% |
| Profit (loss) for the period | 9904 | €190,564 | €977,273 | +€786,709 | +412.8% |
| Profit (loss) for the period to be appropriated | 9905 | €190,564 | €977,273 | +€786,709 | +412.8% |
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 12 October 2026 via checked.be.