Ardena Holding: 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
Ardena Holding
NACE 72.101, Research and development on biotechnology
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€978,284
2024 · €41,666+€936,618
Equity
€84.2m
2024 · €33.4m+€50.9m
Cash
€4.1m
2024 · €414,652+€3.7m
Balance sheet total
€87.1m
2024 · €35.1m+€52.0m
Largest movements
Assets
- Financial fixed assets +€48.9m
up €48.9m (+162%), from €30.1m to €79.0m
- Cash +€3.7m
up €3.7m (+883%), from €414,652 to €4.1m
mainly Contributions, distributions and other (+€49.9m) and Net result for the year (+€978,284)
Equity and liabilities
- Contributions +€49.9m
up €49.9m (+159%), from €31.4m to €81.3m
- Profit (loss) carried forward +€929,370
up €929,370 (+51.3%), from €1.8m to €2.7m
Income statement
- Other operating income +€2.9m
up €2.9m (+39.0%), from €7.4m to €10.2m
- Services and other goods +€1.2m
up €1.2m (+14.7%), from €8.0m to €9.1m
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
€41,666
Depreciation
-€75,151
Other operating charges
-€507
Other operating items
+€1.7m
Financial income
-€222,077
Financial charges
-€156,335
Taxes
-€306,161
Result 2025
€978,284
lowers the resultnot broken down further in the accounts
Derived cash bridge
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
+€2.8m
Investment
-€49.0m
Financing
+€49.9m
Cash 2024
€414,652
From operations (derived)
+€2.8m
Net result for the year
+€978,284
Depreciation
+€312,126
Receivables within one year
+€276,426
Smaller working-capital items
+€88,309
Trade debts
+€776,127
Tax, wage and social debts
+€336,843
Investment (derived)
-€49.0m
Investment in fixed assets (net)
-€49.0m
Financing
+€49.9m
Contributions, distributions and other
+€49.9m
Cash 2025
€4.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €35,074,569 | €87,051,393 | +€52.0m | +148% |
| Fixed assets | 21/28 | €31,088,341 | €79,762,127 | +€48.7m | +157% |
| Intangible fixed assets | 21 | €958,856 | €774,240 | -€184,616 | -19.3% |
| Tangible fixed assets | 22/27 | €7,444 | €6,584 | -€861 | -11.6% |
| Other tangible fixed assets | 26 | €7,444 | €6,584 | -€861 | -11.6% |
| Financial fixed assets | 28 | €30,122,041 | €78,981,303 | +€48.9m | +162% |
| Affiliated companies | 280/1 | €30,122,041 | €78,981,303 | +€48.9m | +162% |
| Participating interests | 280 | €15,946,069 | €64,305,331 | +€48.4m | +303% |
| Amounts receivable | 281 | €14,175,972 | €14,675,972 | +€500,000 | +3.5% |
| Current assets | 29/58 | €3,986,228 | €7,289,266 | +€3.3m | +82.9% |
| Amounts receivable within one year | 40/41 | €3,175,898 | €2,899,472 | -€276,426 | -8.7% |
| Trade receivables | 40 | €914,205 | €2,505,131 | +€1.6m | +174% |
| Other amounts receivable | 41 | €2,261,693 | €394,341 | -€1.9m | -82.6% |
| Cash at bank and in hand | 54/58 | €414,652 | €4,076,525 | +€3.7m | +883% |
| Deferred charges and accrued income | 490/1 | €395,678 | €313,269 | -€82,408 | -20.8% |
| Total equity and liabilities | 10/49 | €35,074,569 | €87,051,393 | +€52.0m | +148% |
| Equity | 10/15 | €33,351,274 | €84,209,228 | +€50.9m | +152% |
| Contributions | 10/11 | €31,387,565 | €81,267,234 | +€49.9m | +159% |
| Capital | 10 | €31,387,565 | €81,267,234 | +€49.9m | +159% |
| Issued capital | 100 | €31,387,565 | €81,267,234 | +€49.9m | +159% |
| Reserves | 13 | €152,692 | €201,607 | +€48,914 | +32.0% |
| Non-distributable reserves | 130/1 | €152,692 | €201,607 | +€48,914 | +32.0% |
| Legal reserve | 130 | €152,692 | €201,607 | +€48,914 | +32.0% |
| Profit (loss) carried forward | 14 | €1,811,017 | €2,740,387 | +€929,370 | +51.3% |
| Amounts payable | 17/49 | €1,723,295 | €2,842,165 | +€1.1m | +64.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,494,372 | €2,606,704 | +€1.1m | +74.4% |
| Trade debts | 44 | €1,451,914 | €2,228,040 | +€776,127 | +53.5% |
| Suppliers | 440/4 | €1,451,914 | €2,228,040 | +€776,127 | +53.5% |
| Taxes, remuneration and social security | 45 | €27,514 | €364,357 | +€336,843 | +1,224% |
| Taxes | 450/3 | €27,514 | €364,357 | +€336,843 | +1,224% |
| Other amounts payable | 47/48 | €14,945 | €14,306 | -€638 | -4.3% |
| Accrued charges and deferred income | 492/3 | €228,922 | €235,461 | +€6,539 | +2.9% |
| Operating income | 70/76A | €7,350,074 | €10,219,137 | +€2.9m | +39.0% |
| Other operating income | 74 | €7,350,074 | €10,219,137 | +€2.9m | +39.0% |
| Operating charges | 60/66A | €8,215,350 | €9,463,222 | +€1.2m | +15.2% |
| Services and other goods | 61 | €7,976,479 | €9,148,693 | +€1.2m | +14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €236,975 | €312,126 | +€75,151 | +31.7% |
| Other operating charges | 640/8 | €1,896 | €2,403 | +€507 | +26.7% |
| Operating profit (loss) | 9901 | -€865,276 | €755,914 | +€1.6m | |
| Financial income | 75/76B | €1,010,882 | €788,805 | -€222,077 | -22.0% |
| Recurring financial income | 75 | €1,010,882 | €788,805 | -€222,077 | -22.0% |
| Income from current assets | 751 | €995,479 | €750,517 | -€244,962 | -24.6% |
| Other financial income | 752/9 | €15,403 | €38,288 | +€22,885 | +149% |
| Financial charges | 65/66B | €66,390 | €222,725 | +€156,335 | +235% |
| Recurring financial charges | 65 | €66,390 | €222,725 | +€156,335 | +235% |
| Debt charges | 650 | €43,863 | €3,793 | -€40,070 | -91.4% |
| Other financial charges | 652/9 | €22,527 | €218,932 | +€196,405 | +872% |
| Profit (loss) for the period before taxes | 9903 | €79,216 | €1,321,995 | +€1.2m | +1,569% |
| Income taxes | 67/77 | €37,550 | €343,711 | +€306,161 | +815% |
| Taxes | 670/3 | €37,550 | €343,711 | +€306,161 | +815% |
| Profit (loss) for the period | 9904 | €41,666 | €978,284 | +€936,618 | +2,248% |
| Profit (loss) for the period to be appropriated | 9905 | €41,666 | €978,284 | +€936,618 | +2,248% |
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 22 October 2026 via checked.be.