ARDENO: 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
ARDENO
NACE 68.122, Development of non-residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€325,028
2024 · -€320,308+€645,336
Equity
€26.3m
2024 · €26.0m+€325,028
Cash
€983,835
2024 · €2.0m-€996,317
Balance sheet total
€57.4m
2024 · €56.8m+€573,301
Largest movements
Assets
- Current investments +€1.0m
new in 2025: €1.0m
- Cash -€996,317
down €996,317 (-50.3%), from €2.0m to €983,835
mainly Investment in fixed assets (net) (-€2.0m) and Current investments (-€1.0m)
Equity and liabilities
- Tax, wage and social debts -€602,123
down €602,123 (-99.4%), from €605,561 to €3,438
Income statement
- Gross operating margin +€703,698
up €703,698 (+22.8%), from €3.1m to €3.8m
- Financial charges -€105,969
down €105,969 (-8.5%), from €1.2m to €1.1m
- Taxes +€91,552
up €91,552, from -€4 to €91,548
- Depreciation +€42,227
up €42,227 (+2.3%), from €1.8m to €1.9m
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
-€320,308
Gross operating margin
+€703,698
Depreciation
-€42,227
Other operating charges
-€9,259
Financial income
-€21,293
Financial charges
+€105,969
Taxes
-€91,552
Result 2025
€325,028
raises the resultlowers the result
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
+€1.5m
Investment
-€3.0m
Financing
+€464,900
Cash 2024
€2.0m
From operations (derived)
+€1.5m
Net result for the year
+€325,028
Depreciation
+€1.9m
Receivables after one year
-€452,778
Receivables within one year
+€90,729
Deferred charges and accrued income
-€102,513
Trade debts
+€420,265
Tax, wage and social debts
-€602,123
Accrued charges and deferred income
-€34,769
Investment (derived)
-€3.0m
Investment in fixed assets (net)
-€2.0m
Current investments
-€1.0m
Financing
+€464,900
Debts after one year
+€89,900
Short-term financial debts
+€375,000
Cash 2025
€983,835
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €56,839,393 | €57,412,695 | +€573,301 | +1.0% |
| Fixed assets | 21/28 | €54,062,793 | €54,167,849 | +€105,056 | +0.2% |
| Tangible fixed assets | 22/27 | €54,062,793 | €54,167,849 | +€105,056 | +0.2% |
| Land and buildings | 22 | €53,765,833 | €54,167,849 | +€402,016 | +0.7% |
| Assets under construction and advance payments | 27 | €296,960 | - | -€296,960 | |
| Current assets | 29/58 | €2,776,600 | €3,244,846 | +€468,246 | +16.9% |
| Amounts receivable after more than one year | 29 | - | €452,778 | +€452,778 | |
| Other amounts receivable | 291 | - | €452,778 | +€452,778 | |
| Amounts receivable within one year | 40/41 | €321,181 | €230,453 | -€90,729 | -28.2% |
| Trade receivables | 40 | €321,181 | €208,312 | -€112,870 | -35.1% |
| Other amounts receivable | 41 | - | €22,141 | +€22,141 | |
| Current investments | 50/53 | - | €1,000,000 | +€1.0m | |
| Cash at bank and in hand | 54/58 | €1,980,152 | €983,835 | -€996,317 | -50.3% |
| Deferred charges and accrued income | 490/1 | €475,267 | €577,781 | +€102,513 | +21.6% |
| Total equity and liabilities | 10/49 | €56,839,393 | €57,412,695 | +€573,301 | +1.0% |
| Equity | 10/15 | €26,004,889 | €26,329,917 | +€325,028 | +1.2% |
| Contributions | 10/11 | €14,441,939 | €14,441,939 | = | 0.0% |
| Revaluation surpluses | 12 | €11,873,575 | €11,873,575 | = | 0.0% |
| Reserves | 13 | €1,942 | €1,942 | = | 0.0% |
| Distributable reserves | 133 | €1,942 | €1,942 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€312,566 | €12,462 | +€325,028 | |
| Amounts payable | 17/49 | €30,834,504 | €31,082,778 | +€248,273 | +0.8% |
| Amounts payable after more than one year | 17 | €64,073 | €153,973 | +€89,900 | +140% |
| Other amounts payable | 178/9 | €64,073 | €153,973 | +€89,900 | +140% |
| Amounts payable within one year | 42/48 | €30,625,721 | €30,818,863 | +€193,142 | +0.6% |
| Financial debts | 43 | €29,250,000 | €29,625,000 | +€375,000 | +1.3% |
| Credit institutions | 430/8 | €29,250,000 | €29,625,000 | +€375,000 | +1.3% |
| Trade debts | 44 | €770,160 | €1,190,425 | +€420,265 | +54.6% |
| Suppliers | 440/4 | €770,160 | €1,190,425 | +€420,265 | +54.6% |
| Taxes, remuneration and social security | 45 | €605,561 | €3,438 | -€602,123 | -99.4% |
| Taxes | 450/3 | €605,561 | €3,438 | -€602,123 | -99.4% |
| Accrued charges and deferred income | 492/3 | €144,711 | €109,942 | -€34,769 | -24.0% |
| Non-recurring operating income | 76A | - | €150,000 | +€150,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,826,795 | €1,869,022 | +€42,227 | +2.3% |
| Other operating charges | 640/8 | €383,990 | €393,249 | +€9,259 | +2.4% |
| Gross operating margin | 9900 | €3,083,529 | €3,787,227 | +€703,698 | +22.8% |
| Operating profit (loss) | 9901 | €872,744 | €1,524,956 | +€652,212 | +74.7% |
| Financial income | 75/76B | €55,602 | €34,308 | -€21,293 | -38.3% |
| Recurring financial income | 75 | €55,602 | €34,308 | -€21,293 | -38.3% |
| Financial charges | 65/66B | €1,248,658 | €1,142,689 | -€105,969 | -8.5% |
| Recurring financial charges | 65 | €1,248,658 | €1,142,689 | -€105,969 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | -€320,312 | €416,576 | +€736,888 | |
| Income taxes | 67/77 | -€4 | €91,548 | +€91,552 | |
| Profit (loss) for the period | 9904 | -€320,308 | €325,028 | +€645,336 | |
| Profit (loss) for the period to be appropriated | 9905 | -€320,308 | €325,028 | +€645,336 |
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 13 October 2026 via checked.be.