ARDO: 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
ARDO
NACE 46.391, Wholesale trade
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€5.2m
2024 · -€3.2m+€8.4m
Equity
€117.7m
2024 · €23.2m+€94.5m
Cash
€4.0m
2024 · €4.8m-€886,941
Balance sheet total
€211.0m
2024 · €82.5m+€128.4m
Largest movements
Assets
- Receivables within one year +€131.2m
up €131.2m (+174.9%), from €75.0m to €206.2m
of which Other amounts receivable: +€136.4m
Equity and liabilities
- Reserves +€56.0m
up €56.0m (+3560.6%), from €1.6m to €57.6m
of which Distributable reserves: +€54.1m
- Contributions +€38.5m
up €38.5m (+178.3%), from €21.6m to €60.1m
of which Contributions outside capital: +€22.4m
- Trade debts +€27.6m
up €27.6m (+48.4%), from €56.9m to €84.5m
- Tax, wage and social debts +€3.3m
up €3.3m (+150.7%), from €2.2m to €5.5m
of which Taxes: +€2.3m
- Short-term financial debts +€2.6m
new in 2025: €2.6m
Income statement
- Goods and materials +€268.8m
up €268.8m (+57.7%), from €466.1m to €734.8m
of which Purchases: +€265.2m
- Turnover +€253.7m
up €253.7m (+47.0%), from €539.2m to €792.8m
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
-€3.2m
Turnover
+€253.7m
Other operating income
-€1.4m
Goods and materials
-€268.8m
Services and other goods
+€7.3m
Staff costs
-€3.9m
Depreciation
-€1.7m
Write-downs
+€21,758
Provisions
-€2,009
Other operating charges
-€486,641
Other operating items
+€24.2m
Financial income
-€140,952
Financial charges
+€1.7m
Taxes
-€1.9m
Result 2025
€5.2m
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
-€92.8m
Investment
+€49,925
Financing
+€91.9m
Cash 2024
€4.8m
From operations (derived)
-€92.8m
Net result for the year
+€5.2m
Depreciation
+€1.9m
Smaller working-capital items
+€361,309
Receivables within one year
-€131.2m
Trade debts
+€27.6m
Tax, wage and social debts
+€3.3m
Investment (derived)
+€49,925
Investment in fixed assets (net)
+€49,925
Financing
+€91.9m
Short-term financial debts
+€2.6m
Contributions, distributions and other
+€89.3m
Cash 2025
€4.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €82,520,992 | €210,970,757 | +€128.4m | +155.7% |
| Fixed assets | 21/28 | €2,595,359 | €649,668 | -€1.9m | -75.0% |
| Intangible fixed assets | 21 | €25,267 | €99,054 | +€73,787 | +292.0% |
| Tangible fixed assets | 22/27 | €2,180,324 | €196,200 | -€2.0m | -91.0% |
| Land and buildings | 22 | €2,099,162 | €86,756 | -€2.0m | -95.9% |
| Plant, machinery and equipment | 23 | €5,815 | €5,105 | -€711 | -12.2% |
| Furniture and vehicles | 24 | €53,406 | €69,349 | +€15,943 | +29.9% |
| Other tangible fixed assets | 26 | €21,940 | €34,990 | +€13,049 | +59.5% |
| Financial fixed assets | 28 | €389,769 | €354,414 | -€35,355 | -9.1% |
| Affiliated companies | 280/1 | €331,905 | €283,900 | -€48,005 | -14.5% |
| Participating interests | 280 | €331,905 | €283,900 | -€48,005 | -14.5% |
| Other financial fixed assets | 284/8 | €57,864 | €70,514 | +€12,650 | +21.9% |
| Shares | 284 | €250 | €250 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €57,614 | €70,264 | +€12,650 | +22.0% |
| Current assets | 29/58 | €79,925,633 | €210,321,089 | +€130.4m | +163.1% |
| Stocks and contracts in progress | 3 | €945 | - | -€945 | |
| Stocks | 30/36 | €945 | - | -€945 | |
| Finished goods | 33 | €945 | - | -€945 | |
| Amounts receivable within one year | 40/41 | €74,986,916 | €206,166,176 | +€131.2m | +174.9% |
| Trade receivables | 40 | €55,468,449 | €50,234,778 | -€5.2m | -9.4% |
| Other amounts receivable | 41 | €19,518,468 | €155,931,398 | +€136.4m | +698.9% |
| Cash at bank and in hand | 54/58 | €4,842,192 | €3,955,250 | -€886,941 | -18.3% |
| Deferred charges and accrued income | 490/1 | €95,580 | €199,662 | +€104,082 | +108.9% |
| Total equity and liabilities | 10/49 | €82,520,992 | €210,970,757 | +€128.4m | +155.7% |
| Equity | 10/15 | €23,173,475 | €117,703,620 | +€94.5m | +407.9% |
| Contributions | 10/11 | €21,600,342 | €60,118,223 | +€38.5m | +178.3% |
| Capital | 10 | €15,157,878 | €31,233,795 | +€16.1m | +106.1% |
| Issued capital | 100 | €15,157,878 | €31,233,795 | +€16.1m | +106.1% |
| Contributions outside capital | 11 | €6,442,464 | €28,884,428 | +€22.4m | +348.3% |
| Share premium | 1100/10 | €6,442,464 | €28,884,428 | +€22.4m | +348.3% |
| Reserves | 13 | €1,573,133 | €57,585,397 | +€56.0m | +3560.6% |
| Non-distributable reserves | 130/1 | €126,646 | €1,993,622 | +€1.9m | +1474.2% |
| Legal reserve | 130 | €121,339 | €1,988,316 | +€1.9m | +1538.6% |
| Other | 1319 | €5,307 | €5,307 | = | 0.0% |
| Tax-exempt reserves | 132 | €32,155 | €37,508 | +€5,353 | +16.6% |
| Distributable reserves | 133 | €1,414,332 | €55,554,267 | +€54.1m | +3828.0% |
| Provisions and deferred taxes | 16 | €40,000 | €364,644 | +€324,644 | +811.6% |
| Provisions for liabilities and charges | 160/5 | €40,000 | €358,123 | +€318,123 | +795.3% |
| Pensions and similar obligations | 160 | €40,000 | €244,544 | +€204,544 | +511.4% |
| Other liabilities and charges | 164/5 | - | €113,579 | +€113,579 | |
| Deferred taxes | 168 | - | €6,521 | +€6,521 | |
| Amounts payable | 17/49 | €59,307,517 | €92,902,492 | +€33.6m | +56.6% |
| Amounts payable within one year | 42/48 | €59,119,380 | €92,576,318 | +€33.5m | +56.6% |
| Financial debts | 43 | - | €2,570,926 | +€2.6m | |
| Other loans | 439 | - | €2,570,926 | +€2.6m | |
| Trade debts | 44 | €56,919,174 | €84,494,528 | +€27.6m | +48.4% |
| Suppliers | 440/4 | €56,919,174 | €84,494,528 | +€27.6m | +48.4% |
| Taxes, remuneration and social security | 45 | €2,195,541 | €5,504,435 | +€3.3m | +150.7% |
| Taxes | 450/3 | €873,255 | €3,135,107 | +€2.3m | +259.0% |
| Remuneration and social security | 454/9 | €1,322,287 | €2,369,328 | +€1.0m | +79.2% |
| Other amounts payable | 47/48 | €4,665 | €6,429 | +€1,765 | +37.8% |
| Accrued charges and deferred income | 492/3 | €188,137 | €326,174 | +€138,038 | +73.4% |
| Operating income | 70/76A | €499,970,828 | €769,238,266 | +€269.3m | +53.9% |
| Turnover | 70 | €539,188,275 | €792,842,925 | +€253.7m | +47.0% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€42,300,104 | -€24,577,237 | +€17.7m | +41.9% |
| Other operating income | 74 | €2,345,629 | €957,100 | -€1.4m | -59.2% |
| Non-recurring operating income | 76A | €737,028 | €15,478 | -€721,549 | -97.9% |
| Operating charges | 60/66A | €502,378,018 | €762,796,266 | +€260.4m | +51.8% |
| Goods for resale, raw materials and consumables | 60 | €466,061,983 | €734,826,715 | +€268.8m | +57.7% |
| Purchases | 600/8 | €493,861,077 | €759,067,229 | +€265.2m | +53.7% |
| Change in stocks: decrease (increase) | 609 | -€27,799,095 | -€24,240,514 | +€3.6m | +12.8% |
| Services and other goods | 61 | €18,069,594 | €10,813,378 | -€7.3m | -40.2% |
| Remuneration, social security and pensions | 62 | €10,697,405 | €14,646,490 | +€3.9m | +36.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165,746 | €1,895,766 | +€1.7m | +1043.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €72,979 | €51,221 | -€21,758 | -29.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €40,000 | €42,009 | +€2,009 | +5.0% |
| Other operating charges | 640/8 | €32,856 | €519,496 | +€486,641 | +1481.2% |
| Non-recurring operating charges | 66A | €7,237,455 | €1,192 | -€7.2m | -100.0% |
| Operating profit (loss) | 9901 | -€2,407,190 | €6,442,001 | +€8.8m | |
| Financial income | 75/76B | €6,704,958 | €6,564,006 | -€140,952 | -2.1% |
| Recurring financial income | 75 | €5,573,461 | €5,588,856 | +€15,395 | +0.3% |
| Income from current assets | 751 | €3,518,001 | €4,246,282 | +€728,281 | +20.7% |
| Other financial income | 752/9 | €2,055,460 | €1,342,574 | -€712,886 | -34.7% |
| Non-recurring financial income | 76B | €1,131,497 | €975,150 | -€156,346 | -13.8% |
| Financial charges | 65/66B | €7,037,111 | €5,352,194 | -€1.7m | -23.9% |
| Recurring financial charges | 65 | €7,037,111 | €5,352,194 | -€1.7m | -23.9% |
| Debt charges | 650 | €4,135,213 | €473,889 | -€3.7m | -88.5% |
| Other financial charges | 652/9 | €2,901,898 | €4,878,305 | +€2.0m | +68.1% |
| Profit (loss) for the period before taxes | 9903 | -€2,739,343 | €7,653,813 | +€10.4m | |
| Income taxes | 67/77 | €507,632 | €2,453,691 | +€1.9m | +383.4% |
| Taxes | 670/3 | €507,632 | €2,453,691 | +€1.9m | +383.4% |
| Profit (loss) for the period | 9904 | -€3,246,975 | €5,200,122 | +€8.4m | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,246,975 | €5,200,122 | +€8.4m |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.