Ardofin: 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.
Ardofin
Largest movements
- Tangible fixed assets +€164,959
up €164,959 (+584%), from €28,230 to €193,189
of which Land and buildings: +€94,446
- Cash +€51,432
up €51,432 (+75.3%), from €68,336 to €119,768
mainly Debts after one year (+€181,385) and Net result for the year (+€58,830)
- Receivables within one year +€14,041
up €14,041 (+24.8%), from €56,534 to €70,575
of which Other amounts receivable: +€24,510
- Current investments +€12,500
new in 2025: €12,500
- Debts after one year +€181,385
new in 2025: €181,385
- Reserves +€58,830
up €58,830 (+48.0%), from €122,453 to €181,283
- Gross operating margin +€15,735
up €15,735 (+20.6%), from €76,483 to €92,218
- Depreciation +€4,767
up €4,767 (+122%), from €3,910 to €8,677
- Taxes +€2,627
up €2,627 (+12.6%), from €20,807 to €23,435
- Financial income -€1,473
no longer reported in 2025 (was €1,473)
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €156,777 | €401,208 | +€244,430 | +156% |
| Fixed assets | 21/28 | €28,230 | €193,189 | +€164,959 | +584% |
| Tangible fixed assets | 22/27 | €28,230 | €193,189 | +€164,959 | +584% |
| Land and buildings | 22 | - | €94,446 | +€94,446 | |
| Furniture and vehicles | 24 | €19,980 | €16,529 | -€3,450 | -17.3% |
| Other tangible fixed assets | 26 | €8,250 | €4,950 | -€3,300 | -40.0% |
| Assets under construction and advance payments | 27 | - | €77,264 | +€77,264 | |
| Current assets | 29/58 | €128,548 | €208,018 | +€79,471 | +61.8% |
| Amounts receivable within one year | 40/41 | €56,534 | €70,575 | +€14,041 | +24.8% |
| Trade receivables | 40 | €51,678 | €41,210 | -€10,469 | -20.3% |
| Other amounts receivable | 41 | €4,856 | €29,366 | +€24,510 | +505% |
| Current investments | 50/53 | - | €12,500 | +€12,500 | |
| Cash at bank and in hand | 54/58 | €68,336 | €119,768 | +€51,432 | +75.3% |
| Deferred charges and accrued income | 490/1 | €3,677 | €5,175 | +€1,498 | +40.7% |
| Total equity and liabilities | 10/49 | €156,777 | €401,208 | +€244,430 | +156% |
| Equity | 10/15 | €147,453 | €206,283 | +€58,830 | +39.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €122,453 | €181,283 | +€58,830 | +48.0% |
| Distributable reserves | 133 | €122,453 | €181,283 | +€58,830 | +48.0% |
| Amounts payable | 17/49 | €9,325 | €194,925 | +€185,600 | +1,990% |
| Amounts payable after more than one year | 17 | - | €181,385 | +€181,385 | |
| Financial debts | 170/4 | - | €181,385 | +€181,385 | |
| Amounts payable within one year | 42/48 | €9,259 | €13,473 | +€4,214 | +45.5% |
| Trade debts | 44 | €1,869 | €2,001 | +€132 | +7.1% |
| Suppliers | 440/4 | €1,869 | €2,001 | +€132 | +7.1% |
| Taxes, remuneration and social security | 45 | €5,644 | €5,883 | +€239 | +4.2% |
| Taxes | 450/3 | €5,644 | €5,883 | +€239 | +4.2% |
| Other amounts payable | 47/48 | €1,746 | €5,588 | +€3,842 | +220% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,910 | €8,677 | +€4,767 | +122% |
| Other operating charges | 640/8 | €672 | €607 | -€65 | -9.6% |
| Gross operating margin | 9900 | €76,483 | €92,218 | +€15,735 | +20.6% |
| Operating profit (loss) | 9901 | €71,902 | €82,934 | +€11,033 | +15.3% |
| Financial income | 75/76B | €1,473 | - | -€1,473 | |
| Recurring financial income | 75 | €1,473 | - | -€1,473 | |
| Financial charges | 65/66B | €834 | €669 | -€165 | -19.7% |
| Recurring financial charges | 65 | €834 | €669 | -€165 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €72,541 | €82,265 | +€9,724 | +13.4% |
| Income taxes | 67/77 | €20,807 | €23,435 | +€2,627 | +12.6% |
| Profit (loss) for the period | 9904 | €51,733 | €58,830 | +€7,097 | +13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €51,733 | €58,830 | +€7,097 | +13.7% |
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.