ARDOR: 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.
ARDOR
Largest movements
- Cash +€106,942
up €106,942 (+49.5%), from €215,893 to €322,835
mainly Trade debts (+€134,940) and Net result for the year (+€91,720)
- Deferred charges and accrued income +€40,642
up €40,642 (+140%), from €28,957 to €69,600
- Receivables within one year -€14,757
down €14,757 (-2.0%), from €754,031 to €739,274
of which Other amounts receivable: -€52,011
- Trade debts +€134,940
up €134,940 (+77.1%), from €174,931 to €309,872
- Tax, wage and social debts +€59,616
up €59,616 (+32.1%), from €185,515 to €245,131
of which Taxes: +€49,661
- Other debts -€35,376
no longer reported in 2025 (was €35,376)
- Debts after one year -€29,724
down €29,724 (-45.9%), from €64,782 to €35,058
- Accrued charges and deferred income -€24,626
down €24,626 (-26.4%), from €93,384 to €68,759
- Turnover +€737,011
up €737,011 (+21.1%), from €3.5m to €4.2m
- Gross operating margin +€495,314
up €495,314 (+26.1%), from €1.9m to €2.4m
- Staff costs +€458,713
up €458,713 (+27.6%), from €1.7m to €2.1m
- Purchases and services +€241,697
up €241,697 (+15.1%), from €1.6m to €1.8m
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.
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 | €1,335,383 | €1,447,231 | +€111,848 | +8.4% |
| Fixed assets | 21/28 | €267,579 | €259,878 | -€7,701 | -2.9% |
| Tangible fixed assets | 22/27 | €267,430 | €259,729 | -€7,701 | -2.9% |
| Plant, machinery and equipment | 23 | €33,167 | €61,204 | +€28,037 | +84.5% |
| Furniture and vehicles | 24 | €63,037 | €44,044 | -€18,993 | -30.1% |
| Other tangible fixed assets | 26 | €171,225 | €154,481 | -€16,744 | -9.8% |
| Financial fixed assets | 28 | €149 | €149 | = | 0.0% |
| Current assets | 29/58 | €1,067,804 | €1,187,353 | +€119,549 | +11.2% |
| Stocks and contracts in progress | 3 | €68,922 | €55,644 | -€13,278 | -19.3% |
| Stocks | 30/36 | €68,922 | €55,644 | -€13,278 | -19.3% |
| Amounts receivable within one year | 40/41 | €754,031 | €739,274 | -€14,757 | -2.0% |
| Trade receivables | 40 | €275,438 | €312,691 | +€37,253 | +13.5% |
| Other amounts receivable | 41 | €478,593 | €426,583 | -€52,011 | -10.9% |
| Cash at bank and in hand | 54/58 | €215,893 | €322,835 | +€106,942 | +49.5% |
| Deferred charges and accrued income | 490/1 | €28,957 | €69,600 | +€40,642 | +140% |
| Total equity and liabilities | 10/49 | €1,335,383 | €1,447,231 | +€111,848 | +8.4% |
| Equity | 10/15 | €751,967 | €758,687 | +€6,720 | +0.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €691,189 | €697,909 | +€6,720 | +1.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €689,329 | €696,049 | +€6,720 | +1.0% |
| Profit (loss) carried forward | 14 | €54,578 | €54,578 | = | 0.0% |
| Amounts payable | 17/49 | €583,416 | €688,544 | +€105,128 | +18.0% |
| Amounts payable after more than one year | 17 | €64,782 | €35,058 | -€29,724 | -45.9% |
| Financial debts | 170/4 | €64,782 | €35,058 | -€29,724 | -45.9% |
| Amounts payable within one year | 42/48 | €425,249 | €584,727 | +€159,478 | +37.5% |
| Current portion of amounts payable after more than one year | 42 | €29,427 | €29,724 | +€297 | +1.0% |
| Trade debts | 44 | €174,931 | €309,872 | +€134,940 | +77.1% |
| Suppliers | 440/4 | €174,931 | €309,872 | +€134,940 | +77.1% |
| Taxes, remuneration and social security | 45 | €185,515 | €245,131 | +€59,616 | +32.1% |
| Taxes | 450/3 | €35,848 | €85,509 | +€49,661 | +139% |
| Remuneration and social security | 454/9 | €149,666 | €159,622 | +€9,956 | +6.7% |
| Other amounts payable | 47/48 | €35,376 | - | -€35,376 | |
| Accrued charges and deferred income | 492/3 | €93,384 | €68,759 | -€24,626 | -26.4% |
| Turnover | 70 | €3,495,643 | €4,232,654 | +€737,011 | +21.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,600,385 | €1,842,082 | +€241,697 | +15.1% |
| Remuneration, social security and pensions | 62 | €1,664,152 | €2,122,864 | +€458,713 | +27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,002 | €78,924 | +€3,922 | +5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,880 | €2,742 | -€11,138 | -80.2% |
| Other operating charges | 640/8 | €23,473 | €23,406 | -€68 | -0.3% |
| Non-recurring operating charges | 66A | €6,775 | - | -€6,775 | |
| Gross operating margin | 9900 | €1,895,258 | €2,390,572 | +€495,314 | +26.1% |
| Operating profit (loss) | 9901 | €111,976 | €162,637 | +€50,661 | +45.2% |
| Financial income | 75/76B | €4,607 | €3,628 | -€979 | -21.3% |
| Recurring financial income | 75 | €4,607 | €3,628 | -€979 | -21.3% |
| Financial charges | 65/66B | €12,975 | €9,395 | -€3,580 | -27.6% |
| Recurring financial charges | 65 | €12,641 | €9,395 | -€3,247 | -25.7% |
| Non-recurring financial charges | 66B | €333 | - | -€333 | |
| Profit (loss) for the period before taxes | 9903 | €103,609 | €156,870 | +€53,262 | +51.4% |
| Income taxes | 67/77 | €25,187 | €65,150 | +€39,963 | +159% |
| Profit (loss) for the period | 9904 | €78,422 | €91,720 | +€13,298 | +17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,422 | €91,720 | +€13,298 | +17.0% |
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 15 October 2026 via checked.be.