Ardor: what changed
Two fiscal 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 -€11,633
down €11,633 (-8.7%), from €133,307 to €121,674
mainly Contributions, distributions and other (-€214,468) and Deferred charges and accrued income (-€6,831)
- Receivables within one year -€11,325
down €11,325 (-30.1%), from €37,572 to €26,247
of which Trade receivables: -€14,903
- Deferred charges and accrued income +€6,831
up €6,831 (+696.6%), from €981 to €7,812
- Current investments +€5,500
up €5,500 (+12.7%), from €43,145 to €48,645
- Tangible fixed assets -€3,475
down €3,475 (-14.0%), from €24,784 to €21,309
of which Furniture and vehicles: -€2,611
- Reserves -€207,441
down €207,441 (-100.0%), from €207,441 to €0
- Other debts +€170,628
up €170,628 (+1632.0%), from €10,455 to €181,083
- Tax, wage and social debts +€26,820
up €26,820 (+168.6%), from €15,911 to €42,731
of which Taxes: +€26,972
- Trade debts -€5,872
down €5,872 (-96.6%), from €6,076 to €204
- Gross operating margin -€66,451
down €66,451 (-81.7%), from €81,302 to €14,851
- Taxes -€13,390
down €13,390 (-85.8%), from €15,598 to €2,208
- Financial income +€1,001
up €1,001 (+134.5%), from €744 to €1,745
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €242,883 | €227,089 | -€15,794 | -6.5% |
| Fixed assets | 21/28 | €27,879 | €22,712 | -€5,167 | -18.5% |
| Intangible fixed assets | 21 | €3,095 | €1,403 | -€1,692 | -54.7% |
| Tangible fixed assets | 22/27 | €24,784 | €21,309 | -€3,475 | -14.0% |
| Plant, machinery and equipment | 23 | €0 | €1,562 | +€1,562 | |
| Furniture and vehicles | 24 | €7,130 | €4,519 | -€2,611 | -36.6% |
| Other tangible fixed assets | 26 | €17,654 | €15,228 | -€2,426 | -13.7% |
| Current assets | 29/58 | €215,004 | €204,377 | -€10,627 | -4.9% |
| Amounts receivable within one year | 40/41 | €37,572 | €26,247 | -€11,325 | -30.1% |
| Trade receivables | 40 | €26,535 | €11,631 | -€14,903 | -56.2% |
| Other amounts receivable | 41 | €11,037 | €14,615 | +€3,578 | +32.4% |
| Current investments | 50/53 | €43,145 | €48,645 | +€5,500 | +12.7% |
| Cash at bank and in hand | 54/58 | €133,307 | €121,674 | -€11,633 | -8.7% |
| Deferred charges and accrued income | 490/1 | €981 | €7,812 | +€6,831 | +696.6% |
| Total equity and liabilities | 10/49 | €242,883 | €227,089 | -€15,794 | -6.5% |
| Equity | 10/15 | €210,441 | €3,000 | -€207,441 | -98.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €207,441 | €0 | -€207,441 | -100.0% |
| Distributable reserves | 133 | €207,441 | €0 | -€207,441 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €32,442 | €224,089 | +€191,647 | +590.7% |
| Amounts payable within one year | 42/48 | €32,442 | €224,019 | +€191,577 | +590.5% |
| Trade debts | 44 | €6,076 | €204 | -€5,872 | -96.6% |
| Suppliers | 440/4 | €6,076 | €204 | -€5,872 | -96.6% |
| Taxes, remuneration and social security | 45 | €15,911 | €42,731 | +€26,820 | +168.6% |
| Taxes | 450/3 | €13,759 | €40,731 | +€26,972 | +196.0% |
| Remuneration and social security | 454/9 | €2,152 | €2,000 | -€152 | -7.1% |
| Other amounts payable | 47/48 | €10,455 | €181,083 | +€170,628 | +1632.0% |
| Accrued charges and deferred income | 492/3 | - | €70 | +€70 | |
| Remuneration, social security and pensions | 62 | €322 | €0 | -€322 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,335 | €6,385 | +€50 | +0.8% |
| Other operating charges | 640/8 | €783 | €792 | +€10 | +1.2% |
| Gross operating margin | 9900 | €81,302 | €14,851 | -€66,451 | -81.7% |
| Operating profit (loss) | 9901 | €73,863 | €7,674 | -€66,189 | -89.6% |
| Financial income | 75/76B | €744 | €1,745 | +€1,001 | +134.5% |
| Recurring financial income | 75 | €744 | €1,745 | +€1,001 | +134.5% |
| Financial charges | 65/66B | -€46 | €184 | +€230 | |
| Recurring financial charges | 65 | -€46 | €184 | +€230 | |
| Profit (loss) for the period before taxes | 9903 | €74,653 | €9,235 | -€65,418 | -87.6% |
| Income taxes | 67/77 | €15,598 | €2,208 | -€13,390 | -85.8% |
| Profit (loss) for the period | 9904 | €59,055 | €7,027 | -€52,028 | -88.1% |
| Profit (loss) for the period to be appropriated | 9905 | €59,055 | €7,027 | -€52,028 | -88.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.