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
- Tangible fixed assets +€294,628
up €294,628 (+9.1%), from €3.2m to €3.5m
of which Land and buildings: +€263,842
- Cash +€39,358
up €39,358 (+152.8%), from €25,758 to €65,116
mainly Debts after one year (+€588,971) and Depreciation (+€148,358)
- Debts after one year +€588,971
up €588,971 (+24.9%), from €2.4m to €3.0m
of which Other amounts payable: +€472,640
- Profit (loss) carried forward -€163,328
down €163,328 (-66.9%), from -€244,135 to -€407,463
- Other debts -€96,544
down €96,544 (-100.0%), from €96,544 to €0
- Depreciation +€57,337
up €57,337 (+63.0%), from €91,021 to €148,358
- Gross operating margin -€17,950
down €17,950 (-24.8%), from €72,360 to €54,410
- Other operating charges +€6,234
up €6,234 (+61.0%), from €10,216 to €16,450
- Financial charges +€5,439
up €5,439 (+22.9%), from €23,780 to €29,219
- Staff costs -€1,441
down €1,441 (-5.8%), from €24,687 to €23,246
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 | €3,268,728 | €3,603,140 | +€334,413 | +10.2% |
| Fixed assets | 21/28 | €3,239,585 | €3,534,213 | +€294,628 | +9.1% |
| Tangible fixed assets | 22/27 | €3,239,585 | €3,534,213 | +€294,628 | +9.1% |
| Land and buildings | 22 | €3,238,355 | €3,502,197 | +€263,842 | +8.1% |
| Plant, machinery and equipment | 23 | €1,230 | €3,185 | +€1,955 | +158.9% |
| Furniture and vehicles | 24 | - | €28,831 | +€28,831 | |
| Current assets | 29/58 | €29,143 | €68,927 | +€39,785 | +136.5% |
| Amounts receivable within one year | 40/41 | €2,062 | €427 | -€1,634 | -79.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €2,062 | €427 | -€1,634 | -79.3% |
| Cash at bank and in hand | 54/58 | €25,758 | €65,116 | +€39,358 | +152.8% |
| Deferred charges and accrued income | 490/1 | €1,323 | €3,384 | +€2,061 | +155.7% |
| Total equity and liabilities | 10/49 | €3,268,728 | €3,603,140 | +€334,413 | +10.2% |
| Equity | 10/15 | €600,912 | €437,584 | -€163,328 | -27.2% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €755,047 | €755,047 | = | 0.0% |
| Distributable reserves | 133 | €755,047 | €755,047 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€244,135 | -€407,463 | -€163,328 | -66.9% |
| Amounts payable | 17/49 | €2,667,816 | €3,165,556 | +€497,741 | +18.7% |
| Amounts payable after more than one year | 17 | €2,363,673 | €2,952,644 | +€588,971 | +24.9% |
| Financial debts | 170/4 | €1,482,855 | €1,599,185 | +€116,331 | +7.8% |
| Other amounts payable | 178/9 | €880,819 | €1,353,459 | +€472,640 | +53.7% |
| Amounts payable within one year | 42/48 | €299,580 | €202,535 | -€97,045 | -32.4% |
| Current portion of amounts payable after more than one year | 42 | €186,040 | €186,775 | +€736 | +0.4% |
| Trade debts | 44 | €7,082 | €9,718 | +€2,635 | +37.2% |
| Suppliers | 440/4 | €7,082 | €9,718 | +€2,635 | +37.2% |
| Taxes, remuneration and social security | 45 | €9,914 | €6,042 | -€3,872 | -39.1% |
| Taxes | 450/3 | €2,350 | €906 | -€1,444 | -61.5% |
| Remuneration and social security | 454/9 | €7,563 | €5,136 | -€2,427 | -32.1% |
| Other amounts payable | 47/48 | €96,544 | €0 | -€96,544 | -100.0% |
| Accrued charges and deferred income | 492/3 | €4,563 | €10,377 | +€5,814 | +127.4% |
| Remuneration, social security and pensions | 62 | €24,687 | €23,246 | -€1,441 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,021 | €148,358 | +€57,337 | +63.0% |
| Other operating charges | 640/8 | €10,216 | €16,450 | +€6,234 | +61.0% |
| Gross operating margin | 9900 | €72,360 | €54,410 | -€17,950 | -24.8% |
| Operating profit (loss) | 9901 | -€53,565 | -€133,644 | -€80,079 | -149.5% |
| Financial income | 75/76B | €27 | €8 | -€19 | -69.5% |
| Recurring financial income | 75 | €27 | €8 | -€19 | -69.5% |
| Financial charges | 65/66B | €23,780 | €29,219 | +€5,439 | +22.9% |
| Recurring financial charges | 65 | €23,780 | €29,219 | +€5,439 | +22.9% |
| Profit (loss) for the period before taxes | 9903 | -€77,318 | -€162,855 | -€85,536 | -110.6% |
| Income taxes | 67/77 | -€69 | €473 | +€542 | |
| Profit (loss) for the period | 9904 | -€77,250 | -€163,328 | -€86,078 | -111.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€77,250 | -€163,328 | -€86,078 | -111.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.