ARDOR & CO: 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 & CO
Largest movements
- Cash +€35,220
up €35,220 (+91.2%), from €38,629 to €73,848
mainly Depreciation (+€124,968) and Net result for the year (+€66,510)
- Receivables within one year +€12,807
up €12,807 (+47.4%), from €27,016 to €39,823
of which Trade receivables: +€10,845
- Reserves +€66,510
up €66,510 (+47.8%), from €139,274 to €205,784
- Other debts -€29,133
down €29,133 (-9.4%), from €308,530 to €279,397
- Current portion of long-term debt +€18,823
up €18,823 (+24.0%), from €78,456 to €97,279
- Debts after one year -€18,078
down €18,078 (-2.9%), from €622,138 to €604,061
of which Financial debts: -€18,078
- Gross operating margin +€73,665
up €73,665 (+40.6%), from €181,555 to €255,220
- Depreciation +€20,023
up €20,023 (+19.1%), from €104,944 to €124,968
- Taxes +€17,037
up €17,037 (+72.0%), from €23,659 to €40,697
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 | €1,196,305 | €1,230,225 | +€33,920 | +2.8% |
| Fixed assets | 21/28 | €1,125,068 | €1,116,501 | -€8,568 | -0.8% |
| Tangible fixed assets | 22/27 | €1,125,068 | €1,116,501 | -€8,568 | -0.8% |
| Land and buildings | 22 | €1,001,318 | €935,546 | -€65,772 | -6.6% |
| Plant, machinery and equipment | 23 | €24,260 | €22,474 | -€1,786 | -7.4% |
| Furniture and vehicles | 24 | €99,491 | €158,481 | +€58,990 | +59.3% |
| Current assets | 29/58 | €71,236 | €113,724 | +€42,488 | +59.6% |
| Stocks and contracts in progress | 3 | €61 | €53 | -€8 | -13.1% |
| Stocks | 30/36 | €61 | €53 | -€8 | -13.1% |
| Amounts receivable within one year | 40/41 | €27,016 | €39,823 | +€12,807 | +47.4% |
| Trade receivables | 40 | €20,675 | €31,520 | +€10,845 | +52.5% |
| Other amounts receivable | 41 | €6,341 | €8,303 | +€1,963 | +31.0% |
| Cash at bank and in hand | 54/58 | €38,629 | €73,848 | +€35,220 | +91.2% |
| Deferred charges and accrued income | 490/1 | €5,531 | - | -€5,531 | |
| Total equity and liabilities | 10/49 | €1,196,305 | €1,230,225 | +€33,920 | +2.8% |
| Equity | 10/15 | €151,674 | €218,184 | +€66,510 | +43.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €139,274 | €205,784 | +€66,510 | +47.8% |
| Distributable reserves | 133 | €139,274 | €205,784 | +€66,510 | +47.8% |
| Amounts payable | 17/49 | €1,044,631 | €1,012,041 | -€32,590 | -3.1% |
| Amounts payable after more than one year | 17 | €622,138 | €604,061 | -€18,078 | -2.9% |
| Financial debts | 170/4 | €621,188 | €603,111 | -€18,078 | -2.9% |
| Other amounts payable | 178/9 | €950 | €950 | = | 0.0% |
| Amounts payable within one year | 42/48 | €417,861 | €398,466 | -€19,395 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €78,456 | €97,279 | +€18,823 | +24.0% |
| Financial debts | 43 | €3,311 | €10,535 | +€7,224 | +218.2% |
| Credit institutions | 430/8 | €3,311 | €10,535 | +€7,224 | +218.2% |
| Trade debts | 44 | €13,058 | €4,906 | -€8,151 | -62.4% |
| Suppliers | 440/4 | €13,058 | €4,906 | -€8,151 | -62.4% |
| Taxes, remuneration and social security | 45 | €14,505 | €6,348 | -€8,157 | -56.2% |
| Taxes | 450/3 | €14,505 | €6,348 | -€8,157 | -56.2% |
| Other amounts payable | 47/48 | €308,530 | €279,397 | -€29,133 | -9.4% |
| Accrued charges and deferred income | 492/3 | €4,632 | €9,515 | +€4,882 | +105.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,944 | €124,968 | +€20,023 | +19.1% |
| Other operating charges | 640/8 | €8,370 | €9,070 | +€700 | +8.4% |
| Gross operating margin | 9900 | €181,555 | €255,220 | +€73,665 | +40.6% |
| Operating profit (loss) | 9901 | €68,241 | €121,183 | +€52,942 | +77.6% |
| Financial income | 75/76B | €64 | €0 | -€64 | -99.8% |
| Recurring financial income | 75 | €64 | €0 | -€64 | -99.8% |
| Financial charges | 65/66B | €12,600 | €13,975 | +€1,375 | +10.9% |
| Recurring financial charges | 65 | €12,600 | €13,975 | +€1,375 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €55,705 | €107,207 | +€51,503 | +92.5% |
| Income taxes | 67/77 | €23,659 | €40,697 | +€17,037 | +72.0% |
| Profit (loss) for the period | 9904 | €32,045 | €66,510 | +€34,465 | +107.6% |
| Profit (loss) for the period to be appropriated | 9905 | €32,045 | €66,510 | +€34,465 | +107.6% |
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 8 October 2026 via checked.be.