ARDORA: 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.
ARDORA
Largest movements
- Tangible fixed assets +€420,126
up €420,126 (+27.2%), from €1.5m to €2.0m
of which Land and buildings: +€397,062
- Cash +€171,184
up €171,184 (+19.8%), from €862,816 to €1.0m
mainly Depreciation (+€446,552) and Debts after one year (+€304,314)
- Receivables within one year +€88,655
up €88,655 (+28.1%), from €315,161 to €403,815
of which Trade receivables: +€120,890
- Debts after one year +€304,314
up €304,314 (+27.1%), from €1.1m to €1.4m
- Reserves +€211,797
up €211,797 (+22.7%), from €931,882 to €1.1m
of which Distributable reserves: +€214,347
- Current portion of long-term debt +€106,101
up €106,101 (+29.6%), from €358,447 to €464,547
- Trade debts +€51,151
up €51,151 (+21.3%), from €240,046 to €291,197
- Gross operating margin +€422,605
up €422,605 (+28.1%), from €1.5m to €1.9m
- Staff costs +€221,467
up €221,467 (+26.5%), from €836,015 to €1.1m
- Depreciation +€159,099
up €159,099 (+55.3%), from €287,453 to €446,552
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 | €2,744,625 | €3,423,684 | +€679,059 | +24.7% |
| Fixed assets | 21/28 | €1,558,134 | €1,977,010 | +€418,876 | +26.9% |
| Tangible fixed assets | 22/27 | €1,545,239 | €1,965,365 | +€420,126 | +27.2% |
| Land and buildings | 22 | €316,513 | €713,575 | +€397,062 | +125.4% |
| Plant, machinery and equipment | 23 | €20,495 | €15,205 | -€5,290 | -25.8% |
| Furniture and vehicles | 24 | €167,522 | €113,133 | -€54,389 | -32.5% |
| Leasing and similar rights | 25 | €1,040,709 | €1,123,452 | +€82,743 | +8.0% |
| Financial fixed assets | 28 | €12,895 | €11,645 | -€1,250 | -9.7% |
| Current assets | 29/58 | €1,186,491 | €1,446,674 | +€260,183 | +21.9% |
| Amounts receivable within one year | 40/41 | €315,161 | €403,815 | +€88,655 | +28.1% |
| Trade receivables | 40 | €271,295 | €392,185 | +€120,890 | +44.6% |
| Other amounts receivable | 41 | €43,865 | €11,630 | -€32,235 | -73.5% |
| Cash at bank and in hand | 54/58 | €862,816 | €1,034,001 | +€171,184 | +19.8% |
| Deferred charges and accrued income | 490/1 | €8,515 | €8,858 | +€344 | +4.0% |
| Total equity and liabilities | 10/49 | €2,744,625 | €3,423,684 | +€679,059 | +24.7% |
| Equity | 10/15 | €938,480 | €1,150,277 | +€211,797 | +22.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €931,882 | €1,143,679 | +€211,797 | +22.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,229 | €6,679 | -€2,550 | -27.6% |
| Distributable reserves | 133 | €920,793 | €1,135,140 | +€214,347 | +23.3% |
| Profit (loss) carried forward | 14 | €398 | €398 | = | 0.0% |
| Provisions and deferred taxes | 16 | €3,076 | €2,226 | -€850 | -27.6% |
| Deferred taxes | 168 | €3,076 | €2,226 | -€850 | -27.6% |
| Amounts payable | 17/49 | €1,803,069 | €2,271,180 | +€468,111 | +26.0% |
| Amounts payable after more than one year | 17 | €1,123,589 | €1,427,903 | +€304,314 | +27.1% |
| Financial debts | 170/4 | €1,123,589 | €1,427,903 | +€304,314 | +27.1% |
| Amounts payable within one year | 42/48 | €677,680 | €843,278 | +€165,598 | +24.4% |
| Current portion of amounts payable after more than one year | 42 | €358,447 | €464,547 | +€106,101 | +29.6% |
| Trade debts | 44 | €240,046 | €291,197 | +€51,151 | +21.3% |
| Suppliers | 440/4 | €240,046 | €291,197 | +€51,151 | +21.3% |
| Advances received on contracts in progress | 46 | €1,000 | €1,732 | +€732 | +73.2% |
| Taxes, remuneration and social security | 45 | €48,559 | €68,522 | +€19,963 | +41.1% |
| Taxes | 450/3 | €31,441 | €46,007 | +€14,566 | +46.3% |
| Remuneration and social security | 454/9 | €17,119 | €22,516 | +€5,397 | +31.5% |
| Other amounts payable | 47/48 | €29,628 | €17,278 | -€12,350 | -41.7% |
| Accrued charges and deferred income | 492/3 | €1,800 | - | -€1,800 | |
| Non-recurring operating income | 76A | - | €826 | +€826 | |
| Remuneration, social security and pensions | 62 | €836,015 | €1,057,481 | +€221,467 | +26.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €287,453 | €446,552 | +€159,099 | +55.3% |
| Other operating charges | 640/8 | €4,270 | €13,941 | +€9,671 | +226.5% |
| Non-recurring operating charges | 66A | - | €771 | +€771 | |
| Gross operating margin | 9900 | €1,502,470 | €1,925,075 | +€422,605 | +28.1% |
| Operating profit (loss) | 9901 | €374,733 | €406,331 | +€31,598 | +8.4% |
| Financial income | 75/76B | €1,200 | €268 | -€932 | -77.7% |
| Recurring financial income | 75 | €1,200 | €268 | -€932 | -77.7% |
| Financial charges | 65/66B | €73,666 | €82,995 | +€9,329 | +12.7% |
| Recurring financial charges | 65 | €73,666 | €82,995 | +€9,329 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €302,267 | €323,604 | +€21,337 | +7.1% |
| Transfer from deferred taxes | 780 | €850 | €850 | = | 0.0% |
| Income taxes | 67/77 | €97,908 | €112,656 | +€14,748 | +15.1% |
| Profit (loss) for the period | 9904 | €205,209 | €211,797 | +€6,588 | +3.2% |
| Transfer from tax-exempt reserves | 789 | €2,550 | €2,550 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €207,759 | €214,347 | +€6,588 | +3.2% |
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 11 October 2026 via checked.be.