Ardena: 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.
What changed
Ardena
NACE 43.320, Joinery installation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€73,557
2024 · -€9,259+€82,816
Equity
€917,158
2024 · €849,446+€67,712
Cash
€75,624
2024 · €16,890+€58,734
Balance sheet total
€1.9m
2024 · €1.6m+€370,586
Largest movements
Assets
- Tangible fixed assets +€295,427
up €295,427 (+22.7%), from €1.3m to €1.6m
of which Plant, machinery and equipment: +€314,989
- Cash +€58,734
up €58,734 (+348%), from €16,890 to €75,624
mainly Debts after one year (+€298,165) and Depreciation (+€182,970)
- Receivables within one year +€45,144
up €45,144 (+49.3%), from €91,492 to €136,636
of which Trade receivables: +€47,099
- Stocks and contracts -€28,096
down €28,096 (-18.8%), from €149,296 to €121,200
Equity and liabilities
- Debts after one year +€298,165
up €298,165 (+82.6%), from €361,159 to €659,324
- Profit (loss) carried forward +€77,483
up €77,483 (+13.9%), from €558,238 to €635,721
Income statement
- Gross operating margin +€225,356
up €225,356 (+59.4%), from €379,256 to €604,612
- Staff costs +€102,509
up €102,509 (+45.1%), from €227,318 to €329,827
- Depreciation +€33,920
up €33,920 (+22.8%), from €149,050 to €182,970
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.
Result 2024
-€9,259
Gross operating margin
+€225,356
Staff costs
-€102,509
Depreciation
-€33,920
Write-downs
-€2,476
Other operating charges
-€56
Financial income
-€558
Financial charges
-€3,167
Taxes
+€147
Result 2025
€73,557
raises the resultlowers the result
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.
From operations
+€238,835
Investment
-€478,397
Financing
+€298,296
Cash 2024
€16,890
From operations (derived)
+€238,835
Net result for the year
+€73,557
Depreciation
+€182,970
Stocks and contracts
+€28,096
Receivables within one year
-€45,144
Smaller working-capital items
+€76
Provisions
-€1,934
Trade debts
-€8,641
Tax, wage and social debts
+€7,871
Accrued charges and deferred income
+€1,983
Investment (derived)
-€478,397
Investment in fixed assets (net)
-€478,397
Financing
+€298,296
Debts after one year
+€298,165
Current portion of long-term debt
+€5,976
Contributions, distributions and other
-€5,845
Cash 2025
€75,624
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,576,915 | €1,947,501 | +€370,586 | +23.5% |
| Fixed assets | 21/28 | €1,304,984 | €1,600,411 | +€295,427 | +22.6% |
| Tangible fixed assets | 22/27 | €1,302,539 | €1,597,965 | +€295,427 | +22.7% |
| Land and buildings | 22 | €437,674 | €451,937 | +€14,263 | +3.3% |
| Plant, machinery and equipment | 23 | €370,266 | €685,255 | +€314,989 | +85.1% |
| Furniture and vehicles | 24 | €7,822 | €50,033 | +€42,211 | +540% |
| Leasing and similar rights | 25 | €486,777 | €410,740 | -€76,037 | -15.6% |
| Financial fixed assets | 28 | €2,446 | €2,446 | = | 0.0% |
| Current assets | 29/58 | €271,931 | €347,090 | +€75,159 | +27.6% |
| Stocks and contracts in progress | 3 | €149,296 | €121,200 | -€28,096 | -18.8% |
| Stocks | 30/36 | €149,296 | €121,200 | -€28,096 | -18.8% |
| Amounts receivable within one year | 40/41 | €91,492 | €136,636 | +€45,144 | +49.3% |
| Trade receivables | 40 | €59,377 | €106,476 | +€47,099 | +79.3% |
| Other amounts receivable | 41 | €32,115 | €30,159 | -€1,955 | -6.1% |
| Cash at bank and in hand | 54/58 | €16,890 | €75,624 | +€58,734 | +348% |
| Deferred charges and accrued income | 490/1 | €14,253 | €13,631 | -€622 | -4.4% |
| Total equity and liabilities | 10/49 | €1,576,915 | €1,947,501 | +€370,586 | +23.5% |
| Equity | 10/15 | €849,446 | €917,158 | +€67,712 | +8.0% |
| Contributions | 10/11 | €142,674 | €142,674 | = | 0.0% |
| Reserves | 13 | €77,184 | €73,258 | -€3,926 | -5.1% |
| Tax-exempt reserves | 132 | €77,184 | €73,258 | -€3,926 | -5.1% |
| Profit (loss) carried forward | 14 | €558,238 | €635,721 | +€77,483 | +13.9% |
| Investment grants | 15 | €71,350 | €65,505 | -€5,845 | -8.2% |
| Provisions and deferred taxes | 16 | €24,238 | €22,304 | -€1,934 | -8.0% |
| Deferred taxes | 168 | €24,238 | €22,304 | -€1,934 | -8.0% |
| Amounts payable | 17/49 | €703,232 | €1,008,039 | +€304,807 | +43.3% |
| Amounts payable after more than one year | 17 | €361,159 | €659,324 | +€298,165 | +82.6% |
| Financial debts | 170/4 | €361,159 | €659,324 | +€298,165 | +82.6% |
| Amounts payable within one year | 42/48 | €341,199 | €345,858 | +€4,659 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €163,692 | €169,667 | +€5,976 | +3.7% |
| Financial debts | 43 | €80,000 | €80,000 | = | 0.0% |
| Credit institutions | 430/8 | €80,000 | €80,000 | = | 0.0% |
| Trade debts | 44 | €69,175 | €60,534 | -€8,641 | -12.5% |
| Suppliers | 440/4 | €69,175 | €60,534 | -€8,641 | -12.5% |
| Taxes, remuneration and social security | 45 | €26,519 | €34,390 | +€7,871 | +29.7% |
| Taxes | 450/3 | €5,099 | €5,096 | -€3 | -0.1% |
| Remuneration and social security | 454/9 | €21,420 | €29,293 | +€7,874 | +36.8% |
| Other amounts payable | 47/48 | €1,813 | €1,267 | -€546 | -30.1% |
| Accrued charges and deferred income | 492/3 | €874 | €2,857 | +€1,983 | +227% |
| Non-recurring operating income | 76A | €3,887 | €44,000 | +€40,113 | +1,032% |
| Remuneration, social security and pensions | 62 | €227,318 | €329,827 | +€102,509 | +45.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,050 | €182,970 | +€33,920 | +22.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,476 | +€2,476 | |
| Other operating charges | 640/8 | €3,416 | €3,472 | +€56 | +1.7% |
| Gross operating margin | 9900 | €379,256 | €604,612 | +€225,356 | +59.4% |
| Operating profit (loss) | 9901 | -€528 | €85,866 | +€86,394 | |
| Financial income | 75/76B | €22,679 | €22,121 | -€558 | -2.5% |
| Recurring financial income | 75 | €22,679 | €22,121 | -€558 | -2.5% |
| Financial charges | 65/66B | €33,197 | €36,364 | +€3,167 | +9.5% |
| Recurring financial charges | 65 | €33,197 | €36,364 | +€3,167 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | -€11,046 | €71,624 | +€82,669 | |
| Transfer from deferred taxes | 780 | €1,934 | €1,934 | +€0 | 0.0% |
| Income taxes | 67/77 | €147 | - | -€147 | |
| Profit (loss) for the period | 9904 | -€9,259 | €73,557 | +€82,816 | |
| Transfer from tax-exempt reserves | 789 | €3,926 | €3,926 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,333 | €77,483 | +€82,816 |
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 14 October 2026 via checked.be.