ARDENNE ELECTRO: 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.
ARDENNE ELECTRO
Largest movements
- Cash -€154,620
down €154,620 (-71.3%), from €216,858 to €62,238
mainly Investment in fixed assets (net) (-€158,261) and Stocks and contracts (-€150,819)
- Stocks and contracts +€150,819
up €150,819 (+53.9%), from €279,562 to €430,381
of which Stocks: +€147,823
- Receivables within one year -€30,480
down €30,480 (-6.2%), from €490,478 to €459,998
of which Trade receivables: -€41,621
- Tangible fixed assets +€26,276
up €26,276 (+3.1%), from €845,435 to €871,711
of which Land and buildings: +€53,176
- Reserves +€106,950
up €106,950 (+18.4%), from €582,413 to €689,363
- Advances received -€66,415
down €66,415 (-18.2%), from €364,835 to €298,420
- Debts after one year -€53,568
down €53,568 (-54.0%), from €99,149 to €45,581
- Trade debts +€44,899
up €44,899 (+56.1%), from €80,006 to €124,905
- Accrued charges and deferred income -€23,967
down €23,967 (-100%), from €23,967 to €0
- Depreciation +€38,706
up €38,706 (+41.5%), from €93,278 to €131,985
- Gross operating margin -€31,681
down €31,681 (-4.8%), from €661,185 to €629,503
- Financial income +€18,697
up €18,697 (+72.6%), from €25,768 to €44,465
- Staff costs -€18,350
down €18,350 (-4.5%), from €406,817 to €388,468
- Taxes -€8,660
down €8,660 (-23.9%), from €36,183 to €27,523
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,841,816 | €1,834,404 | -€7,411 | -0.4% |
| Fixed assets | 21/28 | €846,220 | €872,496 | +€26,276 | +3.1% |
| Intangible fixed assets | 21 | €0 | €0 | -€0 | -100% |
| Tangible fixed assets | 22/27 | €845,435 | €871,711 | +€26,276 | +3.1% |
| Land and buildings | 22 | €729,022 | €782,198 | +€53,176 | +7.3% |
| Plant, machinery and equipment | 23 | €7,255 | €8,065 | +€810 | +11.2% |
| Furniture and vehicles | 24 | €85,113 | €64,585 | -€20,528 | -24.1% |
| Leasing and similar rights | 25 | €24,045 | €16,863 | -€7,182 | -29.9% |
| Financial fixed assets | 28 | €785 | €785 | = | 0.0% |
| Current assets | 29/58 | €995,596 | €961,908 | -€33,687 | -3.4% |
| Stocks and contracts in progress | 3 | €279,562 | €430,381 | +€150,819 | +53.9% |
| Stocks | 30/36 | €249,612 | €397,435 | +€147,823 | +59.2% |
| Contracts in progress | 37 | €29,950 | €32,945 | +€2,995 | +10.0% |
| Amounts receivable within one year | 40/41 | €490,478 | €459,998 | -€30,480 | -6.2% |
| Trade receivables | 40 | €456,048 | €414,428 | -€41,621 | -9.1% |
| Other amounts receivable | 41 | €34,430 | €45,570 | +€11,140 | +32.4% |
| Cash at bank and in hand | 54/58 | €216,858 | €62,238 | -€154,620 | -71.3% |
| Deferred charges and accrued income | 490/1 | €8,697 | €9,291 | +€594 | +6.8% |
| Total equity and liabilities | 10/49 | €1,841,816 | €1,834,404 | -€7,411 | -0.4% |
| Equity | 10/15 | €663,164 | €764,505 | +€101,342 | +15.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €582,413 | €689,363 | +€106,950 | +18.4% |
| Distributable reserves | 133 | €582,413 | €689,363 | +€106,950 | +18.4% |
| Investment grants | 15 | €50,751 | €45,142 | -€5,608 | -11.1% |
| Amounts payable | 17/49 | €1,178,652 | €1,069,899 | -€108,753 | -9.2% |
| Amounts payable after more than one year | 17 | €99,149 | €45,581 | -€53,568 | -54.0% |
| Financial debts | 170/4 | €99,149 | €45,581 | -€53,568 | -54.0% |
| Amounts payable within one year | 42/48 | €1,055,536 | €1,024,318 | -€31,218 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €65,347 | €65,457 | +€111 | +0.2% |
| Trade debts | 44 | €80,006 | €124,905 | +€44,899 | +56.1% |
| Suppliers | 440/4 | €80,006 | €124,905 | +€44,899 | +56.1% |
| Advances received on contracts in progress | 46 | €364,835 | €298,420 | -€66,415 | -18.2% |
| Taxes, remuneration and social security | 45 | €83,741 | €72,507 | -€11,234 | -13.4% |
| Taxes | 450/3 | €50,734 | €48,886 | -€1,849 | -3.6% |
| Remuneration and social security | 454/9 | €33,007 | €23,621 | -€9,386 | -28.4% |
| Other amounts payable | 47/48 | €461,607 | €463,028 | +€1,421 | +0.3% |
| Accrued charges and deferred income | 492/3 | €23,967 | €0 | -€23,967 | -100% |
| Non-recurring operating income | 76A | €1,107 | €6,012 | +€4,905 | +443% |
| Remuneration, social security and pensions | 62 | €406,817 | €388,468 | -€18,350 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,278 | €131,985 | +€38,706 | +41.5% |
| Other operating charges | 640/8 | €7,082 | €6,025 | -€1,057 | -14.9% |
| Gross operating margin | 9900 | €661,185 | €629,503 | -€31,681 | -4.8% |
| Operating profit (loss) | 9901 | €154,007 | €103,026 | -€50,980 | -33.1% |
| Financial income | 75/76B | €25,768 | €44,465 | +€18,697 | +72.6% |
| Recurring financial income | 75 | €25,768 | €44,465 | +€18,697 | +72.6% |
| Financial charges | 65/66B | €17,694 | €13,018 | -€4,675 | -26.4% |
| Recurring financial charges | 65 | €17,694 | €13,018 | -€4,675 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | €162,081 | €134,473 | -€27,608 | -17.0% |
| Income taxes | 67/77 | €36,183 | €27,523 | -€8,660 | -23.9% |
| Profit (loss) for the period | 9904 | €125,898 | €106,950 | -€18,948 | -15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €125,898 | €106,950 | -€18,948 | -15.1% |
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 23 October 2026 via checked.be.