ARDENNE MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year -€49,117
down €49,117 (-15.5%), from €317,123 to €268,006
of which Other amounts receivable: -€29,646
- Cash +€21,899
up €21,899 (+506%), from €4,324 to €26,222
mainly Receivables within one year (+€49,117) and Other debts (+€26,317)
- Tangible fixed assets -€10,397
down €10,397 (-30.0%), from €34,602 to €24,205
of which Leasing and similar rights: -€5,869
- Trade debts -€34,428
down €34,428 (-30.0%), from €114,595 to €80,167
- Other debts +€26,317
up €26,317 (+119%), from €22,093 to €48,410
- Reserves -€20,000
down €20,000 (-9.8%), from €203,992 to €183,992
of which Distributable reserves: -€20,000
- Profit (loss) carried forward -€16,274
down €16,274 (-25.0%), from -€65,100 to -€81,374
- Tax, wage and social debts +€13,954
up €13,954 (+41.3%), from €33,766 to €47,720
of which Remuneration and social security: +€18,676
- Purchases and services -€152,367
no longer reported in 2025 (was €152,367)
- Gross operating margin +€52,376
up €52,376 (+20.2%), from €258,979 to €311,355
- Staff costs +€37,595
up €37,595 (+13.8%), from €272,710 to €310,305
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 | €356,098 | €318,483 | -€37,615 | -10.6% |
| Fixed assets | 21/28 | €34,652 | €24,255 | -€10,397 | -30.0% |
| Tangible fixed assets | 22/27 | €34,602 | €24,205 | -€10,397 | -30.0% |
| Plant, machinery and equipment | 23 | €96 | €0 | -€96 | -100% |
| Furniture and vehicles | 24 | €5,613 | €2,140 | -€3,473 | -61.9% |
| Leasing and similar rights | 25 | €26,898 | €21,030 | -€5,869 | -21.8% |
| Other tangible fixed assets | 26 | €1,994 | €1,036 | -€959 | -48.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €321,446 | €294,228 | -€27,219 | -8.5% |
| Amounts receivable within one year | 40/41 | €317,123 | €268,006 | -€49,117 | -15.5% |
| Trade receivables | 40 | €67,992 | €48,520 | -€19,472 | -28.6% |
| Other amounts receivable | 41 | €249,131 | €219,485 | -€29,646 | -11.9% |
| Cash at bank and in hand | 54/58 | €4,324 | €26,222 | +€21,899 | +506% |
| Total equity and liabilities | 10/49 | €356,098 | €318,483 | -€37,615 | -10.6% |
| Equity | 10/15 | €158,892 | €122,618 | -€36,274 | -22.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €203,992 | €183,992 | -€20,000 | -9.8% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,361 | €20,361 | = | 0.0% |
| Distributable reserves | 133 | €181,631 | €161,631 | -€20,000 | -11.0% |
| Profit (loss) carried forward | 14 | -€65,100 | -€81,374 | -€16,274 | -25.0% |
| Amounts payable | 17/49 | €197,206 | €195,865 | -€1,342 | -0.7% |
| Amounts payable after more than one year | 17 | €19,568 | €12,995 | -€6,572 | -33.6% |
| Financial debts | 170/4 | €19,568 | €12,995 | -€6,572 | -33.6% |
| Amounts payable within one year | 42/48 | €177,638 | €182,869 | +€5,231 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €7,185 | €6,572 | -€612 | -8.5% |
| Trade debts | 44 | €114,595 | €80,167 | -€34,428 | -30.0% |
| Suppliers | 440/4 | €114,595 | €80,167 | -€34,428 | -30.0% |
| Taxes, remuneration and social security | 45 | €33,766 | €47,720 | +€13,954 | +41.3% |
| Taxes | 450/3 | €5,028 | €306 | -€4,722 | -93.9% |
| Remuneration and social security | 454/9 | €28,739 | €47,415 | +€18,676 | +65.0% |
| Other amounts payable | 47/48 | €22,093 | €48,410 | +€26,317 | +119% |
| Goods, raw materials, services and sundry goods | 60/61 | €152,367 | - | -€152,367 | |
| Remuneration, social security and pensions | 62 | €272,710 | €310,305 | +€37,595 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,408 | €10,397 | +€2,989 | +40.3% |
| Other operating charges | 640/8 | €4,199 | €3,576 | -€623 | -14.8% |
| Gross operating margin | 9900 | €258,979 | €311,355 | +€52,376 | +20.2% |
| Operating profit (loss) | 9901 | -€25,338 | -€12,923 | +€12,415 | +49.0% |
| Financial income | 75/76B | €98 | €827 | +€729 | +742% |
| Recurring financial income | 75 | €98 | €827 | +€729 | +742% |
| Financial charges | 65/66B | €2,205 | €3,362 | +€1,157 | +52.5% |
| Recurring financial charges | 65 | €2,205 | €3,362 | +€1,157 | +52.5% |
| Profit (loss) for the period before taxes | 9903 | -€27,445 | -€15,458 | +€11,988 | +43.7% |
| Income taxes | 67/77 | €298 | €816 | +€518 | +174% |
| Profit (loss) for the period | 9904 | -€27,744 | -€16,274 | +€11,470 | +41.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,744 | -€16,274 | +€11,470 | +41.3% |
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 22 October 2026 via checked.be.