ARDENNES: 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.
What changed
ARDENNES
NACE 46.869, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€9,256
2024 · €6,096+€3,160
Equity
€465,528
2024 · €457,847+€7,681
Cash
€16,124
2024 · €17,963-€1,839
Balance sheet total
€847,609
2024 · €891,241-€43,632
Largest movements
Assets
- Tangible fixed assets -€127,427
down €127,427 (-25.2%), from €506,573 to €379,146
of which Land and buildings: -€66,535
- Stocks and contracts +€73,807
up €73,807 (+22.9%), from €322,610 to €396,417
Equity and liabilities
- Debts after one year -€70,533
down €70,533 (-27.5%), from €256,441 to €185,908
- Trade debts +€27,754
up €27,754 (+194.3%), from €14,284 to €42,038
- Other debts -€14,820
down €14,820 (-73.3%), from €20,215 to €5,395
- Reserves +€9,256
up €9,256 (+6.9%), from €134,884 to €144,139
of which Distributable reserves: +€8,749
Income statement
- Gross operating margin +€27,009
up €27,009 (+7.8%), from €345,916 to €372,925
- Staff costs +€26,535
up €26,535 (+19.6%), from €135,098 to €161,633
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
€6,096
Gross operating margin
+€27,009
Staff costs
-€26,535
Depreciation
+€3,681
Other operating charges
-€648
Financial income
-€2,077
Financial charges
+€3,650
Taxes
-€1,921
Result 2025
€9,256
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.
From operations
+€109,806
Investment
-€44,832
Financing
-€66,812
Cash 2024
€17,963
From operations (derived)
+€109,806
Net result for the year
+€9,256
Depreciation
+€165,164
Stocks and contracts
-€73,807
Receivables within one year
-€6,913
Deferred charges and accrued income
+€2,181
Trade debts
+€27,754
Tax, wage and social debts
+€443
Other debts
-€14,820
Accrued charges and deferred income
+€548
Investment (derived)
-€44,832
Investment in fixed assets (net)
-€44,832
Financing
-€66,812
Debts after one year
-€70,533
Current portion of long-term debt
-€1,615
Short-term financial debts
+€6,910
Contributions, distributions and other
-€1,575
Cash 2025
€16,124
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €891,241 | €847,609 | -€43,632 | -4.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €507,044 | €386,712 | -€120,332 | -23.7% |
| Intangible fixed assets | 21 | €0 | €7,095 | +€7,095 | |
| Tangible fixed assets | 22/27 | €506,573 | €379,146 | -€127,427 | -25.2% |
| Land and buildings | 22 | €345,448 | €278,913 | -€66,535 | -19.3% |
| Plant, machinery and equipment | 23 | €98,707 | €69,024 | -€29,683 | -30.1% |
| Furniture and vehicles | 24 | €62,418 | €31,209 | -€31,209 | -50.0% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €471 | €471 | = | 0.0% |
| Current assets | 29/58 | €384,197 | €460,897 | +€76,700 | +20.0% |
| Stocks and contracts in progress | 3 | €322,610 | €396,417 | +€73,807 | +22.9% |
| Stocks | 30/36 | €322,610 | €396,417 | +€73,807 | +22.9% |
| Amounts receivable within one year | 40/41 | €36,531 | €43,443 | +€6,913 | +18.9% |
| Trade receivables | 40 | €33,643 | €40,556 | +€6,913 | +20.5% |
| Other amounts receivable | 41 | €2,888 | €2,888 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,963 | €16,124 | -€1,839 | -10.2% |
| Deferred charges and accrued income | 490/1 | €7,094 | €4,913 | -€2,181 | -30.7% |
| Total equity and liabilities | 10/49 | €891,241 | €847,609 | -€43,632 | -4.9% |
| Equity | 10/15 | €457,847 | €465,528 | +€7,681 | +1.7% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €134,884 | €144,139 | +€9,256 | +6.9% |
| Non-distributable reserves | 130/1 | €10,594 | €11,101 | +€507 | +4.8% |
| Legal reserve | 130 | €10,594 | €11,101 | +€507 | +4.8% |
| Distributable reserves | 133 | €124,290 | €133,039 | +€8,749 | +7.0% |
| Profit (loss) carried forward | 14 | €69,814 | €69,814 | = | 0.0% |
| Investment grants | 15 | €3,150 | €1,575 | -€1,575 | -50.0% |
| Amounts payable | 17/49 | €433,394 | €382,081 | -€51,313 | -11.8% |
| Amounts payable after more than one year | 17 | €256,441 | €185,908 | -€70,533 | -27.5% |
| Financial debts | 170/4 | €256,441 | €185,908 | -€70,533 | -27.5% |
| Amounts payable within one year | 42/48 | €174,248 | €192,921 | +€18,672 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €66,148 | €64,533 | -€1,615 | -2.4% |
| Financial debts | 43 | €43,091 | €50,001 | +€6,910 | +16.0% |
| Credit institutions | 430/8 | €43,091 | €50,001 | +€6,910 | +16.0% |
| Trade debts | 44 | €14,284 | €42,038 | +€27,754 | +194.3% |
| Suppliers | 440/4 | €14,284 | €42,038 | +€27,754 | +194.3% |
| Taxes, remuneration and social security | 45 | €30,511 | €30,953 | +€443 | +1.5% |
| Taxes | 450/3 | €17,845 | €16,795 | -€1,050 | -5.9% |
| Remuneration and social security | 454/9 | €12,666 | €14,158 | +€1,493 | +11.8% |
| Other amounts payable | 47/48 | €20,215 | €5,395 | -€14,820 | -73.3% |
| Accrued charges and deferred income | 492/3 | €2,705 | €3,253 | +€548 | +20.3% |
| Remuneration, social security and pensions | 62 | €135,098 | €161,633 | +€26,535 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €168,846 | €165,164 | -€3,681 | -2.2% |
| Other operating charges | 640/8 | €4,861 | €5,509 | +€648 | +13.3% |
| Gross operating margin | 9900 | €345,916 | €372,925 | +€27,009 | +7.8% |
| Operating profit (loss) | 9901 | €37,112 | €40,619 | +€3,507 | +9.5% |
| Financial income | 75/76B | €4,086 | €2,010 | -€2,077 | -50.8% |
| Recurring financial income | 75 | €4,086 | €2,010 | -€2,077 | -50.8% |
| Financial charges | 65/66B | €31,269 | €27,618 | -€3,650 | -11.7% |
| Recurring financial charges | 65 | €31,269 | €27,618 | -€3,650 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €9,930 | €15,011 | +€5,081 | +51.2% |
| Income taxes | 67/77 | €3,834 | €5,755 | +€1,921 | +50.1% |
| Profit (loss) for the period | 9904 | €6,096 | €9,256 | +€3,160 | +51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €6,096 | €9,256 | +€3,160 | +51.8% |
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 7 October 2026 via checked.be.