ARDENNES 151: 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.
ARDENNES 151
Largest movements
- Stocks and contracts +€821,310
up €821,310 (+53.0%), from €1.5m to €2.4m
- Cash +€106,840
up €106,840 (+179%), from €59,801 to €166,641
mainly Other debts (+€924,553) and Trade debts (+€92,306)
- Deferred charges and accrued income -€32,184
down €32,184 (-59.4%), from €54,213 to €22,029
- Receivables within one year +€32,033
up €32,033 (+104%), from €30,893 to €62,926
of which Other amounts receivable: +€22,415
- Other debts +€924,553
up €924,553 (+84.5%), from €1.1m to €2.0m
- Trade debts +€92,306
up €92,306 (+127%), from €72,556 to €164,862
- Profit (loss) carried forward -€88,784
down €88,784 (-72.8%), from -€121,986 to -€210,770
- Gross operating margin -€18,833
down €18,833 (-28.0%), from -€67,297 to -€86,130
- Other operating charges -€6,413
down €6,413 (-80.0%), from €8,016 to €1,603
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 | €1,694,880 | €2,622,879 | +€927,999 | +54.8% |
| Current assets | 29/58 | €1,694,880 | €2,622,879 | +€927,999 | +54.8% |
| Stocks and contracts in progress | 3 | €1,549,973 | €2,371,283 | +€821,310 | +53.0% |
| Stocks | 30/36 | €1,549,973 | €2,371,283 | +€821,310 | +53.0% |
| Amounts receivable within one year | 40/41 | €30,893 | €62,926 | +€32,033 | +104% |
| Trade receivables | 40 | €6,643 | €16,261 | +€9,618 | +145% |
| Other amounts receivable | 41 | €24,250 | €46,665 | +€22,415 | +92.4% |
| Cash at bank and in hand | 54/58 | €59,801 | €166,641 | +€106,840 | +179% |
| Deferred charges and accrued income | 490/1 | €54,213 | €22,029 | -€32,184 | -59.4% |
| Total equity and liabilities | 10/49 | €1,694,880 | €2,622,879 | +€927,999 | +54.8% |
| Equity | 10/15 | €528,014 | €439,230 | -€88,784 | -16.8% |
| Contributions | 10/11 | €650,000 | €650,000 | = | 0.0% |
| Capital | 10 | €650,000 | €650,000 | = | 0.0% |
| Issued capital | 100 | €650,000 | €650,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€121,986 | -€210,770 | -€88,784 | -72.8% |
| Amounts payable | 17/49 | €1,166,866 | €2,183,650 | +€1.0m | +87.1% |
| Amounts payable within one year | 42/48 | €1,166,866 | €2,183,650 | +€1.0m | +87.1% |
| Trade debts | 44 | €72,556 | €164,862 | +€92,306 | +127% |
| Suppliers | 440/4 | €72,556 | €164,862 | +€92,306 | +127% |
| Taxes, remuneration and social security | 45 | €75 | €0 | -€75 | -100% |
| Taxes | 450/3 | €75 | €0 | -€75 | -100% |
| Other amounts payable | 47/48 | €1,094,234 | €2,018,788 | +€924,553 | +84.5% |
| Other operating charges | 640/8 | €8,016 | €1,603 | -€6,413 | -80.0% |
| Gross operating margin | 9900 | -€67,297 | -€86,130 | -€18,833 | -28.0% |
| Operating profit (loss) | 9901 | -€75,313 | -€87,733 | -€12,420 | -16.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €697 | €1,051 | +€354 | +50.9% |
| Recurring financial charges | 65 | €697 | €1,051 | +€354 | +50.9% |
| Profit (loss) for the period before taxes | 9903 | -€76,009 | -€88,784 | -€12,775 | -16.8% |
| Profit (loss) for the period | 9904 | -€76,009 | -€88,784 | -€12,775 | -16.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€76,009 | -€88,784 | -€12,775 | -16.8% |
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 19 October 2026 via checked.be.