ARDENNES BUSINESS: what changed
ARDENNES BUSINESS
Largest movements
- Tangible fixed assets +€18,147
up €18,147 (+23.3%), from €77,862 to €96,009
of which Furniture and vehicles: +€28,487
- Cash +€5,850
up €5,850 (+216%), from €2,702 to €8,553
mainly Other debts (+€21,009) and Depreciation (+€16,838)
- Other debts +€21,009
up €21,009 (+108%), from €19,404 to €40,412
- Debts after one year -€8,822
down €8,822 (-14.0%), from €63,231 to €54,409
- Profit (loss) carried forward +€7,501
up €7,501 (+14.8%), from -€50,781 to -€43,280
- Current portion of long-term debt +€3,463
up €3,463 (+16.5%), from €20,976 to €24,439
- Accrued charges and deferred income +€1,104
new in 2025: €1,104
- Depreciation -€9,133
down €9,133 (-35.2%), from €25,970 to €16,838
- Gross operating margin +€8,270
up €8,270 (+35.0%), from €23,613 to €31,883
- Financial charges -€382
down €382 (-9.1%), from €4,191 to €3,809
- Taxes -€338
down €338 (-62.2%), from €543 to €205
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €81,364 | €105,565 | +€24,201 | +29.7% |
| Fixed assets | 21/28 | €78,422 | €96,569 | +€18,147 | +23.1% |
| Tangible fixed assets | 22/27 | €77,862 | €96,009 | +€18,147 | +23.3% |
| Land and buildings | 22 | €53,185 | €42,845 | -€10,340 | -19.4% |
| Furniture and vehicles | 24 | €24,677 | €53,164 | +€28,487 | +115% |
| Financial fixed assets | 28 | €560 | €560 | = | 0.0% |
| Current assets | 29/58 | €2,942 | €8,996 | +€6,054 | +206% |
| Amounts receivable within one year | 40/41 | €240 | €444 | +€204 | +85.1% |
| Other amounts receivable | 41 | €240 | €444 | +€204 | +85.1% |
| Cash at bank and in hand | 54/58 | €2,702 | €8,553 | +€5,850 | +216% |
| Total equity and liabilities | 10/49 | €81,364 | €105,565 | +€24,201 | +29.7% |
| Equity | 10/15 | -€26,881 | -€19,380 | +€7,501 | +27.9% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €4,900 | €4,900 | = | 0.0% |
| Distributable reserves | 133 | €4,900 | €4,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,781 | -€43,280 | +€7,501 | +14.8% |
| Amounts payable | 17/49 | €108,245 | €124,945 | +€16,700 | +15.4% |
| Amounts payable after more than one year | 17 | €63,231 | €54,409 | -€8,822 | -14.0% |
| Financial debts | 170/4 | €63,231 | €54,409 | -€8,822 | -14.0% |
| Amounts payable within one year | 42/48 | €45,014 | €69,432 | +€24,418 | +54.2% |
| Current portion of amounts payable after more than one year | 42 | €20,976 | €24,439 | +€3,463 | +16.5% |
| Trade debts | 44 | €663 | €1,015 | +€352 | +53.1% |
| Suppliers | 440/4 | €663 | €1,015 | +€352 | +53.1% |
| Taxes, remuneration and social security | 45 | €3,971 | €3,566 | -€405 | -10.2% |
| Taxes | 450/3 | €3,971 | €3,566 | -€405 | -10.2% |
| Other amounts payable | 47/48 | €19,404 | €40,412 | +€21,009 | +108% |
| Accrued charges and deferred income | 492/3 | - | €1,104 | +€1,104 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,970 | €16,838 | -€9,133 | -35.2% |
| Other operating charges | 640/8 | €3,421 | €3,530 | +€109 | +3.2% |
| Gross operating margin | 9900 | €23,613 | €31,883 | +€8,270 | +35.0% |
| Operating profit (loss) | 9901 | -€5,778 | €11,515 | +€17,293 | |
| Financial charges | 65/66B | €4,191 | €3,809 | -€382 | -9.1% |
| Recurring financial charges | 65 | €4,191 | €3,809 | -€382 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | -€9,969 | €7,706 | +€17,675 | |
| Income taxes | 67/77 | €543 | €205 | -€338 | -62.2% |
| Profit (loss) for the period | 9904 | -€10,511 | €7,501 | +€18,012 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,511 | €7,501 | +€18,012 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.