Ardennes Packraft-trail: what changed
Ardennes Packraft-trail
Largest movements
- Tangible fixed assets +€1,254
up €1,254 (+36.8%), from €3,402 to €4,656
- Formation expenses -€682
down €682 (-22.7%), from €3,011 to €2,329
- Receivables within one year +€475
up €475 (+505%), from €94 to €569
- Cash +€436
up €436 (+144%), from €302 to €738
mainly Depreciation (+€2,036) and Other debts (+€1,307)
- Deferred charges and accrued income +€169
up €169 (+115%), from €147 to €316
- Other debts +€1,307
up €1,307 (+77.7%), from €1,682 to €2,989
- Reserves +€596
up €596 (+98.7%), from €604 to €1,201
- Trade debts -€240
down €240 (-42.2%), from €568 to €328
- Gross operating margin +€1,394
up €1,394 (+63.9%), from €2,183 to €3,577
- Depreciation +€1,019
up €1,019 (+100%), from €1,017 to €2,036
- Other operating charges +€372
up €372 (+96.1%), from €387 to €760
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 | €6,956 | €8,608 | +€1,652 | +23.7% |
| Formation expenses | 20 | €3,011 | €2,329 | -€682 | -22.7% |
| Fixed assets | 21/28 | €3,402 | €4,656 | +€1,254 | +36.8% |
| Tangible fixed assets | 22/27 | €3,402 | €4,656 | +€1,254 | +36.8% |
| Plant, machinery and equipment | 23 | €3,402 | €4,656 | +€1,254 | +36.8% |
| Current assets | 29/58 | €543 | €1,623 | +€1,080 | +199% |
| Amounts receivable within one year | 40/41 | €94 | €569 | +€475 | +505% |
| Trade receivables | 40 | €94 | €569 | +€475 | +505% |
| Cash at bank and in hand | 54/58 | €302 | €738 | +€436 | +144% |
| Deferred charges and accrued income | 490/1 | €147 | €316 | +€169 | +115% |
| Total equity and liabilities | 10/49 | €6,956 | €8,608 | +€1,652 | +23.7% |
| Equity | 10/15 | €4,604 | €5,201 | +€596 | +13.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €604 | €1,201 | +€596 | +98.7% |
| Distributable reserves | 133 | €604 | €1,201 | +€596 | +98.7% |
| Amounts payable | 17/49 | €2,352 | €3,408 | +€1,055 | +44.9% |
| Amounts payable within one year | 42/48 | €2,352 | €3,408 | +€1,055 | +44.9% |
| Trade debts | 44 | €568 | €328 | -€240 | -42.2% |
| Suppliers | 440/4 | €568 | €328 | -€240 | -42.2% |
| Taxes, remuneration and social security | 45 | €103 | €90 | -€12 | -11.8% |
| Taxes | 450/3 | €103 | €90 | -€12 | -11.8% |
| Other amounts payable | 47/48 | €1,682 | €2,989 | +€1,307 | +77.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,017 | €2,036 | +€1,019 | +100% |
| Other operating charges | 640/8 | €387 | €760 | +€372 | +96.1% |
| Gross operating margin | 9900 | €2,183 | €3,577 | +€1,394 | +63.9% |
| Operating profit (loss) | 9901 | €779 | €781 | +€3 | +0.3% |
| Financial charges | 65/66B | €72 | €95 | +€22 | +31.0% |
| Recurring financial charges | 65 | €72 | €95 | +€22 | +31.0% |
| Profit (loss) for the period before taxes | 9903 | €707 | €687 | -€20 | -2.8% |
| Income taxes | 67/77 | €103 | €90 | -€12 | -11.8% |
| Profit (loss) for the period | 9904 | €604 | €596 | -€8 | -1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €604 | €596 | -€8 | -1.3% |
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 3 November 2026 via checked.be.