Ardennor: 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.
Ardennor
Largest movements
- Tangible fixed assets -€80,100
no longer reported in 2025 (was €80,100)
- Receivables within one year -€73,345
down €73,345 (-21.4%), from €342,595 to €269,250
of which Trade receivables: -€75,897
- Tax, wage and social debts -€218,658
down €218,658 (-99.4%), from €220,002 to €1,344
- Other debts +€83,303
up €83,303 (+407.9%), from €20,420 to €103,723
- Short-term financial debts -€73,500
no longer reported in 2025 (was €73,500)
- Profit (loss) carried forward +€42,819
up €42,819 (+27.6%), from -€155,209 to -€112,390
- Gross operating margin +€57,086
up €57,086, from -€12,516 to €44,570
- Financial charges -€18,920
down €18,920 (-80.5%), from €23,508 to €4,588
- Other operating charges -€11,065
down €11,065 (-90.4%), from €12,245 to €1,180
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,625,935 | €1,469,542 | -€156,393 | -9.6% |
| Fixed assets | 21/28 | €1,278,350 | €1,198,250 | -€80,100 | -6.3% |
| Tangible fixed assets | 22/27 | €80,100 | - | -€80,100 | |
| Land and buildings | 22 | €80,100 | - | -€80,100 | |
| Financial fixed assets | 28 | €1,198,250 | €1,198,250 | = | 0.0% |
| Current assets | 29/58 | €347,585 | €271,292 | -€76,293 | -21.9% |
| Amounts receivable within one year | 40/41 | €342,595 | €269,250 | -€73,345 | -21.4% |
| Trade receivables | 40 | €75,897 | - | -€75,897 | |
| Other amounts receivable | 41 | €266,698 | €269,250 | +€2,552 | +1.0% |
| Cash at bank and in hand | 54/58 | €2,768 | €725 | -€2,043 | -73.8% |
| Deferred charges and accrued income | 490/1 | €2,222 | €1,317 | -€905 | -40.7% |
| Total equity and liabilities | 10/49 | €1,625,935 | €1,469,542 | -€156,393 | -9.6% |
| Equity | 10/15 | -€150,209 | -€107,390 | +€42,819 | +28.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€155,209 | -€112,390 | +€42,819 | +27.6% |
| Amounts payable | 17/49 | €1,776,144 | €1,576,932 | -€199,212 | -11.2% |
| Amounts payable after more than one year | 17 | €1,460,000 | €1,460,000 | = | 0.0% |
| Financial debts | 170/4 | €1,460,000 | €1,460,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €316,144 | €116,932 | -€199,212 | -63.0% |
| Financial debts | 43 | €73,500 | - | -€73,500 | |
| Credit institutions | 430/8 | €73,500 | - | -€73,500 | |
| Trade debts | 44 | €2,222 | €11,865 | +€9,643 | +434.0% |
| Suppliers | 440/4 | €2,222 | €11,865 | +€9,643 | +434.0% |
| Taxes, remuneration and social security | 45 | €220,002 | €1,344 | -€218,658 | -99.4% |
| Taxes | 450/3 | €220,002 | €1,344 | -€218,658 | -99.4% |
| Other amounts payable | 47/48 | €20,420 | €103,723 | +€83,303 | +407.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €428 | - | -€428 | |
| Other operating charges | 640/8 | €12,245 | €1,180 | -€11,065 | -90.4% |
| Gross operating margin | 9900 | -€12,516 | €44,570 | +€57,086 | |
| Operating profit (loss) | 9901 | -€25,189 | €43,390 | +€68,579 | |
| Financial income | 75/76B | €3,938 | €4,017 | +€79 | +2.0% |
| Recurring financial income | 75 | €3,938 | €4,017 | +€79 | +2.0% |
| Financial charges | 65/66B | €23,508 | €4,588 | -€18,920 | -80.5% |
| Recurring financial charges | 65 | €23,508 | €4,588 | -€18,920 | -80.5% |
| Profit (loss) for the period before taxes | 9903 | -€44,759 | €42,819 | +€87,578 | |
| Profit (loss) for the period | 9904 | -€44,759 | €42,819 | +€87,578 | |
| Profit (loss) for the period to be appropriated | 9905 | -€44,759 | €42,819 | +€87,578 |
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 9 October 2026 via checked.be.