ARDENT BUILD: 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.
ARDENT BUILD
Largest movements
- Stocks and contracts +€1.7m
up €1.7m (+102%), from €1.7m to €3.4m
- Receivables within one year +€410,487
up €410,487 (+62.5%), from €656,931 to €1.1m
of which Trade receivables: +€388,891
- Cash -€60,104
down €60,104 (-58.2%), from €103,352 to €43,247
mainly Stocks and contracts (-€1.7m) and Net result for the year (-€726,933)
- Other debts +€2.6m
up €2.6m (+123%), from €2.1m to €4.8m
- Profit (loss) carried forward -€726,933
down €726,933 (-117%), from -€623,560 to -€1.4m
- Contributions +€110,000
up €110,000 (+21.6%), from €510,000 to €620,000
- Trade debts +€92,303
up €92,303 (+23.0%), from €402,019 to €494,322
- Gross operating margin +€321,335
up €321,335 (+318%), from €101,108 to €422,444
- Other operating charges +€172,487
up €172,487 (+115%), from €149,585 to €322,072
- Financial charges +€72,540
up €72,540 (+91.5%), from €79,319 to €151,859
- Staff costs -€8,220
down €8,220 (-1.6%), from €524,104 to €515,884
- Depreciation +€5,885
up €5,885 (+19.5%), from €30,110 to €35,995
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 | €2,658,923 | €4,747,175 | +€2.1m | +78.5% |
| Fixed assets | 21/28 | €181,577 | €169,236 | -€12,341 | -6.8% |
| Intangible fixed assets | 21 | €12,760 | €17,616 | +€4,857 | +38.1% |
| Tangible fixed assets | 22/27 | €168,817 | €151,619 | -€17,198 | -10.2% |
| Plant, machinery and equipment | 23 | €112,466 | €94,479 | -€17,987 | -16.0% |
| Furniture and vehicles | 24 | €56,351 | €57,140 | +€789 | +1.4% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €2,477,347 | €4,577,939 | +€2.1m | +84.8% |
| Stocks and contracts in progress | 3 | €1,704,823 | €3,446,755 | +€1.7m | +102% |
| Stocks | 30/36 | €1,704,823 | €3,446,755 | +€1.7m | +102% |
| Amounts receivable within one year | 40/41 | €656,931 | €1,067,418 | +€410,487 | +62.5% |
| Trade receivables | 40 | €401,529 | €790,420 | +€388,891 | +96.9% |
| Other amounts receivable | 41 | €255,402 | €276,998 | +€21,597 | +8.5% |
| Cash at bank and in hand | 54/58 | €103,352 | €43,247 | -€60,104 | -58.2% |
| Deferred charges and accrued income | 490/1 | €12,241 | €20,519 | +€8,278 | +67.6% |
| Total equity and liabilities | 10/49 | €2,658,923 | €4,747,175 | +€2.1m | +78.5% |
| Equity | 10/15 | -€113,560 | -€730,493 | -€616,933 | -543% |
| Contributions | 10/11 | €510,000 | €620,000 | +€110,000 | +21.6% |
| Capital | 10 | €510,000 | €620,000 | +€110,000 | +21.6% |
| Issued capital | 100 | €620,000 | €620,000 | = | 0.0% |
| Uncalled capital | 101 | €110,000 | €0 | -€110,000 | -100% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€623,560 | -€1,350,493 | -€726,933 | -117% |
| Amounts payable | 17/49 | €2,772,484 | €5,477,668 | +€2.7m | +97.6% |
| Amounts payable after more than one year | 17 | €116,700 | €88,140 | -€28,560 | -24.5% |
| Financial debts | 170/4 | €116,700 | €88,140 | -€28,560 | -24.5% |
| Amounts payable within one year | 42/48 | €2,654,235 | €5,388,986 | +€2.7m | +103% |
| Current portion of amounts payable after more than one year | 42 | €28,560 | €28,560 | = | 0.0% |
| Financial debts | 43 | €31,000 | €26,725 | -€4,275 | -13.8% |
| Credit institutions | 430/8 | €31,000 | €26,725 | -€4,275 | -13.8% |
| Trade debts | 44 | €402,019 | €494,322 | +€92,303 | +23.0% |
| Suppliers | 440/4 | €402,019 | €494,322 | +€92,303 | +23.0% |
| Taxes, remuneration and social security | 45 | €57,012 | €77,297 | +€20,285 | +35.6% |
| Taxes | 450/3 | €4,429 | €37,415 | +€32,986 | +745% |
| Remuneration and social security | 454/9 | €52,583 | €39,882 | -€12,701 | -24.2% |
| Other amounts payable | 47/48 | €2,135,643 | €4,762,082 | +€2.6m | +123% |
| Accrued charges and deferred income | 492/3 | €1,549 | €543 | -€1,006 | -65.0% |
| Remuneration, social security and pensions | 62 | €524,104 | €515,884 | -€8,220 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,110 | €35,995 | +€5,885 | +19.5% |
| Other operating charges | 640/8 | €149,585 | €322,072 | +€172,487 | +115% |
| Non-recurring operating charges | 66A | - | €131,187 | +€131,187 | |
| Gross operating margin | 9900 | €101,108 | €422,444 | +€321,335 | +318% |
| Operating profit (loss) | 9901 | -€602,690 | -€582,694 | +€19,996 | +3.3% |
| Financial income | 75/76B | €14,250 | €9,709 | -€4,542 | -31.9% |
| Recurring financial income | 75 | €14,250 | €9,709 | -€4,542 | -31.9% |
| Financial charges | 65/66B | €79,319 | €151,859 | +€72,540 | +91.5% |
| Recurring financial charges | 65 | €79,319 | €151,859 | +€72,540 | +91.5% |
| Profit (loss) for the period before taxes | 9903 | -€667,759 | -€724,845 | -€57,086 | -8.5% |
| Income taxes | 67/77 | €1,775 | €2,088 | +€313 | +17.6% |
| Profit (loss) for the period | 9904 | -€669,534 | -€726,933 | -€57,399 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€669,534 | -€726,933 | -€57,399 | -8.6% |
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 24 October 2026 via checked.be.