ARDENTS RED: 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.
ARDENTS RED
Largest movements
- Tangible fixed assets -€856,000
down €856,000 (-4.5%), from €18.8m to €18.0m
- Debts after one year -€14.3m
no longer reported in 2025 (was €14.3m)
- Current portion of long-term debt +€11.9m
up €11.9m (+487%), from €2.4m to €14.3m
- Other debts +€3.1m
new in 2025: €3.1m
- Accrued charges and deferred income -€926,506
down €926,506 (-88.3%), from €1.0m to €122,697
- Tax, wage and social debts -€447,721
down €447,721 (-95.5%), from €468,971 to €21,250
- Other operating income -€1.7m
down €1.7m (-50.2%), from €3.4m to €1.7m
- Taxes -€448,644
down €448,644 (-99.1%), from €452,494 to €3,850
- Other operating charges +€322,292
new in 2025: €322,292
- Financial charges -€316,470
down €316,470 (-34.1%), from €927,995 to €611,525
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 | €19,764,768 | €18,828,057 | -€936,711 | -4.7% |
| Fixed assets | 21/28 | €18,832,000 | €17,976,000 | -€856,000 | -4.5% |
| Tangible fixed assets | 22/27 | €18,832,000 | €17,976,000 | -€856,000 | -4.5% |
| Land and buildings | 22 | €18,832,000 | €17,976,000 | -€856,000 | -4.5% |
| Current assets | 29/58 | €932,768 | €852,057 | -€80,711 | -8.7% |
| Cash at bank and in hand | 54/58 | €932,768 | €852,057 | -€80,711 | -8.7% |
| Total equity and liabilities | 10/49 | €19,764,768 | €18,828,057 | -€936,711 | -4.7% |
| Equity | 10/15 | €1,491,594 | €1,223,432 | -€268,162 | -18.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Capital | 10 | €50,000 | €50,000 | = | 0.0% |
| Issued capital | 100 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,441,594 | €1,173,432 | -€268,162 | -18.6% |
| Amounts payable | 17/49 | €18,273,174 | €17,604,625 | -€668,549 | -3.7% |
| Amounts payable after more than one year | 17 | €14,315,000 | - | -€14.3m | |
| Financial debts | 170/4 | €14,315,000 | - | -€14.3m | |
| Credit institutions | 173 | €14,315,000 | - | -€14.3m | |
| Amounts payable within one year | 42/48 | €2,908,971 | €17,481,928 | +€14.6m | +501% |
| Current portion of amounts payable after more than one year | 42 | €2,440,000 | €14,315,000 | +€11.9m | +487% |
| Trade debts | 44 | - | €11,865 | +€11,865 | |
| Suppliers | 440/4 | - | €11,865 | +€11,865 | |
| Taxes, remuneration and social security | 45 | €468,971 | €21,250 | -€447,721 | -95.5% |
| Taxes | 450/3 | €468,971 | €21,250 | -€447,721 | -95.5% |
| Other amounts payable | 47/48 | - | €3,133,813 | +€3.1m | |
| Accrued charges and deferred income | 492/3 | €1,049,203 | €122,697 | -€926,506 | -88.3% |
| Operating income | 70/76A | €3,443,575 | €1,713,413 | -€1.7m | -50.2% |
| Other operating income | 74 | €3,443,575 | €1,713,413 | -€1.7m | -50.2% |
| Operating charges | 60/66A | €857,592 | €1,366,200 | +€508,608 | +59.3% |
| Services and other goods | 61 | €1,592 | €187,908 | +€186,316 | +11,703% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €856,000 | €856,000 | = | 0.0% |
| Other operating charges | 640/8 | - | €322,292 | +€322,292 | |
| Operating profit (loss) | 9901 | €2,585,983 | €347,213 | -€2.2m | -86.6% |
| Recurring financial income | 75 | €4,230 | - | -€4,230 | |
| Income from current assets | 751 | €4,230 | - | -€4,230 | |
| Financial charges | 65/66B | €927,995 | €611,525 | -€316,470 | -34.1% |
| Recurring financial charges | 65 | €927,995 | €611,525 | -€316,470 | -34.1% |
| Debt charges | 650 | €927,479 | €610,926 | -€316,553 | -34.1% |
| Other financial charges | 652/9 | €516 | €599 | +€83 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | €1,662,218 | -€264,311 | -€1.9m | |
| Income taxes | 67/77 | €452,494 | €3,850 | -€448,644 | -99.1% |
| Taxes | 670/3 | €452,494 | €3,850 | -€448,644 | -99.1% |
| Profit (loss) for the period | 9904 | €1,209,724 | -€268,161 | -€1.5m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,209,724 | -€268,161 | -€1.5m |
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 27 October 2026 via checked.be.