ARDENWOOD: what changed
ARDENWOOD
Largest movements
- Tangible fixed assets -€256,368
down €256,368 (-11.5%), from €2.2m to €2.0m
of which Plant, machinery and equipment: -€214,720
- Stocks and contracts +€225,677
up €225,677 (+20.7%), from €1.1m to €1.3m
- Receivables within one year +€159,139
up €159,139 (+40.2%), from €395,592 to €554,731
of which Trade receivables: +€156,332
- Cash +€52,060
up €52,060 (+81.7%), from €63,688 to €115,748
mainly Contributions, distributions and other (+€1.2m) and Depreciation (+€403,214)
- Contributions +€1.2m
up €1.2m (+150%), from €800,000 to €2.0m
- Profit (loss) carried forward -€359,398
down €359,398 (-351%), from -€102,404 to -€461,801
- Debts after one year -€356,786
down €356,786 (-20.6%), from €1.7m to €1.4m
of which Financial debts: -€239,969
- Tax, wage and social debts -€261,225
down €261,225 (-84.4%), from €309,445 to €48,219
of which Remuneration and social security: -€234,537
- Current portion of long-term debt -€117,139
down €117,139 (-33.5%), from €349,683 to €232,544
- Gross operating margin -€339,026
down €339,026 (-35.0%), from €969,480 to €630,454
- Staff costs +€143,204
up €143,204 (+34.2%), from €418,885 to €562,090
- Financial charges +€31,496
up €31,496 (+150%), from €21,008 to €52,504
of which Financial charges: +€38,996
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 | €3,802,568 | €3,976,043 | +€173,475 | +4.6% |
| Fixed assets | 21/28 | €2,237,740 | €1,979,514 | -€258,226 | -11.5% |
| Intangible fixed assets | 21 | €3,340 | €1,482 | -€1,858 | -55.6% |
| Tangible fixed assets | 22/27 | €2,234,129 | €1,977,762 | -€256,368 | -11.5% |
| Land and buildings | 22 | €33,275 | €29,481 | -€3,794 | -11.4% |
| Plant, machinery and equipment | 23 | €1,904,563 | €1,689,843 | -€214,720 | -11.3% |
| Furniture and vehicles | 24 | €247,598 | €229,206 | -€18,392 | -7.4% |
| Leasing and similar rights | 25 | €48,694 | €29,233 | -€19,461 | -40.0% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €1,564,828 | €1,996,530 | +€431,702 | +27.6% |
| Stocks and contracts in progress | 3 | €1,090,956 | €1,316,632 | +€225,677 | +20.7% |
| Stocks | 30/36 | €1,090,956 | €1,316,632 | +€225,677 | +20.7% |
| Amounts receivable within one year | 40/41 | €395,592 | €554,731 | +€159,139 | +40.2% |
| Trade receivables | 40 | €344,382 | €500,714 | +€156,332 | +45.4% |
| Other amounts receivable | 41 | €51,210 | €54,017 | +€2,807 | +5.5% |
| Cash at bank and in hand | 54/58 | €63,688 | €115,748 | +€52,060 | +81.7% |
| Deferred charges and accrued income | 490/1 | €14,592 | €9,418 | -€5,173 | -35.5% |
| Total equity and liabilities | 10/49 | €3,802,568 | €3,976,043 | +€173,475 | +4.6% |
| Equity | 10/15 | €938,929 | €1,745,742 | +€806,813 | +85.9% |
| Contributions | 10/11 | €800,000 | €2,000,000 | +€1.2m | +150% |
| Profit (loss) carried forward | 14 | -€102,404 | -€461,801 | -€359,398 | -351% |
| Investment grants | 15 | €241,333 | €207,544 | -€33,789 | -14.0% |
| Amounts payable | 17/49 | €2,863,639 | €2,230,301 | -€633,338 | -22.1% |
| Amounts payable after more than one year | 17 | €1,728,030 | €1,371,244 | -€356,786 | -20.6% |
| Financial debts | 170/4 | €441,213 | €201,244 | -€239,969 | -54.4% |
| Other amounts payable | 178/9 | €1,286,817 | €1,170,000 | -€116,817 | -9.1% |
| Amounts payable within one year | 42/48 | €1,135,608 | €859,057 | -€276,552 | -24.4% |
| Current portion of amounts payable after more than one year | 42 | €349,683 | €232,544 | -€117,139 | -33.5% |
| Trade debts | 44 | €476,481 | €512,319 | +€35,838 | +7.5% |
| Suppliers | 440/4 | €476,481 | €512,319 | +€35,838 | +7.5% |
| Taxes, remuneration and social security | 45 | €309,445 | €48,219 | -€261,225 | -84.4% |
| Taxes | 450/3 | €27,512 | €823 | -€26,689 | -97.0% |
| Remuneration and social security | 454/9 | €281,933 | €47,396 | -€234,537 | -83.2% |
| Other amounts payable | 47/48 | - | €65,975 | +€65,975 | |
| Non-recurring operating income | 76A | €601,762 | - | -€601,762 | |
| Remuneration, social security and pensions | 62 | €418,885 | €562,090 | +€143,204 | +34.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €404,949 | €403,214 | -€1,735 | -0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,860 | +€2,860 | |
| Other operating charges | 640/8 | €3,201 | €2,781 | -€420 | -13.1% |
| Non-recurring operating charges | 66A | - | €263 | +€263 | |
| Gross operating margin | 9900 | €969,480 | €630,454 | -€339,026 | -35.0% |
| Operating profit (loss) | 9901 | €142,445 | -€340,753 | -€483,198 | |
| Financial income | 75/76B | €35,177 | €34,573 | -€604 | -1.7% |
| Recurring financial income | 75 | €35,177 | €34,573 | -€604 | -1.7% |
| Financial charges | 65/66B | €21,008 | €52,504 | +€31,496 | +150% |
| Recurring financial charges | 65 | €13,508 | €52,504 | +€38,996 | +289% |
| Non-recurring financial charges | 66B | €7,500 | - | -€7,500 | |
| Profit (loss) for the period before taxes | 9903 | €156,614 | -€358,684 | -€515,298 | |
| Income taxes | 67/77 | €327 | €713 | +€386 | +118% |
| Profit (loss) for the period | 9904 | €156,287 | -€359,398 | -€515,684 | |
| Profit (loss) for the period to be appropriated | 9905 | €156,287 | -€359,398 | -€515,684 |
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 2 November 2026 via checked.be.