BURGO ARDENNES: what changed
What changed
BURGO ARDENNES
NACE 17.110, Manufacture of paper and paper products
filed annual accounts (NBB)
Net result for the year
€11.5m
2024 · €15.1m-€3.6m
Equity
€87.1m
2024 · €87.3m-€269,612
Cash
€10.1m
2024 · €10.8m-€705,802
Balance sheet total
€219.8m
2024 · €234.4m-€14.6m
Largest movements
Assets
- Receivables within one year -€18.8m
down €18.8m (-20.6%), from €91.7m to €72.8m
of which Other amounts receivable: -€39.2m
- Stocks and contracts +€3.5m
up €3.5m (+7.9%), from €45.1m to €48.6m
of which Stocks: +€3.5m
- Tangible fixed assets +€3.1m
up €3.1m (+4.4%), from €71.2m to €74.4m
of which Plant, machinery and equipment: +€2.3m
- Current investments -€2.7m
down €2.7m (-100%), from €2.7m to €0
Equity and liabilities
- Provisions -€5.5m
down €5.5m (-29.8%), from €18.5m to €13.0m
of which Provisions for liabilities and charges: -€5.5m
- Other debts -€3.5m
down €3.5m (-23.3%), from €15.0m to €11.5m
- Short-term financial debts -€3.4m
down €3.4m (-15.3%), from €21.9m to €18.6m
of which Credit institutions: -€3.4m
Income statement
- Provisions -€9.9m
down €9.9m, from €4.3m to -€5.5m
- Other operating income -€8.4m
down €8.4m (-31.6%), from €26.6m to €18.2m
- Goods and materials -€4.7m
down €4.7m (-2.3%), from €204.0m to €199.3m
of which Change in stocks: decrease (increase): -€11.1m
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.
Result 2024
€15.1m
Turnover
-€255,930
Other operating income
-€8.4m
Goods and materials
+€4.7m
Services and other goods
-€3.0m
Staff costs
-€1.1m
Depreciation
+€362,612
Write-downs
-€704,415
Provisions
+€9.9m
Other operating charges
-€388,472
Other operating items
-€4.4m
Financial income
-€1.2m
Financial charges
+€242,697
Taxes
+€768,365
Result 2025
€11.5m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€30.9m
Investment
-€14.8m
Financing
-€16.8m
Cash 2024
€10.8m
From operations (derived)
+€30.9m
Net result for the year
+€11.5m
Depreciation
+€13.5m
Stocks and contracts
-€3.5m
Receivables within one year
+€18.8m
Deferred charges and accrued income
-€78,867
Provisions
-€5.5m
Trade debts
+€2.0m
Tax, wage and social debts
-€2.2m
Other debts
-€3.5m
Accrued charges and deferred income
-€42,620
Investment (derived)
-€14.8m
Investment in fixed assets (net)
-€17.5m
Current investments
+€2.7m
Financing
-€16.8m
Debts after one year
-€1.8m
Current portion of long-term debt
+€94,889
Short-term financial debts
-€3.4m
Contributions, distributions and other
-€11.8m
Cash 2025
€10.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €234,400,026 | €219,805,180 | -€14.6m | -6.2% |
| Formation expenses | 20 | €0 | €0 | +€0 | |
| Fixed assets | 21/28 | €83,854,497 | €87,887,423 | +€4.0m | +4.8% |
| Intangible fixed assets | 21 | €10,306,499 | €11,195,259 | +€888,760 | +8.6% |
| Tangible fixed assets | 22/27 | €71,233,900 | €74,378,067 | +€3.1m | +4.4% |
| Land and buildings | 22 | €10,878,793 | €10,796,791 | -€82,002 | -0.8% |
| Plant, machinery and equipment | 23 | €54,838,761 | €57,095,292 | +€2.3m | +4.1% |
| Furniture and vehicles | 24 | €992,995 | €799,636 | -€193,359 | -19.5% |
| Leasing and similar rights | 25 | €1,054,555 | €2,176,726 | +€1.1m | +106% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Assets under construction and advance payments | 27 | €3,468,796 | €3,509,621 | +€40,825 | +1.2% |
| Financial fixed assets | 28 | €2,314,098 | €2,314,098 | -€1 | 0.0% |
| Affiliated companies | 280/1 | €1,752,098 | €1,752,098 | -€1 | 0.0% |
| Participating interests | 280 | €952,098 | €952,098 | -€1 | 0.0% |
| Amounts receivable | 281 | €800,000 | €800,000 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €0 | - | = | |
| Participating interests | 282 | €0 | - | = | |
| Amounts receivable | 283 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €562,000 | €562,000 | = | 0.0% |
| Shares | 284 | €0 | - | = | |
| Amounts receivable and cash guarantees | 285/8 | €562,000 | €562,000 | = | 0.0% |
| Current assets | 29/58 | €150,545,529 | €131,917,756 | -€18.6m | -12.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €45,053,200 | €48,597,176 | +€3.5m | +7.9% |
| Stocks | 30/36 | €45,053,200 | €48,597,176 | +€3.5m | +7.9% |
| Raw materials and consumables | 30/31 | €20,967,625 | €24,699,102 | +€3.7m | +17.8% |
| Work in progress | 32 | €9,398,892 | €10,492,148 | +€1.1m | +11.6% |
| Finished goods | 33 | €14,686,683 | €13,405,926 | -€1.3m | -8.7% |
| Goods purchased for resale | 34 | €0 | - | = | |
| Property held for sale | 35 | €0 | - | = | |
| Advance payments | 36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €91,677,648 | €72,832,834 | -€18.8m | -20.6% |
| Trade receivables | 40 | €42,569,699 | €62,886,100 | +€20.3m | +47.7% |
| Other amounts receivable | 41 | €49,107,949 | €9,946,735 | -€39.2m | -79.7% |
| Current investments | 50/53 | €2,700,000 | €0 | -€2.7m | -100% |
| Other investments | 51/53 | €2,700,000 | €0 | -€2.7m | -100% |
| Cash at bank and in hand | 54/58 | €10,831,453 | €10,125,651 | -€705,802 | -6.5% |
| Deferred charges and accrued income | 490/1 | €283,228 | €362,095 | +€78,867 | +27.8% |
| Total equity and liabilities | 10/49 | €234,400,026 | €219,805,180 | -€14.6m | -6.2% |
| Equity | 10/15 | €87,328,256 | €87,058,644 | -€269,612 | -0.3% |
| Contributions | 10/11 | €75,000,000 | €75,000,000 | = | 0.0% |
| Capital | 10 | €75,000,000 | €75,000,000 | = | 0.0% |
| Issued capital | 100 | €75,000,000 | €75,000,000 | = | 0.0% |
| Reserves | 13 | €7,500,000 | €7,500,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500,000 | €7,500,000 | = | 0.0% |
| Legal reserve | 130 | €7,500,000 | €7,500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,280,911 | €3,290,027 | +€9,116 | +0.3% |
| Investment grants | 15 | €1,547,345 | €1,268,617 | -€278,728 | -18.0% |
| Provisions and deferred taxes | 16 | €18,480,266 | €12,964,852 | -€5.5m | -29.8% |
| Provisions for liabilities and charges | 160/5 | €18,480,266 | €12,964,852 | -€5.5m | -29.8% |
| Pensions and similar obligations | 160 | €2,354,707 | €1,803,313 | -€551,394 | -23.4% |
| Major repairs and maintenance | 162 | €4,550,000 | €0 | -€4.6m | -100% |
| Environmental obligations | 163 | €8,813,303 | €8,570,632 | -€242,671 | -2.8% |
| Other liabilities and charges | 164/5 | €2,762,256 | €2,590,908 | -€171,348 | -6.2% |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €128,591,504 | €119,781,684 | -€8.8m | -6.9% |
| Amounts payable after more than one year | 17 | €8,154,129 | €6,387,655 | -€1.8m | -21.7% |
| Financial debts | 170/4 | €7,420,547 | €5,859,576 | -€1.6m | -21.0% |
| Subordinated loans | 170 | €0 | - | = | |
| Unsubordinated bonds | 171 | €0 | - | = | |
| Leasing and similar obligations | 172 | €691,380 | €1,255,409 | +€564,029 | +81.6% |
| Credit institutions | 173 | €6,729,167 | €4,604,167 | -€2.1m | -31.6% |
| Other loans | 174 | €0 | - | = | |
| Trade debts | 175 | €733,582 | €528,079 | -€205,503 | -28.0% |
| Suppliers | 1750 | €733,582 | €528,079 | -€205,503 | -28.0% |
| Amounts payable within one year | 42/48 | €120,337,940 | €113,337,213 | -€7.0m | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €2,881,590 | €2,976,479 | +€94,889 | +3.3% |
| Financial debts | 43 | €21,912,602 | €18,559,131 | -€3.4m | -15.3% |
| Credit institutions | 430/8 | €21,912,602 | €18,559,131 | -€3.4m | -15.3% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €66,584,705 | €68,577,484 | +€2.0m | +3.0% |
| Suppliers | 440/4 | €66,584,705 | €68,577,484 | +€2.0m | +3.0% |
| Taxes, remuneration and social security | 45 | €13,959,043 | €11,724,119 | -€2.2m | -16.0% |
| Taxes | 450/3 | €3,878,001 | €2,394,290 | -€1.5m | -38.3% |
| Remuneration and social security | 454/9 | €10,081,042 | €9,329,829 | -€751,213 | -7.5% |
| Other amounts payable | 47/48 | €15,000,000 | €11,500,000 | -€3.5m | -23.3% |
| Accrued charges and deferred income | 492/3 | €99,435 | €56,815 | -€42,620 | -42.9% |
| Operating income | 70/76A | €409,874,243 | €396,755,421 | -€13.1m | -3.2% |
| Turnover | 70 | €379,332,773 | €379,076,843 | -€255,930 | -0.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €3,835,902 | -€731,304 | -€4.6m | |
| Own construction capitalised | 72 | €75,446 | €201,795 | +€126,349 | +167% |
| Other operating income | 74 | €26,630,122 | €18,208,087 | -€8.4m | -31.6% |
| Non-recurring operating income | 76A | €0 | €0 | = | |
| Operating charges | 60/66A | €386,544,468 | €376,816,885 | -€9.7m | -2.5% |
| Goods for resale, raw materials and consumables | 60 | €203,955,719 | €199,250,851 | -€4.7m | -2.3% |
| Purchases | 600/8 | €196,592,224 | €202,954,247 | +€6.4m | +3.2% |
| Change in stocks: decrease (increase) | 609 | €7,363,495 | -€3,703,396 | -€11.1m | |
| Services and other goods | 61 | €107,364,978 | €110,339,075 | +€3.0m | +2.8% |
| Remuneration, social security and pensions | 62 | €52,332,944 | €53,461,979 | +€1.1m | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,835,568 | €13,472,956 | -€362,612 | -2.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,278,530 | -€574,115 | +€704,415 | +55.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €4,340,709 | -€5,515,415 | -€9.9m | |
| Other operating charges | 640/8 | €5,993,080 | €6,381,552 | +€388,472 | +6.5% |
| Operating profit (loss) | 9901 | €23,329,775 | €19,938,536 | -€3.4m | -14.5% |
| Financial income | 75/76B | €1,976,298 | €727,295 | -€1.2m | -63.2% |
| Recurring financial income | 75 | €1,156,197 | €727,295 | -€428,902 | -37.1% |
| Income from financial fixed assets | 750 | €250,453 | €354,138 | +€103,685 | +41.4% |
| Income from current assets | 751 | €54,564 | €37,533 | -€17,031 | -31.2% |
| Other financial income | 752/9 | €851,180 | €335,624 | -€515,556 | -60.6% |
| Non-recurring financial income | 76B | €820,101 | €0 | -€820,101 | -100% |
| Financial charges | 65/66B | €4,198,383 | €3,955,686 | -€242,697 | -5.8% |
| Recurring financial charges | 65 | €3,335,383 | €3,955,686 | +€620,303 | +18.6% |
| Debt charges | 650 | €1,418,710 | €1,863,561 | +€444,851 | +31.4% |
| Other financial charges | 652/9 | €1,916,673 | €2,092,125 | +€175,452 | +9.2% |
| Non-recurring financial charges | 66B | €863,000 | €0 | -€863,000 | -100% |
| Profit (loss) for the period before taxes | 9903 | €21,107,690 | €16,710,145 | -€4.4m | -20.8% |
| Income taxes | 67/77 | €5,969,393 | €5,201,028 | -€768,365 | -12.9% |
| Taxes | 670/3 | €5,969,393 | €5,201,028 | -€768,365 | -12.9% |
| Profit (loss) for the period | 9904 | €15,138,297 | €11,509,117 | -€3.6m | -24.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,138,297 | €11,509,117 | -€3.6m | -24.0% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
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 5 November 2026 via checked.be.