VERT ARDENNE: 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.
VERT ARDENNE
Largest movements
- Receivables within one year +€359,787
up €359,787 (+125%), from €287,324 to €647,110
of which Trade receivables: +€360,233
- Stocks and contracts -€167,067
down €167,067 (-24.3%), from €687,021 to €519,954
- Tangible fixed assets -€54,720
down €54,720 (-16.1%), from €340,912 to €286,192
of which Land and buildings: -€31,725
- Trade debts +€137,084
up €137,084 (+118%), from €116,269 to €253,353
- Debts after one year -€41,387
down €41,387 (-13.2%), from €312,878 to €271,491
- Tax, wage and social debts +€26,269
up €26,269 (+1,028%), from €2,555 to €28,824
of which Taxes: +€27,625
- Gross operating margin -€64,893
down €64,893 (-36.6%), from €177,296 to €112,403
- Staff costs -€30,099
down €30,099 (-100%), from €30,099 to €0
- Financial charges -€18,034
down €18,034 (-32.0%), from €56,270 to €38,236
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 | €1,354,680 | €1,480,006 | +€125,326 | +9.3% |
| Fixed assets | 21/28 | €341,275 | €286,555 | -€54,720 | -16.0% |
| Tangible fixed assets | 22/27 | €340,912 | €286,192 | -€54,720 | -16.1% |
| Land and buildings | 22 | €285,195 | €253,469 | -€31,725 | -11.1% |
| Furniture and vehicles | 24 | €55,717 | €32,722 | -€22,995 | -41.3% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €1,013,405 | €1,193,452 | +€180,046 | +17.8% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €687,021 | €519,954 | -€167,067 | -24.3% |
| Stocks | 30/36 | €687,021 | €519,954 | -€167,067 | -24.3% |
| Amounts receivable within one year | 40/41 | €287,324 | €647,110 | +€359,787 | +125% |
| Trade receivables | 40 | €286,878 | €647,110 | +€360,233 | +126% |
| Other amounts receivable | 41 | €446 | €0 | -€446 | -100% |
| Cash at bank and in hand | 54/58 | €38,564 | €24,048 | -€14,515 | -37.6% |
| Deferred charges and accrued income | 490/1 | €497 | €2,340 | +€1,842 | +371% |
| Total equity and liabilities | 10/49 | €1,354,680 | €1,480,006 | +€125,326 | +9.3% |
| Equity | 10/15 | €59,917 | €66,748 | +€6,831 | +11.4% |
| Contributions | 10/11 | €156,200 | €156,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€96,283 | -€89,452 | +€6,831 | +7.1% |
| Amounts payable | 17/49 | €1,294,763 | €1,413,258 | +€118,495 | +9.2% |
| Amounts payable after more than one year | 17 | €312,878 | €271,491 | -€41,387 | -13.2% |
| Financial debts | 170/4 | €312,878 | €271,491 | -€41,387 | -13.2% |
| Amounts payable within one year | 42/48 | €971,307 | €1,123,564 | +€152,258 | +15.7% |
| Current portion of amounts payable after more than one year | 42 | €52,483 | €41,387 | -€11,096 | -21.1% |
| Financial debts | 43 | €800,000 | €800,000 | = | 0.0% |
| Credit institutions | 430/8 | €800,000 | €800,000 | = | 0.0% |
| Trade debts | 44 | €116,269 | €253,353 | +€137,084 | +118% |
| Suppliers | 440/4 | €116,269 | €253,353 | +€137,084 | +118% |
| Taxes, remuneration and social security | 45 | €2,555 | €28,824 | +€26,269 | +1,028% |
| Taxes | 450/3 | €1,199 | €28,824 | +€27,625 | +2,304% |
| Remuneration and social security | 454/9 | €1,356 | €0 | -€1,356 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €10,578 | €18,203 | +€7,625 | +72.1% |
| Non-recurring operating income | 76A | €3,893 | €2,089 | -€1,803 | -46.3% |
| Remuneration, social security and pensions | 62 | €30,099 | €0 | -€30,099 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,694 | €60,220 | -€474 | -0.8% |
| Other operating charges | 640/8 | €7,021 | €7,116 | +€95 | +1.3% |
| Non-recurring operating charges | 66A | €14,458 | €0 | -€14,458 | -100% |
| Gross operating margin | 9900 | €177,296 | €112,403 | -€64,893 | -36.6% |
| Operating profit (loss) | 9901 | €65,023 | €45,067 | -€19,957 | -30.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €56,270 | €38,236 | -€18,034 | -32.0% |
| Recurring financial charges | 65 | €56,270 | €38,236 | -€18,034 | -32.0% |
| Profit (loss) for the period before taxes | 9903 | €8,753 | €6,831 | -€1,922 | -22.0% |
| Income taxes | 67/77 | €89 | €0 | -€89 | -100% |
| Profit (loss) for the period | 9904 | €8,664 | €6,831 | -€1,833 | -21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,664 | €6,831 | -€1,833 | -21.2% |
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 14 October 2026 via checked.be.