C²: 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.
C²
Largest movements
- Stocks and contracts -€71,843
no longer reported in 2025 (was €71,843)
- Current investments +€10,000
new in 2025: €10,000
- Debts after one year -€197,219
down €197,219 (-25.8%), from €765,797 to €568,578
of which Financial debts: -€199,095
- Other debts +€142,637
up €142,637 (+136%), from €104,940 to €247,577
- Trade debts -€18,095
down €18,095 (-84.2%), from €21,483 to €3,388
- Current portion of long-term debt +€12,371
up €12,371 (+37.2%), from €33,235 to €45,606
- Gross operating margin +€46,638
up €46,638 (+255%), from €18,298 to €64,936
- Financial charges +€13,433
up €13,433 (+84.4%), from €15,922 to €29,354
- Other operating charges +€5,642
up €5,642 (+127%), from €4,430 to €10,072
- Depreciation +€3,713
up €3,713 (+22.5%), from €16,514 to €20,227
- Financial income -€663
down €663 (-92.1%), from €721 to €57
of which Non-recurring financial income: -€721
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 | €882,982 | €823,280 | -€59,703 | -6.8% |
| Fixed assets | 21/28 | €806,733 | €801,345 | -€5,388 | -0.7% |
| Tangible fixed assets | 22/27 | €743,064 | €737,676 | -€5,388 | -0.7% |
| Land and buildings | 22 | €737,484 | €736,366 | -€1,118 | -0.2% |
| Furniture and vehicles | 24 | €5,579 | €1,310 | -€4,269 | -76.5% |
| Financial fixed assets | 28 | €63,669 | €63,669 | = | 0.0% |
| Current assets | 29/58 | €76,250 | €21,934 | -€54,315 | -71.2% |
| Stocks and contracts in progress | 3 | €71,843 | - | -€71,843 | |
| Stocks | 30/36 | €71,843 | - | -€71,843 | |
| Amounts receivable within one year | 40/41 | €444 | €26 | -€419 | -94.2% |
| Other amounts receivable | 41 | €444 | €26 | -€419 | -94.2% |
| Current investments | 50/53 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €3,963 | €11,909 | +€7,946 | +201% |
| Total equity and liabilities | 10/49 | €882,982 | €823,280 | -€59,703 | -6.8% |
| Equity | 10/15 | -€47,209 | -€42,330 | +€4,879 | +10.3% |
| Contributions | 10/11 | €53,600 | €53,600 | = | 0.0% |
| Reserves | 13 | €38 | €38 | = | 0.0% |
| Non-distributable reserves | 130/1 | €38 | €38 | = | 0.0% |
| Reserves not available under the articles | 1311 | €38 | €38 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€100,847 | -€95,968 | +€4,879 | +4.8% |
| Amounts payable | 17/49 | €930,191 | €865,609 | -€64,582 | -6.9% |
| Amounts payable after more than one year | 17 | €765,797 | €568,578 | -€197,219 | -25.8% |
| Financial debts | 170/4 | €765,797 | €566,703 | -€199,095 | -26.0% |
| Other amounts payable | 178/9 | - | €1,876 | +€1,876 | |
| Amounts payable within one year | 42/48 | €164,394 | €297,031 | +€132,637 | +80.7% |
| Current portion of amounts payable after more than one year | 42 | €33,235 | €45,606 | +€12,371 | +37.2% |
| Trade debts | 44 | €21,483 | €3,388 | -€18,095 | -84.2% |
| Suppliers | 440/4 | €21,483 | €3,388 | -€18,095 | -84.2% |
| Taxes, remuneration and social security | 45 | €4,736 | €460 | -€4,276 | -90.3% |
| Taxes | 450/3 | €4,736 | €460 | -€4,276 | -90.3% |
| Other amounts payable | 47/48 | €104,940 | €247,577 | +€142,637 | +136% |
| Non-recurring operating income | 76A | - | €63,496 | +€63,496 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,514 | €20,227 | +€3,713 | +22.5% |
| Other operating charges | 640/8 | €4,430 | €10,072 | +€5,642 | +127% |
| Gross operating margin | 9900 | €18,298 | €64,936 | +€46,638 | +255% |
| Operating profit (loss) | 9901 | -€2,646 | €34,637 | +€37,283 | |
| Financial income | 75/76B | €721 | €57 | -€663 | -92.1% |
| Recurring financial income | 75 | €0 | €57 | +€57 | +71,500% |
| Non-recurring financial income | 76B | €721 | - | -€721 | |
| Financial charges | 65/66B | €15,922 | €29,354 | +€13,433 | +84.4% |
| Recurring financial charges | 65 | €15,922 | €29,354 | +€13,433 | +84.4% |
| Profit (loss) for the period before taxes | 9903 | -€17,847 | €5,340 | +€23,187 | |
| Income taxes | 67/77 | €548 | €460 | -€88 | -16.0% |
| Profit (loss) for the period | 9904 | -€18,395 | €4,879 | +€23,274 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,395 | €4,879 | +€23,274 |
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 18 October 2026 via checked.be.