C-BEAR: 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.
C-BEAR
Largest movements
- Deferred charges and accrued income +€24,597
up €24,597 (+550%), from €4,469 to €29,066
- Cash +€23,263
up €23,263 (+1.4%), from €1.7m to €1.7m
mainly Net result for the year (+€160,164) and Stocks and contracts (+€14,366)
- Reserves +€49,264
up €49,264 (+2.9%), from €1.7m to €1.8m
- Tax, wage and social debts -€19,489
down €19,489 (-73.6%), from €26,476 to €6,988
- Financial charges +€40,332
up €40,332 (+162%), from €24,896 to €65,228
of which Non-recurring financial charges: +€36,165
- Gross operating margin -€17,447
down €17,447 (-6.4%), from €274,656 to €257,208
- Taxes -€7,525
down €7,525 (-10.0%), from €75,262 to €67,737
- Depreciation +€5,376
up €5,376 (+277%), from €1,938 to €7,314
- Other operating charges +€4,263
up €4,263 (+78.5%), from €5,432 to €9,696
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 | €1,794,349 | €1,832,089 | +€37,740 | +2.1% |
| Fixed assets | 21/28 | €34,652 | €27,338 | -€7,314 | -21.1% |
| Tangible fixed assets | 22/27 | €34,632 | €27,318 | -€7,314 | -21.1% |
| Furniture and vehicles | 24 | €34,632 | €27,318 | -€7,314 | -21.1% |
| Financial fixed assets | 28 | €20 | €20 | = | 0.0% |
| Current assets | 29/58 | €1,759,697 | €1,804,751 | +€45,054 | +2.6% |
| Stocks and contracts in progress | 3 | €37,569 | €23,203 | -€14,366 | -38.2% |
| Stocks | 30/36 | €37,569 | €23,203 | -€14,366 | -38.2% |
| Amounts receivable within one year | 40/41 | €3,472 | €15,032 | +€11,560 | +333% |
| Trade receivables | 40 | €552 | €64 | -€488 | -88.5% |
| Other amounts receivable | 41 | €2,921 | €14,969 | +€12,048 | +412% |
| Cash at bank and in hand | 54/58 | €1,714,186 | €1,737,449 | +€23,263 | +1.4% |
| Deferred charges and accrued income | 490/1 | €4,469 | €29,066 | +€24,597 | +550% |
| Total equity and liabilities | 10/49 | €1,794,349 | €1,832,089 | +€37,740 | +2.1% |
| Equity | 10/15 | €1,743,602 | €1,792,866 | +€49,264 | +2.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,725,002 | €1,774,266 | +€49,264 | +2.9% |
| Distributable reserves | 133 | €1,725,002 | €1,774,266 | +€49,264 | +2.9% |
| Amounts payable | 17/49 | €50,746 | €39,223 | -€11,524 | -22.7% |
| Amounts payable within one year | 42/48 | €50,746 | €38,885 | -€11,861 | -23.4% |
| Trade debts | 44 | €7,154 | €19,075 | +€11,921 | +167% |
| Suppliers | 440/4 | €7,154 | €19,075 | +€11,921 | +167% |
| Advances received on contracts in progress | 46 | €577 | - | -€577 | |
| Taxes, remuneration and social security | 45 | €26,476 | €6,988 | -€19,489 | -73.6% |
| Taxes | 450/3 | €26,476 | €6,988 | -€19,489 | -73.6% |
| Other amounts payable | 47/48 | €16,539 | €12,822 | -€3,717 | -22.5% |
| Accrued charges and deferred income | 492/3 | - | €337 | +€337 | |
| Non-recurring operating income | 76A | - | €6,484 | +€6,484 | |
| Remuneration, social security and pensions | 62 | €266 | €272 | +€5 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,938 | €7,314 | +€5,376 | +277% |
| Other operating charges | 640/8 | €5,432 | €9,696 | +€4,263 | +78.5% |
| Gross operating margin | 9900 | €274,656 | €257,208 | -€17,447 | -6.4% |
| Operating profit (loss) | 9901 | €267,019 | €239,927 | -€27,092 | -10.1% |
| Financial income | 75/76B | €54,589 | €53,201 | -€1,388 | -2.5% |
| Recurring financial income | 75 | €54,589 | €53,201 | -€1,388 | -2.5% |
| Financial charges | 65/66B | €24,896 | €65,228 | +€40,332 | +162% |
| Recurring financial charges | 65 | €24,896 | €29,063 | +€4,167 | +16.7% |
| Non-recurring financial charges | 66B | - | €36,165 | +€36,165 | |
| Profit (loss) for the period before taxes | 9903 | €296,712 | €227,900 | -€68,812 | -23.2% |
| Income taxes | 67/77 | €75,262 | €67,737 | -€7,525 | -10.0% |
| Profit (loss) for the period | 9904 | €221,451 | €160,164 | -€61,287 | -27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €221,451 | €160,164 | -€61,287 | -27.7% |
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 29 October 2026 via checked.be.