C-Change: 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-Change
Largest movements
- Tangible fixed assets -€11,215
down €11,215 (-2.5%), from €448,618 to €437,403
of which Land and buildings: -€25,508
- Receivables within one year -€7,775
down €7,775 (-49.7%), from €15,637 to €7,862
of which Trade receivables: -€11,534
- Debts after one year -€13,313
down €13,313 (-4.8%), from €274,951 to €261,638
of which Financial debts: -€13,313
- Reserves -€6,735
down €6,735 (-5.9%), from €114,780 to €108,045
of which Tax-exempt reserves: -€3,706
- Depreciation +€8,187
up €8,187 (+22.8%), from €35,850 to €44,037
- Gross operating margin -€3,459
down €3,459 (-7.5%), from €45,935 to €42,476
- Taxes -€1,389
down €1,389 (-85.2%), from €1,630 to €241
- Financial charges -€766
down €766 (-12.9%), from €5,920 to €5,154
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 | €502,284 | €487,592 | -€14,692 | -2.9% |
| Fixed assets | 21/28 | €448,618 | €437,403 | -€11,215 | -2.5% |
| Tangible fixed assets | 22/27 | €448,618 | €437,403 | -€11,215 | -2.5% |
| Land and buildings | 22 | €404,758 | €379,249 | -€25,508 | -6.3% |
| Plant, machinery and equipment | 23 | €19,561 | €24,119 | +€4,558 | +23.3% |
| Furniture and vehicles | 24 | €24,300 | €34,035 | +€9,735 | +40.1% |
| Current assets | 29/58 | €53,665 | €50,189 | -€3,476 | -6.5% |
| Amounts receivable within one year | 40/41 | €15,637 | €7,862 | -€7,775 | -49.7% |
| Trade receivables | 40 | €13,264 | €1,730 | -€11,534 | -87.0% |
| Other amounts receivable | 41 | €2,373 | €6,132 | +€3,759 | +158% |
| Current investments | 50/53 | €1,520 | €1,520 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €34,401 | €37,434 | +€3,032 | +8.8% |
| Deferred charges and accrued income | 490/1 | €2,107 | €3,373 | +€1,266 | +60.1% |
| Total equity and liabilities | 10/49 | €502,284 | €487,592 | -€14,692 | -2.9% |
| Equity | 10/15 | €133,330 | €126,595 | -€6,735 | -5.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €114,780 | €108,045 | -€6,735 | -5.9% |
| Tax-exempt reserves | 132 | €97,578 | €93,872 | -€3,706 | -3.8% |
| Distributable reserves | 133 | €17,203 | €14,174 | -€3,029 | -17.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €26,859 | €25,624 | -€1,235 | -4.6% |
| Deferred taxes | 168 | €26,859 | €25,624 | -€1,235 | -4.6% |
| Amounts payable | 17/49 | €342,094 | €335,373 | -€6,721 | -2.0% |
| Amounts payable after more than one year | 17 | €274,951 | €261,638 | -€13,313 | -4.8% |
| Financial debts | 170/4 | €111,951 | €98,638 | -€13,313 | -11.9% |
| Other amounts payable | 178/9 | €163,000 | €163,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €67,143 | €73,735 | +€6,592 | +9.8% |
| Current portion of amounts payable after more than one year | 42 | €14,219 | €14,767 | +€548 | +3.9% |
| Trade debts | 44 | €5,764 | €6,962 | +€1,198 | +20.8% |
| Suppliers | 440/4 | €5,764 | €6,962 | +€1,198 | +20.8% |
| Taxes, remuneration and social security | 45 | €2,585 | €3,390 | +€804 | +31.1% |
| Taxes | 450/3 | €1,842 | €2,146 | +€304 | +16.5% |
| Remuneration and social security | 454/9 | €744 | €1,244 | +€500 | +67.2% |
| Other amounts payable | 47/48 | €44,574 | €48,617 | +€4,042 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,850 | €44,037 | +€8,187 | +22.8% |
| Other operating charges | 640/8 | €1,251 | €1,081 | -€170 | -13.6% |
| Non-recurring operating charges | 66A | €1,505 | €0 | -€1,505 | -100% |
| Gross operating margin | 9900 | €45,935 | €42,476 | -€3,459 | -7.5% |
| Operating profit (loss) | 9901 | €7,329 | -€2,643 | -€9,972 | |
| Financial income | 75/76B | €17 | €67 | +€50 | +296% |
| Recurring financial income | 75 | €17 | €67 | +€50 | +296% |
| Financial charges | 65/66B | €5,920 | €5,154 | -€766 | -12.9% |
| Recurring financial charges | 65 | €5,920 | €5,154 | -€766 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €1,426 | -€7,730 | -€9,155 | |
| Transfer from deferred taxes | 780 | €1,235 | €1,235 | = | 0.0% |
| Income taxes | 67/77 | €1,630 | €241 | -€1,389 | -85.2% |
| Profit (loss) for the period | 9904 | €1,031 | -€6,735 | -€7,766 | |
| Transfer from tax-exempt reserves | 789 | €3,706 | €3,706 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,737 | -€3,029 | -€7,766 |
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.