C-guard: what changed
Two fiscal 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-guard
Largest movements
- Receivables within one year -€244,927
down €244,927 (-34.9%), from €701,702 to €456,774
- Cash +€140,109
up €140,109 (+144.9%), from €96,705 to €236,814
mainly Receivables within one year (+€244,927) and Other debts (+€203,358)
- Tangible fixed assets -€40,061
down €40,061 (-37.6%), from €106,624 to €66,563
of which Plant, machinery and equipment: -€44,611
- Stocks and contracts +€21,904
up €21,904 (+19.0%), from €115,231 to €137,135
of which Stocks: +€18,560
- Other debts +€203,358
up €203,358 (+117.4%), from €173,152 to €376,510
- Trade debts -€183,283
down €183,283 (-35.6%), from €515,455 to €332,172
- Debts after one year -€116,816
down €116,816 (-74.8%), from €156,141 to €39,326
- Accrued charges and deferred income -€36,152
down €36,152 (-97.8%), from €36,975 to €823
- Tax, wage and social debts -€34,197
down €34,197 (-27.4%), from €124,944 to €90,747
of which Taxes: -€47,292
- Gross operating margin +€221,415
up €221,415 (+50.3%), from €440,105 to €661,521
- Staff costs -€15,478
down €15,478 (-2.8%), from €554,557 to €539,079
- Financial charges +€13,896
up €13,896 (+60.3%), from €23,036 to €36,932
- Depreciation -€8,858
down €8,858 (-15.3%), from €58,070 to €49,212
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.
Cash bridge derived
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 | €1,023,819 | €899,651 | -€124,169 | -12.1% |
| Fixed assets | 21/28 | €106,624 | €66,563 | -€40,061 | -37.6% |
| Tangible fixed assets | 22/27 | €106,624 | €66,563 | -€40,061 | -37.6% |
| Plant, machinery and equipment | 23 | €104,640 | €60,029 | -€44,611 | -42.6% |
| Furniture and vehicles | 24 | €1,983 | €6,534 | +€4,550 | +229.4% |
| Current assets | 29/58 | €917,195 | €833,088 | -€84,108 | -9.2% |
| Stocks and contracts in progress | 3 | €115,231 | €137,135 | +€21,904 | +19.0% |
| Stocks | 30/36 | €67,031 | €85,590 | +€18,560 | +27.7% |
| Contracts in progress | 37 | €48,200 | €51,545 | +€3,345 | +6.9% |
| Amounts receivable within one year | 40/41 | €701,702 | €456,774 | -€244,927 | -34.9% |
| Trade receivables | 40 | €701,702 | €456,774 | -€244,927 | -34.9% |
| Cash at bank and in hand | 54/58 | €96,705 | €236,814 | +€140,109 | +144.9% |
| Deferred charges and accrued income | 490/1 | €3,558 | €2,364 | -€1,194 | -33.5% |
| Total equity and liabilities | 10/49 | €1,023,819 | €899,651 | -€124,169 | -12.1% |
| Equity | 10/15 | -€305,556 | -€277,279 | +€28,277 | +9.3% |
| Contributions | 10/11 | €43,600 | €43,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€349,156 | -€320,879 | +€28,277 | +8.1% |
| Amounts payable | 17/49 | €1,329,375 | €1,176,930 | -€152,445 | -11.5% |
| Amounts payable after more than one year | 17 | €156,141 | €39,326 | -€116,816 | -74.8% |
| Financial debts | 170/4 | €156,141 | €39,326 | -€116,816 | -74.8% |
| Amounts payable within one year | 42/48 | €1,136,259 | €1,136,781 | +€522 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €27,263 | €29,162 | +€1,900 | +7.0% |
| Financial debts | 43 | - | €139 | +€139 | |
| Credit institutions | 430/8 | - | €139 | +€139 | |
| Trade debts | 44 | €515,455 | €332,172 | -€183,283 | -35.6% |
| Suppliers | 440/4 | €515,455 | €332,172 | -€183,283 | -35.6% |
| Advances received on contracts in progress | 46 | €295,445 | €308,050 | +€12,605 | +4.3% |
| Taxes, remuneration and social security | 45 | €124,944 | €90,747 | -€34,197 | -27.4% |
| Taxes | 450/3 | €63,446 | €16,154 | -€47,292 | -74.5% |
| Remuneration and social security | 454/9 | €61,498 | €74,593 | +€13,095 | +21.3% |
| Other amounts payable | 47/48 | €173,152 | €376,510 | +€203,358 | +117.4% |
| Accrued charges and deferred income | 492/3 | €36,975 | €823 | -€36,152 | -97.8% |
| Remuneration, social security and pensions | 62 | €554,557 | €539,079 | -€15,478 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,070 | €49,212 | -€8,858 | -15.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,417 | +€2,417 | |
| Other operating charges | 640/8 | €213 | €1,061 | +€848 | +398.4% |
| Non-recurring operating charges | 66A | - | €3,360 | +€3,360 | |
| Gross operating margin | 9900 | €440,105 | €661,521 | +€221,415 | +50.3% |
| Operating profit (loss) | 9901 | -€172,735 | €66,391 | +€239,126 | |
| Financial income | 75/76B | €128 | - | -€128 | |
| Recurring financial income | 75 | €128 | - | -€128 | |
| Financial charges | 65/66B | €23,036 | €36,932 | +€13,896 | +60.3% |
| Recurring financial charges | 65 | €23,036 | €36,932 | +€13,896 | +60.3% |
| Profit (loss) for the period before taxes | 9903 | -€195,642 | €29,459 | +€225,102 | |
| Income taxes | 67/77 | €1,095 | €1,182 | +€88 | +8.0% |
| Profit (loss) for the period | 9904 | -€196,737 | €28,277 | +€225,014 | |
| Profit (loss) for the period to be appropriated | 9905 | -€196,737 | €28,277 | +€225,014 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.