C-Path: 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-Path
Largest movements
- Intangible fixed assets -€278,549
down €278,549 (-65.5%), from €425,164 to €146,616
- Tangible fixed assets -€34,984
down €34,984 (-9.1%), from €382,454 to €347,471
of which Plant, machinery and equipment: -€50,809
- Cash -€11,206
down €11,206 (-41.8%), from €26,796 to €15,590
mainly Net result for the year (-€537,258) and Debts after one year (-€480,914)
- Contributions +€858,686
up €858,686 (+85868.6%), from €1,000 to €859,686
- Profit (loss) carried forward -€537,258
down €537,258 (-88.1%), from -€610,047 to -€1.1m
- Debts after one year -€480,914
down €480,914 (-79.7%), from €603,510 to €122,596
of which Financial debts: -€312,296
- Current portion of long-term debt -€127,692
down €127,692 (-52.0%), from €245,521 to €117,829
- Trade debts -€127,434
down €127,434 (-45.0%), from €282,886 to €155,451
- Gross operating margin -€153,359
down €153,359 (-91.0%), from €168,587 to €15,228
- Depreciation +€108,873
up €108,873 (+44.8%), from €243,009 to €351,882
- Staff costs -€16,868
down €16,868 (-8.9%), from €190,096 to €173,227
- Financial charges -€13,592
down €13,592 (-30.9%), from €43,988 to €30,396
- Financial income +€4,943
up €4,943 (+27250.0%), from €18 to €4,961
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 | €938,368 | €622,298 | -€316,070 | -33.7% |
| Fixed assets | 21/28 | €816,304 | €502,771 | -€313,533 | -38.4% |
| Intangible fixed assets | 21 | €425,164 | €146,616 | -€278,549 | -65.5% |
| Tangible fixed assets | 22/27 | €382,454 | €347,471 | -€34,984 | -9.1% |
| Plant, machinery and equipment | 23 | €376,420 | €325,610 | -€50,809 | -13.5% |
| Furniture and vehicles | 24 | €6,035 | €21,860 | +€15,825 | +262.2% |
| Financial fixed assets | 28 | €8,685 | €8,685 | = | 0.0% |
| Current assets | 29/58 | €122,064 | €119,527 | -€2,537 | -2.1% |
| Amounts receivable within one year | 40/41 | €93,518 | €99,631 | +€6,113 | +6.5% |
| Trade receivables | 40 | €52,197 | €67,647 | +€15,450 | +29.6% |
| Other amounts receivable | 41 | €41,321 | €31,984 | -€9,337 | -22.6% |
| Cash at bank and in hand | 54/58 | €26,796 | €15,590 | -€11,206 | -41.8% |
| Deferred charges and accrued income | 490/1 | €1,750 | €4,307 | +€2,556 | +146.0% |
| Total equity and liabilities | 10/49 | €938,368 | €622,298 | -€316,070 | -33.7% |
| Equity | 10/15 | -€609,047 | -€287,620 | +€321,428 | +52.8% |
| Contributions | 10/11 | €1,000 | €859,686 | +€858,686 | +85868.6% |
| Profit (loss) carried forward | 14 | -€610,047 | -€1,147,305 | -€537,258 | -88.1% |
| Amounts payable | 17/49 | €1,547,415 | €909,918 | -€637,497 | -41.2% |
| Amounts payable after more than one year | 17 | €603,510 | €122,596 | -€480,914 | -79.7% |
| Financial debts | 170/4 | €430,269 | €117,974 | -€312,296 | -72.6% |
| Other amounts payable | 178/9 | €173,241 | €4,622 | -€168,618 | -97.3% |
| Amounts payable within one year | 42/48 | €892,632 | €674,030 | -€218,603 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €245,521 | €117,829 | -€127,692 | -52.0% |
| Financial debts | 43 | €99,100 | €100,000 | +€900 | +0.9% |
| Credit institutions | 430/8 | €99,100 | €100,000 | +€900 | +0.9% |
| Trade debts | 44 | €282,886 | €155,451 | -€127,434 | -45.0% |
| Suppliers | 440/4 | €282,886 | €155,451 | -€127,434 | -45.0% |
| Taxes, remuneration and social security | 45 | €23,370 | €26,649 | +€3,279 | +14.0% |
| Taxes | 450/3 | €8,490 | €6,445 | -€2,045 | -24.1% |
| Remuneration and social security | 454/9 | €14,880 | €20,204 | +€5,324 | +35.8% |
| Other amounts payable | 47/48 | €241,755 | €274,100 | +€32,345 | +13.4% |
| Accrued charges and deferred income | 492/3 | €51,273 | €113,292 | +€62,019 | +121.0% |
| Remuneration, social security and pensions | 62 | €190,096 | €173,227 | -€16,868 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €243,009 | €351,882 | +€108,873 | +44.8% |
| Other operating charges | 640/8 | €1,649 | €62 | -€1,587 | -96.2% |
| Non-recurring operating charges | 66A | - | €2,401 | +€2,401 | |
| Gross operating margin | 9900 | €168,587 | €15,228 | -€153,359 | -91.0% |
| Operating profit (loss) | 9901 | -€266,167 | -€512,344 | -€246,177 | -92.5% |
| Financial income | 75/76B | €18 | €4,961 | +€4,943 | +27250.0% |
| Recurring financial income | 75 | €18 | €4,961 | +€4,943 | +27250.0% |
| Financial charges | 65/66B | €43,988 | €30,396 | -€13,592 | -30.9% |
| Recurring financial charges | 65 | €43,988 | €30,396 | -€13,592 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | -€310,137 | -€537,779 | -€227,642 | -73.4% |
| Income taxes | 67/77 | -€2,418 | -€521 | +€1,897 | +78.4% |
| Profit (loss) for the period | 9904 | -€307,719 | -€537,258 | -€229,539 | -74.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€307,719 | -€537,258 | -€229,539 | -74.6% |
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 12 October 2026 via checked.be.