C-STRATEGY: 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.
What changed
C-STRATEGY
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€108,542
2024 · -€29,335+€137,877
Equity
€1.1m
2024 · €977,150+€108,542
Cash
€9,636
2024 · €30,897-€21,261
Balance sheet total
€2.4m
2024 · €2.3m+€37,480
Largest movements
Assets
- Receivables after one year +€186,000
new in 2025: €186,000
- Current investments -€59,961
down €59,961 (-98.3%), from €61,000 to €1,039
- Intangible fixed assets -€29,044
down €29,044 (-100%), from €29,044 to €0
Equity and liabilities
- Debts after one year -€120,857
down €120,857 (-10.4%), from €1.2m to €1.0m
- Reserves +€108,542
up €108,542 (+19.8%), from €548,878 to €657,420
of which Distributable reserves: +€108,542
- Other debts +€37,516
up €37,516 (+953%), from €3,935 to €41,451
Income statement
- Financial income +€121,165
up €121,165 (+941%), from €12,881 to €134,046
- Financial charges +€32,813
up €32,813 (+321%), from €10,224 to €43,037
- Gross operating margin +€23,977
up €23,977 (+37.1%), from €64,683 to €88,659
- Depreciation -€20,800
down €20,800 (-28.2%), from €73,792 to €52,992
- Other operating charges -€3,378
down €3,378 (-64.7%), from €5,223 to €1,844
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.
Result 2024
-€29,335
Gross operating margin
+€23,977
Depreciation
+€20,800
Other operating charges
+€3,378
Other operating items
+€2,526
Financial income
+€121,165
Financial charges
-€32,813
Taxes
-€1,157
Result 2025
€108,542
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€23,828
Investment
+€74,660
Financing
-€119,749
Cash 2024
€30,897
From operations (derived)
+€23,828
Net result for the year
+€108,542
Depreciation
+€52,992
Receivables after one year
-€186,000
Receivables within one year
+€3,991
Deferred charges and accrued income
-€4,384
Trade debts
-€2,305
Tax, wage and social debts
+€11,953
Other debts
+€37,516
Accrued charges and deferred income
+€1,524
Investment (derived)
+€74,660
Investment in fixed assets (net)
+€14,699
Current investments
+€59,961
Financing
-€119,749
Debts after one year
-€120,857
Current portion of long-term debt
+€1,640
Short-term financial debts
-€532
Cash 2025
€9,636
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,329,078 | €2,366,558 | +€37,480 | +1.6% |
| Fixed assets | 21/28 | €2,123,123 | €2,055,432 | -€67,691 | -3.2% |
| Intangible fixed assets | 21 | €29,044 | €0 | -€29,044 | -100% |
| Tangible fixed assets | 22/27 | €323,117 | €306,970 | -€16,147 | -5.0% |
| Land and buildings | 22 | €281,860 | €267,752 | -€14,108 | -5.0% |
| Plant, machinery and equipment | 23 | €1,048 | €4,717 | +€3,670 | +350% |
| Furniture and vehicles | 24 | €34,489 | €29,606 | -€4,883 | -14.2% |
| Other tangible fixed assets | 26 | €5,721 | €4,894 | -€827 | -14.4% |
| Financial fixed assets | 28 | €1,770,962 | €1,748,462 | -€22,500 | -1.3% |
| Current assets | 29/58 | €205,955 | €311,126 | +€105,171 | +51.1% |
| Amounts receivable after more than one year | 29 | - | €186,000 | +€186,000 | |
| Other amounts receivable | 291 | - | €186,000 | +€186,000 | |
| Amounts receivable within one year | 40/41 | €110,892 | €106,901 | -€3,991 | -3.6% |
| Trade receivables | 40 | €47,000 | €62,500 | +€15,500 | +33.0% |
| Other amounts receivable | 41 | €63,892 | €44,401 | -€19,491 | -30.5% |
| Current investments | 50/53 | €61,000 | €1,039 | -€59,961 | -98.3% |
| Cash at bank and in hand | 54/58 | €30,897 | €9,636 | -€21,261 | -68.8% |
| Deferred charges and accrued income | 490/1 | €3,166 | €7,550 | +€4,384 | +138% |
| Total equity and liabilities | 10/49 | €2,329,078 | €2,366,558 | +€37,480 | +1.6% |
| Equity | 10/15 | €977,150 | €1,085,692 | +€108,542 | +11.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €548,878 | €657,420 | +€108,542 | +19.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €547,018 | €655,560 | +€108,542 | +19.8% |
| Profit (loss) carried forward | 14 | €415,872 | €415,872 | = | 0.0% |
| Amounts payable | 17/49 | €1,351,928 | €1,280,866 | -€71,062 | -5.3% |
| Amounts payable after more than one year | 17 | €1,160,868 | €1,040,011 | -€120,857 | -10.4% |
| Financial debts | 170/4 | €1,160,868 | €1,040,011 | -€120,857 | -10.4% |
| Amounts payable within one year | 42/48 | €190,948 | €239,220 | +€48,271 | +25.3% |
| Current portion of amounts payable after more than one year | 42 | €173,500 | €175,140 | +€1,640 | +0.9% |
| Financial debts | 43 | €532 | €0 | -€532 | -100% |
| Credit institutions | 430/8 | €532 | €0 | -€532 | -100% |
| Trade debts | 44 | €5,755 | €3,449 | -€2,305 | -40.1% |
| Suppliers | 440/4 | €5,755 | €3,449 | -€2,305 | -40.1% |
| Taxes, remuneration and social security | 45 | €7,227 | €19,180 | +€11,953 | +165% |
| Taxes | 450/3 | €7,227 | €19,180 | +€11,953 | +165% |
| Other amounts payable | 47/48 | €3,935 | €41,451 | +€37,516 | +953% |
| Accrued charges and deferred income | 492/3 | €112 | €1,636 | +€1,524 | +1,367% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,792 | €52,992 | -€20,800 | -28.2% |
| Other operating charges | 640/8 | €5,223 | €1,844 | -€3,378 | -64.7% |
| Non-recurring operating charges | 66A | €2,526 | €0 | -€2,526 | -100% |
| Gross operating margin | 9900 | €64,683 | €88,659 | +€23,977 | +37.1% |
| Operating profit (loss) | 9901 | -€16,858 | €33,823 | +€50,682 | |
| Financial income | 75/76B | €12,881 | €134,046 | +€121,165 | +941% |
| Recurring financial income | 75 | €12,881 | €134,046 | +€121,165 | +941% |
| Financial charges | 65/66B | €10,224 | €43,037 | +€32,813 | +321% |
| Recurring financial charges | 65 | €10,224 | €43,037 | +€32,813 | +321% |
| Profit (loss) for the period before taxes | 9903 | -€14,201 | €124,833 | +€139,034 | |
| Income taxes | 67/77 | €15,134 | €16,291 | +€1,157 | +7.6% |
| Profit (loss) for the period | 9904 | -€29,335 | €108,542 | +€137,877 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,335 | €108,542 | +€137,877 |
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.