C-TARGET: 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-TARGET
Largest movements
- Cash +€138,130
up €138,130 (+90.4%), from €152,743 to €290,873
mainly Net result for the year (+€197,996) and Other debts (+€50,000)
- Receivables within one year -€27,510
down €27,510 (-81.5%), from €33,751 to €6,241
- Other debts +€50,000
up €50,000 (+50.0%), from €100,000 to €150,000
- Reserves +€48,000
up €48,000 (+78.9%), from €60,800 to €108,800
- Tax, wage and social debts +€9,518
up €9,518 (+38.3%), from €24,879 to €34,397
- Gross operating margin +€32,404
up €32,404 (+18.2%), from €177,818 to €210,222
- Taxes -€3,169
down €3,169 (-20.7%), from €15,315 to €12,146
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 | €188,707 | €298,270 | +€109,563 | +58.1% |
| Formation expenses | 20 | €138 | €0 | -€138 | -100% |
| Current assets | 29/58 | €188,569 | €298,270 | +€109,701 | +58.2% |
| Amounts receivable within one year | 40/41 | €33,751 | €6,241 | -€27,510 | -81.5% |
| Trade receivables | 40 | €33,751 | €6,241 | -€27,510 | -81.5% |
| Cash at bank and in hand | 54/58 | €152,743 | €290,873 | +€138,130 | +90.4% |
| Deferred charges and accrued income | 490/1 | €2,074 | €1,155 | -€919 | -44.3% |
| Total equity and liabilities | 10/49 | €188,707 | €298,270 | +€109,563 | +58.1% |
| Equity | 10/15 | €63,828 | €111,824 | +€47,996 | +75.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €60,800 | €108,800 | +€48,000 | +78.9% |
| Distributable reserves | 133 | €60,800 | €108,800 | +€48,000 | +78.9% |
| Profit (loss) carried forward | 14 | €28 | €24 | -€4 | -13.3% |
| Amounts payable | 17/49 | €124,879 | €186,446 | +€61,567 | +49.3% |
| Amounts payable within one year | 42/48 | €124,879 | €186,446 | +€61,567 | +49.3% |
| Trade debts | 44 | - | €2,049 | +€2,049 | |
| Suppliers | 440/4 | - | €2,049 | +€2,049 | |
| Taxes, remuneration and social security | 45 | €24,879 | €34,397 | +€9,518 | +38.3% |
| Taxes | 450/3 | €24,879 | €34,397 | +€9,518 | +38.3% |
| Other amounts payable | 47/48 | €100,000 | €150,000 | +€50,000 | +50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,638 | €138 | -€1,500 | -91.6% |
| Gross operating margin | 9900 | €177,818 | €210,222 | +€32,404 | +18.2% |
| Operating profit (loss) | 9901 | €176,180 | €210,084 | +€33,904 | +19.2% |
| Financial income | 75/76B | €0 | €98 | +€98 | +325,933% |
| Recurring financial income | 75 | €0 | €98 | +€98 | +325,933% |
| Financial charges | 65/66B | €37 | €40 | +€3 | +8.4% |
| Recurring financial charges | 65 | €37 | €40 | +€3 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €176,143 | €210,142 | +€33,999 | +19.3% |
| Income taxes | 67/77 | €15,315 | €12,146 | -€3,169 | -20.7% |
| Profit (loss) for the period | 9904 | €160,828 | €197,996 | +€37,168 | +23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €160,828 | €197,996 | +€37,168 | +23.1% |
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.