C-THAT: 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-THAT
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Cash -€104,252
down €104,252 (-51.2%), from €203,618 to €99,367
mainly Current investments (-€200,000) and Contributions, distributions and other (-€146,396)
- Receivables within one year -€85,354
down €85,354 (-65.4%), from €130,540 to €45,186
of which Trade receivables: -€73,694
- Receivables after one year -€56,000
no longer reported in 2025 (was €56,000)
- Tangible fixed assets -€18,506
down €18,506 (-44.0%), from €42,022 to €23,516
- Reserves -€89,754
down €89,754 (-27.8%), from €323,269 to €233,515
- Other debts +€15,956
up €15,956 (+26.1%), from €61,216 to €77,172
- Gross operating margin -€20,854
down €20,854 (-10.3%), from €202,982 to €182,127
- Staff costs +€7,923
up €7,923 (+11.0%), from €72,225 to €80,147
- Taxes -€6,876
down €6,876 (-28.1%), from €24,476 to €17,600
- Write-downs +€3,453
new in 2025: €3,453
- Financial charges +€2,274
up €2,274 (+114.9%), from €1,979 to €4,252
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 | €446,290 | €379,706 | -€66,584 | -14.9% |
| Fixed assets | 21/28 | €47,022 | €28,516 | -€18,506 | -39.4% |
| Tangible fixed assets | 22/27 | €42,022 | €23,516 | -€18,506 | -44.0% |
| Furniture and vehicles | 24 | €42,022 | €23,516 | -€18,506 | -44.0% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €399,268 | €351,190 | -€48,078 | -12.0% |
| Amounts receivable after more than one year | 29 | €56,000 | - | -€56,000 | |
| Other amounts receivable | 291 | €56,000 | - | -€56,000 | |
| Stocks and contracts in progress | 3 | €8,431 | €4,496 | -€3,935 | -46.7% |
| Stocks | 30/36 | €8,431 | €4,496 | -€3,935 | -46.7% |
| Amounts receivable within one year | 40/41 | €130,540 | €45,186 | -€85,354 | -65.4% |
| Trade receivables | 40 | €108,157 | €34,462 | -€73,694 | -68.1% |
| Other amounts receivable | 41 | €22,383 | €10,724 | -€11,660 | -52.1% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €203,618 | €99,367 | -€104,252 | -51.2% |
| Deferred charges and accrued income | 490/1 | €679 | €2,142 | +€1,463 | +215.5% |
| Total equity and liabilities | 10/49 | €446,290 | €379,706 | -€66,584 | -14.9% |
| Equity | 10/15 | €341,869 | €252,115 | -€89,754 | -26.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €323,269 | €233,515 | -€89,754 | -27.8% |
| Distributable reserves | 133 | €323,269 | €233,515 | -€89,754 | -27.8% |
| Amounts payable | 17/49 | €104,422 | €127,592 | +€23,170 | +22.2% |
| Amounts payable within one year | 42/48 | €104,422 | €127,592 | +€23,170 | +22.2% |
| Trade debts | 44 | €2,504 | €6,018 | +€3,514 | +140.4% |
| Suppliers | 440/4 | €2,504 | €6,018 | +€3,514 | +140.4% |
| Taxes, remuneration and social security | 45 | €40,702 | €44,402 | +€3,700 | +9.1% |
| Taxes | 450/3 | €30,146 | €32,680 | +€2,534 | +8.4% |
| Remuneration and social security | 454/9 | €10,556 | €11,722 | +€1,167 | +11.1% |
| Other amounts payable | 47/48 | €61,216 | €77,172 | +€15,956 | +26.1% |
| Non-recurring operating income | 76A | €5,117 | - | -€5,117 | |
| Remuneration, social security and pensions | 62 | €72,225 | €80,147 | +€7,923 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,869 | €18,506 | -€362 | -1.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,453 | +€3,453 | |
| Other operating charges | 640/8 | €2,131 | €3,146 | +€1,015 | +47.7% |
| Non-recurring operating charges | 66A | €6,215 | - | -€6,215 | |
| Gross operating margin | 9900 | €202,982 | €182,127 | -€20,854 | -10.3% |
| Operating profit (loss) | 9901 | €103,543 | €76,875 | -€26,668 | -25.8% |
| Financial income | 75/76B | €1,679 | €1,619 | -€60 | -3.6% |
| Recurring financial income | 75 | €1,679 | €1,619 | -€60 | -3.6% |
| Financial charges | 65/66B | €1,979 | €4,252 | +€2,274 | +114.9% |
| Recurring financial charges | 65 | €1,979 | €4,252 | +€2,274 | +114.9% |
| Profit (loss) for the period before taxes | 9903 | €103,243 | €74,242 | -€29,002 | -28.1% |
| Income taxes | 67/77 | €24,476 | €17,600 | -€6,876 | -28.1% |
| Profit (loss) for the period | 9904 | €78,767 | €56,641 | -€22,126 | -28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €78,767 | €56,641 | -€22,126 | -28.1% |
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 7 October 2026 via checked.be.