C2 Project: 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.
C2 Project
Largest movements
- Current investments -€650,000
down €650,000 (-43.3%), from €1.5m to €850,000
- Receivables within one year +€180,715
up €180,715 (+30.9%), from €583,944 to €764,659
of which Trade receivables: +€121,626
- Tangible fixed assets +€68,772
up €68,772 (+207.3%), from €33,182 to €101,954
- Profit (loss) carried forward -€1.1m
down €1.1m (-70.6%), from €1.6m to €469,764
- Other debts +€434,894
up €434,894 (+646.2%), from €67,296 to €502,190
- Trade debts +€117,169
up €117,169 (+13.1%), from €896,647 to €1.0m
- Accrued charges and deferred income +€75,338
up €75,338 (+342.1%), from €22,023 to €97,361
- Tax, wage and social debts +€57,147
up €57,147 (+29.8%), from €191,455 to €248,602
of which Taxes: +€34,999
- Gross operating margin -€171,595
down €171,595 (-10.0%), from €1.7m to €1.5m
- Financial income +€155,398
up €155,398 (+782.2%), from €19,867 to €175,265
- Taxes -€46,608
down €46,608 (-22.7%), from €205,133 to €158,525
- Staff costs +€31,952
up €31,952 (+3.6%), from €880,374 to €912,325
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 | €3,270,399 | €2,881,576 | -€388,823 | -11.9% |
| Fixed assets | 21/28 | €480,185 | €539,772 | +€59,587 | +12.4% |
| Intangible fixed assets | 21 | €82,222 | €73,037 | -€9,185 | -11.2% |
| Tangible fixed assets | 22/27 | €33,182 | €101,954 | +€68,772 | +207.3% |
| Plant, machinery and equipment | 23 | €5,251 | €22,894 | +€17,643 | +336.0% |
| Furniture and vehicles | 24 | €27,931 | €57,369 | +€29,438 | +105.4% |
| Leasing and similar rights | 25 | - | €21,691 | +€21,691 | |
| Financial fixed assets | 28 | €364,781 | €364,781 | = | 0.0% |
| Current assets | 29/58 | €2,790,214 | €2,341,804 | -€448,410 | -16.1% |
| Amounts receivable within one year | 40/41 | €583,944 | €764,659 | +€180,715 | +30.9% |
| Trade receivables | 40 | €534,838 | €656,464 | +€121,626 | +22.7% |
| Other amounts receivable | 41 | €49,106 | €108,195 | +€59,089 | +120.3% |
| Current investments | 50/53 | €1,500,000 | €850,000 | -€650,000 | -43.3% |
| Cash at bank and in hand | 54/58 | €659,504 | €682,097 | +€22,593 | +3.4% |
| Deferred charges and accrued income | 490/1 | €46,766 | €45,048 | -€1,718 | -3.7% |
| Total equity and liabilities | 10/49 | €3,270,399 | €2,881,576 | -€388,823 | -11.9% |
| Equity | 10/15 | €1,932,348 | €805,358 | -€1.1m | -58.3% |
| Contributions | 10/11 | €10,256 | €10,256 | = | 0.0% |
| Reserves | 13 | €325,339 | €325,339 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,026 | €1,026 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,026 | €1,026 | = | 0.0% |
| Tax-exempt reserves | 132 | €273,650 | €273,650 | = | 0.0% |
| Distributable reserves | 133 | €50,663 | €50,663 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,596,754 | €469,764 | -€1.1m | -70.6% |
| Amounts payable | 17/49 | €1,338,051 | €2,076,218 | +€738,167 | +55.2% |
| Amounts payable after more than one year | 17 | €4,652 | €37,594 | +€32,942 | +708.2% |
| Financial debts | 170/4 | €4,652 | €37,594 | +€32,942 | +708.2% |
| Amounts payable within one year | 42/48 | €1,311,376 | €1,941,263 | +€629,887 | +48.0% |
| Current portion of amounts payable after more than one year | 42 | €155,978 | €176,655 | +€20,677 | +13.3% |
| Trade debts | 44 | €896,647 | €1,013,816 | +€117,169 | +13.1% |
| Suppliers | 440/4 | €896,647 | €1,013,816 | +€117,169 | +13.1% |
| Taxes, remuneration and social security | 45 | €191,455 | €248,602 | +€57,147 | +29.8% |
| Taxes | 450/3 | €39,513 | €74,511 | +€34,999 | +88.6% |
| Remuneration and social security | 454/9 | €151,942 | €174,091 | +€22,149 | +14.6% |
| Other amounts payable | 47/48 | €67,296 | €502,190 | +€434,894 | +646.2% |
| Accrued charges and deferred income | 492/3 | €22,023 | €97,361 | +€75,338 | +342.1% |
| Remuneration, social security and pensions | 62 | €880,374 | €912,325 | +€31,952 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,739 | €54,132 | +€14,393 | +36.2% |
| Other operating charges | 640/8 | €6,573 | €8,670 | +€2,097 | +31.9% |
| Non-recurring operating charges | 66A | €10,535 | - | -€10,535 | |
| Gross operating margin | 9900 | €1,708,070 | €1,536,474 | -€171,595 | -10.0% |
| Operating profit (loss) | 9901 | €770,850 | €561,348 | -€209,503 | -27.2% |
| Financial income | 75/76B | €19,867 | €175,265 | +€155,398 | +782.2% |
| Recurring financial income | 75 | €19,867 | €175,265 | +€155,398 | +782.2% |
| Financial charges | 65/66B | €5,856 | €5,077 | -€779 | -13.3% |
| Recurring financial charges | 65 | €5,856 | €5,077 | -€779 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €784,861 | €731,535 | -€53,326 | -6.8% |
| Income taxes | 67/77 | €205,133 | €158,525 | -€46,608 | -22.7% |
| Profit (loss) for the period | 9904 | €579,728 | €573,010 | -€6,718 | -1.2% |
| Transfer to tax-exempt reserves | 689 | €273,650 | - | -€273,650 | |
| Profit (loss) for the period to be appropriated | 9905 | €306,078 | €573,010 | +€266,932 | +87.2% |
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.