C20: 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.
C20
Largest movements
- Cash -€48,157
down €48,157 (-95.3%), from €50,532 to €2,374
mainly Net result for the year (-€59,414) and Contributions, distributions and other (-€50,637)
- Receivables within one year -€44,861
down €44,861 (-97.7%), from €45,899 to €1,037
of which Other amounts receivable: -€42,028
- Current investments +€9,998
up €9,998 (+16.7%), from €60,001 to €69,999
- Deferred charges and accrued income -€3,641
down €3,641 (-21.8%), from €16,696 to €13,055
- Profit (loss) carried forward -€110,051
down €110,051 (-95.8%), from €114,919 to €4,869
- Short-term financial debts +€25,000
new in 2025: €25,000
- Tax, wage and social debts -€8,474
down €8,474 (-17.6%), from €48,202 to €39,729
- Other debts +€4,234
new in 2025: €4,234
- Gross operating margin -€153,435
down €153,435, from €115,675 to -€37,761
- Taxes -€16,804
down €16,804 (-55.7%), from €30,185 to €13,381
- Financial charges +€3,006
up €3,006 (+151%), from €1,995 to €5,001
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 | €176,791 | €89,484 | -€87,307 | -49.4% |
| Fixed assets | 21/28 | €3,664 | €3,019 | -€645 | -17.6% |
| Tangible fixed assets | 22/27 | €3,664 | €3,019 | -€645 | -17.6% |
| Furniture and vehicles | 24 | €3,664 | €3,019 | -€645 | -17.6% |
| Current assets | 29/58 | €173,127 | €86,466 | -€86,661 | -50.1% |
| Amounts receivable within one year | 40/41 | €45,899 | €1,037 | -€44,861 | -97.7% |
| Trade receivables | 40 | €2,857 | €24 | -€2,833 | -99.2% |
| Other amounts receivable | 41 | €43,042 | €1,013 | -€42,028 | -97.6% |
| Current investments | 50/53 | €60,001 | €69,999 | +€9,998 | +16.7% |
| Cash at bank and in hand | 54/58 | €50,532 | €2,374 | -€48,157 | -95.3% |
| Deferred charges and accrued income | 490/1 | €16,696 | €13,055 | -€3,641 | -21.8% |
| Total equity and liabilities | 10/49 | €176,791 | €89,484 | -€87,307 | -49.4% |
| Equity | 10/15 | €128,589 | €18,538 | -€110,051 | -85.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | - | -€12,400 | |
| Other | 1109/19 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €1,269 | €1,269 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,269 | €1,269 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,269 | €1,269 | = | 0.0% |
| Profit (loss) carried forward | 14 | €114,919 | €4,869 | -€110,051 | -95.8% |
| Amounts payable | 17/49 | €48,202 | €70,946 | +€22,744 | +47.2% |
| Amounts payable within one year | 42/48 | €48,202 | €69,408 | +€21,206 | +44.0% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €0 | €445 | +€445 | |
| Suppliers | 440/4 | €0 | €445 | +€445 | |
| Taxes, remuneration and social security | 45 | €48,202 | €39,729 | -€8,474 | -17.6% |
| Taxes | 450/3 | €48,202 | €39,729 | -€8,474 | -17.6% |
| Other amounts payable | 47/48 | - | €4,234 | +€4,234 | |
| Accrued charges and deferred income | 492/3 | - | €1,538 | +€1,538 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €754 | €1,471 | +€717 | +95.0% |
| Other operating charges | 640/8 | €1,001 | €1,800 | +€799 | +79.8% |
| Gross operating margin | 9900 | €115,675 | -€37,761 | -€153,435 | |
| Operating profit (loss) | 9901 | €113,919 | -€41,031 | -€154,951 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,995 | €5,001 | +€3,006 | +151% |
| Recurring financial charges | 65 | €1,995 | €5,001 | +€3,006 | +151% |
| Profit (loss) for the period before taxes | 9903 | €111,924 | -€46,032 | -€157,957 | |
| Income taxes | 67/77 | €30,185 | €13,381 | -€16,804 | -55.7% |
| Profit (loss) for the period | 9904 | €81,739 | -€59,414 | -€141,153 | |
| Profit (loss) for the period to be appropriated | 9905 | €81,739 | -€59,414 | -€141,153 |
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 24 October 2026 via checked.be.