C2E2: 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.
C2E2
Largest movements
- Receivables within one year +€182,458
up €182,458 (+135%), from €134,788 to €317,246
of which Trade receivables: +€259,311
- Cash +€88,690
up €88,690 (+49.5%), from €179,050 to €267,740
mainly Net result for the year (+€227,966) and Depreciation (+€70,706)
- Tangible fixed assets -€69,572
down €69,572 (-6.7%), from €1.0m to €973,190
of which Furniture and vehicles: -€46,326
- Reserves +€227,966
up €227,966 (+30.9%), from €738,134 to €966,099
- Debts after one year -€46,075
down €46,075 (-9.0%), from €513,509 to €467,435
- Tax, wage and social debts +€21,277
up €21,277 (+136%), from €15,635 to €36,912
- Taxes +€23,515
up €23,515 (+30.2%), from €77,899 to €101,414
- Gross operating margin +€5,226
up €5,226 (+1.3%), from €408,933 to €414,160
- Other operating charges -€5,184
down €5,184 (-41.4%), from €12,534 to €7,350
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 | €1,360,025 | €1,562,051 | +€202,027 | +14.9% |
| Fixed assets | 21/28 | €1,042,762 | €973,190 | -€69,572 | -6.7% |
| Tangible fixed assets | 22/27 | €1,042,762 | €973,190 | -€69,572 | -6.7% |
| Land and buildings | 22 | €830,959 | €810,289 | -€20,670 | -2.5% |
| Plant, machinery and equipment | 23 | €27,100 | €26,746 | -€355 | -1.3% |
| Furniture and vehicles | 24 | €163,461 | €117,135 | -€46,326 | -28.3% |
| Other tangible fixed assets | 26 | €21,241 | €19,020 | -€2,222 | -10.5% |
| Current assets | 29/58 | €317,263 | €588,861 | +€271,599 | +85.6% |
| Amounts receivable within one year | 40/41 | €134,788 | €317,246 | +€182,458 | +135% |
| Trade receivables | 40 | €31,089 | €290,400 | +€259,311 | +834% |
| Other amounts receivable | 41 | €103,699 | €26,846 | -€76,852 | -74.1% |
| Cash at bank and in hand | 54/58 | €179,050 | €267,740 | +€88,690 | +49.5% |
| Deferred charges and accrued income | 490/1 | €3,425 | €3,876 | +€450 | +13.2% |
| Total equity and liabilities | 10/49 | €1,360,025 | €1,562,051 | +€202,027 | +14.9% |
| Equity | 10/15 | €743,134 | €971,099 | +€227,966 | +30.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €738,134 | €966,099 | +€227,966 | +30.9% |
| Distributable reserves | 133 | €738,134 | €966,099 | +€227,966 | +30.9% |
| Amounts payable | 17/49 | €616,891 | €590,952 | -€25,939 | -4.2% |
| Amounts payable after more than one year | 17 | €513,509 | €467,435 | -€46,075 | -9.0% |
| Financial debts | 170/4 | €513,509 | €467,435 | -€46,075 | -9.0% |
| Amounts payable within one year | 42/48 | €103,382 | €123,517 | +€20,135 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €45,502 | €46,075 | +€573 | +1.3% |
| Trade debts | 44 | €301 | €945 | +€644 | +214% |
| Suppliers | 440/4 | €301 | €945 | +€644 | +214% |
| Taxes, remuneration and social security | 45 | €15,635 | €36,912 | +€21,277 | +136% |
| Taxes | 450/3 | €15,635 | €36,912 | +€21,277 | +136% |
| Other amounts payable | 47/48 | €41,944 | €39,585 | -€2,359 | -5.6% |
| Non-recurring operating income | 76A | €6,873 | - | -€6,873 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,176 | €70,706 | +€1,530 | +2.2% |
| Other operating charges | 640/8 | €12,534 | €7,350 | -€5,184 | -41.4% |
| Non-recurring operating charges | 66A | - | €497 | +€497 | |
| Gross operating margin | 9900 | €408,933 | €414,160 | +€5,226 | +1.3% |
| Operating profit (loss) | 9901 | €327,223 | €335,606 | +€8,383 | +2.6% |
| Financial income | 75/76B | €390 | €798 | +€408 | +105% |
| Recurring financial income | 75 | €390 | €798 | +€408 | +105% |
| Financial charges | 65/66B | €8,014 | €7,024 | -€990 | -12.4% |
| Recurring financial charges | 65 | €8,014 | €7,024 | -€990 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €319,598 | €329,380 | +€9,782 | +3.1% |
| Income taxes | 67/77 | €77,899 | €101,414 | +€23,515 | +30.2% |
| Profit (loss) for the period | 9904 | €241,700 | €227,966 | -€13,734 | -5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €241,700 | €227,966 | -€13,734 | -5.7% |
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 28 October 2026 via checked.be.