C2F1: 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.
What changed
C2F1
NACE 82.990, Other business support services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€7.9m
2024 · -€5.6m-€2.3m
Equity
€122.3m
2024 · €130.2m-€7.9m
Cash
€10.1m
2024 · €15.0m-€4.9m
Balance sheet total
€341.2m
2024 · €360.7m-€19.5m
Largest movements
Assets
- Receivables within one year -€35.6m
down €35.6m (-53.6%), from €66.4m to €30.8m
of which Other amounts receivable: -€34.0m
- Financial fixed assets +€19.1m
up €19.1m (+6.9%), from €277.0m to €296.1m
of which Affiliated companies: +€19.4m
- Cash -€4.9m
down €4.9m (-32.7%), from €15.0m to €10.1m
mainly Investment in fixed assets (net) (-€19.4m) and Short-term financial debts (-€10.1m)
Equity and liabilities
- Short-term financial debts -€10.1m
down €10.1m (-10.0%), from €101.2m to €91.1m
of which Credit institutions: -€19.1m
- Profit (loss) carried forward -€7.9m
down €7.9m (-67.1%), from -€11.8m to -€19.7m
- Debts after one year -€7.1m
down €7.1m (-8.2%), from €86.2m to €79.1m
- Provisions +€4.1m
new in 2025: €4.1m
Income statement
- Services and other goods +€3.3m
up €3.3m (+50.1%), from €6.6m to €9.8m
- Financial income -€2.8m
down €2.8m (-20.8%), from €13.6m to €10.8m
- Write-downs -€1.2m
down €1.2m (-20.1%), from €6.2m to €5.0m
- Financial charges -€1.2m
down €1.2m (-12.5%), from €10.0m to €8.7m
of which Financial charges: -€2.4m
- Turnover +€822,017
up €822,017 (+13.6%), from €6.1m to €6.9m
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.
Result 2024
-€5.6m
Turnover
+€822,017
Other operating income
-€74,317
Services and other goods
-€3.3m
Staff costs
-€123,154
Depreciation
+€4,995
Write-downs
+€1.2m
Provisions
+€778,865
Other operating charges
+€103,708
Other operating items
-€4,000
Financial income
-€2.8m
Financial charges
+€1.2m
Taxes
-€179,210
Result 2025
-€7.9m
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.
From operations
+€31.7m
Investment
-€19.4m
Financing
-€17.2m
Cash 2024
€15.0m
From operations (derived)
+€31.7m
Net result for the year
-€7.9m
Depreciation
+€7,235
Receivables after one year
-€1.6m
Receivables within one year
+€35.6m
Smaller working-capital items
-€41,457
Provisions
+€4.1m
Trade debts
+€739,029
Tax, wage and social debts
-€610,896
Other debts
+€1.4m
Investment (derived)
-€19.4m
Investment in fixed assets (net)
-€19.4m
Financing
-€17.2m
Debts after one year
-€7.1m
Short-term financial debts
-€10.1m
Cash 2025
€10.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €360,659,743 | €341,196,163 | -€19.5m | -5.4% |
| Fixed assets | 21/28 | €277,058,207 | €296,419,590 | +€19.4m | +7.0% |
| Intangible fixed assets | 21 | - | €292,902 | +€292,902 | |
| Tangible fixed assets | 22/27 | €8,755 | €1,521 | -€7,235 | -82.6% |
| Furniture and vehicles | 24 | €8,755 | €1,521 | -€7,235 | -82.6% |
| Financial fixed assets | 28 | €277,049,452 | €296,125,167 | +€19.1m | +6.9% |
| Affiliated companies | 280/1 | €272,043,083 | €291,443,135 | +€19.4m | +7.1% |
| Participating interests | 280 | €157,679,967 | €219,298,041 | +€61.6m | +39.1% |
| Amounts receivable | 281 | €114,363,116 | €72,145,094 | -€42.2m | -36.9% |
| Companies linked by participating interests | 282/3 | €5,006,368 | €4,671,532 | -€334,836 | -6.7% |
| Amounts receivable | 283 | €5,006,368 | €4,671,532 | -€334,836 | -6.7% |
| Other financial fixed assets | 284/8 | - | €10,500 | +€10,500 | |
| Amounts receivable and cash guarantees | 285/8 | - | €10,500 | +€10,500 | |
| Current assets | 29/58 | €83,601,536 | €44,776,573 | -€38.8m | -46.4% |
| Amounts receivable after more than one year | 29 | €1,750,000 | €3,359,547 | +€1.6m | +92.0% |
| Other amounts receivable | 291 | €1,750,000 | €3,359,547 | +€1.6m | +92.0% |
| Amounts receivable within one year | 40/41 | €66,406,623 | €30,815,371 | -€35.6m | -53.6% |
| Trade receivables | 40 | €6,999,803 | €5,395,390 | -€1.6m | -22.9% |
| Other amounts receivable | 41 | €59,406,820 | €25,419,981 | -€34.0m | -57.2% |
| Cash at bank and in hand | 54/58 | €14,972,216 | €10,081,172 | -€4.9m | -32.7% |
| Deferred charges and accrued income | 490/1 | €472,696 | €520,482 | +€47,786 | +10.1% |
| Total equity and liabilities | 10/49 | €360,659,743 | €341,196,163 | -€19.5m | -5.4% |
| Equity | 10/15 | €130,217,995 | €122,323,096 | -€7.9m | -6.1% |
| Contributions | 10/11 | €141,922,600 | €141,922,600 | = | 0.0% |
| Capital | 10 | €141,922,600 | €141,922,600 | = | 0.0% |
| Issued capital | 100 | €141,922,600 | €141,922,600 | = | 0.0% |
| Reserves | 13 | €56,706 | €56,706 | = | 0.0% |
| Non-distributable reserves | 130/1 | €56,706 | €56,706 | = | 0.0% |
| Legal reserve | 130 | €56,706 | €56,706 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,761,311 | -€19,656,210 | -€7.9m | -67.1% |
| Provisions and deferred taxes | 16 | - | €4,092,792 | +€4.1m | |
| Provisions for liabilities and charges | 160/5 | - | €4,092,792 | +€4.1m | |
| Other liabilities and charges | 164/5 | - | €4,092,792 | +€4.1m | |
| Amounts payable | 17/49 | €230,441,748 | €214,780,275 | -€15.7m | -6.8% |
| Amounts payable after more than one year | 17 | €86,214,182 | €79,112,409 | -€7.1m | -8.2% |
| Financial debts | 170/4 | €86,214,182 | €79,112,409 | -€7.1m | -8.2% |
| Other loans | 174 | €86,214,182 | €79,112,409 | -€7.1m | -8.2% |
| Amounts payable within one year | 42/48 | €143,908,772 | €135,342,744 | -€8.6m | -6.0% |
| Financial debts | 43 | €101,203,801 | €91,127,166 | -€10.1m | -10.0% |
| Credit institutions | 430/8 | €101,203,801 | €82,127,166 | -€19.1m | -18.8% |
| Other loans | 439 | - | €9,000,000 | +€9.0m | |
| Trade debts | 44 | €2,735,761 | €3,474,790 | +€739,029 | +27.0% |
| Suppliers | 440/4 | €2,735,761 | €3,474,790 | +€739,029 | +27.0% |
| Taxes, remuneration and social security | 45 | €1,068,464 | €457,568 | -€610,896 | -57.2% |
| Taxes | 450/3 | €798,476 | €213,197 | -€585,279 | -73.3% |
| Remuneration and social security | 454/9 | €269,988 | €244,371 | -€25,617 | -9.5% |
| Other amounts payable | 47/48 | €38,900,746 | €40,283,220 | +€1.4m | +3.6% |
| Accrued charges and deferred income | 492/3 | €318,794 | €325,122 | +€6,328 | +2.0% |
| Operating income | 70/76A | €6,205,692 | €6,953,391 | +€747,699 | +12.0% |
| Turnover | 70 | €6,057,769 | €6,879,786 | +€822,017 | +13.6% |
| Other operating income | 74 | €147,923 | €73,605 | -€74,317 | -50.2% |
| Operating charges | 60/66A | €15,660,478 | €16,939,929 | +€1.3m | +8.2% |
| Services and other goods | 61 | €6,559,917 | €9,849,502 | +€3.3m | +50.1% |
| Remuneration, social security and pensions | 62 | €2,769,951 | €2,893,105 | +€123,154 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,230 | €7,235 | -€4,995 | -40.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,213,120 | €4,963,400 | -€1.2m | -20.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€778,865 | -€778,865 | |
| Other operating charges | 640/8 | €105,146 | €1,438 | -€103,708 | -98.6% |
| Non-recurring operating charges | 66A | €115 | €4,115 | +€4,000 | +3478.1% |
| Operating profit (loss) | 9901 | -€9,454,786 | -€9,986,538 | -€531,752 | -5.6% |
| Financial income | 75/76B | €13,643,577 | €10,811,460 | -€2.8m | -20.8% |
| Recurring financial income | 75 | €13,643,577 | €10,811,460 | -€2.8m | -20.8% |
| Income from financial fixed assets | 750 | €7,680,857 | €8,372,326 | +€691,469 | +9.0% |
| Income from current assets | 751 | €5,960,799 | €2,436,970 | -€3.5m | -59.1% |
| Other financial income | 752/9 | €1,921 | €2,165 | +€244 | +12.7% |
| Financial charges | 65/66B | €9,984,244 | €8,736,494 | -€1.2m | -12.5% |
| Recurring financial charges | 65 | €9,984,244 | €7,536,494 | -€2.4m | -24.5% |
| Debt charges | 650 | €9,905,427 | €7,515,701 | -€2.4m | -24.1% |
| Other financial charges | 652/9 | €78,817 | €20,793 | -€58,024 | -73.6% |
| Non-recurring financial charges | 66B | - | €1,200,000 | +€1.2m | |
| Profit (loss) for the period before taxes | 9903 | -€5,795,453 | -€7,911,571 | -€2.1m | -36.5% |
| Income taxes | 67/77 | -€195,882 | -€16,672 | +€179,210 | +91.5% |
| Taxes | 670/3 | €230,000 | €40,336 | -€189,664 | -82.5% |
| Tax adjustments and reversals of tax provisions | 77 | €425,882 | €57,008 | -€368,875 | -86.6% |
| Profit (loss) for the period | 9904 | -€5,599,571 | -€7,894,899 | -€2.3m | -41.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,599,571 | -€7,894,899 | -€2.3m | -41.0% |
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 5 October 2026 via checked.be.