C2Y: 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.
C2Y
Largest movements
- Financial fixed assets -€1.0m
down €1.0m (-99.9%), from €1.0m to €600
- Cash +€95,688
up €95,688 (+131%), from €73,206 to €168,894
mainly Investment in fixed assets (net) (+€966,936) and Depreciation (+€121,885)
- Tangible fixed assets -€42,273
down €42,273 (-15.4%), from €275,356 to €233,083
of which Leasing and similar rights: -€64,775
- Receivables within one year -€38,520
down €38,520 (-8.9%), from €431,232 to €392,712
of which Trade receivables: -€117,021
- Profit (loss) carried forward -€459,064
down €459,064 (-70.6%), from €650,004 to €190,940
- Other debts -€352,493
down €352,493 (-76.3%), from €461,859 to €109,366
- Debts after one year -€157,030
down €157,030 (-34.0%), from €461,178 to €304,148
- Current portion of long-term debt -€59,481
down €59,481 (-22.4%), from €265,916 to €206,435
- Trade debts -€52,256
down €52,256 (-25.9%), from €201,658 to €149,402
- Financial charges +€516,546
up €516,546 (+1,739%), from €29,696 to €546,242
of which Non-recurring financial charges: +€517,868
- Gross operating margin +€86,509
up €86,509 (+14.4%), from €601,428 to €687,937
- Taxes +€22,782
up €22,782 (+66.3%), from €34,349 to €57,131
- Write-downs -€21,391
down €21,391 (-97.5%), from €21,929 to €538
- Staff costs +€9,908
up €9,908 (+3.2%), from €308,885 to €318,793
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 | €2,147,944 | €1,110,009 | -€1.0m | -48.3% |
| Fixed assets | 21/28 | €1,567,264 | €478,442 | -€1.1m | -69.5% |
| Intangible fixed assets | 21 | €253,943 | €244,759 | -€9,183 | -3.6% |
| Tangible fixed assets | 22/27 | €275,356 | €233,083 | -€42,273 | -15.4% |
| Land and buildings | 22 | €4,978 | €3,588 | -€1,390 | -27.9% |
| Plant, machinery and equipment | 23 | €21,890 | €79,657 | +€57,767 | +264% |
| Furniture and vehicles | 24 | €1,660 | €1,021 | -€639 | -38.5% |
| Leasing and similar rights | 25 | €210,017 | €145,242 | -€64,775 | -30.8% |
| Assets under construction and advance payments | 27 | €36,811 | €3,575 | -€33,236 | -90.3% |
| Financial fixed assets | 28 | €1,037,965 | €600 | -€1.0m | -99.9% |
| Current assets | 29/58 | €580,680 | €631,567 | +€50,887 | +8.8% |
| Stocks and contracts in progress | 3 | €37,721 | €45,401 | +€7,680 | +20.4% |
| Stocks | 30/36 | €37,721 | €45,401 | +€7,680 | +20.4% |
| Amounts receivable within one year | 40/41 | €431,232 | €392,712 | -€38,520 | -8.9% |
| Trade receivables | 40 | €405,492 | €288,471 | -€117,021 | -28.9% |
| Other amounts receivable | 41 | €25,740 | €104,241 | +€78,501 | +305% |
| Cash at bank and in hand | 54/58 | €73,206 | €168,894 | +€95,688 | +131% |
| Deferred charges and accrued income | 490/1 | €38,522 | €24,560 | -€13,962 | -36.2% |
| Total equity and liabilities | 10/49 | €2,147,944 | €1,110,009 | -€1.0m | -48.3% |
| Equity | 10/15 | €703,004 | €243,940 | -€459,064 | -65.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €650,004 | €190,940 | -€459,064 | -70.6% |
| Amounts payable | 17/49 | €1,444,940 | €866,069 | -€578,871 | -40.1% |
| Amounts payable after more than one year | 17 | €461,178 | €304,148 | -€157,030 | -34.0% |
| Financial debts | 170/4 | €461,178 | €304,148 | -€157,030 | -34.0% |
| Amounts payable within one year | 42/48 | €972,760 | €532,809 | -€439,951 | -45.2% |
| Current portion of amounts payable after more than one year | 42 | €265,916 | €206,435 | -€59,481 | -22.4% |
| Trade debts | 44 | €201,658 | €149,402 | -€52,256 | -25.9% |
| Suppliers | 440/4 | €201,658 | €149,402 | -€52,256 | -25.9% |
| Advances received on contracts in progress | 46 | €5,406 | €3,054 | -€2,352 | -43.5% |
| Taxes, remuneration and social security | 45 | €37,921 | €64,553 | +€26,631 | +70.2% |
| Taxes | 450/3 | €10,604 | €31,885 | +€21,282 | +201% |
| Remuneration and social security | 454/9 | €27,318 | €32,668 | +€5,350 | +19.6% |
| Other amounts payable | 47/48 | €461,859 | €109,366 | -€352,493 | -76.3% |
| Accrued charges and deferred income | 492/3 | €11,002 | €29,112 | +€18,110 | +165% |
| Remuneration, social security and pensions | 62 | €308,885 | €318,793 | +€9,908 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,127 | €121,885 | +€4,759 | +4.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €21,929 | €538 | -€21,391 | -97.5% |
| Other operating charges | 640/8 | €12,053 | €9,104 | -€2,949 | -24.5% |
| Gross operating margin | 9900 | €601,428 | €687,937 | +€86,509 | +14.4% |
| Operating profit (loss) | 9901 | €141,435 | €237,618 | +€96,183 | +68.0% |
| Financial income | 75/76B | €8,867 | €10,009 | +€1,142 | +12.9% |
| Recurring financial income | 75 | €244 | €1,053 | +€809 | +332% |
| Non-recurring financial income | 76B | €8,623 | €8,956 | +€333 | +3.9% |
| Financial charges | 65/66B | €29,696 | €546,242 | +€516,546 | +1,739% |
| Recurring financial charges | 65 | €29,696 | €28,375 | -€1,321 | -4.4% |
| Non-recurring financial charges | 66B | - | €517,868 | +€517,868 | |
| Profit (loss) for the period before taxes | 9903 | €120,606 | -€298,615 | -€419,221 | |
| Income taxes | 67/77 | €34,349 | €57,131 | +€22,782 | +66.3% |
| Profit (loss) for the period | 9904 | €86,257 | -€355,746 | -€442,003 | |
| Profit (loss) for the period to be appropriated | 9905 | €86,257 | -€355,746 | -€442,003 |
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 17 October 2026 via checked.be.