C44: 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.
C44
Largest movements
- Cash -€141,213
down €141,213 (-74.4%), from €189,928 to €48,715
mainly Receivables within one year (-€85,783) and Debts after one year (-€64,505)
- Receivables within one year +€85,783
up €85,783 (+313.0%), from €27,411 to €113,194
of which Trade receivables: +€102,080
- Tangible fixed assets -€16,616
down €16,616 (-30.6%), from €54,371 to €37,756
of which Furniture and vehicles: -€13,418
- Debts after one year -€64,505
down €64,505 (-26.9%), from €239,490 to €174,985
- Reserves +€8,953
up €8,953 (+3.2%), from €283,182 to €292,134
- Trade debts -€7,491
down €7,491 (-91.2%), from €8,211 to €720
- Gross operating margin -€77,375
down €77,375 (-66.7%), from €115,981 to €38,606
- Other operating charges -€76,748
down €76,748 (-95.8%), from €80,100 to €3,351
- Financial charges -€2,340
down €2,340 (-39.7%), from €5,901 to €3,561
- Taxes +€1,292
up €1,292 (+26.7%), from €4,834 to €6,126
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 | €578,836 | €507,441 | -€71,395 | -12.3% |
| Fixed assets | 21/28 | €54,476 | €37,861 | -€16,616 | -30.5% |
| Tangible fixed assets | 22/27 | €54,371 | €37,756 | -€16,616 | -30.6% |
| Land and buildings | 22 | €3,837 | €3,318 | -€518 | -13.5% |
| Plant, machinery and equipment | 23 | €4,748 | €2,070 | -€2,679 | -56.4% |
| Furniture and vehicles | 24 | €45,786 | €32,368 | -€13,418 | -29.3% |
| Financial fixed assets | 28 | €105 | €105 | = | 0.0% |
| Current assets | 29/58 | €524,360 | €469,580 | -€54,779 | -10.4% |
| Stocks and contracts in progress | 3 | €306,139 | €306,785 | +€646 | +0.2% |
| Stocks | 30/36 | €306,139 | €306,785 | +€646 | +0.2% |
| Amounts receivable within one year | 40/41 | €27,411 | €113,194 | +€85,783 | +313.0% |
| Trade receivables | 40 | €4,000 | €106,080 | +€102,080 | +2552.0% |
| Other amounts receivable | 41 | €23,411 | €7,114 | -€16,297 | -69.6% |
| Current investments | 50/53 | €750 | €750 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €189,928 | €48,715 | -€141,213 | -74.4% |
| Deferred charges and accrued income | 490/1 | €132 | €136 | +€4 | +3.4% |
| Total equity and liabilities | 10/49 | €578,836 | €507,441 | -€71,395 | -12.3% |
| Equity | 10/15 | €292,795 | €301,747 | +€8,953 | +3.1% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €283,182 | €292,134 | +€8,953 | +3.2% |
| Distributable reserves | 133 | €283,182 | €292,134 | +€8,953 | +3.2% |
| Profit (loss) carried forward | 14 | €9,513 | €9,513 | = | 0.0% |
| Amounts payable | 17/49 | €286,041 | €205,694 | -€80,347 | -28.1% |
| Amounts payable after more than one year | 17 | €239,490 | €174,985 | -€64,505 | -26.9% |
| Financial debts | 170/4 | €239,490 | €174,985 | -€64,505 | -26.9% |
| Amounts payable within one year | 42/48 | €45,951 | €30,709 | -€15,242 | -33.2% |
| Financial debts | 43 | €19,064 | €14,505 | -€4,558 | -23.9% |
| Credit institutions | 430/8 | €19,064 | €14,505 | -€4,558 | -23.9% |
| Trade debts | 44 | €8,211 | €720 | -€7,491 | -91.2% |
| Suppliers | 440/4 | €8,211 | €720 | -€7,491 | -91.2% |
| Taxes, remuneration and social security | 45 | €18,677 | €15,484 | -€3,193 | -17.1% |
| Taxes | 450/3 | €18,677 | €15,484 | -€3,193 | -17.1% |
| Accrued charges and deferred income | 492/3 | €600 | - | -€600 | |
| Non-recurring operating income | 76A | €826 | - | -€826 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,633 | €16,616 | +€982 | +6.3% |
| Other operating charges | 640/8 | €80,100 | €3,351 | -€76,748 | -95.8% |
| Gross operating margin | 9900 | €115,981 | €38,606 | -€77,375 | -66.7% |
| Operating profit (loss) | 9901 | €20,248 | €18,639 | -€1,609 | -7.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €5,901 | €3,561 | -€2,340 | -39.7% |
| Recurring financial charges | 65 | €5,901 | €3,561 | -€2,340 | -39.7% |
| Profit (loss) for the period before taxes | 9903 | €14,347 | €15,078 | +€731 | +5.1% |
| Income taxes | 67/77 | €4,834 | €6,126 | +€1,292 | +26.7% |
| Profit (loss) for the period | 9904 | €9,513 | €8,953 | -€560 | -5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,513 | €8,953 | -€560 | -5.9% |
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 30 September 2026 via checked.be.