C9 COMMUNICATION: 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.
C9 COMMUNICATION
Largest movements
- Receivables within one year +€358,327
up €358,327 (+146.8%), from €244,137 to €602,464
of which Trade receivables: +€257,853
- Cash -€167,280
down €167,280 (-49.2%), from €340,165 to €172,885
mainly Receivables within one year (-€358,327) and Current investments (-€53,481)
- Current investments +€53,481
up €53,481 (+17.9%), from €298,006 to €351,487
- Tangible fixed assets -€17,097
down €17,097 (-8.0%), from €213,358 to €196,261
of which Land and buildings: -€13,808
- Trade debts +€174,816
up €174,816 (+194.2%), from €90,005 to €264,821
- Other debts +€53,966
up €53,966 (+17.5%), from €309,044 to €363,010
- Reserves +€13,850
up €13,850 (+2.9%), from €476,430 to €490,280
of which Non-distributable reserves: +€13,850
- Taxes +€10,524
up €10,524 (+44.1%), from €23,847 to €34,371
- Gross operating margin -€3,217
down €3,217 (-2.4%), from €135,468 to €132,251
- Financial income +€2,236
up €2,236 (+80.0%), from €2,794 to €5,030
- Staff costs -€1,760
no longer reported in 2025 (was €1,760)
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 | €1,095,702 | €1,323,133 | +€227,431 | +20.8% |
| Fixed assets | 21/28 | €213,394 | €196,297 | -€17,097 | -8.0% |
| Tangible fixed assets | 22/27 | €213,358 | €196,261 | -€17,097 | -8.0% |
| Land and buildings | 22 | €180,481 | €166,674 | -€13,808 | -7.7% |
| Furniture and vehicles | 24 | €32,877 | €29,587 | -€3,289 | -10.0% |
| Financial fixed assets | 28 | €36 | €36 | = | 0.0% |
| Current assets | 29/58 | €882,308 | €1,126,836 | +€244,528 | +27.7% |
| Amounts receivable within one year | 40/41 | €244,137 | €602,464 | +€358,327 | +146.8% |
| Trade receivables | 40 | €241,137 | €498,990 | +€257,853 | +106.9% |
| Other amounts receivable | 41 | €3,000 | €103,474 | +€100,474 | +3349.1% |
| Current investments | 50/53 | €298,006 | €351,487 | +€53,481 | +17.9% |
| Cash at bank and in hand | 54/58 | €340,165 | €172,885 | -€167,280 | -49.2% |
| Total equity and liabilities | 10/49 | €1,095,702 | €1,323,133 | +€227,431 | +20.8% |
| Equity | 10/15 | €646,087 | €659,946 | +€13,859 | +2.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €476,430 | €490,280 | +€13,850 | +2.9% |
| Non-distributable reserves | 130/1 | €306,860 | €320,710 | +€13,850 | +4.5% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €305,000 | €318,850 | +€13,850 | +4.5% |
| Distributable reserves | 133 | €169,570 | €169,570 | = | 0.0% |
| Profit (loss) carried forward | 14 | €151,057 | €151,066 | +€9 | 0.0% |
| Amounts payable | 17/49 | €449,615 | €663,187 | +€213,572 | +47.5% |
| Amounts payable after more than one year | 17 | €7,404 | €1,063 | -€6,341 | -85.6% |
| Financial debts | 170/4 | €7,404 | €1,063 | -€6,341 | -85.6% |
| Amounts payable within one year | 42/48 | €442,211 | €662,124 | +€219,912 | +49.7% |
| Current portion of amounts payable after more than one year | 42 | €15,363 | €6,341 | -€9,023 | -58.7% |
| Trade debts | 44 | €90,005 | €264,821 | +€174,816 | +194.2% |
| Suppliers | 440/4 | €90,005 | €264,821 | +€174,816 | +194.2% |
| Taxes, remuneration and social security | 45 | €27,799 | €27,952 | +€153 | +0.6% |
| Taxes | 450/3 | €25,640 | €27,952 | +€2,312 | +9.0% |
| Remuneration and social security | 454/9 | €2,159 | - | -€2,159 | |
| Other amounts payable | 47/48 | €309,044 | €363,010 | +€53,966 | +17.5% |
| Remuneration, social security and pensions | 62 | €1,760 | - | -€1,760 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,817 | €32,249 | +€433 | +1.4% |
| Other operating charges | 640/8 | €2,784 | €3,562 | +€778 | +27.9% |
| Gross operating margin | 9900 | €135,468 | €132,251 | -€3,217 | -2.4% |
| Operating profit (loss) | 9901 | €99,108 | €96,440 | -€2,668 | -2.7% |
| Financial income | 75/76B | €2,794 | €5,030 | +€2,236 | +80.0% |
| Recurring financial income | 75 | €2,794 | €5,030 | +€2,236 | +80.0% |
| Financial charges | 65/66B | €22,946 | €23,240 | +€294 | +1.3% |
| Recurring financial charges | 65 | €22,946 | €23,240 | +€294 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €78,956 | €78,230 | -€726 | -0.9% |
| Income taxes | 67/77 | €23,847 | €34,371 | +€10,524 | +44.1% |
| Profit (loss) for the period | 9904 | €55,109 | €43,859 | -€11,250 | -20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €55,109 | €43,859 | -€11,250 | -20.4% |
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 6 October 2026 via checked.be.