CHALLENGE 90: 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.
CHALLENGE 90
Largest movements
- Cash +€444,186
up €444,186 (+23.0%), from €1.9m to €2.4m
mainly Net result for the year (+€446,029) and Other debts (+€166,059)
- Tangible fixed assets -€50,193
down €50,193 (-5.7%), from €885,594 to €835,401
of which Land and buildings: -€29,182
- Other debts +€166,059
up €166,059 (+93.8%), from €177,082 to €343,141
- Tax, wage and social debts +€116,974
up €116,974 (+381.5%), from €30,664 to €147,638
of which Taxes: +€128,426
- Reserves +€102,888
up €102,888 (+3.5%), from €3.0m to €3.1m
of which Distributable reserves: +€102,888
- Gross operating margin +€105,568
up €105,568 (+16.0%), from €661,591 to €767,159
- Taxes +€79,496
up €79,496 (+57.4%), from €138,431 to €217,927
- Staff costs -€67,655
down €67,655 (-50.3%), from €134,419 to €66,764
- Financial income +€11,379
up €11,379 (+68.7%), from €16,553 to €27,932
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 | €3,360,447 | €3,715,910 | +€355,463 | +10.6% |
| Fixed assets | 21/28 | €885,594 | €835,401 | -€50,193 | -5.7% |
| Tangible fixed assets | 22/27 | €885,594 | €835,401 | -€50,193 | -5.7% |
| Land and buildings | 22 | €817,656 | €788,474 | -€29,182 | -3.6% |
| Furniture and vehicles | 24 | €58,575 | €39,238 | -€19,337 | -33.0% |
| Other tangible fixed assets | 26 | €9,363 | €7,689 | -€1,674 | -17.9% |
| Current assets | 29/58 | €2,474,853 | €2,880,509 | +€405,656 | +16.4% |
| Amounts receivable after more than one year | 29 | €66,700 | €66,700 | = | 0.0% |
| Other amounts receivable | 291 | €66,700 | €66,700 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €469,287 | €434,048 | -€35,239 | -7.5% |
| Trade receivables | 40 | €116,210 | €155,753 | +€39,543 | +34.0% |
| Other amounts receivable | 41 | €353,077 | €278,295 | -€74,782 | -21.2% |
| Cash at bank and in hand | 54/58 | €1,931,201 | €2,375,387 | +€444,186 | +23.0% |
| Deferred charges and accrued income | 490/1 | €7,665 | €4,374 | -€3,291 | -42.9% |
| Total equity and liabilities | 10/49 | €3,360,447 | €3,715,910 | +€355,463 | +10.6% |
| Equity | 10/15 | €3,001,403 | €3,104,292 | +€102,889 | +3.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,981,658 | €3,084,546 | +€102,888 | +3.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €2,904,798 | €3,007,686 | +€102,888 | +3.5% |
| Profit (loss) carried forward | 14 | €1,153 | €1,154 | +€1 | +0.1% |
| Amounts payable | 17/49 | €359,044 | €611,618 | +€252,574 | +70.3% |
| Amounts payable after more than one year | 17 | €54,509 | €21,166 | -€33,343 | -61.2% |
| Financial debts | 170/4 | €54,509 | €21,166 | -€33,343 | -61.2% |
| Amounts payable within one year | 42/48 | €302,762 | €590,452 | +€287,690 | +95.0% |
| Current portion of amounts payable after more than one year | 42 | €39,937 | €43,390 | +€3,453 | +8.6% |
| Trade debts | 44 | €55,079 | €56,283 | +€1,204 | +2.2% |
| Suppliers | 440/4 | €55,079 | €56,283 | +€1,204 | +2.2% |
| Taxes, remuneration and social security | 45 | €30,664 | €147,638 | +€116,974 | +381.5% |
| Taxes | 450/3 | €19,212 | €147,638 | +€128,426 | +668.5% |
| Remuneration and social security | 454/9 | €11,452 | - | -€11,452 | |
| Other amounts payable | 47/48 | €177,082 | €343,141 | +€166,059 | +93.8% |
| Accrued charges and deferred income | 492/3 | €1,773 | - | -€1,773 | |
| Remuneration, social security and pensions | 62 | €134,419 | €66,764 | -€67,655 | -50.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,897 | €52,855 | -€4,042 | -7.1% |
| Other operating charges | 640/8 | €7,242 | €7,384 | +€142 | +2.0% |
| Gross operating margin | 9900 | €661,591 | €767,159 | +€105,568 | +16.0% |
| Operating profit (loss) | 9901 | €463,033 | €640,156 | +€177,123 | +38.3% |
| Financial income | 75/76B | €16,553 | €27,932 | +€11,379 | +68.7% |
| Recurring financial income | 75 | €16,553 | €27,932 | +€11,379 | +68.7% |
| Financial charges | 65/66B | €5,525 | €4,132 | -€1,393 | -25.2% |
| Recurring financial charges | 65 | €5,525 | €4,132 | -€1,393 | -25.2% |
| Profit (loss) for the period before taxes | 9903 | €474,061 | €663,956 | +€189,895 | +40.1% |
| Income taxes | 67/77 | €138,431 | €217,927 | +€79,496 | +57.4% |
| Profit (loss) for the period | 9904 | €335,630 | €446,029 | +€110,399 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €335,630 | €446,029 | +€110,399 | +32.9% |
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 4 October 2026 via checked.be.