CHALLENGE ALPHA: 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.
CHALLENGE ALPHA
Largest movements
- Tangible fixed assets +€156,233
up €156,233 (+382%), from €40,853 to €197,086
of which Furniture and vehicles: +€116,333
- Cash -€23,208
down €23,208 (-30.6%), from €75,741 to €52,533
mainly Investment in fixed assets (net) (-€180,221) and Net result for the year (-€25,281)
- Deferred charges and accrued income +€13,739
up €13,739 (+864%), from €1,591 to €15,330
- Receivables within one year +€12,812
up €12,812 (+342%), from €3,744 to €16,556
of which Other amounts receivable: +€10,870
- Debts after one year +€133,660
up €133,660 (+1,152%), from €11,602 to €145,262
- Current portion of long-term debt +€38,403
up €38,403 (+305%), from €12,607 to €51,010
- Profit (loss) carried forward -€25,281
down €25,281, from €15,880 to -€9,401
- Trade debts +€20,199
up €20,199 (+2,252%), from €897 to €21,096
- Other debts -€4,175
down €4,175 (-8.7%), from €48,074 to €43,899
- Staff costs +€42,928
up €42,928 (+25.2%), from €170,455 to €213,383
- Gross operating margin +€20,365
up €20,365 (+9.9%), from €205,836 to €226,201
- Depreciation +€14,258
up €14,258 (+147%), from €9,730 to €23,988
- Taxes -€3,809
no longer reported in 2025 (was €3,809)
- Other operating charges +€2,541
up €2,541 (+194%), from €1,311 to €3,852
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 | €133,126 | €294,820 | +€161,694 | +121% |
| Fixed assets | 21/28 | €41,604 | €197,837 | +€156,233 | +376% |
| Tangible fixed assets | 22/27 | €40,853 | €197,086 | +€156,233 | +382% |
| Furniture and vehicles | 24 | €12,163 | €128,496 | +€116,333 | +956% |
| Leasing and similar rights | 25 | - | €43,789 | +€43,789 | |
| Other tangible fixed assets | 26 | €28,690 | €24,801 | -€3,889 | -13.6% |
| Financial fixed assets | 28 | €751 | €751 | = | 0.0% |
| Current assets | 29/58 | €91,522 | €96,983 | +€5,461 | +6.0% |
| Stocks and contracts in progress | 3 | €10,446 | €12,564 | +€2,118 | +20.3% |
| Stocks | 30/36 | €10,446 | €12,564 | +€2,118 | +20.3% |
| Amounts receivable within one year | 40/41 | €3,744 | €16,556 | +€12,812 | +342% |
| Trade receivables | 40 | - | €1,942 | +€1,942 | |
| Other amounts receivable | 41 | €3,744 | €14,614 | +€10,870 | +290% |
| Cash at bank and in hand | 54/58 | €75,741 | €52,533 | -€23,208 | -30.6% |
| Deferred charges and accrued income | 490/1 | €1,591 | €15,330 | +€13,739 | +864% |
| Total equity and liabilities | 10/49 | €133,126 | €294,820 | +€161,694 | +121% |
| Equity | 10/15 | €23,935 | -€1,346 | -€25,281 | |
| Contributions | 10/11 | €8,055 | €8,055 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,880 | -€9,401 | -€25,281 | |
| Amounts payable | 17/49 | €109,191 | €296,166 | +€186,975 | +171% |
| Amounts payable after more than one year | 17 | €11,602 | €145,262 | +€133,660 | +1,152% |
| Financial debts | 170/4 | €11,602 | €145,262 | +€133,660 | +1,152% |
| Amounts payable within one year | 42/48 | €97,589 | €150,904 | +€53,315 | +54.6% |
| Current portion of amounts payable after more than one year | 42 | €12,607 | €51,010 | +€38,403 | +305% |
| Trade debts | 44 | €897 | €21,096 | +€20,199 | +2,252% |
| Suppliers | 440/4 | €897 | €21,096 | +€20,199 | +2,252% |
| Taxes, remuneration and social security | 45 | €36,011 | €34,899 | -€1,112 | -3.1% |
| Taxes | 450/3 | €10,336 | €6,551 | -€3,785 | -36.6% |
| Remuneration and social security | 454/9 | €25,675 | €28,348 | +€2,673 | +10.4% |
| Other amounts payable | 47/48 | €48,074 | €43,899 | -€4,175 | -8.7% |
| Remuneration, social security and pensions | 62 | €170,455 | €213,383 | +€42,928 | +25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,730 | €23,988 | +€14,258 | +147% |
| Other operating charges | 640/8 | €1,311 | €3,852 | +€2,541 | +194% |
| Gross operating margin | 9900 | €205,836 | €226,201 | +€20,365 | +9.9% |
| Operating profit (loss) | 9901 | €24,340 | -€15,022 | -€39,362 | |
| Financial income | 75/76B | - | €73 | +€73 | |
| Recurring financial income | 75 | - | €73 | +€73 | |
| Financial charges | 65/66B | €8,073 | €10,332 | +€2,259 | +28.0% |
| Recurring financial charges | 65 | €8,073 | €10,332 | +€2,259 | +28.0% |
| Profit (loss) for the period before taxes | 9903 | €16,267 | -€25,281 | -€41,548 | |
| Income taxes | 67/77 | €3,809 | - | -€3,809 | |
| Profit (loss) for the period | 9904 | €12,458 | -€25,281 | -€37,739 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,458 | -€25,281 | -€37,739 |
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 18 October 2026 via checked.be.