CHALLENGE HANDLING: 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.
What changed
CHALLENGE HANDLING
NACE 52.249, Warehousing and support activities for transportation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€25,494
2024 · -€1.7m+€1.7m
Equity
-€676,043
2024 · -€1.4m+€773,368
Cash
€1.7m
2024 · €3.0m-€1.2m
Balance sheet total
€17.3m
2024 · €19.0m-€1.7m
Largest movements
Assets
- Tangible fixed assets -€1.4m
down €1.4m (-16.5%), from €8.3m to €6.9m
of which Leasing and similar rights: -€705,168
- Cash -€1.2m
down €1.2m (-41.7%), from €3.0m to €1.7m
mainly Debts after one year (-€977,641) and Receivables within one year (-€964,442)
- Receivables within one year +€964,442
up €964,442 (+12.8%), from €7.5m to €8.5m
of which Trade receivables: +€680,331
Equity and liabilities
- Debts after one year -€977,641
down €977,641 (-14.6%), from €6.7m to €5.7m
of which Financial debts: -€977,641
- Investment grants +€747,873
up €747,873 (+715.6%), from €104,514 to €852,387
- Tax, wage and social debts -€692,366
down €692,366 (-9.7%), from €7.2m to €6.5m
of which Taxes: -€820,670
- Trade debts -€642,361
down €642,361 (-11.5%), from €5.6m to €4.9m
Income statement
- Turnover +€6.6m
up €6.6m (+12.8%), from €51.9m to €58.5m
- Services and other goods +€3.5m
up €3.5m (+15.8%), from €22.1m to €25.6m
- Staff costs +€2.8m
up €2.8m (+7.9%), from €35.1m to €37.9m
- Other operating income +€1.1m
up €1.1m (+12.2%), from €9.3m to €10.5m
- Taxes -€828,025
down €828,025 (-98.8%), from €838,025 to €10,000
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.
Result 2024
-€1.7m
Turnover
+€6.6m
Other operating income
+€1.1m
Goods and materials
-€524,327
Services and other goods
-€3.5m
Staff costs
-€2.8m
Depreciation
+€237,662
Write-downs
-€724,996
Other operating charges
-€260,340
Other operating items
+€427,381
Financial income
-€9,258
Financial charges
+€253,309
Taxes
+€828,025
Deferred taxes and other
-€1
Result 2025
€25,494
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.
From operations
-€363,270
Investment
-€516,409
Financing
-€363,933
Cash 2024
€3.0m
From operations (derived)
-€363,270
Net result for the year
+€25,494
Depreciation
+€1.9m
Receivables within one year
-€964,442
Smaller working-capital items
+€2,523
Provisions
-€5,910
Trade debts
-€642,361
Tax, wage and social debts
-€692,366
Investment (derived)
-€516,409
Investment in fixed assets (net)
-€516,409
Financing
-€363,933
Debts after one year
-€977,641
Current portion of long-term debt
-€134,166
Contributions, distributions and other
+€747,874
Cash 2025
€1.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,028,850 | €17,349,196 | -€1.7m | -8.8% |
| Formation expenses | 20 | €374 | €0 | -€374 | -100.0% |
| Fixed assets | 21/28 | €8,499,748 | €7,102,739 | -€1.4m | -16.4% |
| Intangible fixed assets | 21 | €86,240 | €16,132 | -€70,108 | -81.3% |
| Tangible fixed assets | 22/27 | €8,255,201 | €6,890,391 | -€1.4m | -16.5% |
| Land and buildings | 22 | €3,003,179 | €2,553,327 | -€449,852 | -15.0% |
| Plant, machinery and equipment | 23 | €510,661 | €303,830 | -€206,831 | -40.5% |
| Furniture and vehicles | 24 | €777,761 | €774,802 | -€2,959 | -0.4% |
| Leasing and similar rights | 25 | €3,933,600 | €3,228,432 | -€705,168 | -17.9% |
| Assets under construction and advance payments | 27 | €30,000 | €30,000 | = | 0.0% |
| Financial fixed assets | 28 | €158,307 | €196,216 | +€37,909 | +23.9% |
| Other financial fixed assets | 284/8 | €158,307 | €196,216 | +€37,909 | +23.9% |
| Amounts receivable and cash guarantees | 285/8 | €158,307 | €196,216 | +€37,909 | +23.9% |
| Current assets | 29/58 | €10,528,728 | €10,246,457 | -€282,271 | -2.7% |
| Amounts receivable within one year | 40/41 | €7,545,732 | €8,510,174 | +€964,442 | +12.8% |
| Trade receivables | 40 | €6,897,339 | €7,577,670 | +€680,331 | +9.9% |
| Other amounts receivable | 41 | €648,393 | €932,504 | +€284,111 | +43.8% |
| Cash at bank and in hand | 54/58 | €2,979,467 | €1,735,855 | -€1.2m | -41.7% |
| Deferred charges and accrued income | 490/1 | €3,529 | €428 | -€3,101 | -87.9% |
| Total equity and liabilities | 10/49 | €19,028,850 | €17,349,196 | -€1.7m | -8.8% |
| Equity | 10/15 | -€1,449,411 | -€676,043 | +€773,368 | +53.4% |
| Contributions | 10/11 | €1,230,000 | €1,230,000 | = | 0.0% |
| Capital | 10 | €1,230,000 | €1,230,000 | = | 0.0% |
| Issued capital | 100 | €1,230,000 | €1,230,000 | = | 0.0% |
| Reserves | 13 | €123,000 | €123,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €123,000 | €123,000 | = | 0.0% |
| Legal reserve | 130 | €123,000 | €123,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,906,925 | -€2,881,430 | +€25,495 | +0.9% |
| Investment grants | 15 | €104,514 | €852,387 | +€747,873 | +715.6% |
| Provisions and deferred taxes | 16 | €53,816 | €47,906 | -€5,910 | -11.0% |
| Deferred taxes | 168 | €53,816 | €47,906 | -€5,910 | -11.0% |
| Amounts payable | 17/49 | €20,424,445 | €17,977,333 | -€2.4m | -12.0% |
| Amounts payable after more than one year | 17 | €6,707,407 | €5,729,766 | -€977,641 | -14.6% |
| Financial debts | 170/4 | €6,691,271 | €5,713,630 | -€977,641 | -14.6% |
| Subordinated loans | 170 | €2,938,231 | €2,765,439 | -€172,792 | -5.9% |
| Leasing and similar obligations | 172 | €3,753,040 | €2,600,142 | -€1.2m | -30.7% |
| Credit institutions | 173 | - | €348,049 | +€348,049 | |
| Other amounts payable | 178/9 | €16,136 | €16,136 | = | 0.0% |
| Amounts payable within one year | 42/48 | €13,716,460 | €12,247,567 | -€1.5m | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €973,527 | €839,361 | -€134,166 | -13.8% |
| Trade debts | 44 | €5,571,299 | €4,928,938 | -€642,361 | -11.5% |
| Suppliers | 440/4 | €5,571,299 | €4,928,938 | -€642,361 | -11.5% |
| Taxes, remuneration and social security | 45 | €7,171,634 | €6,479,268 | -€692,366 | -9.7% |
| Taxes | 450/3 | €1,501,499 | €680,829 | -€820,670 | -54.7% |
| Remuneration and social security | 454/9 | €5,670,135 | €5,798,439 | +€128,304 | +2.3% |
| Accrued charges and deferred income | 492/3 | €578 | - | -€578 | |
| Operating income | 70/76A | €61,319,360 | €69,021,691 | +€7.7m | +12.6% |
| Turnover | 70 | €51,911,290 | €58,549,969 | +€6.6m | +12.8% |
| Other operating income | 74 | €9,332,131 | €10,471,722 | +€1.1m | +12.2% |
| Non-recurring operating income | 76A | €75,939 | €0 | -€75,939 | -100.0% |
| Operating charges | 60/66A | €61,300,396 | €68,352,915 | +€7.1m | +11.5% |
| Goods for resale, raw materials and consumables | 60 | €1,071,637 | €1,595,964 | +€524,327 | +48.9% |
| Purchases | 600/8 | €1,071,637 | €1,595,964 | +€524,327 | +48.9% |
| Services and other goods | 61 | €22,100,381 | €25,598,778 | +€3.5m | +15.8% |
| Remuneration, social security and pensions | 62 | €35,093,403 | €37,878,844 | +€2.8m | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,151,454 | €1,913,792 | -€237,662 | -11.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €724,996 | +€724,996 | |
| Other operating charges | 640/8 | €380,201 | €640,541 | +€260,340 | +68.5% |
| Non-recurring operating charges | 66A | €503,320 | €0 | -€503,320 | -100.0% |
| Operating profit (loss) | 9901 | €18,964 | €668,776 | +€649,812 | +3426.6% |
| Financial income | 75/76B | €21,036 | €11,778 | -€9,258 | -44.0% |
| Recurring financial income | 75 | €21,036 | €11,778 | -€9,258 | -44.0% |
| Other financial income | 752/9 | €21,036 | €11,778 | -€9,258 | -44.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €904,279 | €650,970 | -€253,309 | -28.0% |
| Recurring financial charges | 65 | €904,279 | €650,970 | -€253,309 | -28.0% |
| Debt charges | 650 | €855,016 | €594,368 | -€260,648 | -30.5% |
| Other financial charges | 652/9 | €49,263 | €56,602 | +€7,339 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | -€864,279 | €29,584 | +€893,863 | |
| Transfer from deferred taxes | 780 | €5,911 | €5,910 | -€1 | 0.0% |
| Income taxes | 67/77 | €838,025 | €10,000 | -€828,025 | -98.8% |
| Taxes | 670/3 | €838,025 | €10,000 | -€828,025 | -98.8% |
| Profit (loss) for the period | 9904 | -€1,696,393 | €25,494 | +€1.7m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,696,393 | €25,494 | +€1.7m |
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 9 October 2026 via checked.be.