CHALLENGE IT: 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 IT
Largest movements
- Receivables within one year +€37,798
up €37,798 (+40.4%), from €93,565 to €131,363
of which Other amounts receivable: +€45,518
- Cash -€37,196
down €37,196 (-21.2%), from €175,867 to €138,671
mainly Debts after one year (-€52,719) and Receivables within one year (-€37,798)
- Debts after one year -€52,719
down €52,719 (-28.3%), from €186,288 to €133,569
- Reserves +€43,431
up €43,431 (+49.4%), from €87,924 to €131,355
- Depreciation -€14,861
down €14,861 (-37.4%), from €39,755 to €24,894
- Gross operating margin +€11,466
up €11,466 (+12.2%), from €93,924 to €105,390
- Taxes +€7,549
up €7,549 (+56.2%), from €13,428 to €20,977
- Financial income -€2,008
no longer reported in 2025 (was €2,008)
- Financial charges -€1,125
down €1,125 (-8.3%), from €13,636 to €12,511
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 | €374,263 | €374,074 | -€189 | -0.1% |
| Fixed assets | 21/28 | €55,507 | €54,752 | -€755 | -1.4% |
| Tangible fixed assets | 22/27 | €55,479 | €54,752 | -€727 | -1.3% |
| Furniture and vehicles | 24 | €55,396 | €54,736 | -€660 | -1.2% |
| Other tangible fixed assets | 26 | €83 | €16 | -€67 | -80.7% |
| Financial fixed assets | 28 | €28 | - | -€28 | |
| Current assets | 29/58 | €318,756 | €319,322 | +€566 | +0.2% |
| Amounts receivable after more than one year | 29 | €46,400 | €46,400 | = | 0.0% |
| Other amounts receivable | 291 | €46,400 | €46,400 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €93,565 | €131,363 | +€37,798 | +40.4% |
| Trade receivables | 40 | €21,887 | €14,167 | -€7,720 | -35.3% |
| Other amounts receivable | 41 | €71,678 | €117,196 | +€45,518 | +63.5% |
| Cash at bank and in hand | 54/58 | €175,867 | €138,671 | -€37,196 | -21.2% |
| Deferred charges and accrued income | 490/1 | €2,924 | €2,888 | -€36 | -1.2% |
| Total equity and liabilities | 10/49 | €374,263 | €374,074 | -€189 | -0.1% |
| Equity | 10/15 | €106,524 | €149,955 | +€43,431 | +40.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €87,924 | €131,355 | +€43,431 | +49.4% |
| Distributable reserves | 133 | €87,924 | €131,355 | +€43,431 | +49.4% |
| Amounts payable | 17/49 | €267,739 | €224,119 | -€43,620 | -16.3% |
| Amounts payable after more than one year | 17 | €186,288 | €133,569 | -€52,719 | -28.3% |
| Financial debts | 170/4 | €186,288 | €133,569 | -€52,719 | -28.3% |
| Amounts payable within one year | 42/48 | €76,085 | €83,858 | +€7,773 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €51,821 | €54,386 | +€2,565 | +4.9% |
| Financial debts | 43 | €3,436 | €4,048 | +€612 | +17.8% |
| Credit institutions | 430/8 | €3,436 | €4,048 | +€612 | +17.8% |
| Trade debts | 44 | €4,348 | €6,285 | +€1,937 | +44.5% |
| Suppliers | 440/4 | €4,348 | €6,285 | +€1,937 | +44.5% |
| Taxes, remuneration and social security | 45 | €16,480 | €19,139 | +€2,659 | +16.1% |
| Taxes | 450/3 | €16,480 | €19,139 | +€2,659 | +16.1% |
| Accrued charges and deferred income | 492/3 | €5,366 | €6,692 | +€1,326 | +24.7% |
| Non-recurring operating income | 76A | - | €24,167 | +€24,167 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,755 | €24,894 | -€14,861 | -37.4% |
| Other operating charges | 640/8 | €528 | €694 | +€166 | +31.4% |
| Gross operating margin | 9900 | €93,924 | €105,390 | +€11,466 | +12.2% |
| Operating profit (loss) | 9901 | €53,641 | €79,802 | +€26,161 | +48.8% |
| Financial income | 75/76B | €2,008 | - | -€2,008 | |
| Recurring financial income | 75 | €2,008 | - | -€2,008 | |
| Financial charges | 65/66B | €13,636 | €12,511 | -€1,125 | -8.3% |
| Recurring financial charges | 65 | €13,636 | €12,511 | -€1,125 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €42,013 | €67,291 | +€25,278 | +60.2% |
| Income taxes | 67/77 | €13,428 | €20,977 | +€7,549 | +56.2% |
| Profit (loss) for the period | 9904 | €28,585 | €46,314 | +€17,729 | +62.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,585 | €46,314 | +€17,729 | +62.0% |
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.