CHALLENGE LEARNING: 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 LEARNING
Largest movements
- Current investments +€28,190
up €28,190 (+162.4%), from €17,362 to €45,553
- Tangible fixed assets -€7,442
down €7,442 (-5.9%), from €126,259 to €118,817
of which Land and buildings: -€5,175
- Trade debts +€30,734
up €30,734 (+3499.2%), from €878 to €31,612
- Tax, wage and social debts -€7,237
down €7,237 (-65.0%), from €11,132 to €3,895
- Advances received -€3,900
no longer reported in 2025 (was €3,900)
- Gross operating margin -€12,130
down €12,130 (-65.2%), from €18,611 to €6,481
- Taxes +€1,495
up €1,495 (+124.6%), from €1,200 to €2,695
- Depreciation -€1,164
down €1,164 (-13.5%), from €8,605 to €7,442
- Other operating charges +€1,014
up €1,014 (+53.1%), from €1,909 to €2,923
- Financial income +€766
up €766 (+12.3%), from €6,239 to €7,005
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 | €309,457 | €330,876 | +€21,419 | +6.9% |
| Fixed assets | 21/28 | €129,259 | €121,817 | -€7,442 | -5.8% |
| Tangible fixed assets | 22/27 | €126,259 | €118,817 | -€7,442 | -5.9% |
| Land and buildings | 22 | €120,879 | €115,704 | -€5,175 | -4.3% |
| Plant, machinery and equipment | 23 | €4,693 | €2,990 | -€1,703 | -36.3% |
| Furniture and vehicles | 24 | €686 | €123 | -€563 | -82.0% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €180,198 | €209,059 | +€28,861 | +16.0% |
| Amounts receivable within one year | 40/41 | €159,489 | €160,148 | +€659 | +0.4% |
| Trade receivables | 40 | €0 | €117,408 | +€117,408 | |
| Other amounts receivable | 41 | €159,489 | €42,740 | -€116,749 | -73.2% |
| Current investments | 50/53 | €17,362 | €45,553 | +€28,190 | +162.4% |
| Cash at bank and in hand | 54/58 | €2,712 | €2,724 | +€11 | +0.4% |
| Deferred charges and accrued income | 490/1 | €634 | €634 | = | 0.0% |
| Total equity and liabilities | 10/49 | €309,457 | €330,876 | +€21,419 | +6.9% |
| Equity | 10/15 | €293,547 | €293,651 | +€104 | 0.0% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €274,797 | €274,901 | +€104 | 0.0% |
| Non-distributable reserves | 130/1 | €122,875 | €122,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Other | 1319 | €121,000 | €121,000 | = | 0.0% |
| Distributable reserves | 133 | €151,922 | €152,026 | +€104 | +0.1% |
| Amounts payable | 17/49 | €15,910 | €37,225 | +€21,315 | +134.0% |
| Amounts payable within one year | 42/48 | €15,910 | €37,225 | +€21,315 | +134.0% |
| Trade debts | 44 | €878 | €31,612 | +€30,734 | +3499.2% |
| Suppliers | 440/4 | €878 | €31,612 | +€30,734 | +3499.2% |
| Advances received on contracts in progress | 46 | €3,900 | - | -€3,900 | |
| Taxes, remuneration and social security | 45 | €11,132 | €3,895 | -€7,237 | -65.0% |
| Taxes | 450/3 | €11,132 | €3,895 | -€7,237 | -65.0% |
| Other amounts payable | 47/48 | €0 | €1,718 | +€1,718 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,605 | €7,442 | -€1,164 | -13.5% |
| Other operating charges | 640/8 | €1,909 | €2,923 | +€1,014 | +53.1% |
| Gross operating margin | 9900 | €18,611 | €6,481 | -€12,130 | -65.2% |
| Operating profit (loss) | 9901 | €8,096 | -€3,883 | -€11,980 | |
| Financial income | 75/76B | €6,239 | €7,005 | +€766 | +12.3% |
| Recurring financial income | 75 | €6,239 | €7,005 | +€766 | +12.3% |
| Financial charges | 65/66B | €289 | €323 | +€34 | +11.9% |
| Recurring financial charges | 65 | €289 | €323 | +€34 | +11.9% |
| Profit (loss) for the period before taxes | 9903 | €14,047 | €2,799 | -€11,248 | -80.1% |
| Income taxes | 67/77 | €1,200 | €2,695 | +€1,495 | +124.6% |
| Profit (loss) for the period | 9904 | €12,847 | €104 | -€12,743 | -99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €12,847 | €104 | -€12,743 | -99.2% |
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.