CHALLENGE MC: 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 MC
Largest movements
- Receivables within one year -€220,882
down €220,882 (-21.1%), from €1.0m to €827,410
of which Other amounts receivable: -€250,303
- Cash +€124,141
up €124,141 (+98.6%), from €125,966 to €250,107
mainly Receivables within one year (+€220,882) and Tax, wage and social debts (+€93,757)
- Tangible fixed assets +€18,407
up €18,407 (+125.2%), from €14,700 to €33,107
of which Plant, machinery and equipment: +€22,710
- Trade debts -€154,297
down €154,297 (-37.4%), from €412,083 to €257,786
- Tax, wage and social debts +€93,757
up €93,757 (+132.3%), from €70,865 to €164,622
of which Taxes: +€64,351
- Accrued charges and deferred income -€48,416
down €48,416 (-37.6%), from €128,694 to €80,278
- Profit (loss) carried forward +€27,947
up €27,947 (+10.9%), from €255,554 to €283,501
- Gross operating margin +€159,872
up €159,872 (+12.0%), from €1.3m to €1.5m
- Staff costs +€111,811
up €111,811 (+8.4%), from €1.3m to €1.4m
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 | €1,192,663 | €1,123,154 | -€69,509 | -5.8% |
| Fixed assets | 21/28 | €17,658 | €42,366 | +€24,708 | +139.9% |
| Tangible fixed assets | 22/27 | €14,700 | €33,107 | +€18,407 | +125.2% |
| Land and buildings | 22 | €4,083 | €746 | -€3,337 | -81.7% |
| Plant, machinery and equipment | 23 | €7,915 | €30,625 | +€22,710 | +286.9% |
| Furniture and vehicles | 24 | €2,702 | €1,736 | -€966 | -35.8% |
| Financial fixed assets | 28 | €2,958 | €9,259 | +€6,301 | +213.0% |
| Current assets | 29/58 | €1,175,005 | €1,080,788 | -€94,217 | -8.0% |
| Amounts receivable within one year | 40/41 | €1,048,292 | €827,410 | -€220,882 | -21.1% |
| Trade receivables | 40 | €547,695 | €577,116 | +€29,421 | +5.4% |
| Other amounts receivable | 41 | €500,597 | €250,294 | -€250,303 | -50.0% |
| Cash at bank and in hand | 54/58 | €125,966 | €250,107 | +€124,141 | +98.6% |
| Deferred charges and accrued income | 490/1 | €747 | €3,271 | +€2,524 | +337.9% |
| Total equity and liabilities | 10/49 | €1,192,663 | €1,123,154 | -€69,509 | -5.8% |
| Equity | 10/15 | €296,021 | €323,968 | +€27,947 | +9.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €34,267 | €34,267 | = | 0.0% |
| Distributable reserves | 133 | €34,267 | €34,267 | = | 0.0% |
| Profit (loss) carried forward | 14 | €255,554 | €283,501 | +€27,947 | +10.9% |
| Amounts payable | 17/49 | €896,642 | €799,186 | -€97,456 | -10.9% |
| Amounts payable within one year | 42/48 | €767,948 | €718,908 | -€49,040 | -6.4% |
| Trade debts | 44 | €412,083 | €257,786 | -€154,297 | -37.4% |
| Suppliers | 440/4 | €412,083 | €257,786 | -€154,297 | -37.4% |
| Taxes, remuneration and social security | 45 | €70,865 | €164,622 | +€93,757 | +132.3% |
| Taxes | 450/3 | €181 | €64,532 | +€64,351 | +35553.0% |
| Remuneration and social security | 454/9 | €70,684 | €100,090 | +€29,406 | +41.6% |
| Other amounts payable | 47/48 | €285,000 | €296,500 | +€11,500 | +4.0% |
| Accrued charges and deferred income | 492/3 | €128,694 | €80,278 | -€48,416 | -37.6% |
| Remuneration, social security and pensions | 62 | €1,330,947 | €1,442,758 | +€111,811 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,984 | €11,215 | -€2,769 | -19.8% |
| Other operating charges | 640/8 | €5,660 | €1,594 | -€4,066 | -71.8% |
| Gross operating margin | 9900 | €1,337,508 | €1,497,380 | +€159,872 | +12.0% |
| Operating profit (loss) | 9901 | -€13,083 | €41,813 | +€54,896 | |
| Financial income | 75/76B | €1 | €655 | +€654 | +65400.0% |
| Recurring financial income | 75 | €1 | €655 | +€654 | +65400.0% |
| Financial charges | 65/66B | €532 | €2,510 | +€1,978 | +371.8% |
| Recurring financial charges | 65 | €532 | €2,510 | +€1,978 | +371.8% |
| Profit (loss) for the period before taxes | 9903 | -€13,614 | €39,958 | +€53,572 | |
| Income taxes | 67/77 | €181 | €12,011 | +€11,830 | +6535.9% |
| Profit (loss) for the period | 9904 | -€13,795 | €27,947 | +€41,742 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,795 | €27,947 | +€41,742 |
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.