CHALLENGE PARTNERS: 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 PARTNERS
Largest movements
- Cash -€49,145
down €49,145 (-9.3%), from €529,929 to €480,784
mainly Other debts (-€219,908) and Investment in fixed assets (net) (-€22,675)
- Receivables within one year -€39,680
down €39,680 (-28.6%), from €138,922 to €99,241
of which Trade receivables: -€27,090
- Intangible fixed assets -€15,660
down €15,660 (-24.9%), from €62,811 to €47,151
- Tangible fixed assets +€10,283
up €10,283 (+91.4%), from €11,248 to €21,531
of which Furniture and vehicles: +€17,953
- Other debts -€219,908
down €219,908 (-85.2%), from €258,027 to €38,119
- Profit (loss) carried forward +€125,313
up €125,313 (+65.5%), from €191,236 to €316,549
- Taxes +€34,707
up €34,707 (+450.4%), from €7,706 to €42,413
- Staff costs +€17,712
up €17,712 (+9.6%), from €184,109 to €201,821
- Gross operating margin -€11,752
down €11,752 (-2.9%), from €409,071 to €397,319
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 | €784,559 | €688,227 | -€96,332 | -12.3% |
| Fixed assets | 21/28 | €94,564 | €89,074 | -€5,490 | -5.8% |
| Intangible fixed assets | 21 | €62,811 | €47,151 | -€15,660 | -24.9% |
| Tangible fixed assets | 22/27 | €11,248 | €21,531 | +€10,283 | +91.4% |
| Plant, machinery and equipment | 23 | €9,349 | €1,679 | -€7,670 | -82.0% |
| Furniture and vehicles | 24 | €1,898 | €19,852 | +€17,953 | +945.7% |
| Financial fixed assets | 28 | €20,505 | €20,392 | -€113 | -0.6% |
| Current assets | 29/58 | €689,995 | €599,153 | -€90,842 | -13.2% |
| Amounts receivable within one year | 40/41 | €138,922 | €99,241 | -€39,680 | -28.6% |
| Trade receivables | 40 | €117,731 | €90,641 | -€27,090 | -23.0% |
| Other amounts receivable | 41 | €21,191 | €8,600 | -€12,591 | -59.4% |
| Cash at bank and in hand | 54/58 | €529,929 | €480,784 | -€49,145 | -9.3% |
| Deferred charges and accrued income | 490/1 | €21,144 | €19,128 | -€2,017 | -9.5% |
| Total equity and liabilities | 10/49 | €784,559 | €688,227 | -€96,332 | -12.3% |
| Equity | 10/15 | €466,236 | €591,549 | +€125,313 | +26.9% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €191,236 | €316,549 | +€125,313 | +65.5% |
| Amounts payable | 17/49 | €318,323 | €96,678 | -€221,645 | -69.6% |
| Amounts payable within one year | 42/48 | €318,323 | €96,678 | -€221,645 | -69.6% |
| Trade debts | 44 | €32,377 | €33,232 | +€856 | +2.6% |
| Suppliers | 440/4 | €32,377 | €33,232 | +€856 | +2.6% |
| Taxes, remuneration and social security | 45 | €27,919 | €25,326 | -€2,593 | -9.3% |
| Taxes | 450/3 | €11,290 | €6,982 | -€4,308 | -38.2% |
| Remuneration and social security | 454/9 | €16,629 | €18,344 | +€1,715 | +10.3% |
| Other amounts payable | 47/48 | €258,027 | €38,119 | -€219,908 | -85.2% |
| Remuneration, social security and pensions | 62 | €184,109 | €201,821 | +€17,712 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,482 | €28,165 | +€1,683 | +6.4% |
| Other operating charges | 640/8 | €3,845 | €2,189 | -€1,656 | -43.1% |
| Non-recurring operating charges | 66A | €91,662 | - | -€91,662 | |
| Gross operating margin | 9900 | €409,071 | €397,319 | -€11,752 | -2.9% |
| Operating profit (loss) | 9901 | €102,973 | €165,144 | +€62,171 | +60.4% |
| Financial income | 75/76B | €2,285 | €3,126 | +€842 | +36.8% |
| Recurring financial income | 75 | €2,285 | €3,126 | +€842 | +36.8% |
| Financial charges | 65/66B | €568 | €544 | -€24 | -4.2% |
| Recurring financial charges | 65 | €568 | €544 | -€24 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €104,689 | €167,726 | +€63,037 | +60.2% |
| Income taxes | 67/77 | €7,706 | €42,413 | +€34,707 | +450.4% |
| Profit (loss) for the period | 9904 | €96,983 | €125,313 | +€28,330 | +29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €96,983 | €125,313 | +€28,330 | +29.2% |
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 8 October 2026 via checked.be.