Challenge to Opportunity: what changed
Two financial 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 to Opportunity
Largest movements
- Cash +€21,322
up €21,322 (+163%), from €13,101 to €34,423
mainly Net result for the year (+€30,273) and Depreciation (+€11,816)
- Reserves +€30,273
new in 2025: €30,273
- Debts after one year -€14,400
down €14,400 (-66.7%), from €21,600 to €7,200
- Tax, wage and social debts +€3,070
up €3,070 (+30.4%), from €10,088 to €13,158
- Trade debts +€2,099
up €2,099 (+477%), from €440 to €2,539
- Gross operating margin +€27,588
up €27,588 (+102%), from €27,017 to €54,605
- Depreciation +€8,388
up €8,388 (+245%), from €3,428 to €11,816
- Taxes +€6,980
up €6,980 (+144%), from €4,848 to €11,828
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.
Derived cash bridge
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 | €69,656 | €90,602 | +€20,946 | +30.1% |
| Fixed assets | 21/28 | €41,521 | €41,836 | +€315 | +0.8% |
| Tangible fixed assets | 22/27 | €41,521 | €41,836 | +€315 | +0.8% |
| Plant, machinery and equipment | 23 | - | €4,911 | +€4,911 | |
| Furniture and vehicles | 24 | €41,521 | €30,767 | -€10,754 | -25.9% |
| Other tangible fixed assets | 26 | - | €6,157 | +€6,157 | |
| Current assets | 29/58 | €28,135 | €48,766 | +€20,632 | +73.3% |
| Amounts receivable within one year | 40/41 | €13,206 | €12,904 | -€302 | -2.3% |
| Trade receivables | 40 | €12,917 | €12,364 | -€553 | -4.3% |
| Other amounts receivable | 41 | €289 | €540 | +€251 | +87.0% |
| Cash at bank and in hand | 54/58 | €13,101 | €34,423 | +€21,322 | +163% |
| Deferred charges and accrued income | 490/1 | €1,828 | €1,439 | -€389 | -21.3% |
| Total equity and liabilities | 10/49 | €69,656 | €90,602 | +€20,946 | +30.1% |
| Equity | 10/15 | €22,371 | €52,644 | +€30,273 | +135% |
| Contributions | 10/11 | €4,444 | €4,444 | = | 0.0% |
| Reserves | 13 | - | €30,273 | +€30,273 | |
| Distributable reserves | 133 | - | €30,273 | +€30,273 | |
| Profit (loss) carried forward | 14 | €17,927 | €17,927 | = | 0.0% |
| Amounts payable | 17/49 | €47,284 | €37,958 | -€9,326 | -19.7% |
| Amounts payable after more than one year | 17 | €21,600 | €7,200 | -€14,400 | -66.7% |
| Financial debts | 170/4 | €21,600 | €7,200 | -€14,400 | -66.7% |
| Amounts payable within one year | 42/48 | €25,018 | €30,098 | +€5,080 | +20.3% |
| Current portion of amounts payable after more than one year | 42 | €14,400 | €14,400 | = | 0.0% |
| Trade debts | 44 | €440 | €2,539 | +€2,099 | +477% |
| Suppliers | 440/4 | €440 | €2,539 | +€2,099 | +477% |
| Taxes, remuneration and social security | 45 | €10,088 | €13,158 | +€3,070 | +30.4% |
| Taxes | 450/3 | €10,088 | €13,158 | +€3,070 | +30.4% |
| Other amounts payable | 47/48 | €89 | €0 | -€89 | -100% |
| Accrued charges and deferred income | 492/3 | €667 | €661 | -€6 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,428 | €11,816 | +€8,388 | +245% |
| Other operating charges | 640/8 | €772 | €600 | -€172 | -22.3% |
| Gross operating margin | 9900 | €27,017 | €54,605 | +€27,588 | +102% |
| Operating profit (loss) | 9901 | €22,817 | €42,189 | +€19,371 | +84.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €42 | €88 | +€46 | +110% |
| Recurring financial charges | 65 | €42 | €88 | +€46 | +110% |
| Profit (loss) for the period before taxes | 9903 | €22,775 | €42,101 | +€19,326 | +84.9% |
| Income taxes | 67/77 | €4,848 | €11,828 | +€6,980 | +144% |
| Profit (loss) for the period | 9904 | €17,927 | €30,273 | +€12,345 | +68.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,927 | €30,273 | +€12,345 | +68.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.