Challenger One: 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.
Challenger One
Largest movements
- Receivables within one year -€2.0m
down €2.0m (-96.6%), from €2.1m to €70,196
of which Other amounts receivable: -€2.0m
- Current investments -€1.2m
down €1.2m (-39.4%), from €3.0m to €1.8m
- Cash +€672,604
up €672,604 (+139.2%), from €483,282 to €1.2m
mainly Receivables within one year (+€2.0m) and Net result for the year (+€1.6m)
- Profit (loss) carried forward -€4.7m
no longer reported in 2025 (was €4.7m)
- Other debts +€1.4m
up €1.4m (+12813.3%), from €10,956 to €1.4m
- Tax, wage and social debts +€997,516
up €997,516 (+319.5%), from €312,213 to €1.3m
of which Taxes: +€988,819
- Trade debts -€191,185
down €191,185 (-63.7%), from €300,163 to €108,979
- Gross operating margin -€122,734
down €122,734 (-5.4%), from €2.3m to €2.2m
- Financial income +€76,931
up €76,931 (+138.9%), from €55,374 to €132,305
- Staff costs +€62,423
up €62,423 (+38.5%), from €162,266 to €224,689
- Financial charges -€38,293
down €38,293 (-13.4%), from €285,993 to €247,700
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 | €5,642,911 | €3,129,699 | -€2.5m | -44.5% |
| Fixed assets | 21/28 | €69,462 | €69,085 | -€377 | -0.5% |
| Tangible fixed assets | 22/27 | €44,462 | €34,233 | -€10,229 | -23.0% |
| Plant, machinery and equipment | 23 | €539 | €706 | +€167 | +30.9% |
| Furniture and vehicles | 24 | €43,922 | €33,527 | -€10,395 | -23.7% |
| Financial fixed assets | 28 | €25,000 | €34,852 | +€9,852 | +39.4% |
| Current assets | 29/58 | €5,573,450 | €3,060,613 | -€2.5m | -45.1% |
| Amounts receivable within one year | 40/41 | €2,085,607 | €70,196 | -€2.0m | -96.6% |
| Trade receivables | 40 | €56,224 | €49,169 | -€7,055 | -12.5% |
| Other amounts receivable | 41 | €2,029,383 | €21,027 | -€2.0m | -99.0% |
| Current investments | 50/53 | €3,003,708 | €1,820,306 | -€1.2m | -39.4% |
| Cash at bank and in hand | 54/58 | €483,282 | €1,155,886 | +€672,604 | +139.2% |
| Deferred charges and accrued income | 490/1 | €854 | €14,226 | +€13,372 | +1566.7% |
| Total equity and liabilities | 10/49 | €5,642,911 | €3,129,699 | -€2.5m | -44.5% |
| Equity | 10/15 | €5,019,579 | €296,200 | -€4.7m | -94.1% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €294,700 | €294,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €294,700 | €294,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,723,379 | - | -€4.7m | |
| Amounts payable | 17/49 | €623,333 | €2,833,499 | +€2.2m | +354.6% |
| Amounts payable within one year | 42/48 | €623,333 | €2,833,499 | +€2.2m | +354.6% |
| Trade debts | 44 | €300,163 | €108,979 | -€191,185 | -63.7% |
| Suppliers | 440/4 | €300,163 | €108,979 | -€191,185 | -63.7% |
| Taxes, remuneration and social security | 45 | €312,213 | €1,309,729 | +€997,516 | +319.5% |
| Taxes | 450/3 | €288,453 | €1,277,272 | +€988,819 | +342.8% |
| Remuneration and social security | 454/9 | €23,761 | €32,457 | +€8,696 | +36.6% |
| Other amounts payable | 47/48 | €10,956 | €1,414,791 | +€1.4m | +12813.3% |
| Remuneration, social security and pensions | 62 | €162,266 | €224,689 | +€62,423 | +38.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,256 | €17,912 | -€2,344 | -11.6% |
| Other operating charges | 640/8 | €614 | €579 | -€34 | -5.6% |
| Gross operating margin | 9900 | €2,289,483 | €2,166,749 | -€122,734 | -5.4% |
| Operating profit (loss) | 9901 | €2,106,348 | €1,923,569 | -€182,779 | -8.7% |
| Financial income | 75/76B | €55,374 | €132,305 | +€76,931 | +138.9% |
| Recurring financial income | 75 | €55,374 | €132,305 | +€76,931 | +138.9% |
| Financial charges | 65/66B | €285,993 | €247,700 | -€38,293 | -13.4% |
| Recurring financial charges | 65 | €285,993 | €247,700 | -€38,293 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €1,875,730 | €1,808,174 | -€67,556 | -3.6% |
| Income taxes | 67/77 | €174,547 | €189,209 | +€14,662 | +8.4% |
| Profit (loss) for the period | 9904 | €1,701,182 | €1,618,965 | -€82,217 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,701,182 | €1,618,965 | -€82,217 | -4.8% |
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 7 October 2026 via checked.be.