CHALLENGER ORGANISATION: 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.
CHALLENGER ORGANISATION
Largest movements
- Cash +€4,830
up €4,830 (+26.2%), from €18,426 to €23,255
mainly Net result for the year (+€27,665) and Deferred charges and accrued income (+€2,872)
- Deferred charges and accrued income -€2,872
no longer reported in 2025 (was €2,872)
- Receivables within one year -€1,924
down €1,924 (-4.0%), from €48,200 to €46,276
of which Trade receivables: -€24,835
- Tangible fixed assets +€1,739
up €1,739 (+40.5%), from €4,289 to €6,028
- Profit (loss) carried forward +€27,665
up €27,665 (+38.8%), from -€71,233 to -€43,568
- Reserves -€18,000
down €18,000 (-19.2%), from €93,700 to €75,700
- Tax, wage and social debts -€3,461
down €3,461 (-13.1%), from €26,429 to €22,968
- Accrued charges and deferred income -€3,360
no longer reported in 2025 (was €3,360)
- Trade debts -€1,071
no longer reported in 2025 (was €1,071)
- Write-downs +€30,000
new in 2025: €30,000
- Taxes -€9,376
down €9,376 (-48.7%), from €19,271 to €9,894
- Gross operating margin -€5,431
down €5,431 (-7.1%), from €76,546 to €71,114
- Depreciation -€3,230
down €3,230 (-62.3%), from €5,184 to €1,954
- Financial charges -€1,743
down €1,743 (-61.0%), from €2,859 to €1,116
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 | €73,787 | €75,559 | +€1,772 | +2.4% |
| Fixed assets | 21/28 | €4,289 | €6,028 | +€1,739 | +40.5% |
| Tangible fixed assets | 22/27 | €4,289 | €6,028 | +€1,739 | +40.5% |
| Furniture and vehicles | 24 | €4,289 | €6,028 | +€1,739 | +40.5% |
| Current assets | 29/58 | €69,498 | €69,531 | +€33 | 0.0% |
| Amounts receivable within one year | 40/41 | €48,200 | €46,276 | -€1,924 | -4.0% |
| Trade receivables | 40 | €48,200 | €23,365 | -€24,835 | -51.5% |
| Other amounts receivable | 41 | - | €22,911 | +€22,911 | |
| Cash at bank and in hand | 54/58 | €18,426 | €23,255 | +€4,830 | +26.2% |
| Deferred charges and accrued income | 490/1 | €2,872 | - | -€2,872 | |
| Total equity and liabilities | 10/49 | €73,787 | €75,559 | +€1,772 | +2.4% |
| Equity | 10/15 | €42,926 | €52,591 | +€9,665 | +22.5% |
| Contributions | 10/11 | €20,459 | €20,459 | = | 0.0% |
| Contributions outside capital | 11 | €20,459 | - | -€20,459 | |
| Other | 1109/19 | €20,459 | - | -€20,459 | |
| Reserves | 13 | €93,700 | €75,700 | -€18,000 | -19.2% |
| Distributable reserves | 133 | €93,700 | €75,700 | -€18,000 | -19.2% |
| Profit (loss) carried forward | 14 | -€71,233 | -€43,568 | +€27,665 | +38.8% |
| Amounts payable | 17/49 | €30,860 | €22,968 | -€7,892 | -25.6% |
| Amounts payable within one year | 42/48 | €27,500 | €22,968 | -€4,532 | -16.5% |
| Trade debts | 44 | €1,071 | - | -€1,071 | |
| Suppliers | 440/4 | €1,071 | - | -€1,071 | |
| Taxes, remuneration and social security | 45 | €26,429 | €22,968 | -€3,461 | -13.1% |
| Taxes | 450/3 | €26,429 | €22,968 | -€3,461 | -13.1% |
| Accrued charges and deferred income | 492/3 | €3,360 | - | -€3,360 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,184 | €1,954 | -€3,230 | -62.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €30,000 | +€30,000 | |
| Other operating charges | 640/8 | €1,466 | €1,098 | -€369 | -25.1% |
| Gross operating margin | 9900 | €76,546 | €71,114 | -€5,431 | -7.1% |
| Operating profit (loss) | 9901 | €69,896 | €38,063 | -€31,833 | -45.5% |
| Financial income | 75/76B | - | €612 | +€612 | |
| Recurring financial income | 75 | - | €612 | +€612 | |
| Financial charges | 65/66B | €2,859 | €1,116 | -€1,743 | -61.0% |
| Recurring financial charges | 65 | €2,859 | €1,116 | -€1,743 | -61.0% |
| Profit (loss) for the period before taxes | 9903 | €67,037 | €37,559 | -€29,477 | -44.0% |
| Income taxes | 67/77 | €19,271 | €9,894 | -€9,376 | -48.7% |
| Profit (loss) for the period | 9904 | €47,766 | €27,665 | -€20,101 | -42.1% |
| Profit (loss) for the period to be appropriated | 9905 | €47,766 | €27,665 | -€20,101 | -42.1% |
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 25 October 2026 via checked.be.