COMPLETE ATHLETIC PROGRAM: 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.
COMPLETE ATHLETIC PROGRAM
Largest movements
- Tangible fixed assets +€105,976
up €105,976 (+18.7%), from €566,077 to €672,052
of which Land and buildings: +€110,839
- Cash +€9,600
up €9,600 (+91.4%), from €10,500 to €20,100
mainly Debts after one year (+€97,526) and Depreciation (+€45,924)
- Debts after one year +€97,526
up €97,526 (+23.0%), from €424,877 to €522,403
- Current portion of long-term debt +€8,166
up €8,166 (+30.8%), from €26,483 to €34,649
- Depreciation +€6,557
up €6,557 (+16.7%), from €39,367 to €45,924
- Gross operating margin +€5,677
up €5,677 (+10.1%), from €56,237 to €61,914
- Financial charges +€2,525
up €2,525 (+27.5%), from €9,176 to €11,701
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 | €631,025 | €737,473 | +€106,448 | +16.9% |
| Formation expenses | 20 | €2,234 | €1,867 | -€368 | -16.5% |
| Fixed assets | 21/28 | €590,506 | €692,731 | +€102,226 | +17.3% |
| Intangible fixed assets | 21 | €22,729 | €18,979 | -€3,750 | -16.5% |
| Tangible fixed assets | 22/27 | €566,077 | €672,052 | +€105,976 | +18.7% |
| Land and buildings | 22 | €525,893 | €636,732 | +€110,839 | +21.1% |
| Plant, machinery and equipment | 23 | €40,184 | €35,320 | -€4,864 | -12.1% |
| Financial fixed assets | 28 | €1,700 | €1,700 | = | 0.0% |
| Current assets | 29/58 | €38,285 | €42,875 | +€4,590 | +12.0% |
| Stocks and contracts in progress | 3 | €1,125 | €1,125 | = | 0.0% |
| Stocks | 30/36 | €1,125 | €1,125 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €26,660 | €21,650 | -€5,010 | -18.8% |
| Trade receivables | 40 | €23,608 | €19,421 | -€4,188 | -17.7% |
| Other amounts receivable | 41 | €3,052 | €2,229 | -€822 | -26.9% |
| Cash at bank and in hand | 54/58 | €10,500 | €20,100 | +€9,600 | +91.4% |
| Total equity and liabilities | 10/49 | €631,025 | €737,473 | +€106,448 | +16.9% |
| Equity | 10/15 | €177,920 | €179,224 | +€1,304 | +0.7% |
| Contributions | 10/11 | €132,500 | €132,500 | = | 0.0% |
| Reserves | 13 | €45,420 | €46,724 | +€1,304 | +2.9% |
| Distributable reserves | 133 | €45,420 | €46,724 | +€1,304 | +2.9% |
| Amounts payable | 17/49 | €453,105 | €558,250 | +€105,144 | +23.2% |
| Amounts payable after more than one year | 17 | €424,877 | €522,403 | +€97,526 | +23.0% |
| Financial debts | 170/4 | €424,877 | €522,403 | +€97,526 | +23.0% |
| Amounts payable within one year | 42/48 | €28,229 | €35,846 | +€7,618 | +27.0% |
| Current portion of amounts payable after more than one year | 42 | €26,483 | €34,649 | +€8,166 | +30.8% |
| Trade debts | 44 | €1,436 | €772 | -€663 | -46.2% |
| Suppliers | 440/4 | €1,436 | €772 | -€663 | -46.2% |
| Taxes, remuneration and social security | 45 | €310 | €310 | = | 0.0% |
| Taxes | 450/3 | €310 | €310 | = | 0.0% |
| Other amounts payable | 47/48 | - | €115 | +€115 | |
| Remuneration, social security and pensions | 62 | €1,559 | €1,285 | -€274 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,367 | €45,924 | +€6,557 | +16.7% |
| Other operating charges | 640/8 | €1,770 | €1,847 | +€77 | +4.3% |
| Gross operating margin | 9900 | €56,237 | €61,914 | +€5,677 | +10.1% |
| Operating profit (loss) | 9901 | €13,541 | €12,858 | -€683 | -5.0% |
| Financial income | 75/76B | €50 | €146 | +€96 | +192.5% |
| Recurring financial income | 75 | €50 | €146 | +€96 | +192.5% |
| Financial charges | 65/66B | €9,176 | €11,701 | +€2,525 | +27.5% |
| Recurring financial charges | 65 | €9,176 | €11,701 | +€2,525 | +27.5% |
| Profit (loss) for the period before taxes | 9903 | €4,415 | €1,304 | -€3,111 | -70.5% |
| Income taxes | 67/77 | €310 | €0 | -€310 | -100.0% |
| Profit (loss) for the period | 9904 | €4,105 | €1,304 | -€2,802 | -68.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,105 | €1,304 | -€2,802 | -68.2% |
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 6 October 2026 via checked.be.