DESAFIO: 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.
DESAFIO
Largest movements
- Receivables within one year +€138,189
up €138,189 (+71.3%), from €193,689 to €331,878
of which Trade receivables: +€125,840
- Cash -€59,153
down €59,153 (-95.6%), from €61,858 to €2,704
mainly Receivables within one year (-€138,189) and Investment in fixed assets (net) (-€39,345)
- Tangible fixed assets +€24,119
up €24,119 (+7.0%), from €345,514 to €369,633
of which Land and buildings: +€27,546
- Reserves +€94,245
up €94,245 (+24.0%), from €392,294 to €486,539
of which Distributable reserves: +€94,245
- Current portion of long-term debt +€48,276
up €48,276 (+144.3%), from €33,448 to €81,724
- Debts after one year -€31,724
down €31,724 (-53.6%), from €59,224 to €27,500
- Gross operating margin +€34,410
up €34,410 (+26.2%), from €131,429 to €165,839
- Taxes +€11,416
up €11,416 (+33.0%), from €34,584 to €45,999
- Financial charges -€3,676
down €3,676 (-34.7%), from €10,606 to €6,930
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 | €653,333 | €757,800 | +€104,467 | +16.0% |
| Fixed assets | 21/28 | €355,514 | €379,633 | +€24,119 | +6.8% |
| Tangible fixed assets | 22/27 | €345,514 | €369,633 | +€24,119 | +7.0% |
| Land and buildings | 22 | €337,669 | €365,215 | +€27,546 | +8.2% |
| Plant, machinery and equipment | 23 | €1,671 | €2,339 | +€668 | +40.0% |
| Furniture and vehicles | 24 | €1,138 | €492 | -€646 | -56.8% |
| Leasing and similar rights | 25 | €5,036 | €1,587 | -€3,448 | -68.5% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €297,819 | €378,167 | +€80,348 | +27.0% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €193,689 | €331,878 | +€138,189 | +71.3% |
| Trade receivables | 40 | €19,663 | €145,503 | +€125,840 | +640.0% |
| Other amounts receivable | 41 | €174,026 | €186,375 | +€12,349 | +7.1% |
| Cash at bank and in hand | 54/58 | €61,858 | €2,704 | -€59,153 | -95.6% |
| Deferred charges and accrued income | 490/1 | €2,273 | €3,585 | +€1,312 | +57.7% |
| Total equity and liabilities | 10/49 | €653,333 | €757,800 | +€104,467 | +16.0% |
| Equity | 10/15 | €410,894 | €505,139 | +€94,245 | +22.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €392,294 | €486,539 | +€94,245 | +24.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €392,294 | €486,539 | +€94,245 | +24.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €75,000 | €75,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €75,000 | €75,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable | 17/49 | €167,439 | €177,661 | +€10,222 | +6.1% |
| Amounts payable after more than one year | 17 | €59,224 | €27,500 | -€31,724 | -53.6% |
| Financial debts | 170/4 | €59,224 | €27,500 | -€31,724 | -53.6% |
| Amounts payable within one year | 42/48 | €101,889 | €149,271 | +€47,382 | +46.5% |
| Current portion of amounts payable after more than one year | 42 | €33,448 | €81,724 | +€48,276 | +144.3% |
| Trade debts | 44 | €3,088 | €3,977 | +€889 | +28.8% |
| Suppliers | 440/4 | €3,088 | €3,977 | +€889 | +28.8% |
| Taxes, remuneration and social security | 45 | €43,569 | €43,188 | -€381 | -0.9% |
| Taxes | 450/3 | €43,569 | €43,188 | -€381 | -0.9% |
| Other amounts payable | 47/48 | €21,783 | €20,381 | -€1,402 | -6.4% |
| Accrued charges and deferred income | 492/3 | €6,326 | €890 | -€5,436 | -85.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,947 | €15,225 | +€1,278 | +9.2% |
| Other operating charges | 640/8 | €17,482 | €19,019 | +€1,537 | +8.8% |
| Gross operating margin | 9900 | €131,429 | €165,839 | +€34,410 | +26.2% |
| Operating profit (loss) | 9901 | €100,000 | €131,595 | +€31,595 | +31.6% |
| Financial income | 75/76B | €14,011 | €15,580 | +€1,569 | +11.2% |
| Recurring financial income | 75 | €14,011 | €15,580 | +€1,569 | +11.2% |
| Financial charges | 65/66B | €10,606 | €6,930 | -€3,676 | -34.7% |
| Recurring financial charges | 65 | €10,606 | €6,930 | -€3,676 | -34.7% |
| Profit (loss) for the period before taxes | 9903 | €103,405 | €140,245 | +€36,840 | +35.6% |
| Income taxes | 67/77 | €34,584 | €45,999 | +€11,416 | +33.0% |
| Profit (loss) for the period | 9904 | €68,821 | €94,245 | +€25,424 | +36.9% |
| Profit (loss) for the period to be appropriated | 9905 | €68,821 | €94,245 | +€25,424 | +36.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.