I-CHALLENGE: 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.
I-CHALLENGE
Largest movements
- Cash +€193,866
up €193,866 (+223%), from €87,010 to €280,876
mainly Debts after one year (+€382,700) and Receivables within one year (+€31,501)
- Intangible fixed assets +€109,543
up €109,543 (+149%), from €73,297 to €182,841
- Receivables within one year -€31,501
down €31,501 (-61.4%), from €51,327 to €19,826
of which Trade receivables: -€18,787
- Tangible fixed assets +€13,608
up €13,608 (+86.5%), from €15,725 to €29,333
of which Plant, machinery and equipment: +€11,821
- Stocks and contracts +€8,484
new in 2025: €8,484
- Debts after one year +€382,700
up €382,700 (+273%), from €140,000 to €522,700
- Profit (loss) carried forward -€110,164
down €110,164, from €1,071 to -€109,093
- Accrued charges and deferred income +€15,300
up €15,300 (+367%), from €4,167 to €19,467
- Tax, wage and social debts +€10,763
new in 2025: €10,763
of which Remuneration and social security: +€8,927
- Staff costs +€59,302
up €59,302 (+1,144%), from €5,185 to €64,487
- Depreciation +€24,661
up €24,661 (+405%), from €6,089 to €30,750
- Gross operating margin -€16,359
down €16,359 (-94.1%), from €17,388 to €1,030
- Financial charges +€11,141
up €11,141 (+261%), from €4,272 to €15,413
- Other operating charges -€228
down €228 (-29.5%), from €772 to €544
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 | €228,312 | €523,072 | +€294,761 | +129% |
| Fixed assets | 21/28 | €89,023 | €212,174 | +€123,151 | +138% |
| Intangible fixed assets | 21 | €73,297 | €182,841 | +€109,543 | +149% |
| Tangible fixed assets | 22/27 | €15,725 | €29,333 | +€13,608 | +86.5% |
| Plant, machinery and equipment | 23 | €15,226 | €27,047 | +€11,821 | +77.6% |
| Furniture and vehicles | 24 | €499 | €2,286 | +€1,787 | +358% |
| Current assets | 29/58 | €139,289 | €310,899 | +€171,610 | +123% |
| Stocks and contracts in progress | 3 | - | €8,484 | +€8,484 | |
| Stocks | 30/36 | - | €8,484 | +€8,484 | |
| Amounts receivable within one year | 40/41 | €51,327 | €19,826 | -€31,501 | -61.4% |
| Trade receivables | 40 | €31,233 | €12,447 | -€18,787 | -60.1% |
| Other amounts receivable | 41 | €20,094 | €7,380 | -€12,714 | -63.3% |
| Cash at bank and in hand | 54/58 | €87,010 | €280,876 | +€193,866 | +223% |
| Deferred charges and accrued income | 490/1 | €951 | €1,712 | +€760 | +79.9% |
| Total equity and liabilities | 10/49 | €228,312 | €523,072 | +€294,761 | +129% |
| Equity | 10/15 | €51,071 | -€59,093 | -€110,164 | |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,071 | -€109,093 | -€110,164 | |
| Amounts payable | 17/49 | €177,241 | €582,166 | +€404,925 | +228% |
| Amounts payable after more than one year | 17 | €140,000 | €522,700 | +€382,700 | +273% |
| Financial debts | 170/4 | €140,000 | €522,700 | +€382,700 | +273% |
| Amounts payable within one year | 42/48 | €33,074 | €39,999 | +€6,925 | +20.9% |
| Trade debts | 44 | €32,824 | €28,986 | -€3,838 | -11.7% |
| Suppliers | 440/4 | €32,824 | €28,986 | -€3,838 | -11.7% |
| Taxes, remuneration and social security | 45 | - | €10,763 | +€10,763 | |
| Taxes | 450/3 | - | €1,836 | +€1,836 | |
| Remuneration and social security | 454/9 | - | €8,927 | +€8,927 | |
| Other amounts payable | 47/48 | €250 | €250 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,167 | €19,467 | +€15,300 | +367% |
| Remuneration, social security and pensions | 62 | €5,185 | €64,487 | +€59,302 | +1,144% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,089 | €30,750 | +€24,661 | +405% |
| Other operating charges | 640/8 | €772 | €544 | -€228 | -29.5% |
| Gross operating margin | 9900 | €17,388 | €1,030 | -€16,359 | -94.1% |
| Operating profit (loss) | 9901 | €5,342 | -€94,751 | -€100,093 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €4,272 | €15,413 | +€11,141 | +261% |
| Recurring financial charges | 65 | €4,272 | €15,413 | +€11,141 | +261% |
| Profit (loss) for the period before taxes | 9903 | €1,071 | -€110,164 | -€111,235 | |
| Profit (loss) for the period | 9904 | €1,071 | -€110,164 | -€111,235 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,071 | -€110,164 | -€111,235 |
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 14 October 2026 via checked.be.