MULTI CHALLENGE ONE SOLUTION: 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.
MULTI CHALLENGE ONE SOLUTION
Largest movements
- Tangible fixed assets +€617,860
up €617,860 (+1380.6%), from €44,752 to €662,612
of which Land and buildings: +€583,159
- Receivables within one year +€558,393
up €558,393 (+1940.2%), from €28,780 to €587,173
of which Trade receivables: +€560,287
- Cash -€124,245
down €124,245 (-91.5%), from €135,731 to €11,486
- Deferred charges and accrued income -€70,965
no longer reported in 2025 (was €70,965)
- Trade debts +€355,705
new in 2025: €355,705
- Debts after one year +€301,044
new in 2025: €301,044
- Other debts +€146,654
up €146,654 (+128.7%), from €113,994 to €260,648
- Advances received +€145,079
up €145,079 (+322.0%), from €45,060 to €190,139
- Tax, wage and social debts +€19,543
up €19,543 (+458.3%), from €4,264 to €23,807
of which Taxes: +€15,343
- Depreciation +€9,832
up €9,832 (+69.9%), from €14,062 to €23,894
- Financial charges +€6,930
up €6,930 (+143.8%), from €4,820 to €11,750
of which Financial charges: +€6,982
- Taxes -€5,879
down €5,879 (-43.4%), from €13,561 to €7,682
- Gross operating margin +€2,214
up €2,214 (+3.3%), from €67,215 to €69,429
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €280,229 | €1,261,272 | +€981,043 | +350.1% |
| Fixed assets | 21/28 | €44,752 | €662,612 | +€617,860 | +1380.6% |
| Tangible fixed assets | 22/27 | €44,752 | €662,612 | +€617,860 | +1380.6% |
| Land and buildings | 22 | €37,152 | €620,311 | +€583,159 | +1569.7% |
| Plant, machinery and equipment | 23 | €2,812 | €13,329 | +€10,517 | +374.0% |
| Furniture and vehicles | 24 | €4,789 | €28,972 | +€24,184 | +505.0% |
| Current assets | 29/58 | €235,476 | €598,659 | +€363,183 | +154.2% |
| Amounts receivable within one year | 40/41 | €28,780 | €587,173 | +€558,393 | +1940.2% |
| Trade receivables | 40 | €10,013 | €570,301 | +€560,287 | +5595.5% |
| Other amounts receivable | 41 | €18,767 | €16,873 | -€1,894 | -10.1% |
| Cash at bank and in hand | 54/58 | €135,731 | €11,486 | -€124,245 | -91.5% |
| Deferred charges and accrued income | 490/1 | €70,965 | - | -€70,965 | |
| Total equity and liabilities | 10/49 | €280,229 | €1,261,272 | +€981,043 | +350.1% |
| Equity | 10/15 | €103,711 | €111,285 | +€7,575 | +7.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | - | -€18,600 | |
| Share premium | 1100/10 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €85,111 | €92,685 | +€7,575 | +8.9% |
| Distributable reserves | 133 | €85,111 | €92,685 | +€7,575 | +8.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €176,518 | €1,149,986 | +€973,468 | +551.5% |
| Amounts payable after more than one year | 17 | - | €301,044 | +€301,044 | |
| Financial debts | 170/4 | - | €301,044 | +€301,044 | |
| Amounts payable within one year | 42/48 | €165,382 | €848,643 | +€683,261 | +413.1% |
| Current portion of amounts payable after more than one year | 42 | €2,063 | €18,344 | +€16,280 | +789.0% |
| Trade debts | 44 | - | €355,705 | +€355,705 | |
| Suppliers | 440/4 | - | €355,705 | +€355,705 | |
| Advances received on contracts in progress | 46 | €45,060 | €190,139 | +€145,079 | +322.0% |
| Taxes, remuneration and social security | 45 | €4,264 | €23,807 | +€19,543 | +458.3% |
| Taxes | 450/3 | €2,164 | €17,507 | +€15,343 | +709.1% |
| Remuneration and social security | 454/9 | €2,100 | €6,300 | +€4,200 | +200.0% |
| Other amounts payable | 47/48 | €113,994 | €260,648 | +€146,654 | +128.7% |
| Accrued charges and deferred income | 492/3 | €11,136 | €300 | -€10,836 | -97.3% |
| Non-recurring operating income | 76A | €9,000 | €0 | -€9,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,062 | €23,894 | +€9,832 | +69.9% |
| Other operating charges | 640/8 | €614 | €650 | +€36 | +5.8% |
| Non-recurring operating charges | 66A | - | €146 | +€146 | |
| Gross operating margin | 9900 | €67,215 | €69,429 | +€2,214 | +3.3% |
| Operating profit (loss) | 9901 | €52,539 | €44,739 | -€7,800 | -14.8% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Non-recurring financial income | 76B | €0 | - | -€0 | |
| Financial charges | 65/66B | €4,820 | €11,750 | +€6,930 | +143.8% |
| Recurring financial charges | 65 | €4,767 | €11,750 | +€6,982 | +146.5% |
| Non-recurring financial charges | 66B | €52 | - | -€52 | |
| Profit (loss) for the period before taxes | 9903 | €47,719 | €32,989 | -€14,730 | -30.9% |
| Income taxes | 67/77 | €13,561 | €7,682 | -€5,879 | -43.4% |
| Profit (loss) for the period | 9904 | €34,158 | €25,307 | -€8,850 | -25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,158 | €25,307 | -€8,850 | -25.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.