South Base Camp: 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.
South Base Camp
Largest movements
- Cash +€419,612
up €419,612 (+2,369%), from €17,713 to €437,326
mainly Debts after one year (+€684,948) and Depreciation (+€356,180)
- Tangible fixed assets -€353,481
down €353,481 (-6.2%), from €5.7m to €5.4m
of which Land and buildings: -€256,607
- Profit (loss) carried forward -€1.0m
down €1.0m (-1,118%), from -€89,717 to -€1.1m
- Debts after one year +€684,948
up €684,948 (+14.2%), from €4.8m to €5.5m
- Other debts +€318,942
up €318,942 (+30,144%), from €1,058 to €320,000
- Short-term financial debts -€133,658
down €133,658 (-49.5%), from €270,000 to €136,342
- Trade debts +€120,303
up €120,303 (+259%), from €46,466 to €166,769
- Financial charges +€671,556
up €671,556 (+469%), from €143,172 to €814,727
of which Non-recurring financial charges: +€650,000
- Gross operating margin -€55,843
down €55,843 (-17.5%), from €318,640 to €262,798
- Depreciation +€13,207
up €13,207 (+3.9%), from €342,973 to €356,180
- Financial income +€7,225
new in 2025: €7,225
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 | €5,864,617 | €5,896,559 | +€31,943 | +0.5% |
| Formation expenses | 20 | €2,137 | €1,462 | -€675 | -31.6% |
| Fixed assets | 21/28 | €5,760,877 | €5,367,397 | -€393,481 | -6.8% |
| Tangible fixed assets | 22/27 | €5,720,877 | €5,367,397 | -€353,481 | -6.2% |
| Land and buildings | 22 | €5,016,172 | €4,759,566 | -€256,607 | -5.1% |
| Plant, machinery and equipment | 23 | €410,144 | €364,180 | -€45,964 | -11.2% |
| Furniture and vehicles | 24 | €265,255 | €243,651 | -€21,604 | -8.1% |
| Leasing and similar rights | 25 | €29,307 | - | -€29,307 | |
| Financial fixed assets | 28 | €40,000 | - | -€40,000 | |
| Current assets | 29/58 | €101,602 | €527,701 | +€426,098 | +419% |
| Amounts receivable within one year | 40/41 | €83,202 | €90,359 | +€7,157 | +8.6% |
| Trade receivables | 40 | €58,321 | €90,359 | +€32,038 | +54.9% |
| Other amounts receivable | 41 | €24,880 | - | -€24,880 | |
| Cash at bank and in hand | 54/58 | €17,713 | €437,326 | +€419,612 | +2,369% |
| Deferred charges and accrued income | 490/1 | €687 | €16 | -€671 | -97.7% |
| Total equity and liabilities | 10/49 | €5,864,617 | €5,896,559 | +€31,943 | +0.5% |
| Equity | 10/15 | €476,595 | -€526,715 | -€1.0m | |
| Contributions | 10/11 | €545,052 | €545,052 | = | 0.0% |
| Reserves | 13 | €21,260 | €21,260 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,260 | €21,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,717 | -€1,093,027 | -€1.0m | -1,118% |
| Amounts payable | 17/49 | €5,388,022 | €6,423,275 | +€1.0m | +19.2% |
| Amounts payable after more than one year | 17 | €4,806,705 | €5,491,654 | +€684,948 | +14.2% |
| Financial debts | 170/4 | €4,806,705 | €5,491,654 | +€684,948 | +14.2% |
| Amounts payable within one year | 42/48 | €579,734 | €894,726 | +€314,992 | +54.3% |
| Current portion of amounts payable after more than one year | 42 | €262,210 | €271,615 | +€9,405 | +3.6% |
| Financial debts | 43 | €270,000 | €136,342 | -€133,658 | -49.5% |
| Credit institutions | 430/8 | €270,000 | €136,342 | -€133,658 | -49.5% |
| Trade debts | 44 | €46,466 | €166,769 | +€120,303 | +259% |
| Suppliers | 440/4 | €46,466 | €166,769 | +€120,303 | +259% |
| Other amounts payable | 47/48 | €1,058 | €320,000 | +€318,942 | +30,144% |
| Accrued charges and deferred income | 492/3 | €1,583 | €36,895 | +€35,312 | +2,231% |
| Non-recurring operating income | 76A | - | €7,095 | +€7,095 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €342,973 | €356,180 | +€13,207 | +3.9% |
| Other operating charges | 640/8 | €16,462 | €17,671 | +€1,208 | +7.3% |
| Non-recurring operating charges | 66A | €280 | €84,755 | +€84,475 | +30,147% |
| Gross operating margin | 9900 | €318,640 | €262,798 | -€55,843 | -17.5% |
| Operating profit (loss) | 9901 | -€41,075 | -€195,808 | -€154,733 | -377% |
| Financial income | 75/76B | - | €7,225 | +€7,225 | |
| Recurring financial income | 75 | - | €7,225 | +€7,225 | |
| Financial charges | 65/66B | €143,172 | €814,727 | +€671,556 | +469% |
| Recurring financial charges | 65 | €143,172 | €164,727 | +€21,556 | +15.1% |
| Non-recurring financial charges | 66B | - | €650,000 | +€650,000 | |
| Profit (loss) for the period before taxes | 9903 | -€184,247 | -€1,003,310 | -€819,063 | -445% |
| Profit (loss) for the period | 9904 | -€184,247 | -€1,003,310 | -€819,063 | -445% |
| Profit (loss) for the period to be appropriated | 9905 | -€184,247 | -€1,003,310 | -€819,063 | -445% |
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 27 October 2026 via checked.be.