WORLD CHAMPION: 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.
WORLD CHAMPION
Largest movements
- Receivables within one year -€24,260
down €24,260 (-94.4%), from €25,695 to €1,436
of which Trade receivables: -€18,323
- Tangible fixed assets -€11,117
down €11,117 (-5.5%), from €202,293 to €191,176
of which Land and buildings: -€7,258
- Cash -€6,291
down €6,291 (-24.7%), from €25,450 to €19,160
mainly Net result for the year (-€14,809) and Trade debts (-€12,736)
- Profit (loss) carried forward -€14,809
down €14,809 (-43.3%), from -€34,209 to -€49,018
- Trade debts -€12,736
down €12,736 (-96.6%), from €13,180 to €444
- Debts after one year -€11,705
down €11,705 (-11.0%), from €106,798 to €95,093
- Turnover -€71,597
no longer reported in 2025 (was €71,597)
- Gross operating margin -€59,932
down €59,932 (-88.6%), from €67,618 to €7,686
- Purchases and services -€24,710
no longer reported in 2025 (was €24,710)
- Depreciation +€2,452
up €2,452 (+28.3%), from €8,665 to €11,117
- Financial charges +€1,867
up €1,867 (+28.8%), from €6,471 to €8,338
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 | €371,100 | €328,473 | -€42,627 | -11.5% |
| Fixed assets | 21/28 | €316,673 | €305,556 | -€11,117 | -3.5% |
| Tangible fixed assets | 22/27 | €202,293 | €191,176 | -€11,117 | -5.5% |
| Land and buildings | 22 | €184,699 | €177,441 | -€7,258 | -3.9% |
| Plant, machinery and equipment | 23 | €1,688 | €1,337 | -€351 | -20.8% |
| Furniture and vehicles | 24 | €15,906 | €12,398 | -€3,508 | -22.1% |
| Financial fixed assets | 28 | €114,380 | €114,380 | = | 0.0% |
| Current assets | 29/58 | €54,426 | €22,916 | -€31,510 | -57.9% |
| Amounts receivable within one year | 40/41 | €25,695 | €1,436 | -€24,260 | -94.4% |
| Trade receivables | 40 | €18,323 | - | -€18,323 | |
| Other amounts receivable | 41 | €7,372 | €1,436 | -€5,937 | -80.5% |
| Cash at bank and in hand | 54/58 | €25,450 | €19,160 | -€6,291 | -24.7% |
| Deferred charges and accrued income | 490/1 | €3,281 | €2,321 | -€960 | -29.3% |
| Total equity and liabilities | 10/49 | €371,100 | €328,473 | -€42,627 | -11.5% |
| Equity | 10/15 | -€19,949 | -€34,758 | -€14,809 | -74.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,209 | -€49,018 | -€14,809 | -43.3% |
| Amounts payable | 17/49 | €391,049 | €363,231 | -€27,818 | -7.1% |
| Amounts payable after more than one year | 17 | €106,798 | €95,093 | -€11,705 | -11.0% |
| Financial debts | 170/4 | €106,798 | €95,093 | -€11,705 | -11.0% |
| Amounts payable within one year | 42/48 | €284,250 | €268,138 | -€16,113 | -5.7% |
| Current portion of amounts payable after more than one year | 42 | €125,726 | €124,907 | -€819 | -0.7% |
| Trade debts | 44 | €13,180 | €444 | -€12,736 | -96.6% |
| Suppliers | 440/4 | €13,180 | €444 | -€12,736 | -96.6% |
| Taxes, remuneration and social security | 45 | €50 | €119 | +€69 | +139% |
| Taxes | 450/3 | €50 | €119 | +€69 | +139% |
| Other amounts payable | 47/48 | €145,295 | €142,668 | -€2,627 | -1.8% |
| Turnover | 70 | €71,597 | - | -€71,597 | |
| Non-recurring operating income | 76A | €4,274 | - | -€4,274 | |
| Goods, raw materials, services and sundry goods | 60/61 | €24,710 | - | -€24,710 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,665 | €11,117 | +€2,452 | +28.3% |
| Other operating charges | 640/8 | €3,990 | €3,068 | -€923 | -23.1% |
| Gross operating margin | 9900 | €67,618 | €7,686 | -€59,932 | -88.6% |
| Operating profit (loss) | 9901 | €54,963 | -€6,499 | -€61,462 | |
| Financial income | 75/76B | - | €139 | +€139 | |
| Recurring financial income | 75 | - | €139 | +€139 | |
| Financial charges | 65/66B | €6,471 | €8,338 | +€1,867 | +28.8% |
| Recurring financial charges | 65 | €6,471 | €8,338 | +€1,867 | +28.8% |
| Profit (loss) for the period before taxes | 9903 | €48,492 | -€14,698 | -€63,190 | |
| Income taxes | 67/77 | €50 | €111 | +€61 | +123% |
| Profit (loss) for the period | 9904 | €48,442 | -€14,809 | -€63,251 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,442 | -€14,809 | -€63,251 |
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.