CH-Mgt: 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.
CH-Mgt
Largest movements
- Current investments -€8.6m
down €8.6m (-75.7%), from €11.4m to €2.8m
- Cash -€264,593
down €264,593 (-63.1%), from €419,161 to €154,568
mainly Debts after one year (-€12.0m) and Contributions, distributions and other (-€500,000)
- Debts after one year -€12.0m
no longer reported in 2025 (was €12.0m)
- Profit (loss) carried forward +€1.8m
up €1.8m, from -€189,339 to €1.6m
- Tax, wage and social debts +€757,654
up €757,654 (+815%), from €92,997 to €850,651
- Other debts +€498,407
up €498,407 (+7,491%), from €6,653 to €505,061
- Financial income +€3.1m
up €3.1m (+453%), from €674,390 to €3.7m
- Taxes +€829,861
up €829,861 (+611%), from €135,893 to €965,754
- Financial charges -€223,039
down €223,039 (-32.3%), from €690,732 to €467,693
- Gross operating margin +€66,375
up €66,375, from -€22,895 to €43,480
- Other operating charges -€8,727
down €8,727 (-27.9%), from €31,295 to €22,568
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 | €11,931,022 | €3,011,403 | -€8.9m | -74.8% |
| Fixed assets | 21/28 | €422 | €2,244 | +€1,822 | +432% |
| Tangible fixed assets | 22/27 | €422 | €2,244 | +€1,822 | +432% |
| Furniture and vehicles | 24 | €422 | €2,244 | +€1,822 | +432% |
| Current assets | 29/58 | €11,930,600 | €3,009,159 | -€8.9m | -74.8% |
| Amounts receivable within one year | 40/41 | €140,636 | €89,791 | -€50,845 | -36.2% |
| Trade receivables | 40 | €52 | - | -€52 | |
| Other amounts receivable | 41 | €140,584 | €89,791 | -€50,793 | -36.1% |
| Current investments | 50/53 | €11,370,803 | €2,764,800 | -€8.6m | -75.7% |
| Cash at bank and in hand | 54/58 | €419,161 | €154,568 | -€264,593 | -63.1% |
| Total equity and liabilities | 10/49 | €11,931,022 | €3,011,403 | -€8.9m | -74.8% |
| Equity | 10/15 | -€168,879 | €1,650,013 | +€1.8m | |
| Contributions | 10/11 | €18,600 | €20,460 | +€1,860 | +10.0% |
| Reserves | 13 | €1,860 | - | -€1,860 | |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Profit (loss) carried forward | 14 | -€189,339 | €1,629,553 | +€1.8m | |
| Amounts payable | 17/49 | €12,099,901 | €1,361,390 | -€10.7m | -88.7% |
| Amounts payable after more than one year | 17 | €12,000,000 | - | -€12.0m | |
| Financial debts | 170/4 | €12,000,000 | - | -€12.0m | |
| Amounts payable within one year | 42/48 | €99,901 | €1,360,391 | +€1.3m | +1,262% |
| Financial debts | 43 | €199 | €3,798 | +€3,599 | +1,811% |
| Credit institutions | 430/8 | €199 | €3,798 | +€3,599 | +1,811% |
| Trade debts | 44 | €52 | €882 | +€830 | +1,596% |
| Suppliers | 440/4 | €52 | €882 | +€830 | +1,596% |
| Taxes, remuneration and social security | 45 | €92,997 | €850,651 | +€757,654 | +815% |
| Taxes | 450/3 | €92,997 | €850,651 | +€757,654 | +815% |
| Other amounts payable | 47/48 | €6,653 | €505,061 | +€498,407 | +7,491% |
| Accrued charges and deferred income | 492/3 | - | €998 | +€998 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,264 | €299 | -€965 | -76.3% |
| Other operating charges | 640/8 | €31,295 | €22,568 | -€8,727 | -27.9% |
| Gross operating margin | 9900 | -€22,895 | €43,480 | +€66,375 | |
| Operating profit (loss) | 9901 | -€55,454 | €20,613 | +€76,067 | |
| Financial income | 75/76B | €674,390 | €3,731,726 | +€3.1m | +453% |
| Recurring financial income | 75 | €674,390 | €3,731,726 | +€3.1m | +453% |
| Financial charges | 65/66B | €690,732 | €467,693 | -€223,039 | -32.3% |
| Recurring financial charges | 65 | €690,732 | €467,693 | -€223,039 | -32.3% |
| Profit (loss) for the period before taxes | 9903 | -€71,796 | €3,284,646 | +€3.4m | |
| Income taxes | 67/77 | €135,893 | €965,754 | +€829,861 | +611% |
| Profit (loss) for the period | 9904 | -€207,688 | €2,318,892 | +€2.5m | |
| Profit (loss) for the period to be appropriated | 9905 | -€207,688 | €2,318,892 | +€2.5m |
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 13 October 2026 via checked.be.