CHADES: 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.
CHADES
Largest movements
- Receivables within one year +€63,762
up €63,762 (+90.2%), from €70,684 to €134,446
of which Trade receivables: +€49,985
- Cash -€47,237
down €47,237 (-34.0%), from €138,856 to €91,619
mainly Receivables within one year (-€63,762) and Investment in fixed assets (net) (-€26,438)
- Stocks and contracts -€12,098
down €12,098 (-23.1%), from €52,291 to €40,193
- Tangible fixed assets +€8,350
up €8,350 (+24.1%), from €34,694 to €43,044
of which Furniture and vehicles: +€9,293
- Debts after one year +€7,915
up €7,915 (+36.1%), from €21,943 to €29,858
- Current portion of long-term debt +€6,596
up €6,596 (+112.4%), from €5,870 to €12,466
- Profit (loss) carried forward -€6,431
down €6,431 (-9.5%), from €67,493 to €61,062
- Trade debts +€5,921
up €5,921 (+11.9%), from €49,723 to €55,645
- Gross operating margin -€10,622
down €10,622 (-3.0%), from €357,864 to €347,242
- Depreciation +€5,869
up €5,869 (+48.0%), from €12,219 to €18,088
- Taxes -€3,710
no longer reported in 2025 (was €3,710)
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.
Cash bridge derived
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 | €296,740 | €309,517 | +€12,777 | +4.3% |
| Fixed assets | 21/28 | €34,909 | €43,259 | +€8,350 | +23.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €34,694 | €43,044 | +€8,350 | +24.1% |
| Land and buildings | 22 | €2,763 | €2,191 | -€572 | -20.7% |
| Plant, machinery and equipment | 23 | €371 | - | -€371 | |
| Furniture and vehicles | 24 | €31,560 | €40,853 | +€9,293 | +29.4% |
| Financial fixed assets | 28 | €215 | €215 | = | 0.0% |
| Current assets | 29/58 | €261,831 | €266,258 | +€4,427 | +1.7% |
| Stocks and contracts in progress | 3 | €52,291 | €40,193 | -€12,098 | -23.1% |
| Stocks | 30/36 | €52,291 | €40,193 | -€12,098 | -23.1% |
| Amounts receivable within one year | 40/41 | €70,684 | €134,446 | +€63,762 | +90.2% |
| Trade receivables | 40 | €27,418 | €77,403 | +€49,985 | +182.3% |
| Other amounts receivable | 41 | €43,266 | €57,044 | +€13,777 | +31.8% |
| Cash at bank and in hand | 54/58 | €138,856 | €91,619 | -€47,237 | -34.0% |
| Total equity and liabilities | 10/49 | €296,740 | €309,517 | +€12,777 | +4.3% |
| Equity | 10/15 | €157,403 | €149,312 | -€8,091 | -5.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €71,310 | €69,650 | -€1,660 | -2.3% |
| Distributable reserves | 133 | €71,310 | €69,650 | -€1,660 | -2.3% |
| Profit (loss) carried forward | 14 | €67,493 | €61,062 | -€6,431 | -9.5% |
| Amounts payable | 17/49 | €139,337 | €160,205 | +€20,868 | +15.0% |
| Amounts payable after more than one year | 17 | €21,943 | €29,858 | +€7,915 | +36.1% |
| Financial debts | 170/4 | €21,943 | €29,858 | +€7,915 | +36.1% |
| Amounts payable within one year | 42/48 | €117,394 | €130,347 | +€12,953 | +11.0% |
| Current portion of amounts payable after more than one year | 42 | €5,870 | €12,466 | +€6,596 | +112.4% |
| Trade debts | 44 | €49,723 | €55,645 | +€5,921 | +11.9% |
| Suppliers | 440/4 | €49,723 | €55,645 | +€5,921 | +11.9% |
| Taxes, remuneration and social security | 45 | €61,800 | €62,237 | +€436 | +0.7% |
| Taxes | 450/3 | €5,915 | €9,642 | +€3,727 | +63.0% |
| Remuneration and social security | 454/9 | €55,886 | €52,595 | -€3,291 | -5.9% |
| Remuneration, social security and pensions | 62 | €321,155 | €324,702 | +€3,547 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,219 | €18,088 | +€5,869 | +48.0% |
| Other operating charges | 640/8 | €703 | €921 | +€218 | +31.1% |
| Gross operating margin | 9900 | €357,864 | €347,242 | -€10,622 | -3.0% |
| Operating profit (loss) | 9901 | €23,788 | €3,532 | -€20,256 | -85.2% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €11,742 | €9,963 | -€1,779 | -15.2% |
| Recurring financial charges | 65 | €11,742 | €9,963 | -€1,779 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €12,047 | -€6,431 | -€18,478 | |
| Income taxes | 67/77 | €3,710 | - | -€3,710 | |
| Profit (loss) for the period | 9904 | €8,337 | -€6,431 | -€14,768 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,337 | -€6,431 | -€14,768 |
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 12 October 2026 via checked.be.