CHAIR: 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.
CHAIR
Largest movements
- Stocks and contracts +€170,107
up €170,107 (+22.0%), from €774,789 to €944,896
- Receivables within one year -€12,511
down €12,511 (-5.1%), from €247,660 to €235,149
of which Trade receivables: -€14,574
- Trade debts +€133,341
up €133,341 (+17.3%), from €770,673 to €904,014
- Profit (loss) carried forward +€43,877
up €43,877 (+27.6%), from €158,860 to €202,737
- Accrued charges and deferred income -€24,600
no longer reported in 2025 (was €24,600)
- Other debts -€18,081
down €18,081 (-74.0%), from €24,433 to €6,352
- Staff costs +€22,696
up €22,696 (+22.3%), from €101,948 to €124,644
- Gross operating margin +€21,777
up €21,777 (+13.0%), from €167,089 to €188,866
- Other operating charges -€3,226
down €3,226 (-76.1%), from €4,241 to €1,015
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 | €1,049,630 | €1,199,694 | +€150,064 | +14.3% |
| Fixed assets | 21/28 | €12,220 | €4,542 | -€7,678 | -62.8% |
| Tangible fixed assets | 22/27 | €1,678 | - | -€1,678 | |
| Plant, machinery and equipment | 23 | €1,353 | - | -€1,353 | |
| Furniture and vehicles | 24 | €325 | - | -€325 | |
| Financial fixed assets | 28 | €10,542 | €4,542 | -€6,000 | -56.9% |
| Current assets | 29/58 | €1,037,410 | €1,195,152 | +€157,742 | +15.2% |
| Stocks and contracts in progress | 3 | €774,789 | €944,896 | +€170,107 | +22.0% |
| Stocks | 30/36 | €774,789 | €944,896 | +€170,107 | +22.0% |
| Amounts receivable within one year | 40/41 | €247,660 | €235,149 | -€12,511 | -5.1% |
| Trade receivables | 40 | €241,308 | €226,734 | -€14,574 | -6.0% |
| Other amounts receivable | 41 | €6,352 | €8,415 | +€2,063 | +32.5% |
| Cash at bank and in hand | 54/58 | €10,161 | €15,107 | +€4,946 | +48.7% |
| Deferred charges and accrued income | 490/1 | €4,800 | - | -€4,800 | |
| Total equity and liabilities | 10/49 | €1,049,630 | €1,199,694 | +€150,064 | +14.3% |
| Equity | 10/15 | €177,460 | €221,337 | +€43,877 | +24.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €158,860 | €202,737 | +€43,877 | +27.6% |
| Amounts payable | 17/49 | €872,170 | €978,357 | +€106,187 | +12.2% |
| Amounts payable within one year | 42/48 | €847,570 | €978,357 | +€130,787 | +15.4% |
| Trade debts | 44 | €770,673 | €904,014 | +€133,341 | +17.3% |
| Suppliers | 440/4 | €770,673 | €904,014 | +€133,341 | +17.3% |
| Advances received on contracts in progress | 46 | - | €7,201 | +€7,201 | |
| Taxes, remuneration and social security | 45 | €52,464 | €60,790 | +€8,326 | +15.9% |
| Taxes | 450/3 | €27,459 | €35,203 | +€7,744 | +28.2% |
| Remuneration and social security | 454/9 | €25,005 | €25,587 | +€582 | +2.3% |
| Other amounts payable | 47/48 | €24,433 | €6,352 | -€18,081 | -74.0% |
| Accrued charges and deferred income | 492/3 | €24,600 | - | -€24,600 | |
| Remuneration, social security and pensions | 62 | €101,948 | €124,644 | +€22,696 | +22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,449 | €1,678 | -€1,771 | -51.3% |
| Other operating charges | 640/8 | €4,241 | €1,015 | -€3,226 | -76.1% |
| Gross operating margin | 9900 | €167,089 | €188,866 | +€21,777 | +13.0% |
| Operating profit (loss) | 9901 | €57,451 | €61,529 | +€4,078 | +7.1% |
| Financial charges | 65/66B | €1,025 | €863 | -€162 | -15.8% |
| Recurring financial charges | 65 | €1,025 | €863 | -€162 | -15.8% |
| Profit (loss) for the period before taxes | 9903 | €56,426 | €60,666 | +€4,240 | +7.5% |
| Income taxes | 67/77 | €17,342 | €16,789 | -€553 | -3.2% |
| Profit (loss) for the period | 9904 | €39,084 | €43,877 | +€4,793 | +12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,084 | €43,877 | +€4,793 | +12.3% |
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 10 October 2026 via checked.be.