CHAMMAX: 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.
CHAMMAX
Largest movements
- Stocks and contracts +€16,000
new in 2025: €16,000
- Tangible fixed assets -€10,500
down €10,500 (-1.1%), from €921,535 to €911,035
of which Furniture and vehicles: -€10,500
- Cash -€9,563
down €9,563 (-48.6%), from €19,695 to €10,132
mainly Current portion of long-term debt (-€42,520) and Stocks and contracts (-€16,000)
- Current portion of long-term debt -€42,520
down €42,520 (-83.9%), from €50,692 to €8,172
- Other debts +€40,761
up €40,761 (+10.4%), from €390,987 to €431,748
- Trade debts +€10,204
up €10,204 (+816%), from €1,250 to €11,454
- Gross operating margin +€16,877
up €16,877 (+85.2%), from €19,798 to €36,675
- Depreciation +€11,159
up €11,159 (+213%), from €5,250 to €16,409
- Financial charges -€4,015
down €4,015 (-23.8%), from €16,897 to €12,882
- Staff costs +€877
new in 2025: €877
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 | €942,025 | €941,565 | -€460 | 0.0% |
| Fixed assets | 21/28 | €921,535 | €911,035 | -€10,500 | -1.1% |
| Tangible fixed assets | 22/27 | €921,535 | €911,035 | -€10,500 | -1.1% |
| Land and buildings | 22 | €810,798 | €810,798 | = | 0.0% |
| Plant, machinery and equipment | 23 | €63,487 | €63,487 | = | 0.0% |
| Furniture and vehicles | 24 | €47,250 | €36,750 | -€10,500 | -22.2% |
| Current assets | 29/58 | €20,490 | €30,530 | +€10,040 | +49.0% |
| Stocks and contracts in progress | 3 | - | €16,000 | +€16,000 | |
| Stocks | 30/36 | - | €16,000 | +€16,000 | |
| Amounts receivable within one year | 40/41 | €502 | €2,224 | +€1,722 | +343% |
| Trade receivables | 40 | - | €2,224 | +€2,224 | |
| Other amounts receivable | 41 | €502 | - | -€502 | |
| Cash at bank and in hand | 54/58 | €19,695 | €10,132 | -€9,563 | -48.6% |
| Deferred charges and accrued income | 490/1 | €293 | €2,174 | +€1,881 | +642% |
| Total equity and liabilities | 10/49 | €942,025 | €941,565 | -€460 | 0.0% |
| Equity | 10/15 | -€78,229 | -€74,547 | +€3,682 | +4.7% |
| Contributions | 10/11 | €206,200 | €206,200 | = | 0.0% |
| Reserves | 13 | €45 | €45 | = | 0.0% |
| Non-distributable reserves | 130/1 | €45 | €45 | = | 0.0% |
| Reserves not available under the articles | 1311 | €45 | €45 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€284,474 | -€280,792 | +€3,682 | +1.3% |
| Amounts payable | 17/49 | €1,020,254 | €1,016,112 | -€4,142 | -0.4% |
| Amounts payable after more than one year | 17 | €572,343 | €562,954 | -€9,389 | -1.6% |
| Financial debts | 170/4 | €572,343 | €562,954 | -€9,389 | -1.6% |
| Amounts payable within one year | 42/48 | €447,911 | €452,910 | +€4,999 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €50,692 | €8,172 | -€42,520 | -83.9% |
| Trade debts | 44 | €1,250 | €11,454 | +€10,204 | +816% |
| Suppliers | 440/4 | €1,250 | €11,454 | +€10,204 | +816% |
| Taxes, remuneration and social security | 45 | €4,982 | €1,536 | -€3,446 | -69.2% |
| Taxes | 450/3 | €4,982 | €1,536 | -€3,446 | -69.2% |
| Other amounts payable | 47/48 | €390,987 | €431,748 | +€40,761 | +10.4% |
| Accrued charges and deferred income | 492/3 | - | €248 | +€248 | |
| Remuneration, social security and pensions | 62 | - | €877 | +€877 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,250 | €16,409 | +€11,159 | +213% |
| Other operating charges | 640/8 | €781 | €999 | +€218 | +27.9% |
| Non-recurring operating charges | 66A | €345 | - | -€345 | |
| Gross operating margin | 9900 | €19,798 | €36,675 | +€16,877 | +85.2% |
| Operating profit (loss) | 9901 | €13,422 | €18,390 | +€4,968 | +37.0% |
| Financial charges | 65/66B | €16,897 | €12,882 | -€4,015 | -23.8% |
| Recurring financial charges | 65 | €16,897 | €12,882 | -€4,015 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,475 | €5,508 | +€8,983 | |
| Profit (loss) for the period | 9904 | -€3,475 | €5,508 | +€8,983 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,475 | €5,508 | +€8,983 |
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 26 October 2026 via checked.be.