CHANGOR: what changed
Two fiscal 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.
CHANGOR
Largest movements
- Cash +€17,689
up €17,689 (+86.4%), from €20,466 to €38,155
mainly Net result for the year (+€51,444) and Other debts (+€37,075)
- Tangible fixed assets +€15,527
up €15,527 (+11.0%), from €141,660 to €157,187
of which Furniture and vehicles: +€38,124
- Receivables within one year -€10,491
down €10,491 (-5.0%), from €210,105 to €199,614
of which Trade receivables: -€6,935
- Intangible fixed assets -€7,500
no longer reported in 2025 (was €7,500)
- Other debts +€37,075
up €37,075 (+329.3%), from €11,258 to €48,333
- Debts after one year -€17,059
down €17,059 (-33.7%), from €50,648 to €33,589
- Trade debts -€4,347
down €4,347 (-63.1%), from €6,887 to €2,540
- Gross operating margin +€10,089
up €10,089 (+12.2%), from €82,936 to €93,024
- Financial charges -€2,531
down €2,531 (-39.8%), from €6,352 to €3,821
- Taxes +€2,530
up €2,530 (+24.4%), from €10,352 to €12,882
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 | €380,606 | €395,685 | +€15,079 | +4.0% |
| Fixed assets | 21/28 | €149,160 | €157,187 | +€8,027 | +5.4% |
| Intangible fixed assets | 21 | €7,500 | - | -€7,500 | |
| Tangible fixed assets | 22/27 | €141,660 | €157,187 | +€15,527 | +11.0% |
| Land and buildings | 22 | €141,452 | €118,856 | -€22,597 | -16.0% |
| Furniture and vehicles | 24 | €208 | €38,331 | +€38,124 | +18339.2% |
| Current assets | 29/58 | €231,446 | €238,498 | +€7,052 | +3.0% |
| Amounts receivable within one year | 40/41 | €210,105 | €199,614 | -€10,491 | -5.0% |
| Trade receivables | 40 | €6,935 | - | -€6,935 | |
| Other amounts receivable | 41 | €203,169 | €199,614 | -€3,556 | -1.8% |
| Cash at bank and in hand | 54/58 | €20,466 | €38,155 | +€17,689 | +86.4% |
| Deferred charges and accrued income | 490/1 | €875 | €729 | -€146 | -16.7% |
| Total equity and liabilities | 10/49 | €380,606 | €395,685 | +€15,079 | +4.0% |
| Equity | 10/15 | €287,843 | €288,453 | +€611 | +0.2% |
| Contributions | 10/11 | €19,500 | €19,500 | = | 0.0% |
| Reserves | 13 | €268,343 | €268,953 | +€611 | +0.2% |
| Distributable reserves | 133 | €268,343 | €268,953 | +€611 | +0.2% |
| Amounts payable | 17/49 | €92,763 | €107,232 | +€14,468 | +15.6% |
| Amounts payable after more than one year | 17 | €50,648 | €33,589 | -€17,059 | -33.7% |
| Financial debts | 170/4 | €50,648 | €33,589 | -€17,059 | -33.7% |
| Amounts payable within one year | 42/48 | €39,349 | €72,759 | +€33,410 | +84.9% |
| Current portion of amounts payable after more than one year | 42 | €16,224 | €17,059 | +€835 | +5.1% |
| Trade debts | 44 | €6,887 | €2,540 | -€4,347 | -63.1% |
| Suppliers | 440/4 | €6,887 | €2,540 | -€4,347 | -63.1% |
| Taxes, remuneration and social security | 45 | €4,980 | €4,827 | -€154 | -3.1% |
| Taxes | 450/3 | €4,980 | €4,827 | -€154 | -3.1% |
| Other amounts payable | 47/48 | €11,258 | €48,333 | +€37,075 | +329.3% |
| Accrued charges and deferred income | 492/3 | €2,767 | €884 | -€1,883 | -68.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,132 | €34,759 | +€627 | +1.8% |
| Other operating charges | 640/8 | €1,833 | €1,098 | -€736 | -40.1% |
| Gross operating margin | 9900 | €82,936 | €93,024 | +€10,089 | +12.2% |
| Operating profit (loss) | 9901 | €46,970 | €57,168 | +€10,198 | +21.7% |
| Financial income | 75/76B | €11,439 | €10,979 | -€460 | -4.0% |
| Recurring financial income | 75 | €11,439 | €10,979 | -€460 | -4.0% |
| Financial charges | 65/66B | €6,352 | €3,821 | -€2,531 | -39.8% |
| Recurring financial charges | 65 | €6,352 | €3,821 | -€2,531 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €52,057 | €64,325 | +€12,268 | +23.6% |
| Income taxes | 67/77 | €10,352 | €12,882 | +€2,530 | +24.4% |
| Profit (loss) for the period | 9904 | €41,705 | €51,444 | +€9,739 | +23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €41,705 | €51,444 | +€9,739 | +23.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.