CHANSE: 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.
CHANSE
Largest movements
- Cash -€490,633
down €490,633 (-76.3%), from €642,645 to €152,012
mainly Investment in fixed assets (net) (-€320,715) and Current investments (-€154,474)
- Tangible fixed assets +€235,804
up €235,804 (+5.6%), from €4.2m to €4.5m
of which Land and buildings: +€1.4m
- Current investments +€154,474
up €154,474 (+24.9%), from €621,397 to €775,871
- Receivables after one year +€86,000
new in 2025: €86,000
- Tax, wage and social debts -€81,828
down €81,828 (-97.4%), from €84,008 to €2,180
of which Taxes: -€79,299
- Financial income -€389,540
down €389,540 (-72.9%), from €534,311 to €144,772
- Gross operating margin -€77,509
down €77,509 (-69.6%), from €111,361 to €33,852
- Depreciation +€42,798
up €42,798 (+102%), from €42,112 to €84,911
- Other operating charges -€14,438
down €14,438 (-60.2%), from €23,990 to €9,552
- Financial charges -€9,656
down €9,656 (-16.3%), from €59,251 to €49,595
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 | €5,500,617 | €5,480,748 | -€19,870 | -0.4% |
| Fixed assets | 21/28 | €4,221,334 | €4,457,138 | +€235,804 | +5.6% |
| Tangible fixed assets | 22/27 | €4,221,334 | €4,457,138 | +€235,804 | +5.6% |
| Land and buildings | 22 | €1,621,859 | €2,974,358 | +€1.4m | +83.4% |
| Furniture and vehicles | 24 | €62,542 | €61,933 | -€609 | -1.0% |
| Other tangible fixed assets | 26 | €1,420,847 | €1,420,847 | = | 0.0% |
| Assets under construction and advance payments | 27 | €1,116,086 | €0 | -€1.1m | -100% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,279,283 | €1,023,609 | -€255,674 | -20.0% |
| Amounts receivable after more than one year | 29 | - | €86,000 | +€86,000 | |
| Other amounts receivable | 291 | - | €86,000 | +€86,000 | |
| Amounts receivable within one year | 40/41 | €14,661 | €9,726 | -€4,935 | -33.7% |
| Trade receivables | 40 | €13,892 | €4,813 | -€9,079 | -65.4% |
| Other amounts receivable | 41 | €769 | €4,913 | +€4,144 | +539% |
| Current investments | 50/53 | €621,397 | €775,871 | +€154,474 | +24.9% |
| Cash at bank and in hand | 54/58 | €642,645 | €152,012 | -€490,633 | -76.3% |
| Deferred charges and accrued income | 490/1 | €579 | €0 | -€579 | -100% |
| Total equity and liabilities | 10/49 | €5,500,617 | €5,480,748 | -€19,870 | -0.4% |
| Equity | 10/15 | €4,013,481 | €4,051,921 | +€38,440 | +1.0% |
| Contributions | 10/11 | €245,000 | €245,000 | = | 0.0% |
| Reserves | 13 | €3,768,481 | €3,806,921 | +€38,440 | +1.0% |
| Tax-exempt reserves | 132 | €212,887 | €196,762 | -€16,125 | -7.6% |
| Distributable reserves | 133 | €3,555,594 | €3,610,159 | +€54,565 | +1.5% |
| Provisions and deferred taxes | 16 | €70,962 | €65,587 | -€5,375 | -7.6% |
| Deferred taxes | 168 | €70,962 | €65,587 | -€5,375 | -7.6% |
| Amounts payable | 17/49 | €1,416,174 | €1,363,239 | -€52,935 | -3.7% |
| Amounts payable after more than one year | 17 | €1,267,863 | €1,298,793 | +€30,930 | +2.4% |
| Other amounts payable | 178/9 | €1,267,863 | €1,298,793 | +€30,930 | +2.4% |
| Amounts payable within one year | 42/48 | €91,148 | €15,001 | -€76,147 | -83.5% |
| Trade debts | 44 | €7,140 | €12,821 | +€5,681 | +79.6% |
| Suppliers | 440/4 | €7,140 | €12,821 | +€5,681 | +79.6% |
| Taxes, remuneration and social security | 45 | €84,008 | €2,180 | -€81,828 | -97.4% |
| Taxes | 450/3 | €81,479 | €2,180 | -€79,299 | -97.3% |
| Remuneration and social security | 454/9 | €2,529 | €0 | -€2,529 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €57,163 | €49,445 | -€7,718 | -13.5% |
| Remuneration, social security and pensions | 62 | €449 | €332 | -€117 | -26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,112 | €84,911 | +€42,798 | +102% |
| Other operating charges | 640/8 | €23,990 | €9,552 | -€14,438 | -60.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €111,361 | €33,852 | -€77,509 | -69.6% |
| Operating profit (loss) | 9901 | €44,810 | -€60,943 | -€105,753 | |
| Financial income | 75/76B | €534,311 | €144,772 | -€389,540 | -72.9% |
| Recurring financial income | 75 | €534,311 | €144,772 | -€389,540 | -72.9% |
| Financial charges | 65/66B | €59,251 | €49,595 | -€9,656 | -16.3% |
| Recurring financial charges | 65 | €59,251 | €49,595 | -€9,656 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €519,871 | €34,234 | -€485,637 | -93.4% |
| Transfer from deferred taxes | 780 | €2,790 | €5,375 | +€2,585 | +92.6% |
| Income taxes | 67/77 | €1,329 | €1,169 | -€160 | -12.1% |
| Profit (loss) for the period | 9904 | €521,332 | €38,440 | -€482,891 | -92.6% |
| Transfer from tax-exempt reserves | 789 | €8,370 | €16,125 | +€7,755 | +92.6% |
| Profit (loss) for the period to be appropriated | 9905 | €529,702 | €54,565 | -€475,137 | -89.7% |
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 28 October 2026 via checked.be.