CHAPITEAUX: 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.
CHAPITEAUX
Largest movements
- Tangible fixed assets -€102,400
down €102,400 (-4.2%), from €2.4m to €2.3m
of which Land and buildings: -€63,666
- Receivables within one year -€75,954
down €75,954 (-59.4%), from €127,972 to €52,018
of which Trade receivables: -€49,263
- Cash +€45,420
up €45,420 (+1,105%), from €4,109 to €49,529
mainly Other debts (+€209,959) and Depreciation (+€141,890)
- Trade debts -€231,136
down €231,136 (-99.7%), from €231,859 to €723
- Other debts +€209,959
up €209,959 (+17.6%), from €1.2m to €1.4m
- Reserves -€115,165
down €115,165 (-11.3%), from €1.0m to €907,251
of which Distributable reserves: -€105,665
- Depreciation +€35,159
up €35,159 (+32.9%), from €106,731 to €141,890
- Gross operating margin -€20,379
down €20,379 (-30.4%), from €67,065 to €46,686
- Other operating charges +€13,617
up €13,617 (+142%), from €9,558 to €23,174
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 | €2,560,916 | €2,430,417 | -€130,499 | -5.1% |
| Fixed assets | 21/28 | €2,425,807 | €2,323,407 | -€102,400 | -4.2% |
| Tangible fixed assets | 22/27 | €2,425,807 | €2,323,407 | -€102,400 | -4.2% |
| Land and buildings | 22 | €2,173,365 | €2,109,698 | -€63,666 | -2.9% |
| Plant, machinery and equipment | 23 | €103,627 | €94,735 | -€8,892 | -8.6% |
| Furniture and vehicles | 24 | €19,314 | €31,514 | +€12,200 | +63.2% |
| Leasing and similar rights | 25 | €129,502 | €87,459 | -€42,042 | -32.5% |
| Current assets | 29/58 | €135,109 | €107,010 | -€28,099 | -20.8% |
| Amounts receivable within one year | 40/41 | €127,972 | €52,018 | -€75,954 | -59.4% |
| Trade receivables | 40 | €80,388 | €31,125 | -€49,263 | -61.3% |
| Other amounts receivable | 41 | €47,584 | €20,893 | -€26,691 | -56.1% |
| Cash at bank and in hand | 54/58 | €4,109 | €49,529 | +€45,420 | +1,105% |
| Deferred charges and accrued income | 490/1 | €3,028 | €5,463 | +€2,435 | +80.4% |
| Total equity and liabilities | 10/49 | €2,560,916 | €2,430,417 | -€130,499 | -5.1% |
| Equity | 10/15 | €1,041,113 | €925,948 | -€115,165 | -11.1% |
| Contributions | 10/11 | €18,696 | €18,696 | = | 0.0% |
| Reserves | 13 | €1,022,416 | €907,251 | -€115,165 | -11.3% |
| Tax-exempt reserves | 132 | €281,832 | €272,332 | -€9,500 | -3.4% |
| Distributable reserves | 133 | €740,584 | €634,919 | -€105,665 | -14.3% |
| Provisions and deferred taxes | 16 | €93,944 | €90,777 | -€3,167 | -3.4% |
| Deferred taxes | 168 | €93,944 | €90,777 | -€3,167 | -3.4% |
| Amounts payable | 17/49 | €1,425,859 | €1,413,692 | -€12,167 | -0.9% |
| Amounts payable within one year | 42/48 | €1,425,859 | €1,413,692 | -€12,167 | -0.9% |
| Trade debts | 44 | €231,859 | €723 | -€231,136 | -99.7% |
| Suppliers | 440/4 | €231,859 | €723 | -€231,136 | -99.7% |
| Taxes, remuneration and social security | 45 | - | €9,010 | +€9,010 | |
| Taxes | 450/3 | - | €9,010 | +€9,010 | |
| Other amounts payable | 47/48 | €1,194,000 | €1,403,959 | +€209,959 | +17.6% |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,731 | €141,890 | +€35,159 | +32.9% |
| Other operating charges | 640/8 | €9,558 | €23,174 | +€13,617 | +142% |
| Gross operating margin | 9900 | €67,065 | €46,686 | -€20,379 | -30.4% |
| Operating profit (loss) | 9901 | -€49,224 | -€118,379 | -€69,155 | -140% |
| Financial income | 75/76B | - | €95 | +€95 | |
| Recurring financial income | 75 | - | €95 | +€95 | |
| Financial charges | 65/66B | €291 | €48 | -€243 | -83.6% |
| Recurring financial charges | 65 | €291 | €48 | -€243 | -83.6% |
| Profit (loss) for the period before taxes | 9903 | -€49,515 | -€118,332 | -€68,817 | -139% |
| Transfer from deferred taxes | 780 | €1,056 | €3,167 | +€2,111 | +200% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€48,459 | -€115,165 | -€66,707 | -138% |
| Transfer from tax-exempt reserves | 789 | €3,168 | €9,500 | +€6,332 | +200% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,291 | -€105,665 | -€60,374 | -133% |
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 13 October 2026 via checked.be.