CHAVE: 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.
CHAVE
Largest movements
- Tangible fixed assets -€35,589
down €35,589 (-36.8%), from €96,744 to €61,155
of which Other tangible fixed assets: -€33,920
- Cash +€1,867
up €1,867 (+28.9%), from €6,452 to €8,319
mainly Trade debts (+€41,131) and Depreciation (+€35,589)
- Profit (loss) carried forward -€53,265
down €53,265 (-30.9%), from -€172,637 to -€225,902
- Trade debts +€41,131
up €41,131 (+60.7%), from €67,732 to €108,863
- Debts after one year -€30,065
down €30,065 (-56.5%), from €53,205 to €23,139
- Other debts +€11,450
up €11,450 (+11.5%), from €99,250 to €110,700
- Tax, wage and social debts -€4,355
down €4,355 (-22.6%), from €19,259 to €14,905
of which Taxes: -€4,203
- Gross operating margin -€5,137
down €5,137 (-4.5%), from €115,374 to €110,237
- Other operating charges +€3,211
up €3,211 (+520.4%), from €617 to €3,827
- Staff costs +€2,953
up €2,953 (+2.5%), from €118,667 to €121,620
- Depreciation -€1,534
down €1,534 (-4.1%), from €37,123 to €35,589
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 | €115,181 | €80,996 | -€34,185 | -29.7% |
| Fixed assets | 21/28 | €101,136 | €65,547 | -€35,589 | -35.2% |
| Tangible fixed assets | 22/27 | €96,744 | €61,155 | -€35,589 | -36.8% |
| Plant, machinery and equipment | 23 | €4,002 | €2,333 | -€1,669 | -41.7% |
| Other tangible fixed assets | 26 | €92,741 | €58,822 | -€33,920 | -36.6% |
| Financial fixed assets | 28 | €4,393 | €4,393 | = | 0.0% |
| Current assets | 29/58 | €14,044 | €15,449 | +€1,405 | +10.0% |
| Stocks and contracts in progress | 3 | €3,901 | €3,037 | -€864 | -22.1% |
| Stocks | 30/36 | €3,901 | €3,037 | -€864 | -22.1% |
| Amounts receivable within one year | 40/41 | €0 | €305 | +€305 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | €305 | +€305 | |
| Cash at bank and in hand | 54/58 | €6,452 | €8,319 | +€1,867 | +28.9% |
| Deferred charges and accrued income | 490/1 | €3,692 | €3,788 | +€97 | +2.6% |
| Total equity and liabilities | 10/49 | €115,181 | €80,996 | -€34,185 | -29.7% |
| Equity | 10/15 | -€154,037 | -€207,302 | -€53,265 | -34.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€172,637 | -€225,902 | -€53,265 | -30.9% |
| Amounts payable | 17/49 | €269,218 | €288,298 | +€19,080 | +7.1% |
| Amounts payable after more than one year | 17 | €53,205 | €23,139 | -€30,065 | -56.5% |
| Financial debts | 170/4 | €53,205 | €23,139 | -€30,065 | -56.5% |
| Amounts payable within one year | 42/48 | €215,431 | €264,533 | +€49,102 | +22.8% |
| Current portion of amounts payable after more than one year | 42 | €29,190 | €30,065 | +€876 | +3.0% |
| Trade debts | 44 | €67,732 | €108,863 | +€41,131 | +60.7% |
| Suppliers | 440/4 | €67,732 | €108,863 | +€41,131 | +60.7% |
| Taxes, remuneration and social security | 45 | €19,259 | €14,905 | -€4,355 | -22.6% |
| Taxes | 450/3 | €5,331 | €1,128 | -€4,203 | -78.8% |
| Remuneration and social security | 454/9 | €13,928 | €13,776 | -€152 | -1.1% |
| Other amounts payable | 47/48 | €99,250 | €110,700 | +€11,450 | +11.5% |
| Accrued charges and deferred income | 492/3 | €582 | €626 | +€44 | +7.5% |
| Remuneration, social security and pensions | 62 | €118,667 | €121,620 | +€2,953 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,123 | €35,589 | -€1,534 | -4.1% |
| Other operating charges | 640/8 | €617 | €3,827 | +€3,211 | +520.4% |
| Gross operating margin | 9900 | €115,374 | €110,237 | -€5,137 | -4.5% |
| Operating profit (loss) | 9901 | -€41,034 | -€50,800 | -€9,766 | -23.8% |
| Financial income | 75/76B | €125 | €0 | -€124 | -99.7% |
| Recurring financial income | 75 | €125 | €0 | -€124 | -99.7% |
| Financial charges | 65/66B | €3,260 | €2,466 | -€794 | -24.4% |
| Recurring financial charges | 65 | €3,260 | €2,466 | -€794 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | -€44,169 | -€53,265 | -€9,096 | -20.6% |
| Income taxes | 67/77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | -€44,169 | -€53,265 | -€9,096 | -20.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,169 | -€53,265 | -€9,096 | -20.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.