CHAVES PROJECT: 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.
CHAVES PROJECT
Largest movements
- Cash +€63,367
up €63,367 (+167.8%), from €37,773 to €101,140
mainly Receivables within one year (+€39,626) and Tax, wage and social debts (+€9,519)
- Receivables within one year -€39,626
down €39,626 (-59.4%), from €66,679 to €27,053
of which Trade receivables: -€35,646
- Tax, wage and social debts +€9,519
up €9,519 (+132.1%), from €7,207 to €16,726
of which Taxes: +€9,519
- Reserves +€7,000
up €7,000 (+28.2%), from €24,860 to €31,860
of which Distributable reserves: +€7,000
- Trade debts +€6,518
up €6,518 (+24.0%), from €27,157 to €33,675
- Gross operating margin +€2,913
up €2,913 (+46.5%), from €6,269 to €9,182
- Financial charges -€2,050
down €2,050, from €615 to -€1,434
- Taxes +€499
up €499 (+21.4%), from €2,333 to €2,833
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 | €109,452 | €133,193 | +€23,741 | +21.7% |
| Current assets | 29/58 | €109,452 | €133,193 | +€23,741 | +21.7% |
| Stocks and contracts in progress | 3 | €5,000 | €5,000 | = | 0.0% |
| Stocks | 30/36 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €66,679 | €27,053 | -€39,626 | -59.4% |
| Trade receivables | 40 | €54,557 | €18,911 | -€35,646 | -65.3% |
| Other amounts receivable | 41 | €12,122 | €8,142 | -€3,980 | -32.8% |
| Cash at bank and in hand | 54/58 | €37,773 | €101,140 | +€63,367 | +167.8% |
| Total equity and liabilities | 10/49 | €109,452 | €133,193 | +€23,741 | +21.7% |
| Equity | 10/15 | €75,088 | €82,791 | +€7,703 | +10.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €24,860 | €31,860 | +€7,000 | +28.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €23,000 | €30,000 | +€7,000 | +30.4% |
| Profit (loss) carried forward | 14 | €31,628 | €32,331 | +€703 | +2.2% |
| Amounts payable | 17/49 | €34,364 | €50,402 | +€16,038 | +46.7% |
| Amounts payable within one year | 42/48 | €34,364 | €50,402 | +€16,038 | +46.7% |
| Trade debts | 44 | €27,157 | €33,675 | +€6,518 | +24.0% |
| Suppliers | 440/4 | €27,157 | €33,675 | +€6,518 | +24.0% |
| Taxes, remuneration and social security | 45 | €7,207 | €16,726 | +€9,519 | +132.1% |
| Taxes | 450/3 | €1,207 | €10,726 | +€9,519 | +788.6% |
| Remuneration and social security | 454/9 | €6,000 | €6,000 | = | 0.0% |
| Other operating charges | 640/8 | - | €80 | +€80 | |
| Gross operating margin | 9900 | €6,269 | €9,182 | +€2,913 | +46.5% |
| Operating profit (loss) | 9901 | €6,269 | €9,102 | +€2,832 | +45.2% |
| Financial charges | 65/66B | €615 | -€1,434 | -€2,050 | |
| Recurring financial charges | 65 | €615 | -€1,434 | -€2,050 | |
| Profit (loss) for the period before taxes | 9903 | €5,654 | €10,536 | +€4,882 | +86.4% |
| Income taxes | 67/77 | €2,333 | €2,833 | +€499 | +21.4% |
| Profit (loss) for the period | 9904 | €3,321 | €7,703 | +€4,383 | +132.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,321 | €7,703 | +€4,383 | +132.0% |
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 9 October 2026 via checked.be.