CHED MANAGEMENT: 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.
CHED MANAGEMENT
Largest movements
- Receivables within one year +€16,999
up €16,999 (+122%), from €13,891 to €30,891
of which Trade receivables: +€14,955
- Reserves +€27,409
up €27,409 (+7.6%), from €360,526 to €387,935
of which Distributable reserves: +€27,409
- Tax, wage and social debts -€7,421
down €7,421 (-47.4%), from €15,644 to €8,224
- Trade debts -€5,123
down €5,123 (-72.9%), from €7,027 to €1,903
- Gross operating margin -€13,533
down €13,533 (-19.4%), from €69,666 to €56,134
- Taxes +€7,472
up €7,472 (+54.4%), from €13,748 to €21,220
- Financial charges +€6,717
up €6,717 (+5,107%), from €132 to €6,849
- Other operating charges -€3,646
down €3,646 (-81.7%), from €4,461 to €815
- Financial income -€1,300
down €1,300 (-89.1%), from €1,459 to €159
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 | €489,083 | €505,191 | +€16,108 | +3.3% |
| Fixed assets | 21/28 | €136,485 | €136,485 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €136,485 | €136,485 | = | 0.0% |
| Current assets | 29/58 | €352,598 | €368,706 | +€16,108 | +4.6% |
| Amounts receivable within one year | 40/41 | €13,891 | €30,891 | +€16,999 | +122% |
| Trade receivables | 40 | €8,073 | €23,028 | +€14,955 | +185% |
| Other amounts receivable | 41 | €5,819 | €7,863 | +€2,044 | +35.1% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €233,672 | €236,684 | +€3,012 | +1.3% |
| Deferred charges and accrued income | 490/1 | €5,035 | €1,132 | -€3,903 | -77.5% |
| Total equity and liabilities | 10/49 | €489,083 | €505,191 | +€16,108 | +3.3% |
| Equity | 10/15 | €366,726 | €394,135 | +€27,409 | +7.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €360,526 | €387,935 | +€27,409 | +7.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €360,526 | €387,935 | +€27,409 | +7.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €122,357 | €111,055 | -€11,301 | -9.2% |
| Amounts payable within one year | 42/48 | €121,257 | €111,055 | -€10,201 | -8.4% |
| Trade debts | 44 | €7,027 | €1,903 | -€5,123 | -72.9% |
| Suppliers | 440/4 | €7,027 | €1,903 | -€5,123 | -72.9% |
| Taxes, remuneration and social security | 45 | €15,644 | €8,224 | -€7,421 | -47.4% |
| Taxes | 450/3 | €15,644 | €8,224 | -€7,421 | -47.4% |
| Other amounts payable | 47/48 | €98,586 | €100,928 | +€2,343 | +2.4% |
| Accrued charges and deferred income | 492/3 | €1,100 | €0 | -€1,100 | -100% |
| Non-recurring operating income | 76A | €19,336 | €0 | -€19,336 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46 | €0 | -€46 | -100% |
| Other operating charges | 640/8 | €4,461 | €815 | -€3,646 | -81.7% |
| Gross operating margin | 9900 | €69,666 | €56,134 | -€13,533 | -19.4% |
| Operating profit (loss) | 9901 | €65,159 | €55,319 | -€9,840 | -15.1% |
| Financial income | 75/76B | €1,459 | €159 | -€1,300 | -89.1% |
| Recurring financial income | 75 | €1,459 | €159 | -€1,300 | -89.1% |
| Financial charges | 65/66B | €132 | €6,849 | +€6,717 | +5,107% |
| Recurring financial charges | 65 | €132 | €6,849 | +€6,717 | +5,107% |
| Profit (loss) for the period before taxes | 9903 | €66,487 | €48,629 | -€17,858 | -26.9% |
| Income taxes | 67/77 | €13,748 | €21,220 | +€7,472 | +54.4% |
| Profit (loss) for the period | 9904 | €52,739 | €27,409 | -€25,330 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,739 | €27,409 | -€25,330 | -48.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.