Cheetah: 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.
Cheetah
Largest movements
- Tangible fixed assets -€25,973
down €25,973 (-9.6%), from €269,504 to €243,531
of which Land and buildings: -€25,652
- Cash -€16,659
down €16,659 (-2.3%), from €720,531 to €703,872
mainly Net result for the year (-€33,815) and Other debts (-€16,234)
- Receivables after one year -€14,881
down €14,881 (-17.0%), from €87,378 to €72,497
of which Other amounts receivable: -€15,000
- Reserves -€23,197
down €23,197 (-2.3%), from €1.0m to €987,360
of which Tax-exempt reserves: -€13,125
- Other debts -€16,234
down €16,234 (-50.4%), from €32,217 to €15,983
- Turnover +€49,027
new in 2025: €49,027
- Purchases and services +€48,197
new in 2025: €48,197
- Financial income -€41,725
down €41,725 (-92.9%), from €44,908 to €3,183
- Financial charges +€13,536
up €13,536 (+1304.2%), from €1,038 to €14,574
- Taxes -€11,864
no longer reported in 2025 (was €11,864)
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 | €1,077,522 | €1,022,853 | -€54,669 | -5.1% |
| Fixed assets | 21/28 | €269,504 | €243,531 | -€25,973 | -9.6% |
| Tangible fixed assets | 22/27 | €269,504 | €243,531 | -€25,973 | -9.6% |
| Land and buildings | 22 | €268,762 | €243,110 | -€25,652 | -9.5% |
| Plant, machinery and equipment | 23 | €741 | €421 | -€320 | -43.2% |
| Current assets | 29/58 | €808,018 | €779,322 | -€28,696 | -3.6% |
| Amounts receivable after more than one year | 29 | €87,378 | €72,497 | -€14,881 | -17.0% |
| Trade receivables | 290 | - | €119 | +€119 | |
| Other amounts receivable | 291 | €87,378 | €72,378 | -€15,000 | -17.2% |
| Amounts receivable within one year | 40/41 | €110 | €2,953 | +€2,843 | +2586.0% |
| Trade receivables | 40 | €110 | - | -€110 | |
| Other amounts receivable | 41 | - | €2,953 | +€2,953 | |
| Cash at bank and in hand | 54/58 | €720,531 | €703,872 | -€16,659 | -2.3% |
| Total equity and liabilities | 10/49 | €1,077,522 | €1,022,853 | -€54,669 | -5.1% |
| Equity | 10/15 | €1,029,157 | €995,341 | -€33,816 | -3.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,010,557 | €987,360 | -€23,197 | -2.3% |
| Non-distributable reserves | 130/1 | €11,362 | €1,290 | -€10,072 | -88.6% |
| Reserves not available under the articles | 1311 | €1,290 | €1,290 | -€0 | 0.0% |
| Other | 1319 | €10,071 | - | -€10,071 | |
| Tax-exempt reserves | 132 | €26,250 | €13,125 | -€13,125 | -50.0% |
| Distributable reserves | 133 | €972,945 | €972,945 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | - | -€10,619 | -€10,619 | |
| Provisions and deferred taxes | 16 | €8,750 | €4,375 | -€4,375 | -50.0% |
| Deferred taxes | 168 | €8,750 | €4,375 | -€4,375 | -50.0% |
| Amounts payable | 17/49 | €39,615 | €23,137 | -€16,478 | -41.6% |
| Amounts payable within one year | 42/48 | €39,615 | €23,137 | -€16,478 | -41.6% |
| Taxes, remuneration and social security | 45 | €7,398 | €7,154 | -€244 | -3.3% |
| Taxes | 450/3 | €7,398 | €7,154 | -€244 | -3.3% |
| Other amounts payable | 47/48 | €32,217 | €15,983 | -€16,234 | -50.4% |
| Turnover | 70 | - | €49,027 | +€49,027 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €48,197 | +€48,197 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,972 | €25,972 | -€0 | 0.0% |
| Other operating charges | 640/8 | €2,699 | €2,811 | +€112 | +4.2% |
| Gross operating margin | 9900 | -€990 | €1,984 | +€2,974 | |
| Operating profit (loss) | 9901 | -€29,661 | -€26,799 | +€2,862 | +9.6% |
| Financial income | 75/76B | €44,908 | €3,183 | -€41,725 | -92.9% |
| Recurring financial income | 75 | €44,908 | €3,183 | -€41,725 | -92.9% |
| Financial charges | 65/66B | €1,038 | €14,574 | +€13,536 | +1304.2% |
| Recurring financial charges | 65 | €1,038 | €14,574 | +€13,536 | +1304.2% |
| Profit (loss) for the period before taxes | 9903 | €14,210 | -€38,190 | -€52,400 | |
| Transfer from deferred taxes | 780 | €4,375 | €4,375 | = | 0.0% |
| Income taxes | 67/77 | €11,864 | - | -€11,864 | |
| Profit (loss) for the period | 9904 | €6,720 | -€33,815 | -€40,535 | |
| Transfer from tax-exempt reserves | 789 | €13,125 | €13,125 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,845 | -€20,690 | -€40,535 |
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 12 October 2026 via checked.be.