CHEF: 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.
CHEF
Largest movements
- Cash +€52,879
up €52,879 (+103%), from €51,511 to €104,390
mainly Depreciation (+€49,989) and Net result for the year (+€42,136)
- Tangible fixed assets -€34,957
down €34,957 (-6.2%), from €563,274 to €528,317
of which Land and buildings: -€22,141
- Stocks and contracts +€8,950
up €8,950 (+147%), from €6,069 to €15,019
- Reserves +€42,136
up €42,136 (+41.3%), from €102,031 to €144,167
- Debts after one year -€22,819
down €22,819 (-6.4%), from €358,948 to €336,130
- Other debts +€9,670
up €9,670 (+8.3%), from €115,930 to €125,599
- Gross operating margin +€48,279
up €48,279 (+26.0%), from €185,442 to €233,720
- Taxes +€13,838
up €13,838 (+637%), from €2,173 to €16,011
- Staff costs +€10,999
up €10,999 (+11.7%), from €94,360 to €105,359
- Depreciation +€3,585
up €3,585 (+7.7%), from €46,404 to €49,989
- Financial charges -€2,508
down €2,508 (-14.2%), from €17,648 to €15,141
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 | €629,480 | €654,258 | +€24,778 | +3.9% |
| Fixed assets | 21/28 | €563,274 | €528,317 | -€34,957 | -6.2% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €563,274 | €528,317 | -€34,957 | -6.2% |
| Land and buildings | 22 | €485,298 | €463,158 | -€22,141 | -4.6% |
| Plant, machinery and equipment | 23 | €26,213 | €18,854 | -€7,359 | -28.1% |
| Furniture and vehicles | 24 | €51,762 | €46,305 | -€5,457 | -10.5% |
| Current assets | 29/58 | €66,206 | €125,941 | +€59,734 | +90.2% |
| Stocks and contracts in progress | 3 | €6,069 | €15,019 | +€8,950 | +147% |
| Stocks | 30/36 | €6,069 | €15,019 | +€8,950 | +147% |
| Amounts receivable within one year | 40/41 | €8,436 | €4,655 | -€3,781 | -44.8% |
| Other amounts receivable | 41 | €8,436 | €4,655 | -€3,781 | -44.8% |
| Cash at bank and in hand | 54/58 | €51,511 | €104,390 | +€52,879 | +103% |
| Deferred charges and accrued income | 490/1 | €190 | €1,877 | +€1,686 | +885% |
| Total equity and liabilities | 10/49 | €629,480 | €654,258 | +€24,778 | +3.9% |
| Equity | 10/15 | €108,231 | €150,367 | +€42,136 | +38.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €102,031 | €144,167 | +€42,136 | +41.3% |
| Distributable reserves | 133 | €102,031 | €144,167 | +€42,136 | +41.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €521,249 | €503,891 | -€17,359 | -3.3% |
| Amounts payable after more than one year | 17 | €358,948 | €336,130 | -€22,819 | -6.4% |
| Financial debts | 170/4 | €358,948 | €336,130 | -€22,819 | -6.4% |
| Amounts payable within one year | 42/48 | €162,301 | €167,761 | +€5,460 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €21,960 | €22,819 | +€859 | +3.9% |
| Trade debts | 44 | €8,504 | €5,764 | -€2,740 | -32.2% |
| Suppliers | 440/4 | €8,504 | €5,764 | -€2,740 | -32.2% |
| Taxes, remuneration and social security | 45 | €15,908 | €13,580 | -€2,328 | -14.6% |
| Taxes | 450/3 | €12,508 | €7,075 | -€5,432 | -43.4% |
| Remuneration and social security | 454/9 | €3,400 | €6,504 | +€3,104 | +91.3% |
| Other amounts payable | 47/48 | €115,930 | €125,599 | +€9,670 | +8.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €94,360 | €105,359 | +€10,999 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,404 | €49,989 | +€3,585 | +7.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €3,136 | €5,176 | +€2,040 | +65.0% |
| Gross operating margin | 9900 | €185,442 | €233,720 | +€48,279 | +26.0% |
| Operating profit (loss) | 9901 | €41,542 | €73,197 | +€31,655 | +76.2% |
| Financial income | 75/76B | €14 | €92 | +€77 | +539% |
| Recurring financial income | 75 | €14 | €92 | +€77 | +539% |
| Financial charges | 65/66B | €17,648 | €15,141 | -€2,508 | -14.2% |
| Recurring financial charges | 65 | €17,648 | €15,141 | -€2,508 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €23,907 | €58,148 | +€34,240 | +143% |
| Income taxes | 67/77 | €2,173 | €16,011 | +€13,838 | +637% |
| Profit (loss) for the period | 9904 | €21,734 | €42,136 | +€20,402 | +93.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,734 | €42,136 | +€20,402 | +93.9% |
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 22 October 2026 via checked.be.