CHENZO: 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.
What changed
CHENZO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€156,500
2024 · €25,290-€181,791
Equity
€693,959
2024 · €850,459-€156,500
Cash
€39,214
2024 · €32,151+€7,062
Balance sheet total
€4.0m
2024 · €4.2m-€117,212
Largest movements
Assets
- Tangible fixed assets -€139,816
down €139,816 (-3.4%), from €4.1m to €4.0m
of which Land and buildings: -€137,111
Equity and liabilities
- Debts after one year +€245,343
up €245,343 (+37.8%), from €649,067 to €894,410
of which Financial debts: +€242,046
- Current portion of long-term debt -€149,051
down €149,051 (-26.2%), from €568,688 to €419,638
- Profit (loss) carried forward -€80,069
down €80,069 (-24.4%), from €328,234 to €248,164
- Short-term financial debts -€79,200
down €79,200 (-100%), from €79,200 to €0
- Reserves -€76,431
down €76,431 (-16.6%), from €460,252 to €383,821
of which Tax-exempt reserves: -€76,431
Income statement
- Gross operating margin -€226,387
down €226,387 (-44.1%), from €513,315 to €286,928
- Depreciation -€21,835
down €21,835 (-5.6%), from €393,243 to €371,409
- Other operating charges +€11,641
up €11,641 (+19.4%), from €59,931 to €71,573
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.
Result 2024
€25,290
Gross operating margin
-€226,387
Staff costs
+€2,012
Depreciation
+€21,835
Other operating charges
-€11,641
Other operating items
-€317
Financial income
-€132
Financial charges
-€4,130
Taxes
+€195
Deferred taxes and other
+€36,773
Result 2025
-€156,500
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€221,563
Investment
-€231,593
Financing
+€17,092
Cash 2024
€32,151
From operations (derived)
+€221,563
Net result for the year
-€156,500
Depreciation
+€371,409
Smaller working-capital items
-€493
Deferred charges and accrued income
-€14,873
Provisions
-€29,112
Trade debts
+€9,514
Other debts
+€41,619
Investment (derived)
-€231,593
Investment in fixed assets (net)
-€231,593
Financing
+€17,092
Debts after one year
+€245,343
Current portion of long-term debt
-€149,051
Short-term financial debts
-€79,200
Cash 2025
€39,214
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,165,364 | €4,048,153 | -€117,212 | -2.8% |
| Fixed assets | 21/28 | €4,114,598 | €3,974,782 | -€139,816 | -3.4% |
| Tangible fixed assets | 22/27 | €4,112,648 | €3,972,832 | -€139,816 | -3.4% |
| Land and buildings | 22 | €4,070,193 | €3,933,082 | -€137,111 | -3.4% |
| Plant, machinery and equipment | 23 | €4,935 | €12,124 | +€7,189 | +146% |
| Furniture and vehicles | 24 | €37,521 | €27,626 | -€9,894 | -26.4% |
| Financial fixed assets | 28 | €1,950 | €1,950 | = | 0.0% |
| Current assets | 29/58 | €50,767 | €73,371 | +€22,604 | +44.5% |
| Amounts receivable within one year | 40/41 | €18,615 | €19,284 | +€669 | +3.6% |
| Trade receivables | 40 | €11,506 | €2,155 | -€9,351 | -81.3% |
| Other amounts receivable | 41 | €7,109 | €17,130 | +€10,020 | +141% |
| Cash at bank and in hand | 54/58 | €32,151 | €39,214 | +€7,062 | +22.0% |
| Deferred charges and accrued income | 490/1 | €0 | €14,873 | +€14,873 | |
| Total equity and liabilities | 10/49 | €4,165,364 | €4,048,153 | -€117,212 | -2.8% |
| Equity | 10/15 | €850,459 | €693,959 | -€156,500 | -18.4% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €460,252 | €383,821 | -€76,431 | -16.6% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €454,055 | €377,623 | -€76,431 | -16.8% |
| Profit (loss) carried forward | 14 | €328,234 | €248,164 | -€80,069 | -24.4% |
| Provisions and deferred taxes | 16 | €198,575 | €169,462 | -€29,112 | -14.7% |
| Deferred taxes | 168 | €198,575 | €169,462 | -€29,112 | -14.7% |
| Amounts payable | 17/49 | €3,116,331 | €3,184,732 | +€68,401 | +2.2% |
| Amounts payable after more than one year | 17 | €649,067 | €894,410 | +€245,343 | +37.8% |
| Financial debts | 170/4 | €623,075 | €865,121 | +€242,046 | +38.8% |
| Other amounts payable | 178/9 | €25,992 | €29,289 | +€3,297 | +12.7% |
| Amounts payable within one year | 42/48 | €2,467,264 | €2,290,322 | -€176,942 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €568,688 | €419,638 | -€149,051 | -26.2% |
| Financial debts | 43 | €79,200 | €0 | -€79,200 | -100% |
| Credit institutions | 430/8 | €79,200 | €0 | -€79,200 | -100% |
| Trade debts | 44 | €132,935 | €142,449 | +€9,514 | +7.2% |
| Suppliers | 440/4 | €132,935 | €142,449 | +€9,514 | +7.2% |
| Taxes, remuneration and social security | 45 | €181 | €357 | +€176 | +97.4% |
| Taxes | 450/3 | €181 | €357 | +€176 | +97.4% |
| Other amounts payable | 47/48 | €1,686,259 | €1,727,878 | +€41,619 | +2.5% |
| Non-recurring operating income | 76A | €161,105 | €0 | -€161,105 | -100% |
| Remuneration, social security and pensions | 62 | €2,438 | €426 | -€2,012 | -82.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €393,243 | €371,409 | -€21,835 | -5.6% |
| Other operating charges | 640/8 | €59,931 | €71,573 | +€11,641 | +19.4% |
| Non-recurring operating charges | 66A | - | €317 | +€317 | |
| Gross operating margin | 9900 | €513,315 | €286,928 | -€226,387 | -44.1% |
| Operating profit (loss) | 9901 | €57,702 | -€156,796 | -€214,497 | |
| Financial income | 75/76B | €133 | €1 | -€132 | -99.2% |
| Recurring financial income | 75 | €133 | €1 | -€132 | -99.2% |
| Financial charges | 65/66B | €24,331 | €28,461 | +€4,130 | +17.0% |
| Recurring financial charges | 65 | €24,331 | €28,461 | +€4,130 | +17.0% |
| Profit (loss) for the period before taxes | 9903 | €33,504 | -€185,256 | -€218,759 | |
| Transfer from deferred taxes | 780 | €32,615 | €29,112 | -€3,503 | -10.7% |
| Transfer to deferred taxes | 680 | €40,276 | €0 | -€40,276 | -100% |
| Income taxes | 67/77 | €552 | €357 | -€195 | -35.4% |
| Profit (loss) for the period | 9904 | €25,290 | -€156,500 | -€181,791 | |
| Transfer from tax-exempt reserves | 789 | €86,941 | €76,431 | -€10,510 | -12.1% |
| Transfer to tax-exempt reserves | 689 | €120,829 | €0 | -€120,829 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,598 | -€80,069 | -€71,471 | -831% |
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 25 October 2026 via checked.be.