CHERDON FINANCE: what changed
CHERDON FINANCE
Largest movements
- Intangible fixed assets +€308,307
up €308,307 (+492%), from €62,603 to €370,911
- Cash -€290,179
down €290,179 (-44.2%), from €656,854 to €366,675
mainly Investment in fixed assets (net) (-€517,083) and Deferred charges and accrued income (-€136,156)
- Deferred charges and accrued income +€136,156
up €136,156, from €0 to €136,156
- Tangible fixed assets +€116,453
up €116,453 (+71.6%), from €162,648 to €279,101
of which Other tangible fixed assets: +€131,031
- Debts after one year +€221,309
up €221,309 (+79.8%), from €277,497 to €498,806
- Profit (loss) carried forward +€150,000
up €150,000 (+39.9%), from €376,394 to €526,394
- Other debts -€116,651
down €116,651 (-68.2%), from €170,926 to €54,275
- Reserves -€33,568
down €33,568 (-5.3%), from €630,243 to €596,675
of which Distributable reserves: -€33,568
- Current portion of long-term debt +€27,834
up €27,834 (+59.8%), from €46,524 to €74,359
- Staff costs +€103,156
up €103,156 (+24.0%), from €429,719 to €532,876
- Financial charges +€70,591
up €70,591 (+81.5%), from €86,662 to €157,253
of which Financial charges: +€70,490
- Gross operating margin -€25,563
down €25,563 (-2.4%), from €1.1m to €1.0m
- Taxes -€20,808
down €20,808 (-21.3%), from €97,912 to €77,105
- Financial income -€11,464
down €11,464 (-84.6%), from €13,545 to €2,081
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,645,812 | €1,909,721 | +€263,909 | +16.0% |
| Fixed assets | 21/28 | €225,791 | €651,802 | +€426,011 | +189% |
| Intangible fixed assets | 21 | €62,603 | €370,911 | +€308,307 | +492% |
| Tangible fixed assets | 22/27 | €162,648 | €279,101 | +€116,453 | +71.6% |
| Land and buildings | 22 | €38,344 | €38,344 | = | 0.0% |
| Plant, machinery and equipment | 23 | €5,588 | €5,588 | = | 0.0% |
| Furniture and vehicles | 24 | €48,935 | €34,358 | -€14,577 | -29.8% |
| Other tangible fixed assets | 26 | €69,780 | €200,811 | +€131,031 | +188% |
| Financial fixed assets | 28 | €540 | €1,790 | +€1,250 | +231% |
| Current assets | 29/58 | €1,420,022 | €1,257,919 | -€162,102 | -11.4% |
| Amounts receivable within one year | 40/41 | €137,309 | €129,230 | -€8,079 | -5.9% |
| Trade receivables | 40 | €92,237 | €0 | -€92,237 | -100% |
| Other amounts receivable | 41 | €45,072 | €129,230 | +€84,158 | +187% |
| Current investments | 50/53 | €625,858 | €625,858 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €656,854 | €366,675 | -€290,179 | -44.2% |
| Deferred charges and accrued income | 490/1 | €0 | €136,156 | +€136,156 | |
| Total equity and liabilities | 10/49 | €1,645,812 | €1,909,721 | +€263,909 | +16.0% |
| Equity | 10/15 | €1,026,638 | €1,143,069 | +€116,432 | +11.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €630,243 | €596,675 | -€33,568 | -5.3% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €609,493 | €575,925 | -€33,568 | -5.5% |
| Profit (loss) carried forward | 14 | €376,394 | €526,394 | +€150,000 | +39.9% |
| Amounts payable | 17/49 | €619,175 | €766,652 | +€147,477 | +23.8% |
| Amounts payable after more than one year | 17 | €277,497 | €498,806 | +€221,309 | +79.8% |
| Financial debts | 170/4 | €277,497 | €498,806 | +€221,309 | +79.8% |
| Amounts payable within one year | 42/48 | €341,678 | €267,846 | -€73,832 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €46,524 | €74,359 | +€27,834 | +59.8% |
| Trade debts | 44 | €33,004 | €54,404 | +€21,401 | +64.8% |
| Suppliers | 440/4 | €33,004 | €54,404 | +€21,401 | +64.8% |
| Taxes, remuneration and social security | 45 | €91,224 | €84,808 | -€6,416 | -7.0% |
| Taxes | 450/3 | €25,124 | €0 | -€25,124 | -100% |
| Remuneration and social security | 454/9 | €66,100 | €84,808 | +€18,707 | +28.3% |
| Other amounts payable | 47/48 | €170,926 | €54,275 | -€116,651 | -68.2% |
| Non-recurring operating income | 76A | €7,713 | €2,046 | -€5,666 | -73.5% |
| Remuneration, social security and pensions | 62 | €429,719 | €532,876 | +€103,156 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,400 | €91,073 | -€6,328 | -6.5% |
| Other operating charges | 640/8 | €10,763 | €11,386 | +€623 | +5.8% |
| Non-recurring operating charges | 66A | €27 | €214 | +€187 | +694% |
| Gross operating margin | 9900 | €1,059,821 | €1,034,258 | -€25,563 | -2.4% |
| Operating profit (loss) | 9901 | €521,911 | €398,709 | -€123,202 | -23.6% |
| Financial income | 75/76B | €13,545 | €2,081 | -€11,464 | -84.6% |
| Recurring financial income | 75 | €13,545 | €2,081 | -€11,464 | -84.6% |
| Financial charges | 65/66B | €86,662 | €157,253 | +€70,591 | +81.5% |
| Recurring financial charges | 65 | €86,662 | €157,152 | +€70,490 | +81.3% |
| Non-recurring financial charges | 66B | - | €101 | +€101 | |
| Profit (loss) for the period before taxes | 9903 | €448,794 | €243,536 | -€205,257 | -45.7% |
| Income taxes | 67/77 | €97,912 | €77,105 | -€20,808 | -21.3% |
| Profit (loss) for the period | 9904 | €350,881 | €166,432 | -€184,450 | -52.6% |
| Profit (loss) for the period to be appropriated | 9905 | €350,881 | €166,432 | -€184,450 | -52.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.