CHERON D: 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.
CHERON D
Largest movements
- Tangible fixed assets -€184,220
down €184,220 (-9.3%), from €2.0m to €1.8m
of which Leasing and similar rights: -€106,023
- Receivables within one year +€119,657
up €119,657 (+14.9%), from €803,928 to €923,585
of which Trade receivables: +€101,628
- Stocks and contracts -€71,762
down €71,762 (-21.5%), from €333,412 to €261,650
of which Contracts in progress: -€45,281
- Deferred charges and accrued income -€40,556
down €40,556 (-88.4%), from €45,904 to €5,348
- Profit (loss) carried forward -€297,807
down €297,807, from €161,455 to -€136,352
- Trade debts +€229,936
up €229,936 (+41.4%), from €555,631 to €785,567
- Debts after one year -€164,389
down €164,389 (-15.6%), from €1.1m to €890,799
- Current portion of long-term debt -€76,047
down €76,047 (-18.5%), from €412,098 to €336,051
- Tax, wage and social debts +€68,318
up €68,318 (+187.1%), from €36,523 to €104,841
of which Taxes: +€62,814
- Gross operating margin -€149,262
down €149,262 (-16.4%), from €912,606 to €763,344
- Depreciation +€64,496
up €64,496 (+20.7%), from €312,308 to €376,805
- Financial income -€53,118
down €53,118 (-99.7%), from €53,252 to €134
- Staff costs +€36,566
up €36,566 (+6.8%), from €538,064 to €574,630
- Other operating charges +€9,968
up €9,968 (+45.4%), from €21,938 to €31,906
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 | €3,213,488 | €3,015,999 | -€197,489 | -6.1% |
| Fixed assets | 21/28 | €2,002,503 | €1,816,367 | -€186,136 | -9.3% |
| Tangible fixed assets | 22/27 | €1,972,777 | €1,788,557 | -€184,220 | -9.3% |
| Land and buildings | 22 | €413,731 | €397,656 | -€16,075 | -3.9% |
| Plant, machinery and equipment | 23 | €96,080 | €82,205 | -€13,875 | -14.4% |
| Furniture and vehicles | 24 | €189,777 | €141,530 | -€48,248 | -25.4% |
| Leasing and similar rights | 25 | €1,273,189 | €1,167,166 | -€106,023 | -8.3% |
| Financial fixed assets | 28 | €29,726 | €27,810 | -€1,915 | -6.4% |
| Current assets | 29/58 | €1,210,985 | €1,199,632 | -€11,354 | -0.9% |
| Stocks and contracts in progress | 3 | €333,412 | €261,650 | -€71,762 | -21.5% |
| Stocks | 30/36 | €239,375 | €212,893 | -€26,482 | -11.1% |
| Contracts in progress | 37 | €94,037 | €48,757 | -€45,281 | -48.2% |
| Amounts receivable within one year | 40/41 | €803,928 | €923,585 | +€119,657 | +14.9% |
| Trade receivables | 40 | €507,094 | €608,723 | +€101,628 | +20.0% |
| Other amounts receivable | 41 | €296,834 | €314,863 | +€18,029 | +6.1% |
| Cash at bank and in hand | 54/58 | €27,741 | €9,049 | -€18,692 | -67.4% |
| Deferred charges and accrued income | 490/1 | €45,904 | €5,348 | -€40,556 | -88.4% |
| Total equity and liabilities | 10/49 | €3,213,488 | €3,015,999 | -€197,489 | -6.1% |
| Equity | 10/15 | €917,662 | €619,720 | -€297,941 | -32.5% |
| Contributions | 10/11 | €296,000 | €296,000 | = | 0.0% |
| Capital | 10 | €296,000 | - | -€296,000 | |
| Issued capital | 100 | €296,000 | - | -€296,000 | |
| Reserves | 13 | €460,073 | €460,073 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,600 | €8,600 | = | 0.0% |
| Legal reserve | 130 | €8,600 | - | -€8,600 | |
| Reserves not available under the articles | 1311 | - | €8,600 | +€8,600 | |
| Tax-exempt reserves | 132 | €21,985 | €21,985 | = | 0.0% |
| Distributable reserves | 133 | €429,488 | €429,488 | = | 0.0% |
| Profit (loss) carried forward | 14 | €161,455 | -€136,352 | -€297,807 | |
| Investment grants | 15 | €134 | - | -€134 | |
| Amounts payable | 17/49 | €2,295,827 | €2,396,278 | +€100,452 | +4.4% |
| Amounts payable after more than one year | 17 | €1,055,188 | €890,799 | -€164,389 | -15.6% |
| Financial debts | 170/4 | €1,055,188 | €890,799 | -€164,389 | -15.6% |
| Amounts payable within one year | 42/48 | €1,240,638 | €1,505,479 | +€264,841 | +21.3% |
| Current portion of amounts payable after more than one year | 42 | €412,098 | €336,051 | -€76,047 | -18.5% |
| Financial debts | 43 | €236,387 | €276,907 | +€40,520 | +17.1% |
| Credit institutions | 430/8 | €236,387 | €276,907 | +€40,520 | +17.1% |
| Trade debts | 44 | €555,631 | €785,567 | +€229,936 | +41.4% |
| Suppliers | 440/4 | €555,631 | €785,567 | +€229,936 | +41.4% |
| Taxes, remuneration and social security | 45 | €36,523 | €104,841 | +€68,318 | +187.1% |
| Taxes | 450/3 | €3,436 | €66,249 | +€62,814 | +1828.3% |
| Remuneration and social security | 454/9 | €33,087 | €38,592 | +€5,504 | +16.6% |
| Other amounts payable | 47/48 | - | €2,114 | +€2,114 | |
| Non-recurring operating income | 76A | - | €45 | +€45 | |
| Remuneration, social security and pensions | 62 | €538,064 | €574,630 | +€36,566 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €312,308 | €376,805 | +€64,496 | +20.7% |
| Other operating charges | 640/8 | €21,938 | €31,906 | +€9,968 | +45.4% |
| Non-recurring operating charges | 66A | €2,737 | - | -€2,737 | |
| Gross operating margin | 9900 | €912,606 | €763,344 | -€149,262 | -16.4% |
| Operating profit (loss) | 9901 | €37,558 | -€219,997 | -€257,555 | |
| Financial income | 75/76B | €53,252 | €134 | -€53,118 | -99.7% |
| Recurring financial income | 75 | €53,252 | €134 | -€53,118 | -99.7% |
| Financial charges | 65/66B | €70,880 | €77,737 | +€6,858 | +9.7% |
| Recurring financial charges | 65 | €70,880 | €77,737 | +€6,858 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | €19,930 | -€297,600 | -€317,531 | |
| Income taxes | 67/77 | €442 | €207 | -€235 | -53.2% |
| Profit (loss) for the period | 9904 | €19,488 | -€297,807 | -€317,295 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,488 | -€297,807 | -€317,295 |
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 11 October 2026 via checked.be.