CHES: 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.
CHES
Largest movements
- Stocks and contracts +€30,000
up €30,000 (+300%), from €10,000 to €40,000
- Receivables within one year +€12,554
up €12,554 (+65.5%), from €19,153 to €31,707
of which Trade receivables: +€12,554
- Cash +€5,714
up €5,714 (+34.0%), from €16,806 to €22,520
mainly Short-term financial debts (+€50,000) and Other debts (+€3,080)
- Short-term financial debts +€50,000
up €50,000, from €0 to €50,000
- Tax, wage and social debts -€10,749
down €10,749 (-65.5%), from €16,408 to €5,659
- Other debts +€3,080
up €3,080 (+76.5%), from €4,028 to €7,108
- Trade debts +€2,692
up €2,692, from €0 to €2,692
- Reserves +€1,621
up €1,621 (+4,350%), from €37 to €1,658
- Gross operating margin -€13,584
down €13,584 (-63.8%), from €21,285 to €7,700
- Financial charges -€4,959
down €4,959 (-73.1%), from €6,784 to €1,826
- Taxes -€1,381
down €1,381 (-30.9%), from €4,462 to €3,082
- Depreciation -€222
down €222 (-30.1%), from €735 to €514
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 | €48,073 | €95,718 | +€47,645 | +99.1% |
| Fixed assets | 21/28 | €514 | €0 | -€514 | -100% |
| Tangible fixed assets | 22/27 | €514 | €0 | -€514 | -100% |
| Furniture and vehicles | 24 | €514 | €0 | -€514 | -100% |
| Current assets | 29/58 | €47,560 | €95,718 | +€48,158 | +101% |
| Stocks and contracts in progress | 3 | €10,000 | €40,000 | +€30,000 | +300% |
| Contracts in progress | 37 | €10,000 | €40,000 | +€30,000 | +300% |
| Amounts receivable within one year | 40/41 | €19,153 | €31,707 | +€12,554 | +65.5% |
| Trade receivables | 40 | €19,153 | €31,707 | +€12,554 | +65.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €16,806 | €22,520 | +€5,714 | +34.0% |
| Deferred charges and accrued income | 490/1 | €1,601 | €1,491 | -€110 | -6.9% |
| Total equity and liabilities | 10/49 | €48,073 | €95,718 | +€47,645 | +99.1% |
| Equity | 10/15 | €18,637 | €20,258 | +€1,621 | +8.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €37 | €1,658 | +€1,621 | +4,350% |
| Distributable reserves | 133 | €37 | €1,658 | +€1,621 | +4,350% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €29,436 | €75,460 | +€46,024 | +156% |
| Amounts payable after more than one year | 17 | €9,000 | €10,000 | +€1,000 | +11.1% |
| Other amounts payable | 178/9 | €9,000 | €10,000 | +€1,000 | +11.1% |
| Amounts payable within one year | 42/48 | €20,436 | €65,460 | +€45,024 | +220% |
| Financial debts | 43 | €0 | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | €0 | €50,000 | +€50,000 | |
| Trade debts | 44 | €0 | €2,692 | +€2,692 | |
| Suppliers | 440/4 | €0 | €2,692 | +€2,692 | |
| Taxes, remuneration and social security | 45 | €16,408 | €5,659 | -€10,749 | -65.5% |
| Taxes | 450/3 | €16,408 | €5,659 | -€10,749 | -65.5% |
| Other amounts payable | 47/48 | €4,028 | €7,108 | +€3,080 | +76.5% |
| Non-recurring operating income | 76A | €202 | €0 | -€202 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €735 | €514 | -€222 | -30.1% |
| Other operating charges | 640/8 | €721 | €659 | -€62 | -8.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €21,285 | €7,700 | -€13,584 | -63.8% |
| Operating profit (loss) | 9901 | €19,829 | €6,528 | -€13,301 | -67.1% |
| Financial income | 75/76B | €51 | €0 | -€51 | -100.0% |
| Recurring financial income | 75 | €51 | €0 | -€51 | -100.0% |
| Financial charges | 65/66B | €6,784 | €1,826 | -€4,959 | -73.1% |
| Recurring financial charges | 65 | €6,784 | €1,826 | -€4,959 | -73.1% |
| Profit (loss) for the period before taxes | 9903 | €13,095 | €4,702 | -€8,393 | -64.1% |
| Income taxes | 67/77 | €4,462 | €3,082 | -€1,381 | -30.9% |
| Profit (loss) for the period | 9904 | €8,633 | €1,621 | -€7,012 | -81.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,633 | €1,621 | -€7,012 | -81.2% |
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 27 October 2026 via checked.be.