CHEUNG: what changed
Two fiscal 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.
CHEUNG
Largest movements
- Receivables within one year +€80,384
up €80,384 (+57.7%), from €139,428 to €219,812
of which Other amounts receivable: +€70,000
- Tangible fixed assets -€64,676
down €64,676 (-26.3%), from €245,758 to €181,082
of which Leasing and similar rights: -€62,204
- Reserves +€71,000
up €71,000 (+28.8%), from €246,859 to €317,859
of which Distributable reserves: +€71,000
- Debts after one year -€60,403
down €60,403 (-74.8%), from €80,744 to €20,341
- Trade debts +€23,190
up €23,190 (+85.7%), from €27,062 to €50,252
- Current portion of long-term debt -€12,646
down €12,646 (-14.5%), from €87,497 to €74,851
- Provisions -€10,000
down €10,000 (-30.3%), from €33,000 to €23,000
- Staff costs +€58,813
up €58,813 (+24.5%), from €240,533 to €299,346
- Gross operating margin +€19,805
up €19,805 (+3.8%), from €516,993 to €536,798
- Taxes -€14,004
down €14,004 (-30.7%), from €45,637 to €31,633
- Depreciation +€8,747
up €8,747 (+8.9%), from €97,793 to €106,540
- Provisions -€8,000
down €8,000 (-400.0%), from -€2,000 to -€10,000
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 | €600,941 | €618,410 | +€17,469 | +2.9% |
| Fixed assets | 21/28 | €251,643 | €188,307 | -€63,336 | -25.2% |
| Tangible fixed assets | 22/27 | €245,758 | €181,082 | -€64,676 | -26.3% |
| Plant, machinery and equipment | 23 | €33,138 | €23,492 | -€9,646 | -29.1% |
| Furniture and vehicles | 24 | €9,509 | €11,043 | +€1,533 | +16.1% |
| Leasing and similar rights | 25 | €157,101 | €94,897 | -€62,204 | -39.6% |
| Other tangible fixed assets | 26 | €46,009 | €51,650 | +€5,640 | +12.3% |
| Financial fixed assets | 28 | €5,885 | €7,225 | +€1,340 | +22.8% |
| Current assets | 29/58 | €349,298 | €430,103 | +€80,805 | +23.1% |
| Stocks and contracts in progress | 3 | €7,291 | €8,641 | +€1,350 | +18.5% |
| Stocks | 30/36 | €7,291 | €8,641 | +€1,350 | +18.5% |
| Amounts receivable within one year | 40/41 | €139,428 | €219,812 | +€80,384 | +57.7% |
| Trade receivables | 40 | €6,346 | €16,730 | +€10,384 | +163.6% |
| Other amounts receivable | 41 | €133,082 | €203,082 | +€70,000 | +52.6% |
| Cash at bank and in hand | 54/58 | €195,862 | €192,934 | -€2,928 | -1.5% |
| Deferred charges and accrued income | 490/1 | €6,716 | €8,716 | +€1,999 | +29.8% |
| Total equity and liabilities | 10/49 | €600,941 | €618,410 | +€17,469 | +2.9% |
| Equity | 10/15 | €276,285 | €347,448 | +€71,163 | +25.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €246,859 | €317,859 | +€71,000 | +28.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €245,000 | €316,000 | +€71,000 | +29.0% |
| Profit (loss) carried forward | 14 | €10,834 | €10,997 | +€163 | +1.5% |
| Provisions and deferred taxes | 16 | €33,000 | €23,000 | -€10,000 | -30.3% |
| Provisions for liabilities and charges | 160/5 | €33,000 | €23,000 | -€10,000 | -30.3% |
| Major repairs and maintenance | 162 | €33,000 | €23,000 | -€10,000 | -30.3% |
| Amounts payable | 17/49 | €291,656 | €247,962 | -€43,694 | -15.0% |
| Amounts payable after more than one year | 17 | €80,744 | €20,341 | -€60,403 | -74.8% |
| Financial debts | 170/4 | €80,744 | €20,341 | -€60,403 | -74.8% |
| Amounts payable within one year | 42/48 | €210,912 | €223,771 | +€12,859 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €87,497 | €74,851 | -€12,646 | -14.5% |
| Trade debts | 44 | €27,062 | €50,252 | +€23,190 | +85.7% |
| Suppliers | 440/4 | €27,062 | €50,252 | +€23,190 | +85.7% |
| Advances received on contracts in progress | 46 | €3,123 | - | -€3,123 | |
| Taxes, remuneration and social security | 45 | €93,230 | €95,452 | +€2,223 | +2.4% |
| Taxes | 450/3 | €66,656 | €59,659 | -€6,997 | -10.5% |
| Remuneration and social security | 454/9 | €26,574 | €35,794 | +€9,220 | +34.7% |
| Other amounts payable | 47/48 | - | €3,216 | +€3,216 | |
| Accrued charges and deferred income | 492/3 | - | €3,850 | +€3,850 | |
| Remuneration, social security and pensions | 62 | €240,533 | €299,346 | +€58,813 | +24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,793 | €106,540 | +€8,747 | +8.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,000 | -€10,000 | -€8,000 | -400.0% |
| Other operating charges | 640/8 | €18,811 | €24,656 | +€5,845 | +31.1% |
| Gross operating margin | 9900 | €516,993 | €536,798 | +€19,805 | +3.8% |
| Operating profit (loss) | 9901 | €161,856 | €116,256 | -€45,600 | -28.2% |
| Financial income | 75/76B | €1,503 | €1,541 | +€38 | +2.6% |
| Recurring financial income | 75 | €1,503 | €1,541 | +€38 | +2.6% |
| Financial charges | 65/66B | €22,161 | €15,001 | -€7,159 | -32.3% |
| Recurring financial charges | 65 | €22,161 | €15,001 | -€7,159 | -32.3% |
| Profit (loss) for the period before taxes | 9903 | €141,198 | €102,796 | -€38,402 | -27.2% |
| Income taxes | 67/77 | €45,637 | €31,633 | -€14,004 | -30.7% |
| Profit (loss) for the period | 9904 | €95,561 | €71,163 | -€24,398 | -25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €95,561 | €71,163 | -€24,398 | -25.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.