Chevaline: 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.
Chevaline
Largest movements
- Tangible fixed assets +€302,588
up €302,588 (+33.9%), from €892,722 to €1.2m
of which Land and buildings: +€242,256
- Cash +€191,960
up €191,960 (+82.8%), from €231,927 to €423,887
mainly Net result for the year (+€295,645) and Current investments (+€98,550)
- Current investments -€98,550
down €98,550 (-49.3%), from €200,000 to €101,450
- Reserves +€295,645
up €295,645 (+61.3%), from €482,399 to €778,044
- Debts after one year +€92,720
up €92,720 (+31.0%), from €298,940 to €391,660
- Trade debts +€24,285
up €24,285 (+19.3%), from €125,691 to €149,976
- Tax, wage and social debts -€24,036
down €24,036 (-16.4%), from €146,359 to €122,324
of which Taxes: -€24,623
- Gross operating margin +€144,688
up €144,688 (+24.2%), from €597,681 to €742,369
- Staff costs +€89,926
up €89,926 (+105%), from €85,821 to €175,747
- Other operating charges +€33,921
up €33,921 (+1,136%), from €2,987 to €36,908
- Depreciation +€18,449
up €18,449 (+23.2%), from €79,562 to €98,010
- Taxes -€9,551
down €9,551 (-9.8%), from €97,238 to €87,687
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 | €1,396,927 | €1,801,193 | +€404,266 | +28.9% |
| Fixed assets | 21/28 | €898,014 | €1,205,056 | +€307,042 | +34.2% |
| Intangible fixed assets | 21 | €1,282 | €5,736 | +€4,454 | +347% |
| Tangible fixed assets | 22/27 | €892,722 | €1,195,310 | +€302,588 | +33.9% |
| Land and buildings | 22 | €429,182 | €671,437 | +€242,256 | +56.4% |
| Plant, machinery and equipment | 23 | €87,646 | €139,816 | +€52,170 | +59.5% |
| Furniture and vehicles | 24 | €64,694 | €88,910 | +€24,216 | +37.4% |
| Leasing and similar rights | 25 | €87,028 | €70,974 | -€16,054 | -18.4% |
| Other tangible fixed assets | 26 | €224,173 | €224,173 | = | 0.0% |
| Financial fixed assets | 28 | €4,010 | €4,010 | = | 0.0% |
| Current assets | 29/58 | €498,913 | €596,137 | +€97,224 | +19.5% |
| Stocks and contracts in progress | 3 | €24,298 | €27,873 | +€3,575 | +14.7% |
| Stocks | 30/36 | €24,298 | €27,873 | +€3,575 | +14.7% |
| Amounts receivable within one year | 40/41 | €33,501 | €36,815 | +€3,313 | +9.9% |
| Trade receivables | 40 | €33,201 | €8,815 | -€24,387 | -73.5% |
| Other amounts receivable | 41 | €300 | €28,000 | +€27,700 | +9,233% |
| Current investments | 50/53 | €200,000 | €101,450 | -€98,550 | -49.3% |
| Cash at bank and in hand | 54/58 | €231,927 | €423,887 | +€191,960 | +82.8% |
| Deferred charges and accrued income | 490/1 | €9,186 | €6,112 | -€3,075 | -33.5% |
| Total equity and liabilities | 10/49 | €1,396,927 | €1,801,193 | +€404,266 | +28.9% |
| Equity | 10/15 | €756,571 | €1,052,216 | +€295,645 | +39.1% |
| Contributions | 10/11 | €274,173 | €274,173 | = | 0.0% |
| Reserves | 13 | €482,399 | €778,044 | +€295,645 | +61.3% |
| Distributable reserves | 133 | €482,399 | €778,044 | +€295,645 | +61.3% |
| Amounts payable | 17/49 | €640,355 | €748,977 | +€108,621 | +17.0% |
| Amounts payable after more than one year | 17 | €298,940 | €391,660 | +€92,720 | +31.0% |
| Financial debts | 170/4 | €298,940 | €391,660 | +€92,720 | +31.0% |
| Amounts payable within one year | 42/48 | €334,857 | €351,971 | +€17,114 | +5.1% |
| Current portion of amounts payable after more than one year | 42 | €60,620 | €75,492 | +€14,873 | +24.5% |
| Trade debts | 44 | €125,691 | €149,976 | +€24,285 | +19.3% |
| Suppliers | 440/4 | €125,691 | €149,976 | +€24,285 | +19.3% |
| Taxes, remuneration and social security | 45 | €146,359 | €122,324 | -€24,036 | -16.4% |
| Taxes | 450/3 | €134,961 | €110,338 | -€24,623 | -18.2% |
| Remuneration and social security | 454/9 | €11,398 | €11,985 | +€587 | +5.2% |
| Other amounts payable | 47/48 | €2,187 | €4,179 | +€1,992 | +91.1% |
| Accrued charges and deferred income | 492/3 | €6,558 | €5,345 | -€1,213 | -18.5% |
| Remuneration, social security and pensions | 62 | €85,821 | €175,747 | +€89,926 | +105% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,562 | €98,010 | +€18,449 | +23.2% |
| Other operating charges | 640/8 | €2,987 | €36,908 | +€33,921 | +1,136% |
| Non-recurring operating charges | 66A | €0 | €27,442 | +€27,442 | |
| Gross operating margin | 9900 | €597,681 | €742,369 | +€144,688 | +24.2% |
| Operating profit (loss) | 9901 | €429,311 | €404,262 | -€25,049 | -5.8% |
| Financial income | 75/76B | €1,934 | €5,638 | +€3,704 | +192% |
| Recurring financial income | 75 | €1,934 | €5,638 | +€3,704 | +192% |
| Financial charges | 65/66B | €18,439 | €26,569 | +€8,129 | +44.1% |
| Recurring financial charges | 65 | €18,439 | €26,569 | +€8,129 | +44.1% |
| Profit (loss) for the period before taxes | 9903 | €412,806 | €383,331 | -€29,474 | -7.1% |
| Income taxes | 67/77 | €97,238 | €87,687 | -€9,551 | -9.8% |
| Profit (loss) for the period | 9904 | €315,568 | €295,645 | -€19,924 | -6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €315,568 | €295,645 | -€19,924 | -6.3% |
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 18 October 2026 via checked.be.