CHEZ CHANG: 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.
CHEZ CHANG
Largest movements
- Tangible fixed assets -€61,314
down €61,314 (-5.6%), from €1.1m to €1.0m
of which Land and buildings: -€65,393
- Receivables within one year -€30,250
down €30,250 (-60.5%), from €50,000 to €19,750
- Debts after one year -€546,724
down €546,724 (-56.1%), from €974,765 to €428,040
- Other debts +€345,207
new in 2025: €345,207
- Reserves +€67,871
up €67,871 (+337%), from €20,158 to €88,028
- Current portion of long-term debt +€24,317
up €24,317 (+18.0%), from €134,851 to €159,168
- Trade debts +€20,853
up €20,853 (+4,049%), from €515 to €21,368
- Financial charges -€44,453
down €44,453 (-51.4%), from €86,443 to €41,990
- Gross operating margin +€23,493
up €23,493 (+11.2%), from €210,402 to €233,895
- Taxes +€22,147
up €22,147 (+215%), from €10,321 to €32,468
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 | €1,203,910 | €1,117,830 | -€86,080 | -7.2% |
| Fixed assets | 21/28 | €1,098,563 | €1,037,249 | -€61,314 | -5.6% |
| Tangible fixed assets | 22/27 | €1,094,584 | €1,033,270 | -€61,314 | -5.6% |
| Land and buildings | 22 | €1,082,650 | €1,017,258 | -€65,393 | -6.0% |
| Plant, machinery and equipment | 23 | €11,934 | €16,013 | +€4,079 | +34.2% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €3,979 | €3,979 | = | 0.0% |
| Current assets | 29/58 | €105,348 | €80,581 | -€24,767 | -23.5% |
| Amounts receivable within one year | 40/41 | €50,000 | €19,750 | -€30,250 | -60.5% |
| Trade receivables | 40 | €50,000 | €19,750 | -€30,250 | -60.5% |
| Cash at bank and in hand | 54/58 | €55,348 | €60,831 | +€5,483 | +9.9% |
| Total equity and liabilities | 10/49 | €1,203,910 | €1,117,830 | -€86,080 | -7.2% |
| Equity | 10/15 | €82,158 | €150,028 | +€67,871 | +82.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | - | €62,000 | +€62,000 | |
| Issued capital | 100 | - | €62,000 | +€62,000 | |
| Contributions outside capital | 11 | €62,000 | - | -€62,000 | |
| Other | 1109/19 | €62,000 | - | -€62,000 | |
| Reserves | 13 | €20,158 | €88,028 | +€67,871 | +337% |
| Distributable reserves | 133 | €20,158 | €88,028 | +€67,871 | +337% |
| Amounts payable | 17/49 | €1,121,752 | €967,802 | -€153,951 | -13.7% |
| Amounts payable after more than one year | 17 | €974,765 | €428,040 | -€546,724 | -56.1% |
| Financial debts | 170/4 | €974,765 | €428,040 | -€546,724 | -56.1% |
| Amounts payable within one year | 42/48 | €145,688 | €539,762 | +€394,074 | +270% |
| Current portion of amounts payable after more than one year | 42 | €134,851 | €159,168 | +€24,317 | +18.0% |
| Trade debts | 44 | €515 | €21,368 | +€20,853 | +4,049% |
| Suppliers | 440/4 | €515 | €21,368 | +€20,853 | +4,049% |
| Taxes, remuneration and social security | 45 | €10,321 | €14,018 | +€3,697 | +35.8% |
| Taxes | 450/3 | €10,321 | €13,018 | +€2,697 | +26.1% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | - | €345,207 | +€345,207 | |
| Accrued charges and deferred income | 492/3 | €1,300 | - | -€1,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,706 | €68,684 | +€978 | +1.4% |
| Other operating charges | 640/8 | €20,993 | €22,919 | +€1,926 | +9.2% |
| Gross operating margin | 9900 | €210,402 | €233,895 | +€23,493 | +11.2% |
| Operating profit (loss) | 9901 | €121,704 | €142,293 | +€20,589 | +16.9% |
| Financial income | 75/76B | - | €37 | +€37 | |
| Recurring financial income | 75 | - | €37 | +€37 | |
| Financial charges | 65/66B | €86,443 | €41,990 | -€44,453 | -51.4% |
| Recurring financial charges | 65 | €86,443 | €41,990 | -€44,453 | -51.4% |
| Profit (loss) for the period before taxes | 9903 | €35,261 | €100,339 | +€65,078 | +185% |
| Income taxes | 67/77 | €10,321 | €32,468 | +€22,147 | +215% |
| Profit (loss) for the period | 9904 | €24,939 | €67,871 | +€42,931 | +172% |
| Profit (loss) for the period to be appropriated | 9905 | €24,939 | €67,871 | +€42,931 | +172% |
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 28 October 2026 via checked.be.