CHORUS FR MANAGEMENT: 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.
CHORUS FR MANAGEMENT
Largest movements
- Receivables within one year -€151,710
down €151,710 (-87.1%), from €174,271 to €22,561
of which Trade receivables: -€120,612
- Cash -€108,711
down €108,711 (-50.8%), from €214,032 to €105,321
mainly Investment in fixed assets (net) (-€133,643) and Trade debts (-€122,355)
- Tangible fixed assets +€104,760
up €104,760 (+17.3%), from €604,061 to €708,821
of which Assets under construction and advance payments: +€132,665
- Reserves +€281,263
up €281,263 (+16,075%), from €1,750 to €283,013
of which Distributable reserves: +€283,013
- Profit (loss) carried forward -€260,187
no longer reported in 2026 (was €260,187)
- Trade debts -€122,355
down €122,355 (-91.4%), from €133,929 to €11,574
- Debts after one year -€36,802
down €36,802 (-22.7%), from €161,934 to €125,132
- Tax, wage and social debts -€14,886
down €14,886 (-85.1%), from €17,493 to €2,607
- Gross operating margin -€199,449
down €199,449 (-72.5%), from €274,922 to €75,472
- Depreciation -€34,695
down €34,695 (-54.6%), from €63,577 to €28,883
- Taxes -€7,646
down €7,646 (-43.7%), from €17,499 to €9,853
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €993,012 | €846,309 | -€146,703 | -14.8% |
| Fixed assets | 21/28 | €604,061 | €708,821 | +€104,760 | +17.3% |
| Tangible fixed assets | 22/27 | €604,061 | €708,821 | +€104,760 | +17.3% |
| Land and buildings | 22 | €499,756 | €472,170 | -€27,586 | -5.5% |
| Plant, machinery and equipment | 23 | - | €970 | +€970 | |
| Furniture and vehicles | 24 | €74,619 | €73,572 | -€1,047 | -1.4% |
| Other tangible fixed assets | 26 | €486 | €243 | -€243 | -50.0% |
| Assets under construction and advance payments | 27 | €29,200 | €161,865 | +€132,665 | +454% |
| Current assets | 29/58 | €388,951 | €137,488 | -€251,463 | -64.7% |
| Amounts receivable after more than one year | 29 | €300 | €300 | = | 0.0% |
| Other amounts receivable | 291 | €300 | €300 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €174,271 | €22,561 | -€151,710 | -87.1% |
| Trade receivables | 40 | €131,387 | €10,775 | -€120,612 | -91.8% |
| Other amounts receivable | 41 | €42,885 | €11,787 | -€31,098 | -72.5% |
| Cash at bank and in hand | 54/58 | €214,032 | €105,321 | -€108,711 | -50.8% |
| Deferred charges and accrued income | 490/1 | €348 | €9,306 | +€8,958 | +2,575% |
| Total equity and liabilities | 10/49 | €993,012 | €846,309 | -€146,703 | -14.8% |
| Equity | 10/15 | €534,966 | €556,043 | +€21,077 | +3.9% |
| Contributions | 10/11 | €273,030 | €273,030 | = | 0.0% |
| Reserves | 13 | €1,750 | €283,013 | +€281,263 | +16,075% |
| Non-distributable reserves | 130/1 | €1,750 | - | -€1,750 | |
| Reserves not available under the articles | 1311 | €1,750 | - | -€1,750 | |
| Distributable reserves | 133 | - | €283,013 | +€283,013 | |
| Profit (loss) carried forward | 14 | €260,187 | - | -€260,187 | |
| Amounts payable | 17/49 | €458,046 | €290,266 | -€167,780 | -36.6% |
| Amounts payable after more than one year | 17 | €161,934 | €125,132 | -€36,802 | -22.7% |
| Financial debts | 170/4 | €161,934 | €125,132 | -€36,802 | -22.7% |
| Amounts payable within one year | 42/48 | €296,112 | €162,331 | -€133,781 | -45.2% |
| Current portion of amounts payable after more than one year | 42 | €30,275 | €31,835 | +€1,561 | +5.2% |
| Financial debts | 43 | €4,825 | €4,967 | +€142 | +2.9% |
| Credit institutions | 430/8 | €4,825 | €4,967 | +€142 | +2.9% |
| Trade debts | 44 | €133,929 | €11,574 | -€122,355 | -91.4% |
| Suppliers | 440/4 | €133,929 | €11,574 | -€122,355 | -91.4% |
| Taxes, remuneration and social security | 45 | €17,493 | €2,607 | -€14,886 | -85.1% |
| Taxes | 450/3 | €17,493 | €2,607 | -€14,886 | -85.1% |
| Other amounts payable | 47/48 | €109,590 | €111,348 | +€1,758 | +1.6% |
| Accrued charges and deferred income | 492/3 | - | €2,803 | +€2,803 | |
| Non-recurring operating income | 76A | €270,066 | €1,060 | -€269,006 | -99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,577 | €28,883 | -€34,695 | -54.6% |
| Other operating charges | 640/8 | €5,382 | €6,224 | +€842 | +15.6% |
| Gross operating margin | 9900 | €274,922 | €75,472 | -€199,449 | -72.5% |
| Operating profit (loss) | 9901 | €205,962 | €40,366 | -€165,597 | -80.4% |
| Financial income | 75/76B | €1,372 | €2,605 | +€1,233 | +89.9% |
| Recurring financial income | 75 | €1,372 | €2,605 | +€1,233 | +89.9% |
| Financial charges | 65/66B | €13,606 | €12,042 | -€1,564 | -11.5% |
| Recurring financial charges | 65 | €13,606 | €12,042 | -€1,564 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €193,729 | €30,929 | -€162,799 | -84.0% |
| Income taxes | 67/77 | €17,499 | €9,853 | -€7,646 | -43.7% |
| Profit (loss) for the period | 9904 | €176,230 | €21,077 | -€155,153 | -88.0% |
| Profit (loss) for the period to be appropriated | 9905 | €176,230 | €21,077 | -€155,153 | -88.0% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.