CHOW: 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.
CHOW
Largest movements
- Cash -€134,966
down €134,966 (-28.0%), from €481,432 to €346,466
mainly Investment in fixed assets (net) (-€116,927) and Current portion of long-term debt (-€52,282)
- Tangible fixed assets +€47,267
up €47,267 (+19.8%), from €239,289 to €286,556
of which Furniture and vehicles: +€52,776
- Current investments -€25,000
down €25,000 (-9.1%), from €275,000 to €250,000
- Stocks and contracts +€22,975
up €22,975 (+168.2%), from €13,662 to €36,637
- Current portion of long-term debt -€52,282
down €52,282 (-66.4%), from €78,731 to €26,449
- Debts after one year -€28,229
down €28,229 (-29.1%), from €97,162 to €68,933
of which Financial debts: -€26,421
- Reserves +€21,184
up €21,184 (+3.0%), from €711,300 to €732,484
of which Distributable reserves: +€21,184
- Tax, wage and social debts -€17,414
down €17,414 (-19.2%), from €90,823 to €73,409
of which Taxes: -€10,055
- Trade debts -€15,515
down €15,515 (-57.8%), from €26,834 to €11,319
- Gross operating margin -€110,437
down €110,437 (-19.5%), from €565,924 to €455,487
- Taxes -€81,610
down €81,610 (-95.8%), from €85,197 to €3,587
- Purchases and services +€81,582
up €81,582 (+5.8%), from €1.4m to €1.5m
- Turnover -€29,533
down €29,533 (-1.5%), from €2.0m to €2.0m
- Staff costs +€25,144
up €25,144 (+8.4%), from €300,930 to €326,074
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 | €1,034,548 | €942,126 | -€92,422 | -8.9% |
| Fixed assets | 21/28 | €254,289 | €301,556 | +€47,267 | +18.6% |
| Tangible fixed assets | 22/27 | €239,289 | €286,556 | +€47,267 | +19.8% |
| Plant, machinery and equipment | 23 | €1,352 | €7,051 | +€5,699 | +421.5% |
| Furniture and vehicles | 24 | €4,011 | €56,787 | +€52,776 | +1315.8% |
| Other tangible fixed assets | 26 | €233,926 | €222,718 | -€11,208 | -4.8% |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €780,259 | €640,570 | -€139,689 | -17.9% |
| Stocks and contracts in progress | 3 | €13,662 | €36,637 | +€22,975 | +168.2% |
| Stocks | 30/36 | €13,662 | €36,637 | +€22,975 | +168.2% |
| Amounts receivable within one year | 40/41 | €4,050 | - | -€4,050 | |
| Trade receivables | 40 | €1,247 | - | -€1,247 | |
| Other amounts receivable | 41 | €2,803 | - | -€2,803 | |
| Current investments | 50/53 | €275,000 | €250,000 | -€25,000 | -9.1% |
| Cash at bank and in hand | 54/58 | €481,432 | €346,466 | -€134,966 | -28.0% |
| Deferred charges and accrued income | 490/1 | €6,115 | €7,467 | +€1,352 | +22.1% |
| Total equity and liabilities | 10/49 | €1,034,548 | €942,126 | -€92,422 | -8.9% |
| Equity | 10/15 | €736,300 | €757,484 | +€21,184 | +2.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €711,300 | €732,484 | +€21,184 | +3.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €708,800 | €729,984 | +€21,184 | +3.0% |
| Amounts payable | 17/49 | €298,248 | €184,642 | -€113,606 | -38.1% |
| Amounts payable after more than one year | 17 | €97,162 | €68,933 | -€28,229 | -29.1% |
| Financial debts | 170/4 | €48,870 | €22,449 | -€26,421 | -54.1% |
| Other amounts payable | 178/9 | €48,292 | €46,484 | -€1,808 | -3.7% |
| Amounts payable within one year | 42/48 | €201,086 | €115,709 | -€85,377 | -42.5% |
| Current portion of amounts payable after more than one year | 42 | €78,731 | €26,449 | -€52,282 | -66.4% |
| Trade debts | 44 | €26,834 | €11,319 | -€15,515 | -57.8% |
| Suppliers | 440/4 | €26,834 | €11,319 | -€15,515 | -57.8% |
| Taxes, remuneration and social security | 45 | €90,823 | €73,409 | -€17,414 | -19.2% |
| Taxes | 450/3 | €42,515 | €32,460 | -€10,055 | -23.7% |
| Remuneration and social security | 454/9 | €48,308 | €40,949 | -€7,359 | -15.2% |
| Other amounts payable | 47/48 | €4,698 | €4,532 | -€166 | -3.5% |
| Turnover | 70 | €1,981,057 | €1,951,524 | -€29,533 | -1.5% |
| Non-recurring operating income | 76A | €678 | - | -€678 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,414,455 | €1,496,037 | +€81,582 | +5.8% |
| Remuneration, social security and pensions | 62 | €300,930 | €326,074 | +€25,144 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,479 | €69,660 | +€14,181 | +25.6% |
| Other operating charges | 640/8 | €26,611 | €23,037 | -€3,574 | -13.4% |
| Non-recurring operating charges | 66A | - | €2,597 | +€2,597 | |
| Gross operating margin | 9900 | €565,924 | €455,487 | -€110,437 | -19.5% |
| Operating profit (loss) | 9901 | €182,904 | €34,119 | -€148,785 | -81.3% |
| Financial income | 75/76B | €5,779 | €7,596 | +€1,817 | +31.4% |
| Recurring financial income | 75 | €5,779 | €7,596 | +€1,817 | +31.4% |
| Financial charges | 65/66B | €17,811 | €16,944 | -€867 | -4.9% |
| Recurring financial charges | 65 | €17,811 | €16,944 | -€867 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €170,872 | €24,771 | -€146,101 | -85.5% |
| Income taxes | 67/77 | €85,197 | €3,587 | -€81,610 | -95.8% |
| Profit (loss) for the period | 9904 | €85,675 | €21,184 | -€64,491 | -75.3% |
| Profit (loss) for the period to be appropriated | 9905 | €85,675 | €21,184 | -€64,491 | -75.3% |
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 4 October 2026 via checked.be.