Christian Chéruy: 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.
Christian Chéruy
Largest movements
- Financial fixed assets +€226,667
up €226,667 (+66.1%), from €343,000 to €569,667
- Cash -€110,098
down €110,098 (-52.0%), from €211,907 to €101,809
mainly Investment in fixed assets (net) (-€236,967) and Other debts (-€110,500)
- Tangible fixed assets -€43,021
down €43,021 (-5.0%), from €861,548 to €818,528
of which Land and buildings: -€45,127
- Receivables within one year -€34,473
down €34,473 (-9.1%), from €376,872 to €342,399
of which Other amounts receivable: -€86,293
- Deferred charges and accrued income +€26,495
up €26,495 (+529%), from €5,010 to €31,505
- Reserves +€208,289
up €208,289 (+13.8%), from €1.5m to €1.7m
of which Distributable reserves: +€208,289
- Other debts -€110,500
down €110,500 (-61.2%), from €180,500 to €70,000
- Financial income +€70,879
up €70,879 (+457%), from €15,499 to €86,377
- Gross operating margin +€67,182
up €67,182 (+22.9%), from €292,814 to €359,996
- Taxes +€45,953
up €45,953 (+54.9%), from €83,667 to €129,619
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 | €2,298,337 | €2,385,744 | +€87,407 | +3.8% |
| Fixed assets | 21/28 | €1,204,548 | €1,388,195 | +€183,646 | +15.2% |
| Tangible fixed assets | 22/27 | €861,548 | €818,528 | -€43,021 | -5.0% |
| Land and buildings | 22 | €842,414 | €797,287 | -€45,127 | -5.4% |
| Plant, machinery and equipment | 23 | €4,879 | €12,610 | +€7,731 | +158% |
| Furniture and vehicles | 24 | €14,256 | €8,631 | -€5,625 | -39.5% |
| Financial fixed assets | 28 | €343,000 | €569,667 | +€226,667 | +66.1% |
| Current assets | 29/58 | €1,093,788 | €997,549 | -€96,239 | -8.8% |
| Amounts receivable within one year | 40/41 | €376,872 | €342,399 | -€34,473 | -9.1% |
| Trade receivables | 40 | €136,827 | €188,647 | +€51,820 | +37.9% |
| Other amounts receivable | 41 | €240,044 | €153,752 | -€86,293 | -35.9% |
| Current investments | 50/53 | €500,000 | €521,836 | +€21,836 | +4.4% |
| Cash at bank and in hand | 54/58 | €211,907 | €101,809 | -€110,098 | -52.0% |
| Deferred charges and accrued income | 490/1 | €5,010 | €31,505 | +€26,495 | +529% |
| Total equity and liabilities | 10/49 | €2,298,337 | €2,385,744 | +€87,407 | +3.8% |
| Equity | 10/15 | €1,966,488 | €2,174,777 | +€208,289 | +10.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,511,188 | €1,719,478 | +€208,289 | +13.8% |
| 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 | €1,509,329 | €1,717,619 | +€208,289 | +13.8% |
| Profit (loss) carried forward | 14 | €442,900 | €442,900 | = | 0.0% |
| Amounts payable | 17/49 | €331,849 | €210,966 | -€120,882 | -36.4% |
| Amounts payable within one year | 42/48 | €329,169 | €207,412 | -€121,757 | -37.0% |
| Trade debts | 44 | €8,637 | €2,094 | -€6,543 | -75.8% |
| Suppliers | 440/4 | €8,637 | €2,094 | -€6,543 | -75.8% |
| Taxes, remuneration and social security | 45 | €140,031 | €135,318 | -€4,714 | -3.4% |
| Taxes | 450/3 | €140,031 | €135,318 | -€4,714 | -3.4% |
| Other amounts payable | 47/48 | €180,500 | €70,000 | -€110,500 | -61.2% |
| Accrued charges and deferred income | 492/3 | €2,680 | €3,554 | +€874 | +32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,229 | €53,321 | +€92 | +0.2% |
| Other operating charges | 640/8 | €14,167 | €11,389 | -€2,778 | -19.6% |
| Gross operating margin | 9900 | €292,814 | €359,996 | +€67,182 | +22.9% |
| Operating profit (loss) | 9901 | €225,418 | €295,286 | +€69,868 | +31.0% |
| Financial income | 75/76B | €15,499 | €86,377 | +€70,879 | +457% |
| Recurring financial income | 75 | €15,499 | €86,377 | +€70,879 | +457% |
| Financial charges | 65/66B | €404 | €801 | +€396 | +98.1% |
| Recurring financial charges | 65 | €404 | €801 | +€396 | +98.1% |
| Profit (loss) for the period before taxes | 9903 | €240,513 | €380,863 | +€140,350 | +58.4% |
| Income taxes | 67/77 | €83,667 | €129,619 | +€45,953 | +54.9% |
| Profit (loss) for the period | 9904 | €156,846 | €251,244 | +€94,398 | +60.2% |
| Profit (loss) for the period to be appropriated | 9905 | €156,846 | €251,244 | +€94,398 | +60.2% |
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 1 November 2026 via checked.be.