David Chantraine: 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.
David Chantraine
Largest movements
- Cash +€40,368
up €40,368 (+178%), from €22,618 to €62,986
mainly Receivables within one year (+€20,866) and Net result for the year (+€16,517)
- Receivables within one year -€20,866
down €20,866 (-23.8%), from €87,538 to €66,672
of which Trade receivables: -€22,736
- Tangible fixed assets -€9,498
down €9,498 (-4.5%), from €211,765 to €202,268
of which Land and buildings: -€8,128
- Current investments -€8,874
down €8,874 (-27.3%), from €32,493 to €23,619
- Debts after one year -€29,978
down €29,978 (-12.6%), from €238,282 to €208,304
- Profit (loss) carried forward +€16,517
up €16,517 (+39.7%), from €41,640 to €58,157
- Trade debts +€14,287
up €14,287 (+63.9%), from €22,352 to €36,639
- Depreciation -€5,872
down €5,872 (-38.2%), from €15,370 to €9,498
- Other operating charges -€4,669
down €4,669 (-58.6%), from €7,960 to €3,292
- Staff costs -€2,322
down €2,322 (-7.3%), from €31,740 to €29,418
- Taxes +€2,038
up €2,038 (+96.1%), from €2,120 to €4,159
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 | €356,710 | €357,419 | +€709 | +0.2% |
| Fixed assets | 21/28 | €211,765 | €202,268 | -€9,498 | -4.5% |
| Tangible fixed assets | 22/27 | €211,765 | €202,268 | -€9,498 | -4.5% |
| Land and buildings | 22 | €207,489 | €199,361 | -€8,128 | -3.9% |
| Furniture and vehicles | 24 | €4,276 | €2,907 | -€1,369 | -32.0% |
| Current assets | 29/58 | €144,945 | €155,151 | +€10,207 | +7.0% |
| Amounts receivable within one year | 40/41 | €87,538 | €66,672 | -€20,866 | -23.8% |
| Trade receivables | 40 | €87,538 | €64,802 | -€22,736 | -26.0% |
| Other amounts receivable | 41 | - | €1,870 | +€1,870 | |
| Current investments | 50/53 | €32,493 | €23,619 | -€8,874 | -27.3% |
| Cash at bank and in hand | 54/58 | €22,618 | €62,986 | +€40,368 | +178% |
| Deferred charges and accrued income | 490/1 | €2,295 | €1,875 | -€421 | -18.3% |
| Total equity and liabilities | 10/49 | €356,710 | €357,419 | +€709 | +0.2% |
| Equity | 10/15 | €54,040 | €70,557 | +€16,517 | +30.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,640 | €58,157 | +€16,517 | +39.7% |
| Amounts payable | 17/49 | €302,670 | €286,862 | -€15,808 | -5.2% |
| Amounts payable after more than one year | 17 | €238,282 | €208,304 | -€29,978 | -12.6% |
| Financial debts | 170/4 | €238,282 | €208,304 | -€29,978 | -12.6% |
| Amounts payable within one year | 42/48 | €64,388 | €78,558 | +€14,170 | +22.0% |
| Current portion of amounts payable after more than one year | 42 | €31,341 | €29,978 | -€1,363 | -4.4% |
| Trade debts | 44 | €22,352 | €36,639 | +€14,287 | +63.9% |
| Suppliers | 440/4 | €22,352 | €36,639 | +€14,287 | +63.9% |
| Taxes, remuneration and social security | 45 | €9,855 | €11,128 | +€1,273 | +12.9% |
| Taxes | 450/3 | €2,487 | €4,373 | +€1,886 | +75.9% |
| Remuneration and social security | 454/9 | €7,368 | €6,755 | -€613 | -8.3% |
| Other amounts payable | 47/48 | €840 | €813 | -€27 | -3.2% |
| Remuneration, social security and pensions | 62 | €31,740 | €29,418 | -€2,322 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,370 | €9,498 | -€5,872 | -38.2% |
| Other operating charges | 640/8 | €7,960 | €3,292 | -€4,669 | -58.6% |
| Gross operating margin | 9900 | €68,829 | €68,508 | -€321 | -0.5% |
| Operating profit (loss) | 9901 | €13,759 | €26,301 | +€12,541 | +91.1% |
| Financial income | 75/76B | €228 | €172 | -€56 | -24.6% |
| Recurring financial income | 75 | €228 | €172 | -€56 | -24.6% |
| Financial charges | 65/66B | €6,115 | €5,797 | -€318 | -5.2% |
| Recurring financial charges | 65 | €6,115 | €5,797 | -€318 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €7,872 | €20,676 | +€12,803 | +163% |
| Income taxes | 67/77 | €2,120 | €4,159 | +€2,038 | +96.1% |
| Profit (loss) for the period | 9904 | €5,752 | €16,517 | +€10,765 | +187% |
| Profit (loss) for the period to be appropriated | 9905 | €5,752 | €16,517 | +€10,765 | +187% |
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 25 October 2026 via checked.be.