DR. FREDERIC 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.
DR. FREDERIC CHANTRAINE
Largest movements
- Cash -€25,422
down €25,422 (-15.4%), from €165,042 to €139,620
mainly Investment in fixed assets (net) (-€50,508) and Other debts (-€15,791)
- Tangible fixed assets +€16,469
up €16,469 (+22.8%), from €72,077 to €88,546
of which Plant, machinery and equipment: +€20,600
- Intangible fixed assets -€14,063
down €14,063 (-100%), from €14,063 to €0
- Receivables within one year +€8,263
up €8,263 (+50.9%), from €16,230 to €24,493
of which Other amounts receivable: +€5,824
- Deferred charges and accrued income +€3,012
up €3,012 (+156%), from €1,936 to €4,948
- Other debts -€15,791
down €15,791 (-6.8%), from €231,655 to €215,864
- Trade debts +€4,655
up €4,655 (+109%), from €4,266 to €8,921
- Gross operating margin -€23,208
down €23,208 (-18.1%), from €128,313 to €105,106
- Taxes -€7,618
down €7,618 (-71.7%), from €10,623 to €3,005
- Staff costs +€4,581
up €4,581 (+12.2%), from €37,573 to €42,154
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 | €269,347 | €257,607 | -€11,740 | -4.4% |
| Fixed assets | 21/28 | €86,139 | €88,546 | +€2,407 | +2.8% |
| Intangible fixed assets | 21 | €14,063 | €0 | -€14,063 | -100% |
| Tangible fixed assets | 22/27 | €72,077 | €88,546 | +€16,469 | +22.8% |
| Plant, machinery and equipment | 23 | €32,945 | €53,545 | +€20,600 | +62.5% |
| Furniture and vehicles | 24 | €39,132 | €35,002 | -€4,130 | -10.6% |
| Current assets | 29/58 | €183,208 | €169,061 | -€14,147 | -7.7% |
| Amounts receivable within one year | 40/41 | €16,230 | €24,493 | +€8,263 | +50.9% |
| Trade receivables | 40 | €10,059 | €12,499 | +€2,439 | +24.2% |
| Other amounts receivable | 41 | €6,171 | €11,995 | +€5,824 | +94.4% |
| Cash at bank and in hand | 54/58 | €165,042 | €139,620 | -€25,422 | -15.4% |
| Deferred charges and accrued income | 490/1 | €1,936 | €4,948 | +€3,012 | +156% |
| Total equity and liabilities | 10/49 | €269,347 | €257,607 | -€11,740 | -4.4% |
| Equity | 10/15 | €20,460 | €20,460 | = | 0.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Amounts payable | 17/49 | €248,887 | €237,147 | -€11,740 | -4.7% |
| Amounts payable within one year | 42/48 | €248,887 | €237,147 | -€11,740 | -4.7% |
| Trade debts | 44 | €4,266 | €8,921 | +€4,655 | +109% |
| Suppliers | 440/4 | €4,266 | €8,921 | +€4,655 | +109% |
| Taxes, remuneration and social security | 45 | €12,967 | €12,363 | -€604 | -4.7% |
| Taxes | 450/3 | €5,375 | €4,003 | -€1,371 | -25.5% |
| Remuneration and social security | 454/9 | €7,592 | €8,359 | +€767 | +10.1% |
| Other amounts payable | 47/48 | €231,655 | €215,864 | -€15,791 | -6.8% |
| Remuneration, social security and pensions | 62 | €37,573 | €42,154 | +€4,581 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,382 | €48,101 | -€282 | -0.6% |
| Other operating charges | 640/8 | €723 | €820 | +€96 | +13.3% |
| Gross operating margin | 9900 | €128,313 | €105,106 | -€23,208 | -18.1% |
| Operating profit (loss) | 9901 | €41,635 | €14,031 | -€27,604 | -66.3% |
| Financial income | 75/76B | €56 | €74 | +€18 | +31.7% |
| Recurring financial income | 75 | €56 | €74 | +€18 | +31.7% |
| Financial charges | 65/66B | €1,036 | €878 | -€158 | -15.2% |
| Recurring financial charges | 65 | €1,036 | €878 | -€158 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €40,655 | €13,227 | -€27,429 | -67.5% |
| Income taxes | 67/77 | €10,623 | €3,005 | -€7,618 | -71.7% |
| Profit (loss) for the period | 9904 | €30,032 | €10,221 | -€19,810 | -66.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,032 | €10,221 | -€19,810 | -66.0% |
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.