Dr. Ph. Chappel: 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. Ph. Chappel
Largest movements
- Deferred charges and accrued income -€201,999
down €201,999 (-95.9%), from €210,692 to €8,693
- Current investments +€194,907
up €194,907 (+20.8%), from €937,366 to €1.1m
- Cash +€172,770
up €172,770 (+141.6%), from €121,978 to €294,748
mainly Net result for the year (+€295,497) and Deferred charges and accrued income (+€201,999)
- Receivables within one year -€122,734
down €122,734 (-98.9%), from €124,144 to €1,410
of which Other amounts receivable: -€124,144
- Reserves +€105,285
up €105,285 (+8.6%), from €1.2m to €1.3m
of which Distributable reserves: +€105,285
- Tax, wage and social debts -€68,809
down €68,809 (-96.0%), from €71,711 to €2,901
of which Taxes: -€66,271
- Other debts +€16,884
up €16,884, from €0 to €16,884
- Financial income -€99,214
down €99,214 (-81.5%), from €121,698 to €22,484
- Gross operating margin -€27,474
down €27,474 (-6.2%), from €443,559 to €416,085
- Taxes -€16,677
down €16,677 (-10.8%), from €154,465 to €137,788
- Financial charges -€13,221
down €13,221 (-96.3%), from €13,731 to €510
- Depreciation -€10,974
down €10,974 (-86.1%), from €12,738 to €1,765
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 | €1,398,875 | €1,440,055 | +€41,180 | +2.9% |
| Fixed assets | 21/28 | €4,696 | €2,931 | -€1,765 | -37.6% |
| Tangible fixed assets | 22/27 | €4,696 | €2,931 | -€1,765 | -37.6% |
| Plant, machinery and equipment | 23 | €1,243 | €842 | -€402 | -32.3% |
| Furniture and vehicles | 24 | €3,452 | €2,089 | -€1,363 | -39.5% |
| Current assets | 29/58 | €1,394,180 | €1,437,124 | +€42,944 | +3.1% |
| Amounts receivable within one year | 40/41 | €124,144 | €1,410 | -€122,734 | -98.9% |
| Trade receivables | 40 | - | €1,410 | +€1,410 | |
| Other amounts receivable | 41 | €124,144 | €0 | -€124,144 | -100.0% |
| Current investments | 50/53 | €937,366 | €1,132,272 | +€194,907 | +20.8% |
| Cash at bank and in hand | 54/58 | €121,978 | €294,748 | +€172,770 | +141.6% |
| Deferred charges and accrued income | 490/1 | €210,692 | €8,693 | -€201,999 | -95.9% |
| Total equity and liabilities | 10/49 | €1,398,875 | €1,440,055 | +€41,180 | +2.9% |
| Equity | 10/15 | €1,312,912 | €1,418,197 | +€105,285 | +8.0% |
| Contributions | 10/11 | €86,800 | €86,800 | = | 0.0% |
| Reserves | 13 | €1,226,112 | €1,331,397 | +€105,285 | +8.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,226,112 | €1,331,397 | +€105,285 | +8.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €85,963 | €21,858 | -€64,105 | -74.6% |
| Amounts payable within one year | 42/48 | €73,246 | €21,858 | -€51,388 | -70.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,535 | €2,073 | +€538 | +35.0% |
| Suppliers | 440/4 | €1,535 | €2,073 | +€538 | +35.0% |
| Taxes, remuneration and social security | 45 | €71,711 | €2,901 | -€68,809 | -96.0% |
| Taxes | 450/3 | €69,173 | €2,901 | -€66,271 | -95.8% |
| Remuneration and social security | 454/9 | €2,538 | €0 | -€2,538 | -100.0% |
| Other amounts payable | 47/48 | €0 | €16,884 | +€16,884 | |
| Accrued charges and deferred income | 492/3 | €12,717 | €0 | -€12,717 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,738 | €1,765 | -€10,974 | -86.1% |
| Other operating charges | 640/8 | €2,246 | €3,010 | +€764 | +34.0% |
| Gross operating margin | 9900 | €443,559 | €416,085 | -€27,474 | -6.2% |
| Operating profit (loss) | 9901 | €428,574 | €411,310 | -€17,264 | -4.0% |
| Financial income | 75/76B | €121,698 | €22,484 | -€99,214 | -81.5% |
| Recurring financial income | 75 | €121,698 | €22,484 | -€99,214 | -81.5% |
| Financial charges | 65/66B | €13,731 | €510 | -€13,221 | -96.3% |
| Recurring financial charges | 65 | €13,731 | €510 | -€13,221 | -96.3% |
| Profit (loss) for the period before taxes | 9903 | €536,542 | €433,285 | -€103,257 | -19.2% |
| Income taxes | 67/77 | €154,465 | €137,788 | -€16,677 | -10.8% |
| Profit (loss) for the period | 9904 | €382,077 | €295,497 | -€86,580 | -22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €382,077 | €295,497 | -€86,580 | -22.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.