OLIVIER CHENU: 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.
OLIVIER CHENU
Largest movements
- Receivables within one year -€46,330
down €46,330 (-43.7%), from €106,055 to €59,725
of which Trade receivables: -€47,295
- Cash +€35,045
up €35,045 (+16.3%), from €214,935 to €249,980
mainly Receivables within one year (+€46,330) and Net result for the year (+€29,196)
- Reserves -€14,400
down €14,400 (-5.0%), from €289,360 to €274,960
of which Distributable reserves: -€14,400
- Gross operating margin -€28,436
down €28,436 (-38.9%), from €73,044 to €44,608
- Taxes -€6,489
down €6,489 (-35.5%), from €18,274 to €11,785
- Depreciation -€4,922
down €4,922 (-63.2%), from €7,793 to €2,871
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 | €324,333 | €311,745 | -€12,588 | -3.9% |
| Fixed assets | 21/28 | €2,494 | €1,105 | -€1,389 | -55.7% |
| Tangible fixed assets | 22/27 | €2,494 | €1,105 | -€1,389 | -55.7% |
| Furniture and vehicles | 24 | - | €1,105 | +€1,105 | |
| Other tangible fixed assets | 26 | €2,494 | - | -€2,494 | |
| Current assets | 29/58 | €321,839 | €310,640 | -€11,199 | -3.5% |
| Amounts receivable within one year | 40/41 | €106,055 | €59,725 | -€46,330 | -43.7% |
| Trade receivables | 40 | €103,632 | €56,337 | -€47,295 | -45.6% |
| Other amounts receivable | 41 | €2,424 | €3,388 | +€964 | +39.8% |
| Cash at bank and in hand | 54/58 | €214,935 | €249,980 | +€35,045 | +16.3% |
| Deferred charges and accrued income | 490/1 | €848 | €935 | +€87 | +10.2% |
| Total equity and liabilities | 10/49 | €324,333 | €311,745 | -€12,588 | -3.9% |
| Equity | 10/15 | €306,364 | €292,060 | -€14,304 | -4.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €289,360 | €274,960 | -€14,400 | -5.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €287,500 | €273,100 | -€14,400 | -5.0% |
| Profit (loss) carried forward | 14 | €4,604 | €4,700 | +€96 | +2.1% |
| Amounts payable | 17/49 | €17,969 | €19,685 | +€1,716 | +9.6% |
| Amounts payable within one year | 42/48 | €17,945 | €19,661 | +€1,715 | +9.6% |
| Trade debts | 44 | €1,095 | €580 | -€515 | -47.0% |
| Suppliers | 440/4 | €1,095 | €580 | -€515 | -47.0% |
| Taxes, remuneration and social security | 45 | €11,068 | €10,822 | -€246 | -2.2% |
| Taxes | 450/3 | €11,068 | €10,822 | -€246 | -2.2% |
| Other amounts payable | 47/48 | €5,782 | €8,258 | +€2,476 | +42.8% |
| Accrued charges and deferred income | 492/3 | €24 | €25 | +€1 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,793 | €2,871 | -€4,922 | -63.2% |
| Other operating charges | 640/8 | €634 | €674 | +€39 | +6.2% |
| Gross operating margin | 9900 | €73,044 | €44,608 | -€28,436 | -38.9% |
| Operating profit (loss) | 9901 | €64,617 | €41,063 | -€23,554 | -36.5% |
| Financial income | 75/76B | €171 | €172 | +€0 | +0.1% |
| Recurring financial income | 75 | €171 | €172 | +€0 | +0.1% |
| Financial charges | 65/66B | €283 | €253 | -€30 | -10.5% |
| Recurring financial charges | 65 | €283 | €253 | -€30 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €64,506 | €40,981 | -€23,524 | -36.5% |
| Income taxes | 67/77 | €18,274 | €11,785 | -€6,489 | -35.5% |
| Profit (loss) for the period | 9904 | €46,231 | €29,196 | -€17,035 | -36.8% |
| Profit (loss) for the period to be appropriated | 9905 | €46,231 | €29,196 | -€17,035 | -36.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.