Say Cheese: 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.
Say Cheese
Largest movements
- Tangible fixed assets +€28,595
up €28,595 (+15.8%), from €180,819 to €209,414
of which Land and buildings: +€19,009
- Cash +€14,742
up €14,742 (+130%), from €11,348 to €26,090
mainly Debts after one year (+€23,378) and Depreciation (+€13,019)
- Deferred charges and accrued income +€3,352
new in 2025: €3,352
- Debts after one year +€23,378
up €23,378 (+15.1%), from €154,745 to €178,123
- Trade debts +€10,045
up €10,045 (+57.2%), from €17,550 to €27,594
- Accrued charges and deferred income +€9,594
new in 2025: €9,594
- Current portion of long-term debt +€3,220
up €3,220 (+16.0%), from €20,144 to €23,364
- Other debts -€2,957
down €2,957 (-65.0%), from €4,551 to €1,594
- Gross operating margin +€10,176
up €10,176 (+19.3%), from €52,798 to €62,974
- Staff costs +€6,931
up €6,931 (+30.5%), from €22,745 to €29,676
- Financial charges +€4,672
up €4,672 (+48.4%), from €9,655 to €14,327
- Taxes +€2,133
up €2,133 (+323%), from €661 to €2,794
- Depreciation +€772
up €772 (+6.3%), from €12,247 to €13,019
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 | €216,247 | €260,871 | +€44,624 | +20.6% |
| Fixed assets | 21/28 | €180,819 | €209,414 | +€28,595 | +15.8% |
| Tangible fixed assets | 22/27 | €180,819 | €209,414 | +€28,595 | +15.8% |
| Land and buildings | 22 | €173,600 | €192,609 | +€19,009 | +11.0% |
| Plant, machinery and equipment | 23 | €7,219 | €16,805 | +€9,586 | +133% |
| Current assets | 29/58 | €35,428 | €51,457 | +€16,028 | +45.2% |
| Stocks and contracts in progress | 3 | €15,927 | €14,322 | -€1,605 | -10.1% |
| Stocks | 30/36 | €15,927 | €14,322 | -€1,605 | -10.1% |
| Amounts receivable within one year | 40/41 | €8,153 | €7,693 | -€460 | -5.6% |
| Trade receivables | 40 | €5,415 | €1,856 | -€3,559 | -65.7% |
| Other amounts receivable | 41 | €2,738 | €5,837 | +€3,099 | +113% |
| Cash at bank and in hand | 54/58 | €11,348 | €26,090 | +€14,742 | +130% |
| Deferred charges and accrued income | 490/1 | - | €3,352 | +€3,352 | |
| Total equity and liabilities | 10/49 | €216,247 | €260,871 | +€44,624 | +20.6% |
| Equity | 10/15 | €16,971 | €17,913 | +€942 | +5.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €14,971 | €15,913 | +€942 | +6.3% |
| Distributable reserves | 133 | €14,971 | €15,913 | +€942 | +6.3% |
| Amounts payable | 17/49 | €199,276 | €242,958 | +€43,682 | +21.9% |
| Amounts payable after more than one year | 17 | €154,745 | €178,123 | +€23,378 | +15.1% |
| Financial debts | 170/4 | €154,745 | €178,123 | +€23,378 | +15.1% |
| Amounts payable within one year | 42/48 | €44,531 | €55,241 | +€10,710 | +24.1% |
| Current portion of amounts payable after more than one year | 42 | €20,144 | €23,364 | +€3,220 | +16.0% |
| Trade debts | 44 | €17,550 | €27,594 | +€10,045 | +57.2% |
| Suppliers | 440/4 | €17,550 | €27,594 | +€10,045 | +57.2% |
| Taxes, remuneration and social security | 45 | €2,286 | €2,689 | +€403 | +17.6% |
| Taxes | 450/3 | €123 | €112 | -€11 | -9.1% |
| Remuneration and social security | 454/9 | €2,163 | €2,577 | +€414 | +19.1% |
| Other amounts payable | 47/48 | €4,551 | €1,594 | -€2,957 | -65.0% |
| Accrued charges and deferred income | 492/3 | - | €9,594 | +€9,594 | |
| Remuneration, social security and pensions | 62 | €22,745 | €29,676 | +€6,931 | +30.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,247 | €13,019 | +€772 | +6.3% |
| Other operating charges | 640/8 | €1,865 | €2,236 | +€370 | +19.9% |
| Gross operating margin | 9900 | €52,798 | €62,974 | +€10,176 | +19.3% |
| Operating profit (loss) | 9901 | €15,941 | €18,043 | +€2,103 | +13.2% |
| Financial income | 75/76B | €20 | €20 | -€0 | -1.0% |
| Recurring financial income | 75 | €20 | €20 | -€0 | -1.0% |
| Financial charges | 65/66B | €9,655 | €14,327 | +€4,672 | +48.4% |
| Recurring financial charges | 65 | €9,655 | €14,327 | +€4,672 | +48.4% |
| Profit (loss) for the period before taxes | 9903 | €6,306 | €3,736 | -€2,570 | -40.8% |
| Income taxes | 67/77 | €661 | €2,794 | +€2,133 | +323% |
| Profit (loss) for the period | 9904 | €5,645 | €942 | -€4,703 | -83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,645 | €942 | -€4,703 | -83.3% |
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 21 October 2026 via checked.be.