Tchavo: 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.
Tchavo
Largest movements
- Receivables within one year +€871,232
up €871,232 (+251%), from €346,467 to €1.2m
of which Other amounts receivable: +€812,430
- Stocks and contracts -€590,053
down €590,053 (-87.6%), from €673,409 to €83,356
- Cash +€110,526
up €110,526 (+17,717%), from €624 to €111,150
mainly Net result for the year (+€626,802) and Stocks and contracts (+€590,053)
- Profit (loss) carried forward +€626,802
up €626,802 (+42.8%), from €1.5m to €2.1m
- Debts after one year -€583,601
down €583,601 (-16.0%), from €3.7m to €3.1m
- Short-term financial debts +€500,000
new in 2025: €500,000
- Current portion of long-term debt -€137,046
down €137,046 (-20.8%), from €657,962 to €520,916
- Trade debts +€129,284
up €129,284 (+140%), from €92,298 to €221,581
- Gross operating margin +€348,655
up €348,655 (+59.2%), from €588,653 to €937,307
- Financial charges +€76,107
up €76,107 (+133%), from €57,116 to €133,223
- Taxes +€71,157
up €71,157 (+56.7%), from €125,497 to €196,654
- Financial income -€60,796
down €60,796 (-40.5%), from €150,048 to €89,252
- Depreciation +€14,010
up €14,010 (+28.7%), from €48,773 to €62,783
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 | €6,266,120 | €6,660,891 | +€394,771 | +6.3% |
| Fixed assets | 21/28 | €5,242,418 | €5,247,307 | +€4,888 | +0.1% |
| Tangible fixed assets | 22/27 | €1,224,678 | €1,229,567 | +€4,888 | +0.4% |
| Land and buildings | 22 | €1,139,286 | €1,147,658 | +€8,372 | +0.7% |
| Plant, machinery and equipment | 23 | €77,047 | €68,671 | -€8,376 | -10.9% |
| Furniture and vehicles | 24 | €8,346 | €13,238 | +€4,892 | +58.6% |
| Financial fixed assets | 28 | €4,017,740 | €4,017,740 | = | 0.0% |
| Current assets | 29/58 | €1,023,701 | €1,413,584 | +€389,883 | +38.1% |
| Stocks and contracts in progress | 3 | €673,409 | €83,356 | -€590,053 | -87.6% |
| Stocks | 30/36 | €673,409 | €83,356 | -€590,053 | -87.6% |
| Amounts receivable within one year | 40/41 | €346,467 | €1,217,699 | +€871,232 | +251% |
| Trade receivables | 40 | €114,042 | €172,844 | +€58,801 | +51.6% |
| Other amounts receivable | 41 | €232,425 | €1,044,855 | +€812,430 | +350% |
| Cash at bank and in hand | 54/58 | €624 | €111,150 | +€110,526 | +17,717% |
| Deferred charges and accrued income | 490/1 | €3,201 | €1,379 | -€1,822 | -56.9% |
| Total equity and liabilities | 10/49 | €6,266,120 | €6,660,891 | +€394,771 | +6.3% |
| Equity | 10/15 | €1,465,597 | €2,092,398 | +€626,802 | +42.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,463,097 | €2,089,898 | +€626,802 | +42.8% |
| Amounts payable | 17/49 | €4,800,523 | €4,568,492 | -€232,031 | -4.8% |
| Amounts payable after more than one year | 17 | €3,652,572 | €3,068,971 | -€583,601 | -16.0% |
| Financial debts | 170/4 | €3,652,572 | €3,068,971 | -€583,601 | -16.0% |
| Amounts payable within one year | 42/48 | €1,147,952 | €1,499,521 | +€351,570 | +30.6% |
| Current portion of amounts payable after more than one year | 42 | €657,962 | €520,916 | -€137,046 | -20.8% |
| Financial debts | 43 | - | €500,000 | +€500,000 | |
| Credit institutions | 430/8 | - | €500,000 | +€500,000 | |
| Trade debts | 44 | €92,298 | €221,581 | +€129,284 | +140% |
| Suppliers | 440/4 | €92,298 | €221,581 | +€129,284 | +140% |
| Taxes, remuneration and social security | 45 | €309,714 | €244,337 | -€65,377 | -21.1% |
| Taxes | 450/3 | €309,714 | €244,337 | -€65,377 | -21.1% |
| Other amounts payable | 47/48 | €87,978 | €12,686 | -€75,292 | -85.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,773 | €62,783 | +€14,010 | +28.7% |
| Other operating charges | 640/8 | €11,902 | €7,098 | -€4,804 | -40.4% |
| Gross operating margin | 9900 | €588,653 | €937,307 | +€348,655 | +59.2% |
| Operating profit (loss) | 9901 | €527,978 | €867,427 | +€339,449 | +64.3% |
| Financial income | 75/76B | €150,048 | €89,252 | -€60,796 | -40.5% |
| Recurring financial income | 75 | €150,048 | €89,252 | -€60,796 | -40.5% |
| Financial charges | 65/66B | €57,116 | €133,223 | +€76,107 | +133% |
| Recurring financial charges | 65 | €57,116 | €133,223 | +€76,107 | +133% |
| Profit (loss) for the period before taxes | 9903 | €620,910 | €823,456 | +€202,546 | +32.6% |
| Income taxes | 67/77 | €125,497 | €196,654 | +€71,157 | +56.7% |
| Profit (loss) for the period | 9904 | €495,413 | €626,802 | +€131,389 | +26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €495,413 | €626,802 | +€131,389 | +26.5% |
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 14 October 2026 via checked.be.