TCHERNO: what changed
TCHERNO
Largest movements
- Receivables within one year +€92,855
up €92,855 (+214%), from €43,472 to €136,327
of which Other amounts receivable: +€79,922
- Cash -€26,961
down €26,961 (-33.6%), from €80,299 to €53,338
mainly Receivables within one year (-€92,855) and Debts after one year (-€32,115)
- Tangible fixed assets -€10,785
down €10,785 (-3.7%), from €292,236 to €281,451
of which Land and buildings: -€6,856
- Receivables after one year -€5,417
down €5,417 (-15.6%), from €34,641 to €29,224
- Reserves +€54,800
up €54,800 (+29.4%), from €186,330 to €241,130
- Debts after one year -€32,115
down €32,115 (-16.2%), from €198,404 to €166,289
- Tax, wage and social debts +€21,580
up €21,580 (+44.2%), from €48,777 to €70,357
- Current portion of long-term debt +€10,593
up €10,593 (+104%), from €10,192 to €20,785
- Gross operating margin -€49,195
down €49,195 (-34.2%), from €143,826 to €94,631
- Taxes -€15,560
down €15,560 (-39.8%), from €39,051 to €23,491
- Financial income +€3,039
up €3,039 (+120%), from €2,526 to €5,565
- Other operating charges +€2,333
up €2,333 (+456%), from €511 to €2,844
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €454,969 | €508,065 | +€53,096 | +11.7% |
| Fixed assets | 21/28 | €292,302 | €281,517 | -€10,785 | -3.7% |
| Tangible fixed assets | 22/27 | €292,236 | €281,451 | -€10,785 | -3.7% |
| Land and buildings | 22 | €236,886 | €230,030 | -€6,856 | -2.9% |
| Plant, machinery and equipment | 23 | €50,347 | €45,479 | -€4,868 | -9.7% |
| Furniture and vehicles | 24 | €5,004 | €5,942 | +€939 | +18.8% |
| Financial fixed assets | 28 | €65 | €65 | = | 0.0% |
| Current assets | 29/58 | €162,667 | €226,548 | +€63,881 | +39.3% |
| Amounts receivable after more than one year | 29 | €34,641 | €29,224 | -€5,417 | -15.6% |
| Other amounts receivable | 291 | €34,641 | €29,224 | -€5,417 | -15.6% |
| Amounts receivable within one year | 40/41 | €43,472 | €136,327 | +€92,855 | +214% |
| Trade receivables | 40 | €3,644 | €16,577 | +€12,933 | +355% |
| Other amounts receivable | 41 | €39,828 | €119,750 | +€79,922 | +201% |
| Cash at bank and in hand | 54/58 | €80,299 | €53,338 | -€26,961 | -33.6% |
| Deferred charges and accrued income | 490/1 | €4,255 | €7,659 | +€3,403 | +80.0% |
| Total equity and liabilities | 10/49 | €454,969 | €508,065 | +€53,096 | +11.7% |
| Equity | 10/15 | €193,874 | €248,716 | +€54,842 | +28.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €186,330 | €241,130 | +€54,800 | +29.4% |
| Distributable reserves | 133 | €186,330 | €241,130 | +€54,800 | +29.4% |
| Profit (loss) carried forward | 14 | €1,344 | €1,386 | +€42 | +3.1% |
| Amounts payable | 17/49 | €261,095 | €259,349 | -€1,746 | -0.7% |
| Amounts payable after more than one year | 17 | €198,404 | €166,289 | -€32,115 | -16.2% |
| Financial debts | 170/4 | €198,404 | €166,289 | -€32,115 | -16.2% |
| Amounts payable within one year | 42/48 | €62,691 | €93,060 | +€30,369 | +48.4% |
| Current portion of amounts payable after more than one year | 42 | €10,192 | €20,785 | +€10,593 | +104% |
| Trade debts | 44 | €3,722 | €1,919 | -€1,803 | -48.4% |
| Suppliers | 440/4 | €3,722 | €1,919 | -€1,803 | -48.4% |
| Taxes, remuneration and social security | 45 | €48,777 | €70,357 | +€21,580 | +44.2% |
| Taxes | 450/3 | €48,777 | €70,357 | +€21,580 | +44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,297 | €15,866 | +€569 | +3.7% |
| Other operating charges | 640/8 | €511 | €2,844 | +€2,333 | +456% |
| Gross operating margin | 9900 | €143,826 | €94,631 | -€49,195 | -34.2% |
| Operating profit (loss) | 9901 | €128,018 | €75,920 | -€52,098 | -40.7% |
| Financial income | 75/76B | €2,526 | €5,565 | +€3,039 | +120% |
| Recurring financial income | 75 | €2,526 | €5,565 | +€3,039 | +120% |
| Financial charges | 65/66B | €3,993 | €3,153 | -€841 | -21.1% |
| Recurring financial charges | 65 | €3,993 | €3,153 | -€841 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €126,550 | €78,333 | -€48,217 | -38.1% |
| Income taxes | 67/77 | €39,051 | €23,491 | -€15,560 | -39.8% |
| Profit (loss) for the period | 9904 | €87,500 | €54,842 | -€32,658 | -37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €87,500 | €54,842 | -€32,658 | -37.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.