As I've mentioned a few times, Chelsea have effectively deferred things for a year. If you look at the actual reports here -
https://www.uefa.com/running-competitions/integrity/club-financial-control-body/ - section 3 covers the difference. For us for 25/26 we have:
In the 2025/26 season, the Club will have a maximum Football Earnings deficit of
EUR 5 million for the reporting period ending in 2025 (“2025 Target”)
For Chelsea that line is for 2026 and instead they have:
In the 2025/26 season, the Club will have a maximum Football Earnings deficit for the
reporting period ending in 2025 equivalent to the projected deficit submitted in the
business plan (“2025 Target”)
So basically they are under 'watch' for an extra year but have been able to negotiate a much bigger potential loss this year as a result.
On top of that they've been given their annual Arsenal subsidy, whereas we're struggling to make sales.