CARACTERE: what changed
Two fiscal 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.
CARACTERE
Largest movements
- Receivables within one year +€394,100
up €394,100 (+24.0%), from €1.6m to €2.0m
of which Trade receivables: +€747,345
- Cash +€232,763
up €232,763 (+138.1%), from €168,488 to €401,251
mainly Trade debts (+€807,920) and Net result for the year (+€271,728)
- Intangible fixed assets -€100,133
down €100,133 (-20.0%), from €500,663 to €400,530
- Trade debts +€807,920
up €807,920 (+94.4%), from €855,569 to €1.7m
- Debts after one year -€265,000
no longer reported in 2025 (was €265,000)
- Other debts -€119,204
down €119,204 (-59.6%), from €200,000 to €80,796
- Tax, wage and social debts +€111,036
up €111,036 (+70.4%), from €157,776 to €268,812
of which Taxes: +€107,296
- Profit (loss) carried forward -€45,852
down €45,852 (-12.8%), from €358,007 to €312,155
- Gross operating margin +€100,867
up €100,867 (+9.5%), from €1.1m to €1.2m
- Depreciation +€94,445
up €94,445 (+297.7%), from €31,727 to €126,173
- Staff costs +€72,764
up €72,764 (+13.7%), from €530,310 to €603,075
- Financial charges -€24,853
down €24,853 (-33.8%), from €73,618 to €48,766
of which Non-recurring financial charges: -€34,038
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.
Cash bridge derived
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 | €2,443,218 | €2,936,369 | +€493,150 | +20.2% |
| Fixed assets | 21/28 | €611,051 | €484,878 | -€126,173 | -20.6% |
| Intangible fixed assets | 21 | €500,663 | €400,530 | -€100,133 | -20.0% |
| Tangible fixed assets | 22/27 | €92,748 | €66,708 | -€26,040 | -28.1% |
| Plant, machinery and equipment | 23 | €11,020 | €2,772 | -€8,249 | -74.8% |
| Other tangible fixed assets | 26 | €81,728 | €63,936 | -€17,791 | -21.8% |
| Financial fixed assets | 28 | €17,640 | €17,640 | = | 0.0% |
| Current assets | 29/58 | €1,832,167 | €2,451,490 | +€619,323 | +33.8% |
| Amounts receivable within one year | 40/41 | €1,644,670 | €2,038,770 | +€394,100 | +24.0% |
| Trade receivables | 40 | €852,411 | €1,599,756 | +€747,345 | +87.7% |
| Other amounts receivable | 41 | €792,260 | €439,015 | -€353,245 | -44.6% |
| Cash at bank and in hand | 54/58 | €168,488 | €401,251 | +€232,763 | +138.1% |
| Deferred charges and accrued income | 490/1 | €19,009 | €11,469 | -€7,540 | -39.7% |
| Total equity and liabilities | 10/49 | €2,443,218 | €2,936,369 | +€493,150 | +20.2% |
| Equity | 10/15 | €926,660 | €880,809 | -€45,852 | -4.9% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €68,654 | €68,654 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €18,654 | €18,654 | = | 0.0% |
| Profit (loss) carried forward | 14 | €358,007 | €312,155 | -€45,852 | -12.8% |
| Amounts payable | 17/49 | €1,516,558 | €2,055,560 | +€539,002 | +35.5% |
| Amounts payable after more than one year | 17 | €265,000 | - | -€265,000 | |
| Financial debts | 170/4 | €265,000 | - | -€265,000 | |
| Amounts payable within one year | 42/48 | €1,251,558 | €2,055,560 | +€804,002 | +64.2% |
| Financial debts | 43 | €38,212 | €37,044 | -€1,169 | -3.1% |
| Credit institutions | 430/8 | €38,212 | €37,044 | -€1,169 | -3.1% |
| Trade debts | 44 | €855,569 | €1,663,489 | +€807,920 | +94.4% |
| Suppliers | 440/4 | €855,569 | €1,663,489 | +€807,920 | +94.4% |
| Advances received on contracts in progress | 46 | - | €5,419 | +€5,419 | |
| Taxes, remuneration and social security | 45 | €157,776 | €268,812 | +€111,036 | +70.4% |
| Taxes | 450/3 | €96,136 | €203,432 | +€107,296 | +111.6% |
| Remuneration and social security | 454/9 | €61,640 | €65,380 | +€3,740 | +6.1% |
| Other amounts payable | 47/48 | €200,000 | €80,796 | -€119,204 | -59.6% |
| Remuneration, social security and pensions | 62 | €530,310 | €603,075 | +€72,764 | +13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,727 | €126,173 | +€94,445 | +297.7% |
| Other operating charges | 640/8 | €5,346 | €9,156 | +€3,810 | +71.3% |
| Gross operating margin | 9900 | €1,062,361 | €1,163,228 | +€100,867 | +9.5% |
| Operating profit (loss) | 9901 | €494,977 | €424,824 | -€70,153 | -14.2% |
| Financial income | 75/76B | €2,589 | €560 | -€2,029 | -78.4% |
| Recurring financial income | 75 | €2,589 | €560 | -€2,029 | -78.4% |
| Financial charges | 65/66B | €73,618 | €48,766 | -€24,853 | -33.8% |
| Recurring financial charges | 65 | €39,580 | €48,766 | +€9,186 | +23.2% |
| Non-recurring financial charges | 66B | €34,038 | - | -€34,038 | |
| Profit (loss) for the period before taxes | 9903 | €423,948 | €376,618 | -€47,330 | -11.2% |
| Income taxes | 67/77 | €96,136 | €104,890 | +€8,754 | +9.1% |
| Profit (loss) for the period | 9904 | €327,812 | €271,728 | -€56,084 | -17.1% |
| Profit (loss) for the period to be appropriated | 9905 | €327,812 | €271,728 | -€56,084 | -17.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.