CHARBEL: 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.
What changed
CHARBEL
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€208,444
2024 · -€37,247+€245,692
Equity
€3.9m
2024 · €3.7m+€208,444
Cash
€6,344
2024 · €2,089+€4,255
Balance sheet total
€7.6m
2024 · €8.3m-€717,495
Largest movements
Assets
- Tangible fixed assets -€800,202
down €800,202 (-17.0%), from €4.7m to €3.9m
of which Land and buildings: -€793,127
Equity and liabilities
- Debts after one year -€1.1m
down €1.1m (-25.9%), from €4.3m to €3.2m
- Short-term financial debts +€150,000
new in 2025: €150,000
- Profit (loss) carried forward +€122,085
up €122,085 (+5.6%), from €2.2m to €2.3m
- Reserves +€86,359
up €86,359 (+6.2%), from €1.4m to €1.5m
of which Tax-exempt reserves: +€86,359
Income statement
- Gross operating margin +€230,403
up €230,403 (+56.2%), from €410,133 to €640,536
- Taxes +€55,746
new in 2025: €55,746
- Financial charges -€43,053
down €43,053 (-21.0%), from €204,553 to €161,500
- Depreciation -€20,704
down €20,704 (-11.8%), from €174,830 to €154,126
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.
Result 2024
-€37,247
Gross operating margin
+€230,403
Depreciation
+€20,704
Write-downs
+€1,620
Other operating charges
+€5,650
Financial income
+€9
Financial charges
+€43,053
Taxes
-€55,746
Result 2025
€208,444
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.
From operations
+€343,989
Investment
+€646,076
Financing
-€985,811
Cash 2024
€2,089
From operations (derived)
+€343,989
Net result for the year
+€208,444
Depreciation
+€154,126
Stocks and contracts
-€36,688
Receivables within one year
-€42,370
Smaller working-capital items
-€79
Trade debts
+€44,194
Tax, wage and social debts
+€8,073
Other debts
+€16,378
Accrued charges and deferred income
-€8,089
Investment (derived)
+€646,076
Investment in fixed assets (net)
+€646,076
Financing
-€985,811
Debts after one year
-€1.1m
Current portion of long-term debt
-€22,266
Short-term financial debts
+€150,000
Cash 2025
€6,344
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,280,569 | €7,563,074 | -€717,495 | -8.7% |
| Fixed assets | 21/28 | €4,705,571 | €3,905,369 | -€800,202 | -17.0% |
| Tangible fixed assets | 22/27 | €4,704,083 | €3,903,881 | -€800,202 | -17.0% |
| Land and buildings | 22 | €4,677,831 | €3,884,704 | -€793,127 | -17.0% |
| Other tangible fixed assets | 26 | €26,252 | €19,177 | -€7,075 | -27.0% |
| Financial fixed assets | 28 | €1,488 | €1,488 | = | 0.0% |
| Current assets | 29/58 | €3,574,998 | €3,657,706 | +€82,708 | +2.3% |
| Stocks and contracts in progress | 3 | €3,489,721 | €3,526,408 | +€36,688 | +1.1% |
| Stocks | 30/36 | €3,489,721 | €3,526,408 | +€36,688 | +1.1% |
| Amounts receivable within one year | 40/41 | €77,099 | €119,470 | +€42,370 | +55.0% |
| Trade receivables | 40 | €2,538 | €106,216 | +€103,678 | +4084.6% |
| Other amounts receivable | 41 | €74,561 | €13,254 | -€61,307 | -82.2% |
| Cash at bank and in hand | 54/58 | €2,089 | €6,344 | +€4,255 | +203.7% |
| Deferred charges and accrued income | 490/1 | €6,089 | €5,484 | -€605 | -9.9% |
| Total equity and liabilities | 10/49 | €8,280,569 | €7,563,074 | -€717,495 | -8.7% |
| Equity | 10/15 | €3,660,948 | €3,869,392 | +€208,444 | +5.7% |
| Contributions | 10/11 | €89,242 | €89,242 | = | 0.0% |
| Capital | 10 | €89,242 | €89,242 | = | 0.0% |
| Issued capital | 100 | €89,242 | €89,242 | = | 0.0% |
| Reserves | 13 | €1,399,474 | €1,485,833 | +€86,359 | +6.2% |
| Non-distributable reserves | 130/1 | €8,924 | €8,924 | = | 0.0% |
| Legal reserve | 130 | €8,924 | €8,924 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,874 | €121,232 | +€86,359 | +247.6% |
| Distributable reserves | 133 | €1,355,677 | €1,355,677 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,172,232 | €2,294,318 | +€122,085 | +5.6% |
| Provisions and deferred taxes | 16 | €11,625 | €10,941 | -€684 | -5.9% |
| Deferred taxes | 168 | €11,625 | €10,941 | -€684 | -5.9% |
| Amounts payable | 17/49 | €4,607,996 | €3,682,741 | -€925,255 | -20.1% |
| Amounts payable after more than one year | 17 | €4,298,392 | €3,184,847 | -€1.1m | -25.9% |
| Financial debts | 170/4 | €4,298,392 | €3,184,847 | -€1.1m | -25.9% |
| Amounts payable within one year | 42/48 | €301,514 | €497,894 | +€196,379 | +65.1% |
| Current portion of amounts payable after more than one year | 42 | €187,848 | €165,582 | -€22,266 | -11.9% |
| Financial debts | 43 | - | €150,000 | +€150,000 | |
| Credit institutions | 430/8 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €40,160 | €84,353 | +€44,194 | +110.0% |
| Suppliers | 440/4 | €40,160 | €84,353 | +€44,194 | +110.0% |
| Taxes, remuneration and social security | 45 | - | €8,073 | +€8,073 | |
| Taxes | 450/3 | - | €8,073 | +€8,073 | |
| Other amounts payable | 47/48 | €73,507 | €89,885 | +€16,378 | +22.3% |
| Accrued charges and deferred income | 492/3 | €8,089 | - | -€8,089 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €174,830 | €154,126 | -€20,704 | -11.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,514 | €3,895 | -€1,620 | -29.4% |
| Other operating charges | 640/8 | €63,254 | €57,604 | -€5,650 | -8.9% |
| Gross operating margin | 9900 | €410,133 | €640,536 | +€230,403 | +56.2% |
| Operating profit (loss) | 9901 | €166,535 | €424,911 | +€258,376 | +155.1% |
| Financial income | 75/76B | €87 | €96 | +€9 | +10.3% |
| Recurring financial income | 75 | €87 | €96 | +€9 | +10.3% |
| Financial charges | 65/66B | €204,553 | €161,500 | -€43,053 | -21.0% |
| Recurring financial charges | 65 | €204,553 | €161,500 | -€43,053 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | -€37,931 | €263,507 | +€301,438 | |
| Transfer from deferred taxes | 780 | €684 | €684 | = | 0.0% |
| Income taxes | 67/77 | - | €55,746 | +€55,746 | |
| Profit (loss) for the period | 9904 | -€37,247 | €208,444 | +€245,692 | |
| Transfer from tax-exempt reserves | 789 | €170,451 | €2,051 | -€168,400 | -98.8% |
| Transfer to tax-exempt reserves | 689 | - | €88,410 | +€88,410 | |
| Profit (loss) for the period to be appropriated | 9905 | €133,204 | €122,085 | -€11,118 | -8.3% |
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 7 October 2026 via checked.be.