CHARLES HOUBOTTE: 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.
CHARLES HOUBOTTE
Largest movements
- Current investments +€144,605
up €144,605 (+20.1%), from €717,795 to €862,400
- Cash +€105,741
up €105,741 (+116%), from €90,965 to €196,706
mainly Net result for the year (+€284,789) and Tax, wage and social debts (+€52,358)
- Stocks and contracts +€23,419
up €23,419 (+89.2%), from €26,243 to €49,662
- Receivables within one year +€21,333
up €21,333 (+29.7%), from €71,750 to €93,083
of which Trade receivables: +€34,316
- Tangible fixed assets -€20,316
down €20,316 (-21.4%), from €94,721 to €74,404
of which Furniture and vehicles: -€18,380
- Reserves +€174,500
up €174,500 (+24.2%), from €720,860 to €895,360
- Tax, wage and social debts +€52,358
up €52,358 (+282%), from €18,584 to €70,942
- Other debts +€39,407
up €39,407 (+16.4%), from €239,565 to €278,971
- Gross operating margin +€150,964
up €150,964 (+56.6%), from €266,690 to €417,654
- Taxes +€50,434
up €50,434 (+66.2%), from €76,137 to €126,571
- Financial income +€11,082
up €11,082 (+237%), from €4,667 to €15,749
- Depreciation +€6,345
up €6,345 (+45.4%), from €13,972 to €20,316
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 | €1,018,645 | €1,293,999 | +€275,354 | +27.0% |
| Fixed assets | 21/28 | €107,551 | €87,234 | -€20,316 | -18.9% |
| Tangible fixed assets | 22/27 | €94,721 | €74,404 | -€20,316 | -21.4% |
| Land and buildings | 22 | €12,852 | €12,121 | -€731 | -5.7% |
| Plant, machinery and equipment | 23 | €2,003 | €798 | -€1,205 | -60.2% |
| Furniture and vehicles | 24 | €79,865 | €61,485 | -€18,380 | -23.0% |
| Financial fixed assets | 28 | €12,830 | €12,830 | = | 0.0% |
| Current assets | 29/58 | €911,095 | €1,206,765 | +€295,670 | +32.5% |
| Stocks and contracts in progress | 3 | €26,243 | €49,662 | +€23,419 | +89.2% |
| Stocks | 30/36 | €26,243 | €49,662 | +€23,419 | +89.2% |
| Amounts receivable within one year | 40/41 | €71,750 | €93,083 | +€21,333 | +29.7% |
| Trade receivables | 40 | €58,766 | €93,083 | +€34,316 | +58.4% |
| Other amounts receivable | 41 | €12,983 | - | -€12,983 | |
| Current investments | 50/53 | €717,795 | €862,400 | +€144,605 | +20.1% |
| Cash at bank and in hand | 54/58 | €90,965 | €196,706 | +€105,741 | +116% |
| Deferred charges and accrued income | 490/1 | €4,342 | €4,914 | +€572 | +13.2% |
| Total equity and liabilities | 10/49 | €1,018,645 | €1,293,999 | +€275,354 | +27.0% |
| Equity | 10/15 | €758,349 | €933,138 | +€174,789 | +23.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €720,860 | €895,360 | +€174,500 | +24.2% |
| Distributable reserves | 133 | €720,860 | €895,360 | +€174,500 | +24.2% |
| Profit (loss) carried forward | 14 | €25,089 | €25,378 | +€289 | +1.2% |
| Amounts payable | 17/49 | €260,297 | €360,862 | +€100,565 | +38.6% |
| Amounts payable within one year | 42/48 | €260,297 | €360,862 | +€100,565 | +38.6% |
| Trade debts | 44 | €2,149 | €10,949 | +€8,800 | +410% |
| Suppliers | 440/4 | €2,149 | €10,949 | +€8,800 | +410% |
| Taxes, remuneration and social security | 45 | €18,584 | €70,942 | +€52,358 | +282% |
| Taxes | 450/3 | €18,584 | €70,942 | +€52,358 | +282% |
| Other amounts payable | 47/48 | €239,565 | €278,971 | +€39,407 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,972 | €20,316 | +€6,345 | +45.4% |
| Other operating charges | 640/8 | €3,726 | €1,602 | -€2,124 | -57.0% |
| Gross operating margin | 9900 | €266,690 | €417,654 | +€150,964 | +56.6% |
| Operating profit (loss) | 9901 | €248,993 | €395,736 | +€146,743 | +58.9% |
| Financial income | 75/76B | €4,667 | €15,749 | +€11,082 | +237% |
| Recurring financial income | 75 | €4,667 | €15,749 | +€11,082 | +237% |
| Financial charges | 65/66B | €108 | €125 | +€17 | +15.7% |
| Recurring financial charges | 65 | €108 | €125 | +€17 | +15.7% |
| Profit (loss) for the period before taxes | 9903 | €253,551 | €411,360 | +€157,809 | +62.2% |
| Income taxes | 67/77 | €76,137 | €126,571 | +€50,434 | +66.2% |
| Profit (loss) for the period | 9904 | €177,415 | €284,789 | +€107,374 | +60.5% |
| Profit (loss) for the period to be appropriated | 9905 | €177,415 | €284,789 | +€107,374 | +60.5% |
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 17 October 2026 via checked.be.