CHARLES KAISIN: 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 KAISIN
Largest movements
- Receivables after one year -€220,000
no longer reported in 2025 (was €220,000)
- Receivables within one year +€161,988
up €161,988 (+17.0%), from €952,891 to €1.1m
of which Other amounts receivable: +€244,057
- Tangible fixed assets -€33,319
down €33,319 (-3.7%), from €905,016 to €871,696
of which Land and buildings: -€23,612
- Debts after one year -€88,366
down €88,366 (-22.3%), from €395,554 to €307,188
- Profit (loss) carried forward +€33,520
up €33,520 (+3.9%), from €860,062 to €893,582
- Trade debts -€32,608
down €32,608 (-5.0%), from €646,705 to €614,097
- Tax, wage and social debts -€27,499
down €27,499 (-64.2%), from €42,841 to €15,342
- Gross operating margin +€76,937
up €76,937 (+130%), from €59,307 to €136,244
- Taxes +€16,393
new in 2025: €16,393
- Financial charges -€9,811
down €9,811 (-29.6%), from €33,124 to €23,313
- Depreciation +€3,659
up €3,659 (+7.1%), from €51,362 to €55,020
- Financial income -€3,176
down €3,176 (-96.9%), from €3,277 to €101
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,122,051 | €2,016,947 | -€105,105 | -5.0% |
| Fixed assets | 21/28 | €905,016 | €871,696 | -€33,319 | -3.7% |
| Tangible fixed assets | 22/27 | €905,016 | €871,696 | -€33,319 | -3.7% |
| Land and buildings | 22 | €442,857 | €419,245 | -€23,612 | -5.3% |
| Plant, machinery and equipment | 23 | - | €1,544 | +€1,544 | |
| Furniture and vehicles | 24 | €22,649 | €10,014 | -€12,635 | -55.8% |
| Other tangible fixed assets | 26 | €439,510 | €440,893 | +€1,383 | +0.3% |
| Current assets | 29/58 | €1,217,036 | €1,145,250 | -€71,785 | -5.9% |
| Amounts receivable after more than one year | 29 | €220,000 | - | -€220,000 | |
| Other amounts receivable | 291 | €220,000 | - | -€220,000 | |
| Stocks and contracts in progress | 3 | €29,537 | €30,371 | +€834 | +2.8% |
| Stocks | 30/36 | €29,537 | €30,371 | +€834 | +2.8% |
| Amounts receivable within one year | 40/41 | €952,891 | €1,114,879 | +€161,988 | +17.0% |
| Trade receivables | 40 | €659,459 | €577,390 | -€82,069 | -12.4% |
| Other amounts receivable | 41 | €293,432 | €537,489 | +€244,057 | +83.2% |
| Deferred charges and accrued income | 490/1 | €14,608 | - | -€14,608 | |
| Total equity and liabilities | 10/49 | €2,122,051 | €2,016,947 | -€105,105 | -5.0% |
| Equity | 10/15 | €874,322 | €907,842 | +€33,520 | +3.8% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | €860,062 | €893,582 | +€33,520 | +3.9% |
| Amounts payable | 17/49 | €1,247,729 | €1,109,105 | -€138,624 | -11.1% |
| Amounts payable after more than one year | 17 | €395,554 | €307,188 | -€88,366 | -22.3% |
| Financial debts | 170/4 | €395,554 | €307,188 | -€88,366 | -22.3% |
| Amounts payable within one year | 42/48 | €852,176 | €801,917 | -€50,258 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €109,751 | €129,075 | +€19,324 | +17.6% |
| Financial debts | 43 | €38,601 | €43,404 | +€4,803 | +12.4% |
| Credit institutions | 430/8 | €38,601 | €43,404 | +€4,803 | +12.4% |
| Trade debts | 44 | €646,705 | €614,097 | -€32,608 | -5.0% |
| Suppliers | 440/4 | €646,705 | €614,097 | -€32,608 | -5.0% |
| Taxes, remuneration and social security | 45 | €42,841 | €15,342 | -€27,499 | -64.2% |
| Taxes | 450/3 | €42,841 | €15,342 | -€27,499 | -64.2% |
| Other amounts payable | 47/48 | €14,278 | - | -€14,278 | |
| Remuneration, social security and pensions | 62 | - | €1,692 | +€1,692 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,362 | €55,020 | +€3,659 | +7.1% |
| Other operating charges | 640/8 | €3,525 | €6,408 | +€2,882 | +81.8% |
| Gross operating margin | 9900 | €59,307 | €136,244 | +€76,937 | +130% |
| Operating profit (loss) | 9901 | €4,420 | €73,124 | +€68,704 | +1,554% |
| Financial income | 75/76B | €3,277 | €101 | -€3,176 | -96.9% |
| Recurring financial income | 75 | €3,277 | €101 | -€3,176 | -96.9% |
| Financial charges | 65/66B | €33,124 | €23,313 | -€9,811 | -29.6% |
| Recurring financial charges | 65 | €33,124 | €23,313 | -€9,811 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | -€25,427 | €49,912 | +€75,340 | |
| Income taxes | 67/77 | - | €16,393 | +€16,393 | |
| Profit (loss) for the period | 9904 | -€25,427 | €33,520 | +€58,947 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,427 | €33,520 | +€58,947 |
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 25 October 2026 via checked.be.