Charles Palmieri: 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 Palmieri
Largest movements
- Current investments +€74,314
new in 2025: €74,314
- Cash -€63,934
no longer reported in 2025 (was €63,934)
mainly Contributions, distributions and other (-€81,135) and Current investments (-€74,314)
- Deferred charges and accrued income +€1,752
up €1,752 (+158%), from €1,109 to €2,861
- Tangible fixed assets +€1,551
up €1,551 (+44.8%), from €3,458 to €5,008
of which Other tangible fixed assets: +€2,603
- Other debts +€38,135
up €38,135 (+88.7%), from €43,000 to €81,135
- Profit (loss) carried forward -€15,067
no longer reported in 2025 (was €15,067)
- Trade debts -€4,977
down €4,977 (-85.1%), from €5,850 to €873
- Tax, wage and social debts -€4,044
down €4,044 (-23.7%), from €17,083 to €13,040
of which Remuneration and social security: -€3,132
- Gross operating margin +€11,543
up €11,543 (+15.0%), from €76,945 to €88,487
- Taxes +€2,241
up €2,241 (+13.5%), from €16,543 to €18,783
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 | €96,001 | €110,047 | +€14,047 | +14.6% |
| Fixed assets | 21/28 | €28,458 | €30,008 | +€1,551 | +5.4% |
| Tangible fixed assets | 22/27 | €3,458 | €5,008 | +€1,551 | +44.8% |
| Plant, machinery and equipment | 23 | €3,458 | €2,405 | -€1,053 | -30.4% |
| Other tangible fixed assets | 26 | - | €2,603 | +€2,603 | |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €67,543 | €80,039 | +€12,496 | +18.5% |
| Amounts receivable within one year | 40/41 | €2,500 | €2,864 | +€364 | +14.6% |
| Trade receivables | 40 | - | €2,864 | +€2,864 | |
| Other amounts receivable | 41 | €2,500 | - | -€2,500 | |
| Current investments | 50/53 | - | €74,314 | +€74,314 | |
| Cash at bank and in hand | 54/58 | €63,934 | - | -€63,934 | |
| Deferred charges and accrued income | 490/1 | €1,109 | €2,861 | +€1,752 | +158% |
| Total equity and liabilities | 10/49 | €96,001 | €110,047 | +€14,047 | +14.6% |
| Equity | 10/15 | €30,067 | €15,000 | -€15,067 | -50.1% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,067 | - | -€15,067 | |
| Amounts payable | 17/49 | €65,934 | €95,047 | +€29,114 | +44.2% |
| Amounts payable within one year | 42/48 | €65,934 | €95,047 | +€29,114 | +44.2% |
| Trade debts | 44 | €5,850 | €873 | -€4,977 | -85.1% |
| Suppliers | 440/4 | €5,850 | €873 | -€4,977 | -85.1% |
| Taxes, remuneration and social security | 45 | €17,083 | €13,040 | -€4,044 | -23.7% |
| Taxes | 450/3 | €13,951 | €13,040 | -€911 | -6.5% |
| Remuneration and social security | 454/9 | €3,132 | - | -€3,132 | |
| Other amounts payable | 47/48 | €43,000 | €81,135 | +€38,135 | +88.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,090 | €2,075 | -€16 | -0.7% |
| Other operating charges | 640/8 | - | €387 | +€387 | |
| Gross operating margin | 9900 | €76,945 | €88,487 | +€11,543 | +15.0% |
| Operating profit (loss) | 9901 | €74,854 | €86,025 | +€11,171 | +14.9% |
| Financial charges | 65/66B | €1,005 | €1,174 | +€170 | +16.9% |
| Recurring financial charges | 65 | €1,005 | €1,174 | +€170 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | €73,850 | €84,851 | +€11,001 | +14.9% |
| Income taxes | 67/77 | €16,543 | €18,783 | +€2,241 | +13.5% |
| Profit (loss) for the period | 9904 | €57,307 | €66,068 | +€8,760 | +15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €57,307 | €66,068 | +€8,760 | +15.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.