CHARLES & THEO: 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.
What changed
CHARLES & THEO
NACE 86.951, Physiotherapy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€86,782
2024 · -€72,468-€14,314
Equity
-€159,684
2024 · -€72,902-€86,782
Cash
€1,261
2024 · €1,432-€171
Balance sheet total
€1.5m
2024 · €1.6m-€97,752
Largest movements
Assets
- Tangible fixed assets -€92,257
down €92,257 (-6.0%), from €1.5m to €1.4m
Equity and liabilities
- Profit (loss) carried forward -€86,679
down €86,679 (-34.3%), from -€252,811 to -€339,490
- Other debts -€15,605
down €15,605 (-1.0%), from €1.6m to €1.6m
Income statement
- Depreciation +€13,567
up €13,567 (+17.1%), from €79,522 to €93,089
- Gross operating margin -€8,193
down €8,193 (-25.1%), from €32,672 to €24,479
- Financial charges -€6,588
down €6,588 (-39.3%), from €16,767 to €10,179
- Other operating charges -€1,004
down €1,004 (-11.7%), from €8,614 to €7,610
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
-€72,468
Gross operating margin
-€8,193
Depreciation
-€13,567
Other operating charges
+€1,004
Financial income
+€2
Financial charges
+€6,588
Taxes
-€147
Result 2025
-€86,782
raises the resultlowers the result
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.
From operations
+€1,670
Investment
-€1,841
Financing
€0
Cash 2024
€1,432
From operations (derived)
+€1,670
Net result for the year
-€86,782
Depreciation
+€93,089
Receivables within one year
+€5,237
Deferred charges and accrued income
+€1,096
Trade debts
+€4,496
Tax, wage and social debts
+€138
Other debts
-€15,605
Investment (derived)
-€1,841
Investment in fixed assets (net)
-€832
Current investments
-€1,009
Cash 2025
€1,261
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,550,039 | €1,452,287 | -€97,752 | -6.3% |
| Fixed assets | 21/28 | €1,536,674 | €1,444,418 | -€92,257 | -6.0% |
| Tangible fixed assets | 22/27 | €1,536,674 | €1,444,418 | -€92,257 | -6.0% |
| Land and buildings | 22 | €1,229,066 | €1,188,425 | -€40,641 | -3.3% |
| Plant, machinery and equipment | 23 | €188,313 | €162,815 | -€25,498 | -13.5% |
| Furniture and vehicles | 24 | €119,295 | €93,178 | -€26,117 | -21.9% |
| Current assets | 29/58 | €13,365 | €7,869 | -€5,496 | -41.1% |
| Amounts receivable within one year | 40/41 | €5,268 | €31 | -€5,237 | -99.4% |
| Trade receivables | 40 | €5,237 | €0 | -€5,237 | -100% |
| Other amounts receivable | 41 | €31 | €31 | = | 0.0% |
| Current investments | 50/53 | €4,095 | €5,104 | +€1,009 | +24.6% |
| Cash at bank and in hand | 54/58 | €1,432 | €1,261 | -€171 | -12.0% |
| Deferred charges and accrued income | 490/1 | €2,569 | €1,473 | -€1,096 | -42.7% |
| Total equity and liabilities | 10/49 | €1,550,039 | €1,452,287 | -€97,752 | -6.3% |
| Equity | 10/15 | -€72,902 | -€159,684 | -€86,782 | -119% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €161,308 | €161,206 | -€102 | -0.1% |
| Tax-exempt reserves | 132 | €102 | €0 | -€102 | -100% |
| Distributable reserves | 133 | €161,206 | €161,206 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€252,811 | -€339,490 | -€86,679 | -34.3% |
| Provisions and deferred taxes | 16 | €47,441 | €47,441 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €47,441 | €47,441 | = | 0.0% |
| Pensions and similar obligations | 160 | €47,441 | €47,441 | = | 0.0% |
| Amounts payable | 17/49 | €1,575,500 | €1,564,529 | -€10,971 | -0.7% |
| Amounts payable within one year | 42/48 | €1,575,500 | €1,564,529 | -€10,971 | -0.7% |
| Trade debts | 44 | €4,344 | €8,841 | +€4,496 | +103% |
| Suppliers | 440/4 | €4,344 | €8,841 | +€4,496 | +103% |
| Taxes, remuneration and social security | 45 | €3,562 | €3,700 | +€138 | +3.9% |
| Taxes | 450/3 | €3,306 | €3,700 | +€394 | +11.9% |
| Remuneration and social security | 454/9 | €256 | €0 | -€256 | -100% |
| Other amounts payable | 47/48 | €1,567,594 | €1,551,989 | -€15,605 | -1.0% |
| Non-recurring operating income | 76A | €3,955 | €0 | -€3,955 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,522 | €93,089 | +€13,567 | +17.1% |
| Other operating charges | 640/8 | €8,614 | €7,610 | -€1,004 | -11.7% |
| Gross operating margin | 9900 | €32,672 | €24,479 | -€8,193 | -25.1% |
| Operating profit (loss) | 9901 | -€55,463 | -€76,220 | -€20,757 | -37.4% |
| Financial income | 75/76B | €25 | €28 | +€2 | +9.2% |
| Recurring financial income | 75 | €25 | €28 | +€2 | +9.2% |
| Financial charges | 65/66B | €16,767 | €10,179 | -€6,588 | -39.3% |
| Recurring financial charges | 65 | €16,767 | €10,179 | -€6,588 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | -€72,205 | -€86,371 | -€14,166 | -19.6% |
| Income taxes | 67/77 | €263 | €411 | +€147 | +55.9% |
| Profit (loss) for the period | 9904 | -€72,468 | -€86,782 | -€14,314 | -19.8% |
| Transfer from tax-exempt reserves | 789 | - | €102 | +€102 | |
| Profit (loss) for the period to be appropriated | 9905 | -€72,468 | -€86,679 | -€14,211 | -19.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.