CHARLIE ECHO: 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.
CHARLIE ECHO
Largest movements
- Financial fixed assets +€451,250
up €451,250 (+354%), from €127,500 to €578,750
- Cash -€49,794
down €49,794 (-51.6%), from €96,581 to €46,787
mainly Investment in fixed assets (net) (-€451,250) and Smaller working-capital items (-€1,195)
- Tangible fixed assets -€17,369
down €17,369 (-24.4%), from €71,249 to €53,879
- Debts after one year +€249,402
up €249,402 (+652%), from €38,228 to €287,629
- Current portion of long-term debt +€57,288
up €57,288 (+51.4%), from €111,542 to €168,830
- Reserves +€57,044
up €57,044 (+49.2%), from €115,855 to €172,899
- Tax, wage and social debts +€21,548
up €21,548 (+82.0%), from €26,269 to €47,817
- Gross operating margin -€11,641
down €11,641 (-9.5%), from €122,936 to €111,295
- Financial charges +€8,477
up €8,477 (+134%), from €6,325 to €14,802
- Taxes -€5,423
down €5,423 (-20.6%), from €26,349 to €20,926
- Depreciation +€1,772
up €1,772 (+11.4%), from €15,597 to €17,369
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 | €299,956 | €684,847 | +€384,892 | +128% |
| Fixed assets | 21/28 | €198,749 | €632,629 | +€433,881 | +218% |
| Tangible fixed assets | 22/27 | €71,249 | €53,879 | -€17,369 | -24.4% |
| Furniture and vehicles | 24 | €71,249 | €53,879 | -€17,369 | -24.4% |
| Financial fixed assets | 28 | €127,500 | €578,750 | +€451,250 | +354% |
| Current assets | 29/58 | €101,207 | €52,218 | -€48,989 | -48.4% |
| Cash at bank and in hand | 54/58 | €96,581 | €46,787 | -€49,794 | -51.6% |
| Deferred charges and accrued income | 490/1 | €4,626 | €5,431 | +€805 | +17.4% |
| Total equity and liabilities | 10/49 | €299,956 | €684,847 | +€384,892 | +128% |
| Equity | 10/15 | €118,355 | €175,399 | +€57,044 | +48.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €115,855 | €172,899 | +€57,044 | +49.2% |
| Distributable reserves | 133 | €115,855 | €172,899 | +€57,044 | +49.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €181,600 | €509,448 | +€327,847 | +181% |
| Amounts payable after more than one year | 17 | €38,228 | €287,629 | +€249,402 | +652% |
| Financial debts | 170/4 | €38,228 | €287,629 | +€249,402 | +652% |
| Amounts payable within one year | 42/48 | €143,373 | €221,818 | +€78,446 | +54.7% |
| Current portion of amounts payable after more than one year | 42 | €111,542 | €168,830 | +€57,288 | +51.4% |
| Trade debts | 44 | €620 | €241 | -€379 | -61.2% |
| Suppliers | 440/4 | €620 | €241 | -€379 | -61.2% |
| Taxes, remuneration and social security | 45 | €26,269 | €47,817 | +€21,548 | +82.0% |
| Taxes | 450/3 | €26,269 | €47,817 | +€21,548 | +82.0% |
| Other amounts payable | 47/48 | €4,942 | €4,931 | -€11 | -0.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,597 | €17,369 | +€1,772 | +11.4% |
| Other operating charges | 640/8 | €825 | €1,222 | +€396 | +48.1% |
| Gross operating margin | 9900 | €122,936 | €111,295 | -€11,641 | -9.5% |
| Operating profit (loss) | 9901 | €106,514 | €92,704 | -€13,810 | -13.0% |
| Financial income | 75/76B | €267 | €68 | -€199 | -74.5% |
| Recurring financial income | 75 | €267 | €68 | -€199 | -74.5% |
| Financial charges | 65/66B | €6,325 | €14,802 | +€8,477 | +134% |
| Recurring financial charges | 65 | €6,325 | €14,802 | +€8,477 | +134% |
| Profit (loss) for the period before taxes | 9903 | €100,455 | €77,970 | -€22,485 | -22.4% |
| Income taxes | 67/77 | €26,349 | €20,926 | -€5,423 | -20.6% |
| Profit (loss) for the period | 9904 | €74,107 | €57,044 | -€17,062 | -23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €74,107 | €57,044 | -€17,062 | -23.0% |
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 22 October 2026 via checked.be.