CHARLIE RAY: 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 RAY
Largest movements
- Tangible fixed assets -€25,926
down €25,926 (-17.5%), from €148,209 to €122,283
- Stocks and contracts -€22,383
down €22,383 (-64.5%), from €34,678 to €12,294
- Cash +€16,531
up €16,531 (+79.3%), from €20,852 to €37,384
mainly Depreciation (+€35,678) and Stocks and contracts (+€22,383)
- Financial fixed assets -€3,150
down €3,150 (-100%), from €3,150 to €0
- Other debts -€35,097
down €35,097 (-21.9%), from €160,265 to €125,168
- Debts after one year -€13,713
down €13,713 (-21.8%), from €62,861 to €49,148
- Current portion of long-term debt -€9,949
down €9,949 (-72.9%), from €13,657 to €3,708
- Trade debts +€9,808
up €9,808 (+98.6%), from €9,942 to €19,750
- Profit (loss) carried forward +€7,596
up €7,596 (+12.2%), from -€62,244 to -€54,648
- Gross operating margin +€102,149
up €102,149 (+64.3%), from €158,795 to €260,944
- Staff costs +€95,361
up €95,361 (+89.3%), from €106,750 to €202,111
- Depreciation +€12,941
up €12,941 (+56.9%), from €22,737 to €35,678
- Financial charges -€4,206
down €4,206 (-21.8%), from €19,335 to €15,130
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 | €210,413 | €173,859 | -€36,554 | -17.4% |
| Fixed assets | 21/28 | €154,862 | €123,911 | -€30,951 | -20.0% |
| Intangible fixed assets | 21 | €3,503 | €1,628 | -€1,876 | -53.5% |
| Tangible fixed assets | 22/27 | €148,209 | €122,283 | -€25,926 | -17.5% |
| Land and buildings | 22 | €106,141 | €94,836 | -€11,305 | -10.7% |
| Plant, machinery and equipment | 23 | €28,260 | €16,553 | -€11,708 | -41.4% |
| Furniture and vehicles | 24 | €10,925 | €3,929 | -€6,995 | -64.0% |
| Leasing and similar rights | 25 | - | €5,084 | +€5,084 | |
| Other tangible fixed assets | 26 | €2,883 | €1,882 | -€1,001 | -34.7% |
| Financial fixed assets | 28 | €3,150 | €0 | -€3,150 | -100% |
| Current assets | 29/58 | €55,550 | €49,948 | -€5,602 | -10.1% |
| Stocks and contracts in progress | 3 | €34,678 | €12,294 | -€22,383 | -64.5% |
| Stocks | 30/36 | €34,678 | €12,294 | -€22,383 | -64.5% |
| Amounts receivable within one year | 40/41 | €21 | €270 | +€249 | +1,207% |
| Trade receivables | 40 | €0 | €270 | +€270 | |
| Other amounts receivable | 41 | €21 | €0 | -€21 | -100% |
| Cash at bank and in hand | 54/58 | €20,852 | €37,384 | +€16,531 | +79.3% |
| Total equity and liabilities | 10/49 | €210,413 | €173,859 | -€36,554 | -17.4% |
| Equity | 10/15 | -€59,244 | -€51,648 | +€7,596 | +12.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,244 | -€54,648 | +€7,596 | +12.2% |
| Amounts payable | 17/49 | €269,657 | €225,507 | -€44,150 | -16.4% |
| Amounts payable after more than one year | 17 | €62,861 | €49,148 | -€13,713 | -21.8% |
| Financial debts | 170/4 | €62,861 | €49,148 | -€13,713 | -21.8% |
| Amounts payable within one year | 42/48 | €206,796 | €176,359 | -€30,437 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €13,657 | €3,708 | -€9,949 | -72.9% |
| Trade debts | 44 | €9,942 | €19,750 | +€9,808 | +98.6% |
| Suppliers | 440/4 | €9,942 | €19,750 | +€9,808 | +98.6% |
| Taxes, remuneration and social security | 45 | €22,933 | €27,733 | +€4,801 | +20.9% |
| Taxes | 450/3 | €4,454 | €8,061 | +€3,607 | +81.0% |
| Remuneration and social security | 454/9 | €18,479 | €19,673 | +€1,194 | +6.5% |
| Other amounts payable | 47/48 | €160,265 | €125,168 | -€35,097 | -21.9% |
| Remuneration, social security and pensions | 62 | €106,750 | €202,111 | +€95,361 | +89.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,737 | €35,678 | +€12,941 | +56.9% |
| Other operating charges | 640/8 | €429 | €530 | +€102 | +23.7% |
| Non-recurring operating charges | 66A | €88 | €20 | -€68 | -77.3% |
| Gross operating margin | 9900 | €158,795 | €260,944 | +€102,149 | +64.3% |
| Operating profit (loss) | 9901 | €28,791 | €22,604 | -€6,186 | -21.5% |
| Financial income | 75/76B | €1 | €121 | +€120 | +8,138% |
| Recurring financial income | 75 | €1 | €121 | +€120 | +8,138% |
| Financial charges | 65/66B | €19,335 | €15,130 | -€4,206 | -21.8% |
| Recurring financial charges | 65 | €19,335 | €15,130 | -€4,206 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €9,457 | €7,596 | -€1,861 | -19.7% |
| Profit (loss) for the period | 9904 | €9,457 | €7,596 | -€1,861 | -19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €9,457 | €7,596 | -€1,861 | -19.7% |
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 28 October 2026 via checked.be.