CHARLOTTE: what changed
Two fiscal 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.
CHARLOTTE
Largest movements
- Receivables within one year +€192,662
up €192,662 (+17.5%), from €1.1m to €1.3m
- Cash -€86,512
down €86,512 (-70.2%), from €123,217 to €36,705
mainly Receivables within one year (-€192,662) and Tax, wage and social debts (-€35,497)
- Reserves +€56,301
up €56,301 (+1.9%), from €2.9m to €2.9m
of which Distributable reserves: +€56,301
- Financial charges +€32,158
up €32,158, from -€3,791 to €28,368
- Gross operating margin -€24,159
down €24,159 (-17.4%), from €139,017 to €114,858
- Depreciation +€10,839
up €10,839 (+22.7%), from €47,841 to €58,680
- Taxes -€9,595
down €9,595 (-28.6%), from €33,570 to €23,975
- Financial income +€2,386
up €2,386 (+3.6%), from €67,106 to €69,492
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.
Cash bridge derived
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 | €4,393,022 | €4,413,638 | +€20,616 | +0.5% |
| Fixed assets | 21/28 | €836,122 | €793,614 | -€42,508 | -5.1% |
| Tangible fixed assets | 22/27 | €836,122 | €793,614 | -€42,508 | -5.1% |
| Land and buildings | 22 | €74,500 | €74,500 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €3,602 | +€3,602 | |
| Other tangible fixed assets | 26 | €761,622 | €715,512 | -€46,110 | -6.1% |
| Current assets | 29/58 | €3,556,900 | €3,620,024 | +€63,125 | +1.8% |
| Amounts receivable within one year | 40/41 | €1,099,844 | €1,292,506 | +€192,662 | +17.5% |
| Other amounts receivable | 41 | €1,099,844 | €1,292,506 | +€192,662 | +17.5% |
| Current investments | 50/53 | €2,332,262 | €2,289,212 | -€43,050 | -1.8% |
| Cash at bank and in hand | 54/58 | €123,217 | €36,705 | -€86,512 | -70.2% |
| Deferred charges and accrued income | 490/1 | €1,576 | €1,601 | +€25 | +1.6% |
| Total equity and liabilities | 10/49 | €4,393,022 | €4,413,638 | +€20,616 | +0.5% |
| Equity | 10/15 | €4,353,749 | €4,410,051 | +€56,301 | +1.3% |
| Contributions | 10/11 | €1,463,520 | €1,463,520 | = | 0.0% |
| Capital | 10 | €1,463,000 | €1,463,000 | = | 0.0% |
| Issued capital | 100 | €1,463,000 | €1,463,000 | = | 0.0% |
| Outside capital | 11 | €520 | €520 | = | 0.0% |
| Share premium | 1100/10 | €520 | €520 | = | 0.0% |
| Reserves | 13 | €2,890,229 | €2,946,531 | +€56,301 | +1.9% |
| Non-distributable reserves | 130/1 | €146,300 | €146,300 | = | 0.0% |
| Legal reserve | 130 | €146,300 | €146,300 | = | 0.0% |
| Distributable reserves | 133 | €2,743,929 | €2,800,231 | +€56,301 | +2.1% |
| Amounts payable | 17/49 | €39,272 | €3,587 | -€35,685 | -90.9% |
| Amounts payable within one year | 42/48 | €37,897 | €1,177 | -€36,719 | -96.9% |
| Trade debts | 44 | €2,400 | €1,177 | -€1,223 | -50.9% |
| Suppliers | 440/4 | €2,400 | €1,177 | -€1,223 | -50.9% |
| Taxes, remuneration and social security | 45 | €35,497 | €0 | -€35,497 | -100.0% |
| Taxes | 450/3 | €35,497 | €0 | -€35,497 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,376 | €2,410 | +€1,034 | +75.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,841 | €58,680 | +€10,839 | +22.7% |
| Other operating charges | 640/8 | €17,527 | €17,026 | -€501 | -2.9% |
| Gross operating margin | 9900 | €139,017 | €114,858 | -€24,159 | -17.4% |
| Operating profit (loss) | 9901 | €73,649 | €39,152 | -€34,497 | -46.8% |
| Financial income | 75/76B | €67,106 | €69,492 | +€2,386 | +3.6% |
| Recurring financial income | 75 | €67,106 | €69,492 | +€2,386 | +3.6% |
| Financial charges | 65/66B | -€3,791 | €28,368 | +€32,158 | |
| Recurring financial charges | 65 | -€3,791 | €28,368 | +€32,158 | |
| Profit (loss) for the period before taxes | 9903 | €144,546 | €80,276 | -€64,270 | -44.5% |
| Income taxes | 67/77 | €33,570 | €23,975 | -€9,595 | -28.6% |
| Profit (loss) for the period | 9904 | €110,976 | €56,301 | -€54,674 | -49.3% |
| Profit (loss) for the period to be appropriated | 9905 | €110,976 | €56,301 | -€54,674 | -49.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.