CHARLOTTE KEERMAN: 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.
CHARLOTTE KEERMAN
Largest movements
- Cash +€83,340
up €83,340 (+83.6%), from €99,728 to €183,069
mainly Net result for the year (+€86,610) and Tax, wage and social debts (+€23,536)
- Current investments +€16,820
new in 2025: €16,820
- Tangible fixed assets -€10,440
down €10,440 (-24.0%), from €43,499 to €33,059
of which Leasing and similar rights: -€10,933
- Receivables within one year +€3,521
up €3,521 (+20.8%), from €16,896 to €20,417
of which Trade receivables: +€3,085
- Reserves +€85,777
up €85,777 (+103%), from €83,557 to €169,335
- Tax, wage and social debts +€23,536
up €23,536 (+68.8%), from €34,189 to €57,724
- Debts after one year -€14,330
down €14,330 (-65.8%), from €21,762 to €7,432
- Gross operating margin +€12,629
up €12,629 (+10.9%), from €116,086 to €128,714
- Taxes +€3,279
up €3,279 (+14.7%), from €22,336 to €25,615
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 | €163,414 | €256,627 | +€93,213 | +57.0% |
| Formation expenses | 20 | €773 | €550 | -€223 | -28.9% |
| Fixed assets | 21/28 | €43,499 | €33,059 | -€10,440 | -24.0% |
| Tangible fixed assets | 22/27 | €43,499 | €33,059 | -€10,440 | -24.0% |
| Plant, machinery and equipment | 23 | €947 | €742 | -€206 | -21.7% |
| Furniture and vehicles | 24 | - | €1,122 | +€1,122 | |
| Leasing and similar rights | 25 | €37,981 | €27,048 | -€10,933 | -28.8% |
| Other tangible fixed assets | 26 | €4,572 | €4,148 | -€423 | -9.3% |
| Current assets | 29/58 | €119,141 | €223,018 | +€103,877 | +87.2% |
| Amounts receivable within one year | 40/41 | €16,896 | €20,417 | +€3,521 | +20.8% |
| Trade receivables | 40 | €16,896 | €19,981 | +€3,085 | +18.3% |
| Other amounts receivable | 41 | - | €436 | +€436 | |
| Current investments | 50/53 | - | €16,820 | +€16,820 | |
| Cash at bank and in hand | 54/58 | €99,728 | €183,069 | +€83,340 | +83.6% |
| Deferred charges and accrued income | 490/1 | €2,517 | €2,712 | +€195 | +7.8% |
| Total equity and liabilities | 10/49 | €163,414 | €256,627 | +€93,213 | +57.0% |
| Equity | 10/15 | €88,557 | €174,335 | +€85,777 | +96.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €83,557 | €169,335 | +€85,777 | +103% |
| Distributable reserves | 133 | €83,557 | €169,335 | +€85,777 | +103% |
| Amounts payable | 17/49 | €74,857 | €82,292 | +€7,436 | +9.9% |
| Amounts payable after more than one year | 17 | €21,762 | €7,432 | -€14,330 | -65.8% |
| Financial debts | 170/4 | €21,762 | €7,432 | -€14,330 | -65.8% |
| Amounts payable within one year | 42/48 | €53,095 | €74,860 | +€21,766 | +41.0% |
| Current portion of amounts payable after more than one year | 42 | €13,646 | €14,330 | +€684 | +5.0% |
| Trade debts | 44 | €2,685 | €1,974 | -€711 | -26.5% |
| Suppliers | 440/4 | €2,685 | €1,974 | -€711 | -26.5% |
| Taxes, remuneration and social security | 45 | €34,189 | €57,724 | +€23,536 | +68.8% |
| Taxes | 450/3 | €34,189 | €57,724 | +€23,536 | +68.8% |
| Other amounts payable | 47/48 | €2,576 | €833 | -€1,743 | -67.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,984 | €12,252 | +€268 | +2.2% |
| Other operating charges | 640/8 | €2,098 | €2,483 | +€385 | +18.3% |
| Gross operating margin | 9900 | €116,086 | €128,714 | +€12,629 | +10.9% |
| Operating profit (loss) | 9901 | €102,003 | €113,979 | +€11,976 | +11.7% |
| Financial income | 75/76B | - | €203 | +€203 | |
| Recurring financial income | 75 | - | €203 | +€203 | |
| Financial charges | 65/66B | €2,187 | €1,957 | -€229 | -10.5% |
| Recurring financial charges | 65 | €2,187 | €1,957 | -€229 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €99,816 | €112,225 | +€12,409 | +12.4% |
| Income taxes | 67/77 | €22,336 | €25,615 | +€3,279 | +14.7% |
| Profit (loss) for the period | 9904 | €77,480 | €86,610 | +€9,130 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €77,480 | €86,610 | +€9,130 | +11.8% |
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 23 October 2026 via checked.be.