CHARLOTTE VANROBAEYS: 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 VANROBAEYS
Largest movements
- Cash -€337,781
down €337,781 (-99.6%), from €339,264 to €1,483
mainly Contributions, distributions and other (-€1.0m) and Other debts (-€83,101)
- Current investments -€165,474
down €165,474 (-100%), from €165,474 to €0
- Financial fixed assets +€34,000
up €34,000 (+4.0%), from €850,000 to €884,000
- Reserves -€448,912
down €448,912 (-62.3%), from €720,932 to €272,020
of which Distributable reserves: -€331,032
- Other debts -€83,101
down €83,101 (-53.7%), from €154,622 to €71,521
- Short-term financial debts +€42,108
up €42,108 (+8.4%), from €500,658 to €542,767
- Gross operating margin +€70,778
up €70,778 (+10.1%), from €697,621 to €768,400
- Financial income -€46,644
down €46,644 (-54.9%), from €84,898 to €38,254
- Taxes +€17,795
up €17,795 (+10.8%), from €164,713 to €182,508
- Financial charges -€15,416
down €15,416 (-33.0%), from €46,648 to €31,232
- Depreciation -€11,458
down €11,458 (-57.6%), from €19,904 to €8,446
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,450,691 | €975,554 | -€475,137 | -32.8% |
| Fixed assets | 21/28 | €864,805 | €890,359 | +€25,554 | +3.0% |
| Tangible fixed assets | 22/27 | €14,805 | €6,359 | -€8,446 | -57.0% |
| Plant, machinery and equipment | 23 | €9,410 | €6,182 | -€3,228 | -34.3% |
| Furniture and vehicles | 24 | €3,372 | €0 | -€3,372 | -100% |
| Other tangible fixed assets | 26 | €2,023 | €177 | -€1,846 | -91.2% |
| Financial fixed assets | 28 | €850,000 | €884,000 | +€34,000 | +4.0% |
| Current assets | 29/58 | €585,886 | €85,195 | -€500,691 | -85.5% |
| Amounts receivable within one year | 40/41 | €295 | €847 | +€552 | +187% |
| Trade receivables | 40 | €241 | €508 | +€267 | +111% |
| Other amounts receivable | 41 | €54 | €340 | +€285 | +525% |
| Current investments | 50/53 | €165,474 | €0 | -€165,474 | -100% |
| Cash at bank and in hand | 54/58 | €339,264 | €1,483 | -€337,781 | -99.6% |
| Deferred charges and accrued income | 490/1 | €80,852 | €82,864 | +€2,012 | +2.5% |
| Total equity and liabilities | 10/49 | €1,450,691 | €975,554 | -€475,137 | -32.8% |
| Equity | 10/15 | €750,932 | €302,020 | -€448,912 | -59.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €720,932 | €272,020 | -€448,912 | -62.3% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €386,900 | €269,020 | -€117,880 | -30.5% |
| Distributable reserves | 133 | €331,032 | €0 | -€331,032 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €699,759 | €673,534 | -€26,226 | -3.7% |
| Amounts payable within one year | 42/48 | €673,413 | €647,211 | -€26,203 | -3.9% |
| Financial debts | 43 | €500,658 | €542,767 | +€42,108 | +8.4% |
| Other loans | 439 | €500,658 | €542,767 | +€42,108 | +8.4% |
| Trade debts | 44 | €1,518 | €10,020 | +€8,502 | +560% |
| Suppliers | 440/4 | €1,518 | €10,020 | +€8,502 | +560% |
| Taxes, remuneration and social security | 45 | €16,615 | €22,903 | +€6,288 | +37.8% |
| Taxes | 450/3 | €16,615 | €22,903 | +€6,288 | +37.8% |
| Other amounts payable | 47/48 | €154,622 | €71,521 | -€83,101 | -53.7% |
| Accrued charges and deferred income | 492/3 | €26,346 | €26,323 | -€23 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,904 | €8,446 | -€11,458 | -57.6% |
| Other operating charges | 640/8 | €1,973 | €1,327 | -€647 | -32.8% |
| Gross operating margin | 9900 | €697,621 | €768,400 | +€70,778 | +10.1% |
| Operating profit (loss) | 9901 | €675,744 | €758,627 | +€82,883 | +12.3% |
| Financial income | 75/76B | €84,898 | €38,254 | -€46,644 | -54.9% |
| Recurring financial income | 75 | €84,898 | €38,254 | -€46,644 | -54.9% |
| Financial charges | 65/66B | €46,648 | €31,232 | -€15,416 | -33.0% |
| Recurring financial charges | 65 | €46,648 | €31,232 | -€15,416 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €713,994 | €765,648 | +€51,654 | +7.2% |
| Income taxes | 67/77 | €164,713 | €182,508 | +€17,795 | +10.8% |
| Profit (loss) for the period | 9904 | €549,282 | €583,141 | +€33,859 | +6.2% |
| Transfer from tax-exempt reserves | 789 | €0 | €117,880 | +€117,880 | |
| Transfer to tax-exempt reserves | 689 | €105,250 | €0 | -€105,250 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €444,032 | €701,021 | +€256,989 | +57.9% |
Source: filed annual accounts (NBB), financial years ended 30 April 2025 and 30 April 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.