CHARMAT: 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.
CHARMAT
Largest movements
- Tangible fixed assets -€292,843
down €292,843 (-8.0%), from €3.7m to €3.4m
- Cash +€131,818
up €131,818 (+73.3%), from €179,746 to €311,564
mainly Investment in fixed assets (net) (+€176,713) and Trade debts (+€158,907)
- Receivables within one year +€101,762
up €101,762 (+398.8%), from €25,519 to €127,282
of which Other amounts receivable: +€127,282
- Debts after one year -€191,708
down €191,708 (-12.4%), from €1.5m to €1.3m
- Trade debts +€158,907
up €158,907 (+862.4%), from €18,427 to €177,334
- Other debts +€104,234
up €104,234 (+9.0%), from €1.2m to €1.3m
- Reserves -€96,838
down €96,838 (-30.9%), from €313,548 to €216,710
of which Distributable reserves: -€78,143
- Taxes +€168,599
up €168,599 (+12593.4%), from €1,339 to €169,938
- Gross operating margin +€93,962
up €93,962 (+53.0%), from €177,244 to €271,206
- Other operating charges +€29,752
up €29,752 (+136.0%), from €21,881 to €51,633
- Depreciation -€21,971
down €21,971 (-15.9%), from €138,101 to €116,130
- Financial charges +€6,785
up €6,785 (+43.1%), from €15,739 to €22,525
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 | €3,878,302 | €3,819,940 | -€58,362 | -1.5% |
| Fixed assets | 21/28 | €3,668,745 | €3,375,902 | -€292,843 | -8.0% |
| Tangible fixed assets | 22/27 | €3,668,745 | €3,375,902 | -€292,843 | -8.0% |
| Land and buildings | 22 | €3,421,686 | €3,281,136 | -€140,551 | -4.1% |
| Plant, machinery and equipment | 23 | €155,520 | €75,675 | -€79,845 | -51.3% |
| Furniture and vehicles | 24 | €91,538 | €19,090 | -€72,448 | -79.1% |
| Current assets | 29/58 | €209,558 | €444,039 | +€234,481 | +111.9% |
| Amounts receivable within one year | 40/41 | €25,519 | €127,282 | +€101,762 | +398.8% |
| Trade receivables | 40 | €25,519 | - | -€25,519 | |
| Other amounts receivable | 41 | - | €127,282 | +€127,282 | |
| Cash at bank and in hand | 54/58 | €179,746 | €311,564 | +€131,818 | +73.3% |
| Deferred charges and accrued income | 490/1 | €4,293 | €5,193 | +€900 | +21.0% |
| Total equity and liabilities | 10/49 | €3,878,302 | €3,819,940 | -€58,362 | -1.5% |
| Equity | 10/15 | €994,048 | €897,210 | -€96,838 | -9.7% |
| Contributions | 10/11 | €680,500 | €680,500 | = | 0.0% |
| Reserves | 13 | €313,548 | €216,710 | -€96,838 | -30.9% |
| Non-distributable reserves | 130/1 | €12,000 | - | -€12,000 | |
| Reserves not available under the articles | 1311 | €12,000 | - | -€12,000 | |
| Tax-exempt reserves | 132 | €100,421 | €93,727 | -€6,695 | -6.7% |
| Distributable reserves | 133 | €201,127 | €122,984 | -€78,143 | -38.9% |
| Provisions and deferred taxes | 16 | €25,105 | €23,432 | -€1,674 | -6.7% |
| Deferred taxes | 168 | €25,105 | €23,432 | -€1,674 | -6.7% |
| Amounts payable | 17/49 | €2,859,149 | €2,899,298 | +€40,149 | +1.4% |
| Amounts payable after more than one year | 17 | €1,541,363 | €1,349,655 | -€191,708 | -12.4% |
| Financial debts | 170/4 | €1,541,363 | €1,349,655 | -€191,708 | -12.4% |
| Amounts payable within one year | 42/48 | €1,315,176 | €1,546,964 | +€231,788 | +17.6% |
| Current portion of amounts payable after more than one year | 42 | €114,359 | €93,708 | -€20,651 | -18.1% |
| Trade debts | 44 | €18,427 | €177,334 | +€158,907 | +862.4% |
| Suppliers | 440/4 | €18,427 | €177,334 | +€158,907 | +862.4% |
| Taxes, remuneration and social security | 45 | €26,278 | €15,576 | -€10,703 | -40.7% |
| Taxes | 450/3 | €26,278 | €15,576 | -€10,703 | -40.7% |
| Other amounts payable | 47/48 | €1,156,112 | €1,260,346 | +€104,234 | +9.0% |
| Accrued charges and deferred income | 492/3 | €2,610 | €2,680 | +€70 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €138,101 | €116,130 | -€21,971 | -15.9% |
| Other operating charges | 640/8 | €21,881 | €51,633 | +€29,752 | +136.0% |
| Non-recurring operating charges | 66A | €744 | €11,373 | +€10,629 | +1429.5% |
| Gross operating margin | 9900 | €177,244 | €271,206 | +€93,962 | +53.0% |
| Operating profit (loss) | 9901 | €16,518 | €92,070 | +€75,552 | +457.4% |
| Financial income | 75/76B | - | €1,881 | +€1,881 | |
| Recurring financial income | 75 | - | €1,881 | +€1,881 | |
| Financial charges | 65/66B | €15,739 | €22,525 | +€6,785 | +43.1% |
| Recurring financial charges | 65 | €15,739 | €22,525 | +€6,785 | +43.1% |
| Profit (loss) for the period before taxes | 9903 | €779 | €71,426 | +€70,647 | +9069.7% |
| Transfer from deferred taxes | 780 | €1,674 | €1,674 | = | 0.0% |
| Income taxes | 67/77 | €1,339 | €169,938 | +€168,599 | +12593.4% |
| Profit (loss) for the period | 9904 | €1,114 | -€96,838 | -€97,952 | |
| Transfer from tax-exempt reserves | 789 | €6,695 | €6,695 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,809 | -€90,143 | -€97,952 |
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 30 September 2026 via checked.be.