Dr. Frederik Cherlet: 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.
Dr. Frederik Cherlet
Largest movements
- Tangible fixed assets -€28,381
down €28,381 (-6.6%), from €427,617 to €399,235
- Cash -€19,380
down €19,380 (-13.1%), from €148,054 to €128,675
mainly Contributions, distributions and other (-€74,500) and Debts after one year (-€37,979)
- Deferred charges and accrued income -€10,057
down €10,057 (-62.9%), from €15,978 to €5,921
- Debts after one year -€37,979
down €37,979 (-12.9%), from €293,457 to €255,478
- Tax, wage and social debts -€11,490
down €11,490 (-31.8%), from €36,129 to €24,639
of which Taxes: -€15,806
- Gross operating margin -€28,848
down €28,848 (-16.8%), from €172,217 to €143,369
- Taxes -€11,608
down €11,608 (-28.1%), from €41,243 to €29,634
- Depreciation +€10,115
up €10,115 (+59.9%), from €16,885 to €27,000
- Financial income +€2,209
up €2,209 (+1,840,892%), from €0 to €2,209
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 | €753,037 | €699,776 | -€53,262 | -7.1% |
| Fixed assets | 21/28 | €427,617 | €399,235 | -€28,381 | -6.6% |
| Tangible fixed assets | 22/27 | €427,617 | €399,235 | -€28,381 | -6.6% |
| Land and buildings | 22 | €359,429 | €346,972 | -€12,457 | -3.5% |
| Plant, machinery and equipment | 23 | €2,985 | €939 | -€2,047 | -68.6% |
| Furniture and vehicles | 24 | €63,577 | €50,512 | -€13,065 | -20.6% |
| Other tangible fixed assets | 26 | €1,625 | €812 | -€812 | -50.0% |
| Current assets | 29/58 | €325,421 | €300,540 | -€24,880 | -7.6% |
| Amounts receivable within one year | 40/41 | €11,388 | €15,945 | +€4,556 | +40.0% |
| Other amounts receivable | 41 | €11,388 | €15,945 | +€4,556 | +40.0% |
| Current investments | 50/53 | €150,000 | €150,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €148,054 | €128,675 | -€19,380 | -13.1% |
| Deferred charges and accrued income | 490/1 | €15,978 | €5,921 | -€10,057 | -62.9% |
| Total equity and liabilities | 10/49 | €753,037 | €699,776 | -€53,262 | -7.1% |
| Equity | 10/15 | €361,440 | €361,355 | -€85 | 0.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €345,860 | €345,360 | -€500 | -0.1% |
| Distributable reserves | 133 | €345,860 | €345,360 | -€500 | -0.1% |
| Profit (loss) carried forward | 14 | €3,180 | €3,595 | +€415 | +13.0% |
| Amounts payable | 17/49 | €391,597 | €338,420 | -€53,176 | -13.6% |
| Amounts payable after more than one year | 17 | €293,457 | €255,478 | -€37,979 | -12.9% |
| Financial debts | 170/4 | €293,457 | €255,478 | -€37,979 | -12.9% |
| Amounts payable within one year | 42/48 | €86,384 | €71,564 | -€14,820 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €36,724 | €37,979 | +€1,255 | +3.4% |
| Trade debts | 44 | €8,560 | €2,323 | -€6,238 | -72.9% |
| Suppliers | 440/4 | €8,560 | €2,323 | -€6,238 | -72.9% |
| Taxes, remuneration and social security | 45 | €36,129 | €24,639 | -€11,490 | -31.8% |
| Taxes | 450/3 | €36,129 | €20,323 | -€15,806 | -43.7% |
| Remuneration and social security | 454/9 | €0 | €4,315 | +€4,315 | |
| Other amounts payable | 47/48 | €4,971 | €6,624 | +€1,653 | +33.3% |
| Accrued charges and deferred income | 492/3 | €11,756 | €11,379 | -€378 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,885 | €27,000 | +€10,115 | +59.9% |
| Other operating charges | 640/8 | €1,879 | €1,936 | +€57 | +3.0% |
| Gross operating margin | 9900 | €172,217 | €143,369 | -€28,848 | -16.8% |
| Operating profit (loss) | 9901 | €153,453 | €114,432 | -€39,021 | -25.4% |
| Financial income | 75/76B | €0 | €2,209 | +€2,209 | +1,840,892% |
| Recurring financial income | 75 | €0 | €2,209 | +€2,209 | +1,840,892% |
| Financial charges | 65/66B | €11,402 | €12,592 | +€1,190 | +10.4% |
| Recurring financial charges | 65 | €11,402 | €12,592 | +€1,190 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €142,051 | €104,049 | -€38,002 | -26.8% |
| Income taxes | 67/77 | €41,243 | €29,634 | -€11,608 | -28.1% |
| Profit (loss) for the period | 9904 | €100,808 | €74,415 | -€26,394 | -26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €100,808 | €74,415 | -€26,394 | -26.2% |
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 17 October 2026 via checked.be.