E - CHARLES: 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.
E - CHARLES
Largest movements
- Cash -€187,050
down €187,050 (-93.0%), from €201,065 to €14,014
mainly Receivables within one year (-€114,454) and Other debts (-€88,870)
- Receivables within one year +€114,454
up €114,454 (+98.2%), from €116,499 to €230,953
of which Other amounts receivable: +€62,000
- Intangible fixed assets -€18,093
down €18,093 (-50.0%), from €36,186 to €18,093
- Tangible fixed assets -€14,456
down €14,456 (-4.2%), from €348,228 to €333,771
of which Land and buildings: -€21,015
- Other debts -€88,870
down €88,870 (-47.4%), from €187,373 to €98,503
- Debts after one year -€21,234
down €21,234 (-18.1%), from €117,607 to €96,374
- Trade debts +€14,639
up €14,639 (+999.5%), from €1,465 to €16,103
- Tax, wage and social debts -€12,040
down €12,040 (-51.0%), from €23,613 to €11,573
- Gross operating margin -€30,905
down €30,905 (-34.2%), from €90,436 to €59,531
- Financial income +€11,812
up €11,812 (+878.3%), from €1,345 to €13,157
- Taxes -€3,452
down €3,452 (-26.3%), from €13,124 to €9,672
- Financial charges -€2,382
down €2,382 (-50.1%), from €4,759 to €2,377
- Depreciation +€1,512
up €1,512 (+3.1%), from €48,377 to €49,889
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 | €868,985 | €763,687 | -€105,298 | -12.1% |
| Fixed assets | 21/28 | €549,324 | €516,775 | -€32,549 | -5.9% |
| Intangible fixed assets | 21 | €36,186 | €18,093 | -€18,093 | -50.0% |
| Tangible fixed assets | 22/27 | €348,228 | €333,771 | -€14,456 | -4.2% |
| Land and buildings | 22 | €338,424 | €317,409 | -€21,015 | -6.2% |
| Plant, machinery and equipment | 23 | €8,898 | €2,035 | -€6,862 | -77.1% |
| Furniture and vehicles | 24 | €662 | €14,327 | +€13,665 | +2063.9% |
| Other tangible fixed assets | 26 | €244 | - | -€244 | |
| Financial fixed assets | 28 | €164,911 | €164,911 | = | 0.0% |
| Current assets | 29/58 | €319,661 | €246,912 | -€72,749 | -22.8% |
| Amounts receivable within one year | 40/41 | €116,499 | €230,953 | +€114,454 | +98.2% |
| Trade receivables | 40 | €9,266 | €61,721 | +€52,454 | +566.1% |
| Other amounts receivable | 41 | €107,232 | €169,232 | +€62,000 | +57.8% |
| Cash at bank and in hand | 54/58 | €201,065 | €14,014 | -€187,050 | -93.0% |
| Deferred charges and accrued income | 490/1 | €2,098 | €1,945 | -€153 | -7.3% |
| Total equity and liabilities | 10/49 | €868,985 | €763,687 | -€105,298 | -12.1% |
| Equity | 10/15 | €511,386 | €514,120 | +€2,734 | +0.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €436,729 | €440,785 | +€4,056 | +0.9% |
| Non-distributable reserves | 130/1 | €15,510 | €15,510 | = | 0.0% |
| Legal reserve | 130 | €15,510 | €15,510 | = | 0.0% |
| Distributable reserves | 133 | €421,219 | €425,275 | +€4,056 | +1.0% |
| Profit (loss) carried forward | 14 | €155 | €155 | = | 0.0% |
| Investment grants | 15 | €12,502 | €11,180 | -€1,322 | -10.6% |
| Provisions and deferred taxes | 16 | €6,421 | €5,735 | -€686 | -10.7% |
| Deferred taxes | 168 | €6,421 | €5,735 | -€686 | -10.7% |
| Amounts payable | 17/49 | €351,178 | €243,832 | -€107,346 | -30.6% |
| Amounts payable after more than one year | 17 | €117,607 | €96,374 | -€21,234 | -18.1% |
| Financial debts | 170/4 | €117,607 | €96,374 | -€21,234 | -18.1% |
| Amounts payable within one year | 42/48 | €231,594 | €147,412 | -€84,182 | -36.3% |
| Current portion of amounts payable after more than one year | 42 | €19,144 | €21,234 | +€2,090 | +10.9% |
| Trade debts | 44 | €1,465 | €16,103 | +€14,639 | +999.5% |
| Suppliers | 440/4 | €1,465 | €16,103 | +€14,639 | +999.5% |
| Taxes, remuneration and social security | 45 | €23,613 | €11,573 | -€12,040 | -51.0% |
| Taxes | 450/3 | €23,613 | €11,573 | -€12,040 | -51.0% |
| Other amounts payable | 47/48 | €187,373 | €98,503 | -€88,870 | -47.4% |
| Accrued charges and deferred income | 492/3 | €1,977 | €46 | -€1,931 | -97.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,377 | €49,889 | +€1,512 | +3.1% |
| Other operating charges | 640/8 | €7,637 | €7,380 | -€257 | -3.4% |
| Gross operating margin | 9900 | €90,436 | €59,531 | -€30,905 | -34.2% |
| Operating profit (loss) | 9901 | €34,422 | €2,262 | -€32,160 | -93.4% |
| Financial income | 75/76B | €1,345 | €13,157 | +€11,812 | +878.3% |
| Recurring financial income | 75 | €1,345 | €13,157 | +€11,812 | +878.3% |
| Financial charges | 65/66B | €4,759 | €2,377 | -€2,382 | -50.1% |
| Recurring financial charges | 65 | €4,759 | €2,377 | -€2,382 | -50.1% |
| Profit (loss) for the period before taxes | 9903 | €31,008 | €13,042 | -€17,966 | -57.9% |
| Transfer from deferred taxes | 780 | €686 | €686 | = | 0.0% |
| Income taxes | 67/77 | €13,124 | €9,672 | -€3,452 | -26.3% |
| Profit (loss) for the period | 9904 | €18,570 | €4,056 | -€14,514 | -78.2% |
| Profit (loss) for the period to be appropriated | 9905 | €18,570 | €4,056 | -€14,514 | -78.2% |
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 2 October 2026 via checked.be.