ERIC CHARLIER: 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.
ERIC CHARLIER
Largest movements
- Current investments -€300,000
no longer reported in 2025 (was €300,000)
- Cash -€280,782
down €280,782 (-70.7%), from €396,926 to €116,145
mainly Other debts (-€615,485) and Advances received (-€38,609)
- Receivables within one year -€39,855
down €39,855 (-76.0%), from €52,454 to €12,599
of which Trade receivables: -€42,441
- Tangible fixed assets -€37,779
down €37,779 (-7.4%), from €509,029 to €471,250
of which Land and buildings: -€39,345
- Other debts -€615,485
down €615,485 (-99.8%), from €616,525 to €1,040
- Advances received -€38,609
no longer reported in 2025 (was €38,609)
- Depreciation -€3,178
down €3,178 (-5.3%), from €59,650 to €56,472
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 | €1,364,543 | €689,803 | -€674,739 | -49.4% |
| Fixed assets | 21/28 | €509,029 | €471,250 | -€37,779 | -7.4% |
| Tangible fixed assets | 22/27 | €509,029 | €471,250 | -€37,779 | -7.4% |
| Land and buildings | 22 | €465,615 | €426,270 | -€39,345 | -8.5% |
| Plant, machinery and equipment | 23 | €37,666 | €26,900 | -€10,766 | -28.6% |
| Furniture and vehicles | 24 | €5,747 | €18,079 | +€12,332 | +214.6% |
| Current assets | 29/58 | €855,514 | €218,554 | -€636,960 | -74.5% |
| Stocks and contracts in progress | 3 | €100,291 | €89,276 | -€11,015 | -11.0% |
| Stocks | 30/36 | €100,291 | €89,276 | -€11,015 | -11.0% |
| Amounts receivable within one year | 40/41 | €52,454 | €12,599 | -€39,855 | -76.0% |
| Trade receivables | 40 | €52,297 | €9,856 | -€42,441 | -81.2% |
| Other amounts receivable | 41 | €158 | €2,743 | +€2,586 | +1640.6% |
| Current investments | 50/53 | €300,000 | - | -€300,000 | |
| Cash at bank and in hand | 54/58 | €396,926 | €116,145 | -€280,782 | -70.7% |
| Deferred charges and accrued income | 490/1 | €5,843 | €534 | -€5,309 | -90.9% |
| Total equity and liabilities | 10/49 | €1,364,543 | €689,803 | -€674,739 | -49.4% |
| Equity | 10/15 | €649,936 | €646,249 | -€3,687 | -0.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €772,550 | €772,550 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €733,191 | €733,191 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€141,206 | -€144,893 | -€3,687 | -2.6% |
| Amounts payable | 17/49 | €714,607 | €43,554 | -€671,052 | -93.9% |
| Amounts payable after more than one year | 17 | €7,713 | - | -€7,713 | |
| Financial debts | 170/4 | €7,713 | - | -€7,713 | |
| Amounts payable within one year | 42/48 | €706,893 | €43,554 | -€663,339 | -93.8% |
| Trade debts | 44 | €17,101 | €20,356 | +€3,255 | +19.0% |
| Suppliers | 440/4 | €17,101 | €20,356 | +€3,255 | +19.0% |
| Advances received on contracts in progress | 46 | €38,609 | - | -€38,609 | |
| Taxes, remuneration and social security | 45 | €34,658 | €22,158 | -€12,500 | -36.1% |
| Taxes | 450/3 | €6,229 | - | -€6,229 | |
| Remuneration and social security | 454/9 | €28,429 | €22,158 | -€6,271 | -22.1% |
| Other amounts payable | 47/48 | €616,525 | €1,040 | -€615,485 | -99.8% |
| Remuneration, social security and pensions | 62 | €253,851 | €255,779 | +€1,928 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,650 | €56,472 | -€3,178 | -5.3% |
| Other operating charges | 640/8 | €10,496 | €10,531 | +€36 | +0.3% |
| Gross operating margin | 9900 | €308,843 | €310,057 | +€1,214 | +0.4% |
| Operating profit (loss) | 9901 | -€15,154 | -€12,725 | +€2,429 | +16.0% |
| Financial income | 75/76B | €7,292 | €9,674 | +€2,383 | +32.7% |
| Recurring financial income | 75 | €7,292 | €9,674 | +€2,383 | +32.7% |
| Financial charges | 65/66B | €677 | €452 | -€225 | -33.2% |
| Recurring financial charges | 65 | €677 | €452 | -€225 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | -€8,539 | -€3,503 | +€5,037 | +59.0% |
| Income taxes | 67/77 | -€179 | €184 | +€364 | |
| Profit (loss) for the period | 9904 | -€8,360 | -€3,687 | +€4,673 | +55.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,360 | -€3,687 | +€4,673 | +55.9% |
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.