François CHARLIER: 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.
François CHARLIER
Largest movements
- Receivables within one year -€320,881
down €320,881 (-66.2%), from €484,669 to €163,788
of which Trade receivables: -€286,012
- Cash +€77,048
up €77,048 (+152%), from €50,629 to €127,677
mainly Receivables within one year (+€320,881) and Depreciation (+€76,008)
- Stocks and contracts +€35,297
up €35,297 (+34.1%), from €103,475 to €138,771
- Intangible fixed assets -€20,637
down €20,637 (-83.3%), from €24,760 to €4,123
- Tangible fixed assets +€19,105
up €19,105 (+8.2%), from €232,737 to €251,842
of which Other tangible fixed assets: +€43,933
- Trade debts -€159,443
down €159,443 (-79.6%), from €200,357 to €40,914
- Profit (loss) carried forward -€109,252
down €109,252, from €33,808 to -€75,444
- Debts after one year +€62,664
up €62,664 (+33.2%), from €188,583 to €251,247
of which Financial debts: +€62,664
- Tax, wage and social debts +€61,025
up €61,025 (+148%), from €41,369 to €102,394
of which Remuneration and social security: +€31,963
- Short-term financial debts -€42,014
down €42,014 (-24.0%), from €175,000 to €132,986
- Gross operating margin -€101,733
down €101,733 (-20.6%), from €493,918 to €392,185
- Staff costs +€17,692
up €17,692 (+4.6%), from €386,206 to €403,897
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 | €918,356 | €709,427 | -€208,929 | -22.8% |
| Fixed assets | 21/28 | €258,383 | €256,850 | -€1,533 | -0.6% |
| Intangible fixed assets | 21 | €24,760 | €4,123 | -€20,637 | -83.3% |
| Tangible fixed assets | 22/27 | €232,737 | €251,842 | +€19,105 | +8.2% |
| Land and buildings | 22 | €81,320 | €72,286 | -€9,034 | -11.1% |
| Plant, machinery and equipment | 23 | €79,171 | €60,283 | -€18,888 | -23.9% |
| Furniture and vehicles | 24 | €16,822 | €19,916 | +€3,094 | +18.4% |
| Other tangible fixed assets | 26 | €55,424 | €99,357 | +€43,933 | +79.3% |
| Financial fixed assets | 28 | €885 | €885 | = | 0.0% |
| Current assets | 29/58 | €659,973 | €452,576 | -€207,397 | -31.4% |
| Stocks and contracts in progress | 3 | €103,475 | €138,771 | +€35,297 | +34.1% |
| Stocks | 30/36 | €103,475 | €138,771 | +€35,297 | +34.1% |
| Amounts receivable within one year | 40/41 | €484,669 | €163,788 | -€320,881 | -66.2% |
| Trade receivables | 40 | €439,504 | €153,493 | -€286,012 | -65.1% |
| Other amounts receivable | 41 | €45,165 | €10,295 | -€34,869 | -77.2% |
| Cash at bank and in hand | 54/58 | €50,629 | €127,677 | +€77,048 | +152% |
| Deferred charges and accrued income | 490/1 | €21,200 | €22,340 | +€1,140 | +5.4% |
| Total equity and liabilities | 10/49 | €918,356 | €709,427 | -€208,929 | -22.8% |
| Equity | 10/15 | €263,877 | €154,625 | -€109,252 | -41.4% |
| Contributions | 10/11 | €222,000 | €222,000 | = | 0.0% |
| Reserves | 13 | €8,070 | €8,070 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,070 | €8,070 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,070 | €8,070 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,808 | -€75,444 | -€109,252 | |
| Amounts payable | 17/49 | €654,479 | €554,801 | -€99,677 | -15.2% |
| Amounts payable after more than one year | 17 | €188,583 | €251,247 | +€62,664 | +33.2% |
| Financial debts | 170/4 | €41,883 | €104,547 | +€62,664 | +150% |
| Other amounts payable | 178/9 | €146,700 | €146,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €465,895 | €303,554 | -€162,341 | -34.8% |
| Current portion of amounts payable after more than one year | 42 | €38,485 | €27,261 | -€11,224 | -29.2% |
| Financial debts | 43 | €175,000 | €132,986 | -€42,014 | -24.0% |
| Credit institutions | 430/8 | €175,000 | €132,986 | -€42,014 | -24.0% |
| Trade debts | 44 | €200,357 | €40,914 | -€159,443 | -79.6% |
| Suppliers | 440/4 | €200,357 | €40,914 | -€159,443 | -79.6% |
| Taxes, remuneration and social security | 45 | €41,369 | €102,394 | +€61,025 | +148% |
| Taxes | 450/3 | €16,618 | €45,680 | +€29,062 | +175% |
| Remuneration and social security | 454/9 | €24,751 | €56,715 | +€31,963 | +129% |
| Other amounts payable | 47/48 | €10,684 | - | -€10,684 | |
| Non-recurring operating income | 76A | €29,032 | - | -€29,032 | |
| Remuneration, social security and pensions | 62 | €386,206 | €403,897 | +€17,692 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,101 | €76,008 | +€3,907 | +5.4% |
| Other operating charges | 640/8 | €6,982 | €5,290 | -€1,693 | -24.2% |
| Gross operating margin | 9900 | €493,918 | €392,185 | -€101,733 | -20.6% |
| Operating profit (loss) | 9901 | €28,628 | -€93,010 | -€121,638 | |
| Financial income | 75/76B | €83 | €22 | -€61 | -73.8% |
| Recurring financial income | 75 | €83 | €22 | -€61 | -73.8% |
| Financial charges | 65/66B | €15,461 | €15,446 | -€15 | -0.1% |
| Recurring financial charges | 65 | €15,461 | €15,446 | -€15 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €13,251 | -€108,434 | -€121,685 | |
| Income taxes | 67/77 | €797 | €818 | +€21 | +2.6% |
| Profit (loss) for the period | 9904 | €12,454 | -€109,252 | -€121,706 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,454 | -€109,252 | -€121,706 |
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 31 October 2026 via checked.be.