Matthias 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.
Matthias Cherlet
Largest movements
- Receivables within one year +€25,467
up €25,467 (+31.5%), from €80,820 to €106,287
of which Trade receivables: +€44,721
- Tangible fixed assets -€9,339
down €9,339 (-37.4%), from €24,939 to €15,600
of which Furniture and vehicles: -€7,886
- Stocks and contracts +€4,701
up €4,701 (+22.4%), from €21,008 to €25,709
- Cash -€3,794
down €3,794 (-41.4%), from €9,163 to €5,370
mainly Receivables within one year (-€25,467) and Trade debts (-€13,060)
- Profit (loss) carried forward +€20,276
up €20,276 (+376%), from €5,388 to €25,664
- Tax, wage and social debts +€15,085
up €15,085 (+473%), from €3,190 to €18,275
of which Taxes: +€12,710
- Trade debts -€13,060
down €13,060 (-26.7%), from €48,940 to €35,880
- Debts after one year -€5,458
down €5,458 (-47.0%), from €11,609 to €6,151
- Accrued charges and deferred income +€4,547
new in 2025: €4,547
- Gross operating margin +€19,304
up €19,304 (+96.2%), from €20,068 to €39,372
- Taxes +€3,789
up €3,789 (+235%), from €1,614 to €5,403
- Depreciation +€749
up €749 (+6.7%), from €11,221 to €11,970
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 | €136,912 | €154,145 | +€17,233 | +12.6% |
| Fixed assets | 21/28 | €25,439 | €16,250 | -€9,189 | -36.1% |
| Tangible fixed assets | 22/27 | €24,939 | €15,600 | -€9,339 | -37.4% |
| Plant, machinery and equipment | 23 | €5,547 | €4,094 | -€1,453 | -26.2% |
| Furniture and vehicles | 24 | €19,392 | €11,506 | -€7,886 | -40.7% |
| Financial fixed assets | 28 | €500 | €650 | +€150 | +30.0% |
| Current assets | 29/58 | €111,473 | €137,895 | +€26,422 | +23.7% |
| Stocks and contracts in progress | 3 | €21,008 | €25,709 | +€4,701 | +22.4% |
| Stocks | 30/36 | €21,008 | €25,709 | +€4,701 | +22.4% |
| Amounts receivable within one year | 40/41 | €80,820 | €106,287 | +€25,467 | +31.5% |
| Trade receivables | 40 | €37,040 | €81,761 | +€44,721 | +121% |
| Other amounts receivable | 41 | €43,780 | €24,526 | -€19,254 | -44.0% |
| Cash at bank and in hand | 54/58 | €9,163 | €5,370 | -€3,794 | -41.4% |
| Deferred charges and accrued income | 490/1 | €482 | €529 | +€47 | +9.7% |
| Total equity and liabilities | 10/49 | €136,912 | €154,145 | +€17,233 | +12.6% |
| Equity | 10/15 | €33,525 | €53,801 | +€20,276 | +60.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €18,137 | €18,137 | +€0 | 0.0% |
| Distributable reserves | 133 | €18,137 | €18,137 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €5,388 | €25,664 | +€20,276 | +376% |
| Amounts payable | 17/49 | €103,387 | €100,344 | -€3,043 | -2.9% |
| Amounts payable after more than one year | 17 | €11,609 | €6,151 | -€5,458 | -47.0% |
| Financial debts | 170/4 | €11,609 | €6,151 | -€5,458 | -47.0% |
| Amounts payable within one year | 42/48 | €91,778 | €89,646 | -€2,132 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €5,255 | €5,458 | +€203 | +3.9% |
| Trade debts | 44 | €48,940 | €35,880 | -€13,060 | -26.7% |
| Suppliers | 440/4 | €48,940 | €35,880 | -€13,060 | -26.7% |
| Taxes, remuneration and social security | 45 | €3,190 | €18,275 | +€15,085 | +473% |
| Taxes | 450/3 | €3,190 | €15,900 | +€12,710 | +398% |
| Remuneration and social security | 454/9 | - | €2,375 | +€2,375 | |
| Other amounts payable | 47/48 | €34,393 | €30,033 | -€4,360 | -12.7% |
| Accrued charges and deferred income | 492/3 | - | €4,547 | +€4,547 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,221 | €11,970 | +€749 | +6.7% |
| Other operating charges | 640/8 | €795 | €827 | +€32 | +4.1% |
| Gross operating margin | 9900 | €20,068 | €39,372 | +€19,304 | +96.2% |
| Operating profit (loss) | 9901 | €8,052 | €26,574 | +€18,522 | +230% |
| Financial income | 75/76B | €159 | €131 | -€28 | -17.7% |
| Recurring financial income | 75 | €159 | €131 | -€28 | -17.7% |
| Financial charges | 65/66B | €1,209 | €1,026 | -€183 | -15.1% |
| Recurring financial charges | 65 | €1,209 | €1,026 | -€183 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €7,002 | €25,679 | +€18,677 | +267% |
| Income taxes | 67/77 | €1,614 | €5,403 | +€3,789 | +235% |
| Profit (loss) for the period | 9904 | €5,388 | €20,276 | +€14,888 | +276% |
| Profit (loss) for the period to be appropriated | 9905 | €5,388 | €20,276 | +€14,888 | +276% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.