2 CLEVER: 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.
2 CLEVER
Largest movements
- Tangible fixed assets +€3.9m
up €3.9m (+160%), from €2.4m to €6.4m
of which Plant, machinery and equipment: +€3.9m
- Intangible fixed assets +€243,584
new in 2025: €243,584
- Receivables within one year -€115,787
down €115,787 (-47.4%), from €244,259 to €128,472
of which Other amounts receivable: -€187,532
- Debts after one year +€4.4m
up €4.4m (+1,307%), from €334,688 to €4.7m
- Other debts -€1.2m
down €1.2m (-54.3%), from €2.3m to €1.0m
- Trade debts +€454,997
up €454,997 (+448%), from €101,540 to €556,537
- Current portion of long-term debt +€360,661
up €360,661 (+1,069%), from €33,750 to €394,411
- Depreciation +€129,001
up €129,001 (+99.9%), from €129,189 to €258,190
- Financial charges +€85,860
up €85,860 (+67.4%), from €127,468 to €213,329
- Taxes -€52,098
down €52,098, from €52,059 to -€39
- Gross operating margin +€48,414
up €48,414 (+10.8%), from €448,120 to €496,534
- Other operating charges +€8,271
up €8,271 (+5,887%), from €141 to €8,411
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 | €3,126,706 | €7,103,159 | +€4.0m | +127% |
| Fixed assets | 21/28 | €2,449,675 | €6,603,247 | +€4.2m | +170% |
| Intangible fixed assets | 21 | - | €243,584 | +€243,584 | |
| Tangible fixed assets | 22/27 | €2,449,675 | €6,359,662 | +€3.9m | +160% |
| Plant, machinery and equipment | 23 | €2,449,675 | €6,359,662 | +€3.9m | +160% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €677,031 | €499,912 | -€177,119 | -26.2% |
| Amounts receivable within one year | 40/41 | €244,259 | €128,472 | -€115,787 | -47.4% |
| Trade receivables | 40 | €30,896 | €102,641 | +€71,745 | +232% |
| Other amounts receivable | 41 | €213,363 | €25,830 | -€187,532 | -87.9% |
| Cash at bank and in hand | 54/58 | €432,772 | €371,083 | -€61,689 | -14.3% |
| Deferred charges and accrued income | 490/1 | - | €358 | +€358 | |
| Total equity and liabilities | 10/49 | €3,126,706 | €7,103,159 | +€4.0m | +127% |
| Equity | 10/15 | €294,480 | €311,198 | +€16,718 | +5.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €184,480 | €201,198 | +€16,718 | +9.1% |
| Amounts payable | 17/49 | €2,832,226 | €6,791,961 | +€4.0m | +140% |
| Amounts payable after more than one year | 17 | €334,688 | €4,708,757 | +€4.4m | +1,307% |
| Financial debts | 170/4 | €334,688 | €4,708,757 | +€4.4m | +1,307% |
| Amounts payable within one year | 42/48 | €2,497,538 | €2,083,186 | -€414,353 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €33,750 | €394,411 | +€360,661 | +1,069% |
| Trade debts | 44 | €101,540 | €556,537 | +€454,997 | +448% |
| Suppliers | 440/4 | €101,540 | €556,537 | +€454,997 | +448% |
| Taxes, remuneration and social security | 45 | €72,131 | €85,852 | +€13,721 | +19.0% |
| Taxes | 450/3 | €72,131 | €85,852 | +€13,721 | +19.0% |
| Other amounts payable | 47/48 | €2,290,118 | €1,046,385 | -€1.2m | -54.3% |
| Accrued charges and deferred income | 492/3 | - | €19 | +€19 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,189 | €258,190 | +€129,001 | +99.9% |
| Other operating charges | 640/8 | €141 | €8,411 | +€8,271 | +5,887% |
| Gross operating margin | 9900 | €448,120 | €496,534 | +€48,414 | +10.8% |
| Operating profit (loss) | 9901 | €318,790 | €229,932 | -€88,858 | -27.9% |
| Financial income | 75/76B | €79 | €75 | -€4 | -5.5% |
| Recurring financial income | 75 | €79 | €75 | -€4 | -5.5% |
| Financial charges | 65/66B | €127,468 | €213,329 | +€85,860 | +67.4% |
| Recurring financial charges | 65 | €127,468 | €213,329 | +€85,860 | +67.4% |
| Profit (loss) for the period before taxes | 9903 | €191,401 | €16,678 | -€174,723 | -91.3% |
| Income taxes | 67/77 | €52,059 | -€39 | -€52,098 | |
| Profit (loss) for the period | 9904 | €139,342 | €16,718 | -€122,625 | -88.0% |
| Profit (loss) for the period to be appropriated | 9905 | €139,342 | €16,718 | -€122,625 | -88.0% |
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 20 October 2026 via checked.be.