A LA CLEF NEW: 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.
A LA CLEF NEW
Largest movements
- Tangible fixed assets -€138,662
down €138,662 (-5.5%), from €2.5m to €2.4m
of which Land and buildings: -€163,793
- Debts after one year -€397,459
down €397,459 (-38.8%), from €1.0m to €626,295
of which Financial debts: -€405,559
- Other debts +€354,750
up €354,750 (+154%), from €229,944 to €584,694
- Tax, wage and social debts -€55,830
down €55,830 (-95.7%), from €58,365 to €2,535
- Current portion of long-term debt -€51,248
down €51,248 (-11.2%), from €456,807 to €405,559
- Profit (loss) carried forward +€35,525
up €35,525 (+10.0%), from €353,615 to €389,140
- Gross operating margin -€164,669
down €164,669 (-25.9%), from €636,568 to €471,899
- Taxes -€40,679
down €40,679 (-77.3%), from €52,594 to €11,916
- Financial charges -€17,145
down €17,145 (-16.3%), from €105,161 to €88,016
- Financial income -€12,743
down €12,743 (-94.0%), from €13,556 to €813
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 | €2,780,226 | €2,668,367 | -€111,860 | -4.0% |
| Fixed assets | 21/28 | €2,518,575 | €2,379,913 | -€138,662 | -5.5% |
| Tangible fixed assets | 22/27 | €2,517,047 | €2,378,385 | -€138,662 | -5.5% |
| Land and buildings | 22 | €2,453,067 | €2,289,275 | -€163,793 | -6.7% |
| Plant, machinery and equipment | 23 | €6,778 | €43,363 | +€36,585 | +540% |
| Other tangible fixed assets | 26 | €57,201 | €45,747 | -€11,454 | -20.0% |
| Financial fixed assets | 28 | €1,528 | €1,528 | = | 0.0% |
| Current assets | 29/58 | €261,651 | €288,453 | +€26,802 | +10.2% |
| Amounts receivable within one year | 40/41 | €152,459 | €154,220 | +€1,762 | +1.2% |
| Trade receivables | 40 | €151,856 | €135,944 | -€15,911 | -10.5% |
| Other amounts receivable | 41 | €603 | €18,276 | +€17,673 | +2,930% |
| Cash at bank and in hand | 54/58 | €96,413 | €124,203 | +€27,789 | +28.8% |
| Deferred charges and accrued income | 490/1 | €12,779 | €10,030 | -€2,749 | -21.5% |
| Total equity and liabilities | 10/49 | €2,780,226 | €2,668,367 | -€111,860 | -4.0% |
| Equity | 10/15 | €838,668 | €874,193 | +€35,525 | +4.2% |
| Contributions | 10/11 | €440,957 | €440,957 | = | 0.0% |
| Capital | 10 | €440,957 | €440,957 | = | 0.0% |
| Issued capital | 100 | €440,957 | €440,957 | = | 0.0% |
| Reserves | 13 | €44,096 | €44,096 | = | 0.0% |
| Non-distributable reserves | 130/1 | €44,096 | €44,096 | = | 0.0% |
| Legal reserve | 130 | €44,096 | €44,096 | = | 0.0% |
| Profit (loss) carried forward | 14 | €353,615 | €389,140 | +€35,525 | +10.0% |
| Amounts payable | 17/49 | €1,941,558 | €1,794,173 | -€147,385 | -7.6% |
| Amounts payable after more than one year | 17 | €1,023,753 | €626,295 | -€397,459 | -38.8% |
| Financial debts | 170/4 | €1,023,753 | €618,195 | -€405,559 | -39.6% |
| Other amounts payable | 178/9 | - | €8,100 | +€8,100 | |
| Amounts payable within one year | 42/48 | €851,341 | €1,089,540 | +€238,199 | +28.0% |
| Current portion of amounts payable after more than one year | 42 | €456,807 | €405,559 | -€51,248 | -11.2% |
| Trade debts | 44 | €106,226 | €96,753 | -€9,474 | -8.9% |
| Suppliers | 440/4 | €106,226 | €96,753 | -€9,474 | -8.9% |
| Taxes, remuneration and social security | 45 | €58,365 | €2,535 | -€55,830 | -95.7% |
| Taxes | 450/3 | €58,365 | €2,535 | -€55,830 | -95.7% |
| Other amounts payable | 47/48 | €229,944 | €584,694 | +€354,750 | +154% |
| Accrued charges and deferred income | 492/3 | €66,463 | €78,338 | +€11,875 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €176,725 | €177,711 | +€986 | +0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,365 | -€1,365 | = | 0.0% |
| Other operating charges | 640/8 | €159,405 | €160,909 | +€1,505 | +0.9% |
| Gross operating margin | 9900 | €636,568 | €471,899 | -€164,669 | -25.9% |
| Operating profit (loss) | 9901 | €301,803 | €134,644 | -€167,159 | -55.4% |
| Financial income | 75/76B | €13,556 | €813 | -€12,743 | -94.0% |
| Recurring financial income | 75 | €13,556 | €813 | -€12,743 | -94.0% |
| Financial charges | 65/66B | €105,161 | €88,016 | -€17,145 | -16.3% |
| Recurring financial charges | 65 | €105,161 | €88,016 | -€17,145 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €210,198 | €47,441 | -€162,757 | -77.4% |
| Income taxes | 67/77 | €52,594 | €11,916 | -€40,679 | -77.3% |
| Profit (loss) for the period | 9904 | €157,603 | €35,525 | -€122,078 | -77.5% |
| Profit (loss) for the period to be appropriated | 9905 | €157,603 | €35,525 | -€122,078 | -77.5% |
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 24 October 2026 via checked.be.