Alain de Clery: 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.
Alain de Clery
Largest movements
- Receivables within one year +€91,289
up €91,289 (+34.9%), from €261,376 to €352,665
of which Trade receivables: +€97,732
- Cash -€36,690
down €36,690 (-16.4%), from €223,648 to €186,958
mainly Receivables within one year (-€91,289) and Other debts (-€55,278)
- Stocks and contracts -€17,607
down €17,607 (-20.4%), from €86,219 to €68,612
- Reserves +€84,709
up €84,709 (+21.9%), from €386,175 to €470,883
of which Distributable reserves: +€84,709
- Other debts -€55,278
down €55,278 (-48.8%), from €113,181 to €57,902
- Gross operating margin +€40,130
up €40,130 (+32.3%), from €124,236 to €164,367
- Taxes +€18,038
up €18,038 (+113%), from €16,014 to €34,052
- Staff costs -€13,324
down €13,324 (-25.5%), from €52,203 to €38,879
- Depreciation -€6,814
down €6,814 (-54.3%), from €12,552 to €5,738
- Write-downs -€2,336
down €2,336 (-96.5%), from €2,421 to €85
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 | €582,791 | €614,486 | +€31,696 | +5.4% |
| Fixed assets | 21/28 | €10,917 | €6,021 | -€4,896 | -44.8% |
| Tangible fixed assets | 22/27 | €10,917 | €6,021 | -€4,896 | -44.8% |
| Plant, machinery and equipment | 23 | €6,843 | €5,242 | -€1,601 | -23.4% |
| Furniture and vehicles | 24 | €4,074 | €779 | -€3,295 | -80.9% |
| Current assets | 29/58 | €571,874 | €608,465 | +€36,591 | +6.4% |
| Stocks and contracts in progress | 3 | €86,219 | €68,612 | -€17,607 | -20.4% |
| Stocks | 30/36 | €86,219 | €68,612 | -€17,607 | -20.4% |
| Amounts receivable within one year | 40/41 | €261,376 | €352,665 | +€91,289 | +34.9% |
| Trade receivables | 40 | €245,478 | €343,210 | +€97,732 | +39.8% |
| Other amounts receivable | 41 | €15,899 | €9,455 | -€6,444 | -40.5% |
| Cash at bank and in hand | 54/58 | €223,648 | €186,958 | -€36,690 | -16.4% |
| Deferred charges and accrued income | 490/1 | €630 | €229 | -€401 | -63.6% |
| Total equity and liabilities | 10/49 | €582,791 | €614,486 | +€31,696 | +5.4% |
| Equity | 10/15 | €451,828 | €536,537 | +€84,709 | +18.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €386,175 | €470,883 | +€84,709 | +21.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €379,975 | €464,683 | +€84,709 | +22.3% |
| Profit (loss) carried forward | 14 | €3,653 | €3,653 | = | 0.0% |
| Amounts payable | 17/49 | €130,962 | €77,950 | -€53,013 | -40.5% |
| Amounts payable within one year | 42/48 | €130,962 | €77,356 | -€53,606 | -40.9% |
| Trade debts | 44 | €863 | €706 | -€157 | -18.2% |
| Suppliers | 440/4 | €863 | €706 | -€157 | -18.2% |
| Taxes, remuneration and social security | 45 | €16,919 | €18,748 | +€1,829 | +10.8% |
| Taxes | 450/3 | €9,684 | €15,905 | +€6,221 | +64.2% |
| Remuneration and social security | 454/9 | €7,235 | €2,843 | -€4,392 | -60.7% |
| Other amounts payable | 47/48 | €113,181 | €57,902 | -€55,278 | -48.8% |
| Accrued charges and deferred income | 492/3 | - | €593 | +€593 | |
| Remuneration, social security and pensions | 62 | €52,203 | €38,879 | -€13,324 | -25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,552 | €5,738 | -€6,814 | -54.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,421 | €85 | -€2,336 | -96.5% |
| Other operating charges | 640/8 | €1,993 | €1,215 | -€777 | -39.0% |
| Gross operating margin | 9900 | €124,236 | €164,367 | +€40,130 | +32.3% |
| Operating profit (loss) | 9901 | €55,068 | €118,448 | +€63,380 | +115% |
| Financial income | 75/76B | €5,414 | €5,619 | +€205 | +3.8% |
| Recurring financial income | 75 | €5,414 | €5,619 | +€205 | +3.8% |
| Financial charges | 65/66B | €4,225 | €5,307 | +€1,082 | +25.6% |
| Recurring financial charges | 65 | €4,225 | €5,307 | +€1,082 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €56,257 | €118,761 | +€62,504 | +111% |
| Income taxes | 67/77 | €16,014 | €34,052 | +€18,038 | +113% |
| Profit (loss) for the period | 9904 | €40,243 | €84,709 | +€44,466 | +110% |
| Profit (loss) for the period to be appropriated | 9905 | €40,243 | €84,709 | +€44,466 | +110% |
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 26 October 2026 via checked.be.