Bart Clabots: 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.
Bart Clabots
Largest movements
- Tangible fixed assets -€166,595
down €166,595 (-26.5%), from €628,069 to €461,474
of which Leasing and similar rights: -€128,428
- Receivables within one year +€46,806
up €46,806 (+27.3%), from €171,493 to €218,299
of which Trade receivables: +€37,130
- Debts after one year -€94,061
down €94,061 (-21.2%), from €443,764 to €349,703
- Reserves -€47,485
down €47,485 (-96.2%), from €49,345 to €1,860
of which Distributable reserves: -€47,485
- Trade debts +€41,733
up €41,733 (+184.1%), from €22,665 to €64,398
- Profit (loss) carried forward -€27,867
new in 2025: -€27,867
- Tax, wage and social debts +€26,203
up €26,203 (+491.0%), from €5,337 to €31,540
of which Taxes: +€26,151
- Gross operating margin -€37,320
down €37,320 (-13.7%), from €273,374 to €236,054
- Staff costs +€34,341
up €34,341 (+38.2%), from €89,865 to €124,206
- Other operating charges -€8,538
down €8,538 (-92.4%), from €9,240 to €702
- Depreciation +€7,609
up €7,609 (+4.8%), from €158,986 to €166,595
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.
Cash bridge derived
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 | €801,667 | €682,063 | -€119,604 | -14.9% |
| Fixed assets | 21/28 | €629,173 | €462,763 | -€166,410 | -26.4% |
| Tangible fixed assets | 22/27 | €628,069 | €461,474 | -€166,595 | -26.5% |
| Land and buildings | 22 | €194,802 | €181,157 | -€13,645 | -7.0% |
| Plant, machinery and equipment | 23 | €28,870 | €16,226 | -€12,644 | -43.8% |
| Furniture and vehicles | 24 | €17,792 | €5,912 | -€11,879 | -66.8% |
| Leasing and similar rights | 25 | €386,606 | €258,179 | -€128,428 | -33.2% |
| Financial fixed assets | 28 | €1,104 | €1,289 | +€185 | +16.8% |
| Current assets | 29/58 | €172,493 | €219,299 | +€46,806 | +27.1% |
| Amounts receivable within one year | 40/41 | €171,493 | €218,299 | +€46,806 | +27.3% |
| Trade receivables | 40 | €160,911 | €198,042 | +€37,130 | +23.1% |
| Other amounts receivable | 41 | €10,582 | €20,258 | +€9,676 | +91.4% |
| Cash at bank and in hand | 54/58 | €1,000 | €1,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €801,667 | €682,063 | -€119,604 | -14.9% |
| Equity | 10/15 | €67,745 | -€7,607 | -€75,352 | |
| Contributions | 10/11 | €18,400 | €18,400 | = | 0.0% |
| Contributions outside capital | 11 | €18,400 | €18,400 | = | 0.0% |
| Other | 1109/19 | €18,400 | €18,400 | = | 0.0% |
| Reserves | 13 | €49,345 | €1,860 | -€47,485 | -96.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €47,485 | - | -€47,485 | |
| Profit (loss) carried forward | 14 | - | -€27,867 | -€27,867 | |
| Amounts payable | 17/49 | €733,922 | €689,670 | -€44,252 | -6.0% |
| Amounts payable after more than one year | 17 | €443,764 | €349,703 | -€94,061 | -21.2% |
| Financial debts | 170/4 | €443,764 | €349,703 | -€94,061 | -21.2% |
| Amounts payable within one year | 42/48 | €267,464 | €339,967 | +€72,503 | +27.1% |
| Current portion of amounts payable after more than one year | 42 | €106,324 | €95,787 | -€10,537 | -9.9% |
| Financial debts | 43 | €11,011 | €13,021 | +€2,010 | +18.3% |
| Credit institutions | 430/8 | €7,949 | €9,984 | +€2,035 | +25.6% |
| Other loans | 439 | €3,062 | €3,037 | -€25 | -0.8% |
| Trade debts | 44 | €22,665 | €64,398 | +€41,733 | +184.1% |
| Suppliers | 440/4 | €22,665 | €64,398 | +€41,733 | +184.1% |
| Taxes, remuneration and social security | 45 | €5,337 | €31,540 | +€26,203 | +491.0% |
| Taxes | 450/3 | €3,870 | €30,021 | +€26,151 | +675.7% |
| Remuneration and social security | 454/9 | €1,467 | €1,519 | +€52 | +3.6% |
| Other amounts payable | 47/48 | €122,127 | €135,220 | +€13,093 | +10.7% |
| Accrued charges and deferred income | 492/3 | €22,693 | - | -€22,693 | |
| Non-recurring operating income | 76A | €36 | €10,407 | +€10,371 | +28808.7% |
| Remuneration, social security and pensions | 62 | €89,865 | €124,206 | +€34,341 | +38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €158,986 | €166,595 | +€7,609 | +4.8% |
| Other operating charges | 640/8 | €9,240 | €702 | -€8,538 | -92.4% |
| Gross operating margin | 9900 | €273,374 | €236,054 | -€37,320 | -13.7% |
| Operating profit (loss) | 9901 | €15,283 | -€55,448 | -€70,731 | |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €21,999 | €19,725 | -€2,274 | -10.3% |
| Recurring financial charges | 65 | €21,999 | €19,725 | -€2,274 | -10.3% |
| Non-recurring financial charges | 66B | - | €0 | +€0 | |
| Profit (loss) for the period before taxes | 9903 | -€6,711 | -€75,173 | -€68,462 | -1020.1% |
| Income taxes | 67/77 | €191 | €179 | -€12 | -6.3% |
| Profit (loss) for the period | 9904 | -€6,903 | -€75,352 | -€68,450 | -991.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,903 | -€75,352 | -€68,450 | -991.6% |
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 12 October 2026 via checked.be.