Céline Claeys: 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.
Céline Claeys
Largest movements
- Intangible fixed assets +€256,963
up €256,963 (+715%), from €35,925 to €292,888
- Tangible fixed assets -€42,752
down €42,752 (-4.7%), from €907,071 to €864,319
of which Land and buildings: -€32,000
- Receivables within one year +€36,873
up €36,873 (+279%), from €13,214 to €50,087
of which Trade receivables: +€41,873
- Cash -€15,324
down €15,324 (-18.1%), from €84,724 to €69,400
mainly Investment in fixed assets (net) (-€262,627) and Debts after one year (-€80,000)
- Trade debts +€155,127
up €155,127 (+1,791%), from €8,659 to €163,786
- Debts after one year -€80,000
down €80,000 (-9.4%), from €846,667 to €766,667
- Profit (loss) carried forward +€78,740
up €78,740, from -€19,706 to €59,035
- Other debts +€71,920
up €71,920 (+111%), from €65,000 to €136,920
- Tax, wage and social debts +€13,446
up €13,446 (+231%), from €5,818 to €19,263
of which Taxes: +€15,146
- Depreciation -€75,583
down €75,583 (-61.0%), from €123,999 to €48,415
- Gross operating margin +€49,521
up €49,521 (+39.6%), from €125,187 to €174,708
- Taxes +€15,201
new in 2025: €15,201
- Financial charges +€9,706
up €9,706 (+52.6%), from €18,445 to €28,151
- Other operating charges +€1,774
up €1,774 (+72.4%), from €2,450 to €4,223
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 | €1,044,181 | €1,280,671 | +€236,489 | +22.6% |
| Fixed assets | 21/28 | €942,996 | €1,157,208 | +€214,211 | +22.7% |
| Intangible fixed assets | 21 | €35,925 | €292,888 | +€256,963 | +715% |
| Tangible fixed assets | 22/27 | €907,071 | €864,319 | -€42,752 | -4.7% |
| Land and buildings | 22 | €858,700 | €826,700 | -€32,000 | -3.7% |
| Plant, machinery and equipment | 23 | €46,723 | €36,319 | -€10,405 | -22.3% |
| Furniture and vehicles | 24 | €1,647 | €1,300 | -€347 | -21.1% |
| Current assets | 29/58 | €101,185 | €123,463 | +€22,278 | +22.0% |
| Amounts receivable within one year | 40/41 | €13,214 | €50,087 | +€36,873 | +279% |
| Trade receivables | 40 | €8,214 | €50,087 | +€41,873 | +510% |
| Other amounts receivable | 41 | €5,000 | €0 | -€5,000 | -100% |
| Cash at bank and in hand | 54/58 | €84,724 | €69,400 | -€15,324 | -18.1% |
| Deferred charges and accrued income | 490/1 | €3,247 | €3,976 | +€729 | +22.5% |
| Total equity and liabilities | 10/49 | €1,044,181 | €1,280,671 | +€236,489 | +22.6% |
| Equity | 10/15 | €35,294 | €114,035 | +€78,740 | +223% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,706 | €59,035 | +€78,740 | |
| Amounts payable | 17/49 | €1,008,887 | €1,166,636 | +€157,749 | +15.6% |
| Amounts payable after more than one year | 17 | €846,667 | €766,667 | -€80,000 | -9.4% |
| Financial debts | 170/4 | €846,667 | €766,667 | -€80,000 | -9.4% |
| Amounts payable within one year | 42/48 | €159,477 | €399,970 | +€240,493 | +151% |
| Current portion of amounts payable after more than one year | 42 | €80,000 | €80,000 | = | 0.0% |
| Trade debts | 44 | €8,659 | €163,786 | +€155,127 | +1,791% |
| Suppliers | 440/4 | €8,659 | €163,786 | +€155,127 | +1,791% |
| Taxes, remuneration and social security | 45 | €5,818 | €19,263 | +€13,446 | +231% |
| Taxes | 450/3 | €4,118 | €19,263 | +€15,146 | +368% |
| Remuneration and social security | 454/9 | €1,700 | €0 | -€1,700 | -100% |
| Other amounts payable | 47/48 | €65,000 | €136,920 | +€71,920 | +111% |
| Accrued charges and deferred income | 492/3 | €2,743 | €0 | -€2,743 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,999 | €48,415 | -€75,583 | -61.0% |
| Other operating charges | 640/8 | €2,450 | €4,223 | +€1,774 | +72.4% |
| Gross operating margin | 9900 | €125,187 | €174,708 | +€49,521 | +39.6% |
| Operating profit (loss) | 9901 | -€1,261 | €122,070 | +€123,331 | |
| Financial income | 75/76B | - | €22 | +€22 | |
| Recurring financial income | 75 | - | €22 | +€22 | |
| Financial charges | 65/66B | €18,445 | €28,151 | +€9,706 | +52.6% |
| Recurring financial charges | 65 | €18,445 | €28,151 | +€9,706 | +52.6% |
| Profit (loss) for the period before taxes | 9903 | -€19,706 | €93,941 | +€113,647 | |
| Income taxes | 67/77 | - | €15,201 | +€15,201 | |
| Profit (loss) for the period | 9904 | -€19,706 | €78,740 | +€98,446 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,706 | €78,740 | +€98,446 |
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 18 October 2026 via checked.be.