Christophe De Clercq: 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.
Christophe De Clercq
Largest movements
- Receivables within one year +€8,045
up €8,045 (+161%), from €4,999 to €13,044
of which Trade receivables: +€9,030
- Cash +€1,863
up €1,863 (+18.4%), from €10,132 to €11,994
mainly Trade debts (+€5,156) and Net result for the year (+€2,554)
- Tangible fixed assets -€1,488
down €1,488 (-19.8%), from €7,520 to €6,032
of which Other tangible fixed assets: -€819
- Deferred charges and accrued income +€439
up €439 (+9.5%), from €4,607 to €5,045
- Trade debts +€5,156
up €5,156 (+494%), from €1,043 to €6,199
- Reserves +€1,398
up €1,398 (+11.1%), from €12,642 to €14,040
- Other debts +€1,156
new in 2026: €1,156
- Tax, wage and social debts +€1,148
up €1,148 (+8.4%), from €13,597 to €14,745
- Gross operating margin +€1,265
up €1,265 (+14.8%), from €8,567 to €9,832
- Taxes +€238
up €238 (+10.4%), from €2,288 to €2,526
- Other operating charges -€161
down €161 (-5.9%), from €2,742 to €2,581
- Depreciation -€101
down €101 (-4.6%), from €2,188 to €2,087
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,282 | €36,140 | +€8,858 | +32.5% |
| Fixed assets | 21/28 | €7,545 | €6,057 | -€1,488 | -19.7% |
| Tangible fixed assets | 22/27 | €7,520 | €6,032 | -€1,488 | -19.8% |
| Furniture and vehicles | 24 | €4,284 | €3,615 | -€669 | -15.6% |
| Other tangible fixed assets | 26 | €3,236 | €2,417 | -€819 | -25.3% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €19,737 | €30,083 | +€10,346 | +52.4% |
| Amounts receivable within one year | 40/41 | €4,999 | €13,044 | +€8,045 | +161% |
| Trade receivables | 40 | €970 | €10,000 | +€9,030 | +931% |
| Other amounts receivable | 41 | €4,029 | €3,044 | -€985 | -24.5% |
| Cash at bank and in hand | 54/58 | €10,132 | €11,994 | +€1,863 | +18.4% |
| Deferred charges and accrued income | 490/1 | €4,607 | €5,045 | +€439 | +9.5% |
| Total equity and liabilities | 10/49 | €27,282 | €36,140 | +€8,858 | +32.5% |
| Equity | 10/15 | €12,642 | €14,040 | +€1,398 | +11.1% |
| Reserves | 13 | €12,642 | €14,040 | +€1,398 | +11.1% |
| Distributable reserves | 133 | €12,642 | €14,040 | +€1,398 | +11.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €14,640 | €22,100 | +€7,460 | +51.0% |
| Amounts payable within one year | 42/48 | €14,640 | €22,100 | +€7,460 | +51.0% |
| Trade debts | 44 | €1,043 | €6,199 | +€5,156 | +494% |
| Suppliers | 440/4 | €1,043 | €6,199 | +€5,156 | +494% |
| Taxes, remuneration and social security | 45 | €13,597 | €14,745 | +€1,148 | +8.4% |
| Taxes | 450/3 | €13,597 | €14,745 | +€1,148 | +8.4% |
| Other amounts payable | 47/48 | - | €1,156 | +€1,156 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,188 | €2,087 | -€101 | -4.6% |
| Other operating charges | 640/8 | €2,742 | €2,581 | -€161 | -5.9% |
| Gross operating margin | 9900 | €8,567 | €9,832 | +€1,265 | +14.8% |
| Operating profit (loss) | 9901 | €3,638 | €5,164 | +€1,526 | +42.0% |
| Financial income | 75/76B | €145 | €212 | +€66 | +45.6% |
| Recurring financial income | 75 | €145 | €212 | +€66 | +45.6% |
| Financial charges | 65/66B | €276 | €296 | +€19 | +7.0% |
| Recurring financial charges | 65 | €276 | €296 | +€19 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €3,507 | €5,080 | +€1,573 | +44.9% |
| Income taxes | 67/77 | €2,288 | €2,526 | +€238 | +10.4% |
| Profit (loss) for the period | 9904 | €1,219 | €2,554 | +€1,336 | +110% |
| Profit (loss) for the period to be appropriated | 9905 | €1,219 | €2,554 | +€1,336 | +110% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.