CLADDING: what changed
Two fiscal 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.
CLADDING
Largest movements
- Cash -€269,867
down €269,867 (-40.7%), from €663,161 to €393,294
mainly Other debts (-€265,429) and Receivables within one year (-€259,566)
- Receivables within one year +€259,566
up €259,566 (+43.6%), from €594,780 to €854,346
of which Trade receivables: +€263,504
- Stocks and contracts -€25,382
down €25,382 (-34.3%), from €73,913 to €48,531
of which Contracts in progress: -€17,325
- Other debts -€265,429
down €265,429 (-51.5%), from €515,429 to €250,000
- Trade debts +€184,007
up €184,007 (+65.2%), from €282,325 to €466,331
- Tax, wage and social debts +€33,673
up €33,673 (+75.7%), from €44,455 to €78,128
of which Remuneration and social security: +€30,981
- Profit (loss) carried forward +€28,738
up €28,738 (+11.9%), from €240,697 to €269,435
- Current portion of long-term debt -€22,005
no longer reported in 2025 (was €22,005)
- Gross operating margin -€173,256
down €173,256 (-15.8%), from €1.1m to €924,867
- Staff costs +€86,098
up €86,098 (+17.5%), from €493,251 to €579,349
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 | €1,417,152 | €1,371,764 | -€45,388 | -3.2% |
| Fixed assets | 21/28 | €81,683 | €70,356 | -€11,327 | -13.9% |
| Tangible fixed assets | 22/27 | €74,183 | €62,856 | -€11,327 | -15.3% |
| Plant, machinery and equipment | 23 | €14,402 | €28,952 | +€14,550 | +101.0% |
| Furniture and vehicles | 24 | €59,781 | €33,903 | -€25,878 | -43.3% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €1,335,469 | €1,301,408 | -€34,061 | -2.6% |
| Stocks and contracts in progress | 3 | €73,913 | €48,531 | -€25,382 | -34.3% |
| Stocks | 30/36 | €48,058 | €40,002 | -€8,056 | -16.8% |
| Contracts in progress | 37 | €25,854 | €8,529 | -€17,325 | -67.0% |
| Amounts receivable within one year | 40/41 | €594,780 | €854,346 | +€259,566 | +43.6% |
| Trade receivables | 40 | €548,942 | €812,446 | +€263,504 | +48.0% |
| Other amounts receivable | 41 | €45,838 | €41,900 | -€3,938 | -8.6% |
| Cash at bank and in hand | 54/58 | €663,161 | €393,294 | -€269,867 | -40.7% |
| Deferred charges and accrued income | 490/1 | €3,615 | €5,237 | +€1,622 | +44.9% |
| Total equity and liabilities | 10/49 | €1,417,152 | €1,371,764 | -€45,388 | -3.2% |
| Equity | 10/15 | €541,279 | €570,017 | +€28,738 | +5.3% |
| Contributions | 10/11 | €224,132 | €224,132 | = | 0.0% |
| Reserves | 13 | €76,451 | €76,451 | = | 0.0% |
| Distributable reserves | 133 | €76,451 | €76,451 | = | 0.0% |
| Profit (loss) carried forward | 14 | €240,697 | €269,435 | +€28,738 | +11.9% |
| Amounts payable | 17/49 | €875,873 | €801,747 | -€74,126 | -8.5% |
| Amounts payable within one year | 42/48 | €864,214 | €794,459 | -€69,755 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €22,005 | - | -€22,005 | |
| Trade debts | 44 | €282,325 | €466,331 | +€184,007 | +65.2% |
| Suppliers | 440/4 | €282,325 | €466,331 | +€184,007 | +65.2% |
| Taxes, remuneration and social security | 45 | €44,455 | €78,128 | +€33,673 | +75.7% |
| Taxes | 450/3 | €7,928 | €10,619 | +€2,691 | +33.9% |
| Remuneration and social security | 454/9 | €36,527 | €67,509 | +€30,981 | +84.8% |
| Other amounts payable | 47/48 | €515,429 | €250,000 | -€265,429 | -51.5% |
| Accrued charges and deferred income | 492/3 | €11,658 | €7,288 | -€4,371 | -37.5% |
| Non-recurring operating income | 76A | - | €14,121 | +€14,121 | |
| Remuneration, social security and pensions | 62 | €493,251 | €579,349 | +€86,098 | +17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,468 | €50,584 | +€10,116 | +25.0% |
| Other operating charges | 640/8 | €5,680 | €2,904 | -€2,776 | -48.9% |
| Non-recurring operating charges | 66A | - | €369 | +€369 | |
| Gross operating margin | 9900 | €1,098,123 | €924,867 | -€173,256 | -15.8% |
| Operating profit (loss) | 9901 | €558,724 | €291,661 | -€267,064 | -47.8% |
| Financial income | 75/76B | €796 | €959 | +€163 | +20.5% |
| Recurring financial income | 75 | €796 | €959 | +€163 | +20.5% |
| Financial charges | 65/66B | €4,627 | €3,601 | -€1,027 | -22.2% |
| Recurring financial charges | 65 | €4,627 | €3,601 | -€1,027 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €554,893 | €289,019 | -€265,874 | -47.9% |
| Income taxes | 67/77 | €11,996 | €10,281 | -€1,714 | -14.3% |
| Profit (loss) for the period | 9904 | €542,898 | €278,738 | -€264,160 | -48.7% |
| Profit (loss) for the period to be appropriated | 9905 | €542,898 | €278,738 | -€264,160 | -48.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.