CLAERTZ: 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.
CLAERTZ
Largest movements
- Stocks and contracts -€252,147
no longer reported in 2025 (was €252,147)
- Receivables within one year +€20,144
up €20,144 (+1001.8%), from €2,011 to €22,155
of which Trade receivables: +€20,150
- Cash +€17,144
up €17,144 (+135.8%), from €12,624 to €29,768
mainly Stocks and contracts (+€252,147) and Debts after one year (+€163,197)
- Tangible fixed assets -€14,201
down €14,201 (-2.8%), from €501,225 to €487,024
- Short-term financial debts -€369,912
no longer reported in 2025 (was €369,912)
- Debts after one year +€163,197
up €163,197 (+68.1%), from €239,573 to €402,771
of which Financial debts: +€160,697
- Tax, wage and social debts -€17,024
down €17,024 (-88.2%), from €19,308 to €2,283
- Profit (loss) carried forward -€14,861
down €14,861 (-103.4%), from -€14,368 to -€29,229
- Gross operating margin -€35,074
down €35,074 (-62.6%), from €56,058 to €20,984
- Financial charges -€18,879
down €18,879 (-59.4%), from €31,774 to €12,895
- Other operating charges -€1,107
down €1,107 (-11.2%), from €9,854 to €8,747
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 | €768,007 | €538,947 | -€229,060 | -29.8% |
| Fixed assets | 21/28 | €501,225 | €487,024 | -€14,201 | -2.8% |
| Tangible fixed assets | 22/27 | €501,225 | €487,024 | -€14,201 | -2.8% |
| Land and buildings | 22 | €501,225 | €487,024 | -€14,201 | -2.8% |
| Current assets | 29/58 | €266,781 | €51,923 | -€214,858 | -80.5% |
| Stocks and contracts in progress | 3 | €252,147 | - | -€252,147 | |
| Stocks | 30/36 | €252,147 | - | -€252,147 | |
| Amounts receivable within one year | 40/41 | €2,011 | €22,155 | +€20,144 | +1001.8% |
| Trade receivables | 40 | €2,005 | €22,155 | +€20,150 | +1004.9% |
| Other amounts receivable | 41 | €6 | - | -€6 | |
| Cash at bank and in hand | 54/58 | €12,624 | €29,768 | +€17,144 | +135.8% |
| Total equity and liabilities | 10/49 | €768,007 | €538,947 | -€229,060 | -29.8% |
| Equity | 10/15 | €99,632 | €84,771 | -€14,861 | -14.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €112,000 | €112,000 | = | 0.0% |
| Distributable reserves | 133 | €112,000 | €112,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,368 | -€29,229 | -€14,861 | -103.4% |
| Amounts payable | 17/49 | €668,374 | €454,176 | -€214,199 | -32.0% |
| Amounts payable after more than one year | 17 | €239,573 | €402,771 | +€163,197 | +68.1% |
| Financial debts | 170/4 | €235,098 | €395,796 | +€160,697 | +68.4% |
| Other amounts payable | 178/9 | €4,475 | €6,975 | +€2,500 | +55.9% |
| Amounts payable within one year | 42/48 | €428,801 | €51,405 | -€377,396 | -88.0% |
| Current portion of amounts payable after more than one year | 42 | €19,955 | €27,599 | +€7,644 | +38.3% |
| Financial debts | 43 | €369,912 | - | -€369,912 | |
| Credit institutions | 430/8 | €369,912 | - | -€369,912 | |
| Trade debts | 44 | €427 | €2,323 | +€1,896 | +444.6% |
| Suppliers | 440/4 | €427 | €2,323 | +€1,896 | +444.6% |
| Taxes, remuneration and social security | 45 | €19,308 | €2,283 | -€17,024 | -88.2% |
| Taxes | 450/3 | €19,308 | €2,283 | -€17,024 | -88.2% |
| Other amounts payable | 47/48 | €19,200 | €19,200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,201 | €14,201 | = | 0.0% |
| Other operating charges | 640/8 | €9,854 | €8,747 | -€1,107 | -11.2% |
| Gross operating margin | 9900 | €56,058 | €20,984 | -€35,074 | -62.6% |
| Operating profit (loss) | 9901 | €32,002 | -€1,965 | -€33,968 | |
| Financial charges | 65/66B | €31,774 | €12,895 | -€18,879 | -59.4% |
| Recurring financial charges | 65 | €31,774 | €12,895 | -€18,879 | -59.4% |
| Profit (loss) for the period before taxes | 9903 | €228 | -€14,861 | -€15,089 | |
| Income taxes | 67/77 | €50 | - | -€50 | |
| Profit (loss) for the period | 9904 | €178 | -€14,861 | -€15,039 | |
| Profit (loss) for the period to be appropriated | 9905 | €178 | -€14,861 | -€15,039 |
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 6 October 2026 via checked.be.