CLAES LUC: 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.
CLAES LUC
Largest movements
- Tangible fixed assets +€805,518
up €805,518 (+235%), from €342,514 to €1.1m
of which Land and buildings: +€811,721
- Cash -€234,176
down €234,176 (-92.2%), from €253,918 to €19,742
mainly Investment in fixed assets (net) (-€958,219) and Provisions (-€833)
- Receivables within one year -€41,581
down €41,581 (-35.6%), from €116,661 to €75,081
of which Trade receivables: -€63,681
- Debts after one year +€421,912
up €421,912 (+428%), from €98,555 to €520,467
- Reserves +€52,512
up €52,512 (+10.1%), from €520,950 to €573,462
of which Distributable reserves: +€55,011
- Current portion of long-term debt +€25,093
up €25,093 (+89.2%), from €28,130 to €53,223
- Other debts +€19,480
up €19,480 (+91.9%), from €21,196 to €40,676
- Depreciation +€104,334
up €104,334 (+216%), from €48,367 to €152,702
- Gross operating margin +€35,028
up €35,028 (+16.4%), from €213,004 to €248,032
- Financial charges +€13,050
up €13,050 (+783%), from €1,667 to €14,717
- Financial income -€10,446
down €10,446 (-99.8%), from €10,464 to €18
- Taxes +€4,177
up €4,177 (+18.6%), from €22,418 to €26,595
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.
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 | €713,093 | €1,242,853 | +€529,761 | +74.3% |
| Fixed assets | 21/28 | €342,514 | €1,148,031 | +€805,518 | +235% |
| Tangible fixed assets | 22/27 | €342,514 | €1,148,031 | +€805,518 | +235% |
| Land and buildings | 22 | €309,845 | €1,121,566 | +€811,721 | +262% |
| Plant, machinery and equipment | 23 | €2,708 | €1,769 | -€939 | -34.7% |
| Furniture and vehicles | 24 | - | €24,067 | +€24,067 | |
| Leasing and similar rights | 25 | €28,673 | €0 | -€28,673 | -100% |
| Other tangible fixed assets | 26 | €1,287 | €629 | -€658 | -51.1% |
| Current assets | 29/58 | €370,579 | €94,822 | -€275,757 | -74.4% |
| Amounts receivable within one year | 40/41 | €116,661 | €75,081 | -€41,581 | -35.6% |
| Trade receivables | 40 | €74,807 | €11,125 | -€63,681 | -85.1% |
| Other amounts receivable | 41 | €41,855 | €63,955 | +€22,100 | +52.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €253,918 | €19,742 | -€234,176 | -92.2% |
| Total equity and liabilities | 10/49 | €713,093 | €1,242,853 | +€529,761 | +74.3% |
| Equity | 10/15 | €539,950 | €592,462 | +€52,512 | +9.7% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €520,950 | €573,462 | +€52,512 | +10.1% |
| Tax-exempt reserves | 132 | €67,283 | €64,783 | -€2,500 | -3.7% |
| Distributable reserves | 133 | €453,667 | €508,679 | +€55,011 | +12.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €22,428 | €21,594 | -€833 | -3.7% |
| Deferred taxes | 168 | €22,428 | €21,594 | -€833 | -3.7% |
| Amounts payable | 17/49 | €150,715 | €628,797 | +€478,082 | +317% |
| Amounts payable after more than one year | 17 | €98,555 | €520,467 | +€421,912 | +428% |
| Financial debts | 170/4 | €98,555 | €520,467 | +€421,912 | +428% |
| Amounts payable within one year | 42/48 | €52,161 | €108,330 | +€56,170 | +108% |
| Current portion of amounts payable after more than one year | 42 | €28,130 | €53,223 | +€25,093 | +89.2% |
| Trade debts | 44 | €1,767 | €5,735 | +€3,968 | +225% |
| Suppliers | 440/4 | €1,767 | €5,735 | +€3,968 | +225% |
| Taxes, remuneration and social security | 45 | €1,067 | €8,696 | +€7,629 | +715% |
| Taxes | 450/3 | €1,067 | €8,696 | +€7,629 | +715% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €21,196 | €40,676 | +€19,480 | +91.9% |
| Non-recurring operating income | 76A | €89,710 | €8,000 | -€81,710 | -91.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,367 | €152,702 | +€104,334 | +216% |
| Other operating charges | 640/8 | €2,731 | €2,357 | -€374 | -13.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €213,004 | €248,032 | +€35,028 | +16.4% |
| Operating profit (loss) | 9901 | €161,906 | €92,973 | -€68,932 | -42.6% |
| Financial income | 75/76B | €10,464 | €18 | -€10,446 | -99.8% |
| Recurring financial income | 75 | €10,464 | €18 | -€10,446 | -99.8% |
| Financial charges | 65/66B | €1,667 | €14,717 | +€13,050 | +783% |
| Recurring financial charges | 65 | €1,667 | €14,717 | +€13,050 | +783% |
| Profit (loss) for the period before taxes | 9903 | €170,702 | €78,274 | -€92,428 | -54.1% |
| Transfer from deferred taxes | 780 | - | €833 | +€833 | |
| Transfer to deferred taxes | 680 | €22,428 | €0 | -€22,428 | -100% |
| Income taxes | 67/77 | €22,418 | €26,595 | +€4,177 | +18.6% |
| Profit (loss) for the period | 9904 | €125,856 | €52,512 | -€73,344 | -58.3% |
| Transfer from tax-exempt reserves | 789 | - | €2,500 | +€2,500 | |
| Transfer to tax-exempt reserves | 689 | €67,283 | €0 | -€67,283 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €58,573 | €55,011 | -€3,562 | -6.1% |
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 19 October 2026 via checked.be.