Claes Thierry: 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 Thierry
Largest movements
- Tangible fixed assets +€334,814
up €334,814 (+3309.3%), from €10,117 to €344,931
of which Land and buildings: +€340,806
- Cash -€73,235
down €73,235 (-70.2%), from €104,315 to €31,080
mainly Investment in fixed assets (net) (-€351,816) and Stocks and contracts (-€2,433)
- Current investments -€8,000
down €8,000 (-11.3%), from €71,000 to €63,000
- Debts after one year +€176,631
up €176,631, from €0 to €176,631
- Other debts +€34,291
up €34,291 (+539.1%), from €6,361 to €40,653
- Trade debts +€17,081
up €17,081 (+109.9%), from €15,543 to €32,624
- Current portion of long-term debt +€10,562
up €10,562 (+292.0%), from €3,617 to €14,179
- Tax, wage and social debts +€5,659
up €5,659, from €0 to €5,659
- Other operating charges +€27,822
up €27,822 (+3365.4%), from €827 to €28,649
- Taxes -€9,193
down €9,193 (-81.4%), from €11,299 to €2,107
- Depreciation +€8,080
up €8,080 (+90.6%), from €8,923 to €17,003
- Financial charges +€4,542
up €4,542 (+513.7%), from €884 to €5,427
- Gross operating margin -€4,445
down €4,445 (-7.3%), from €60,647 to €56,202
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.
Cash bridge derived
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 | €211,619 | €463,869 | +€252,250 | +119.2% |
| Fixed assets | 21/28 | €10,117 | €344,931 | +€334,814 | +3309.3% |
| Tangible fixed assets | 22/27 | €10,117 | €344,931 | +€334,814 | +3309.3% |
| Land and buildings | 22 | - | €340,806 | +€340,806 | |
| Plant, machinery and equipment | 23 | €3,048 | €1,549 | -€1,499 | -49.2% |
| Furniture and vehicles | 24 | €7,069 | €2,577 | -€4,493 | -63.6% |
| Current assets | 29/58 | €201,502 | €118,938 | -€82,564 | -41.0% |
| Stocks and contracts in progress | 3 | - | €2,433 | +€2,433 | |
| Stocks | 30/36 | - | €2,433 | +€2,433 | |
| Amounts receivable within one year | 40/41 | €23,776 | €20,096 | -€3,680 | -15.5% |
| Trade receivables | 40 | €15,006 | €6,811 | -€8,195 | -54.6% |
| Other amounts receivable | 41 | €8,770 | €13,285 | +€4,515 | +51.5% |
| Current investments | 50/53 | €71,000 | €63,000 | -€8,000 | -11.3% |
| Cash at bank and in hand | 54/58 | €104,315 | €31,080 | -€73,235 | -70.2% |
| Deferred charges and accrued income | 490/1 | €2,411 | €2,329 | -€81 | -3.4% |
| Total equity and liabilities | 10/49 | €211,619 | €463,869 | +€252,250 | +119.2% |
| Equity | 10/15 | €180,019 | €183,459 | +€3,439 | +1.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €177,519 | €180,959 | +€3,439 | +1.9% |
| Distributable reserves | 133 | €177,519 | €180,959 | +€3,439 | +1.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €31,600 | €280,411 | +€248,811 | +787.4% |
| Amounts payable after more than one year | 17 | €0 | €176,631 | +€176,631 | |
| Financial debts | 170/4 | €0 | €176,631 | +€176,631 | |
| Amounts payable within one year | 42/48 | €30,600 | €100,676 | +€70,076 | +229.0% |
| Current portion of amounts payable after more than one year | 42 | €3,617 | €14,179 | +€10,562 | +292.0% |
| Financial debts | 43 | €5,079 | €7,562 | +€2,482 | +48.9% |
| Credit institutions | 430/8 | €5,079 | €7,562 | +€2,482 | +48.9% |
| Trade debts | 44 | €15,543 | €32,624 | +€17,081 | +109.9% |
| Suppliers | 440/4 | €15,543 | €32,624 | +€17,081 | +109.9% |
| Taxes, remuneration and social security | 45 | €0 | €5,659 | +€5,659 | |
| Taxes | 450/3 | €0 | €5,659 | +€5,659 | |
| Other amounts payable | 47/48 | €6,361 | €40,653 | +€34,291 | +539.1% |
| Accrued charges and deferred income | 492/3 | €1,000 | €3,104 | +€2,104 | +210.4% |
| Remuneration, social security and pensions | 62 | €1,153 | €0 | -€1,153 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,923 | €17,003 | +€8,080 | +90.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €827 | €28,649 | +€27,822 | +3365.4% |
| Non-recurring operating charges | 66A | - | €1,700 | +€1,700 | |
| Gross operating margin | 9900 | €60,647 | €56,202 | -€4,445 | -7.3% |
| Operating profit (loss) | 9901 | €49,744 | €8,850 | -€40,894 | -82.2% |
| Financial income | 75/76B | €2,737 | €2,123 | -€615 | -22.5% |
| Recurring financial income | 75 | €2,737 | €2,123 | -€615 | -22.5% |
| Financial charges | 65/66B | €884 | €5,427 | +€4,542 | +513.7% |
| Recurring financial charges | 65 | €884 | €5,427 | +€4,542 | +513.7% |
| Profit (loss) for the period before taxes | 9903 | €51,597 | €5,546 | -€46,051 | -89.3% |
| Income taxes | 67/77 | €11,299 | €2,107 | -€9,193 | -81.4% |
| Profit (loss) for the period | 9904 | €40,298 | €3,439 | -€36,858 | -91.5% |
| Profit (loss) for the period to be appropriated | 9905 | €40,298 | €3,439 | -€36,858 | -91.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.