CLAIVER: 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.
CLAIVER
Largest movements
- Cash +€21,357
up €21,357 (+58.8%), from €36,305 to €57,661
mainly Depreciation (+€39,957) and Other debts (+€37,936)
- Tangible fixed assets -€18,802
down €18,802 (-7.2%), from €259,484 to €240,682
of which Leasing and similar rights: -€10,010
- Intangible fixed assets -€15,393
down €15,393 (-33.0%), from €46,638 to €31,245
- Other debts +€37,936
up €37,936 (+37.4%), from €101,552 to €139,488
- Debts after one year -€27,539
down €27,539 (-17.8%), from €154,665 to €127,125
of which Financial debts: -€27,539
- Current portion of long-term debt -€13,927
down €13,927 (-33.6%), from €41,467 to €27,539
- Trade debts -€12,260
down €12,260 (-36.4%), from €33,664 to €21,404
- Gross operating margin -€34,187
down €34,187 (-37.8%), from €90,481 to €56,293
- Depreciation -€5,088
down €5,088 (-11.3%), from €45,046 to €39,957
- Taxes -€4,761
down €4,761 (-58.6%), from €8,131 to €3,370
- Financial charges -€1,401
down €1,401 (-23.0%), from €6,097 to €4,695
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 | €444,876 | €435,475 | -€9,401 | -2.1% |
| Fixed assets | 21/28 | €309,238 | €275,043 | -€34,195 | -11.1% |
| Intangible fixed assets | 21 | €46,638 | €31,245 | -€15,393 | -33.0% |
| Tangible fixed assets | 22/27 | €259,484 | €240,682 | -€18,802 | -7.2% |
| Land and buildings | 22 | €105,456 | €103,171 | -€2,285 | -2.2% |
| Plant, machinery and equipment | 23 | €13,927 | €14,415 | +€488 | +3.5% |
| Furniture and vehicles | 24 | - | €2,485 | +€2,485 | |
| Leasing and similar rights | 25 | €41,238 | €31,228 | -€10,010 | -24.3% |
| Other tangible fixed assets | 26 | €98,864 | €89,385 | -€9,479 | -9.6% |
| Financial fixed assets | 28 | €3,116 | €3,116 | = | 0.0% |
| Current assets | 29/58 | €135,638 | €160,432 | +€24,794 | +18.3% |
| Stocks and contracts in progress | 3 | €51,866 | €56,270 | +€4,404 | +8.5% |
| Stocks | 30/36 | €51,866 | €56,270 | +€4,404 | +8.5% |
| Amounts receivable within one year | 40/41 | €42,101 | €40,002 | -€2,099 | -5.0% |
| Trade receivables | 40 | €40,232 | €36,371 | -€3,861 | -9.6% |
| Other amounts receivable | 41 | €1,869 | €3,630 | +€1,761 | +94.2% |
| Cash at bank and in hand | 54/58 | €36,305 | €57,661 | +€21,357 | +58.8% |
| Deferred charges and accrued income | 490/1 | €5,367 | €6,499 | +€1,132 | +21.1% |
| Total equity and liabilities | 10/49 | €444,876 | €435,475 | -€9,401 | -2.1% |
| Equity | 10/15 | €111,406 | €115,457 | +€4,050 | +3.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €92,806 | €96,857 | +€4,050 | +4.4% |
| Tax-exempt reserves | 132 | €3,400 | €3,400 | = | 0.0% |
| Distributable reserves | 133 | €89,406 | €93,457 | +€4,050 | +4.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €333,470 | €320,018 | -€13,452 | -4.0% |
| Amounts payable after more than one year | 17 | €154,665 | €127,125 | -€27,539 | -17.8% |
| Financial debts | 170/4 | €117,065 | €89,525 | -€27,539 | -23.5% |
| Other amounts payable | 178/9 | €37,600 | €37,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €178,805 | €192,893 | +€14,088 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €41,467 | €27,539 | -€13,927 | -33.6% |
| Trade debts | 44 | €33,664 | €21,404 | -€12,260 | -36.4% |
| Suppliers | 440/4 | €33,664 | €21,404 | -€12,260 | -36.4% |
| Taxes, remuneration and social security | 45 | €2,123 | €4,462 | +€2,339 | +110% |
| Taxes | 450/3 | €2,123 | €4,462 | +€2,339 | +110% |
| Other amounts payable | 47/48 | €101,552 | €139,488 | +€37,936 | +37.4% |
| Non-recurring operating income | 76A | - | €59 | +€59 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,046 | €39,957 | -€5,088 | -11.3% |
| Other operating charges | 640/8 | €4,685 | €4,499 | -€186 | -4.0% |
| Non-recurring operating charges | 66A | €626 | €498 | -€128 | -20.5% |
| Gross operating margin | 9900 | €90,481 | €56,293 | -€34,187 | -37.8% |
| Operating profit (loss) | 9901 | €40,125 | €11,339 | -€28,785 | -71.7% |
| Financial income | 75/76B | €912 | €776 | -€136 | -14.9% |
| Recurring financial income | 75 | €912 | €776 | -€136 | -14.9% |
| Financial charges | 65/66B | €6,097 | €4,695 | -€1,401 | -23.0% |
| Recurring financial charges | 65 | €6,097 | €4,695 | -€1,401 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | €34,940 | €7,420 | -€27,520 | -78.8% |
| Income taxes | 67/77 | €8,131 | €3,370 | -€4,761 | -58.6% |
| Profit (loss) for the period | 9904 | €26,809 | €4,050 | -€22,758 | -84.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,809 | €4,050 | -€22,758 | -84.9% |
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 15 October 2026 via checked.be.