CLARITY: 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.
CLARITY
Largest movements
- Cash -€1.0m
down €1.0m (-87.8%), from €1.2m to €141,505
mainly Other debts (-€516,319) and Current investments (-€200,000)
- Current investments +€200,000
new in 2025: €200,000
- Financial fixed assets +€115,550
new in 2025: €115,550
- Receivables within one year -€103,801
down €103,801 (-81.2%), from €127,782 to €23,981
of which Other amounts receivable: -€107,428
- Other debts -€516,319
down €516,319 (-99.6%), from €518,510 to €2,191
- Reserves -€112,023
down €112,023 (-4.9%), from €2.3m to €2.2m
of which Distributable reserves: -€113,516
- Profit (loss) carried forward -€78,677
new in 2025: -€78,677
- Current portion of long-term debt -€67,250
down €67,250 (-64.4%), from €104,494 to €37,243
- Debts after one year -€37,243
down €37,243 (-14.0%), from €265,325 to €228,082
- Gross operating margin -€1.6m
down €1.6m (-98.7%), from €1.7m to €22,136
- Taxes -€397,401
down €397,401 (-99.9%), from €397,696 to €295
- Other operating charges -€29,607
down €29,607 (-78.8%), from €37,592 to €7,984
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 | €3,287,096 | €2,476,284 | -€810,812 | -24.7% |
| Fixed assets | 21/28 | €2,001,093 | €2,110,798 | +€109,705 | +5.5% |
| Tangible fixed assets | 22/27 | €2,001,093 | €1,995,248 | -€5,845 | -0.3% |
| Land and buildings | 22 | €1,925,832 | €1,850,112 | -€75,720 | -3.9% |
| Plant, machinery and equipment | 23 | €75,261 | €101,879 | +€26,618 | +35.4% |
| Furniture and vehicles | 24 | - | €13,265 | +€13,265 | |
| Assets under construction and advance payments | 27 | - | €29,993 | +€29,993 | |
| Financial fixed assets | 28 | - | €115,550 | +€115,550 | |
| Current assets | 29/58 | €1,286,002 | €365,486 | -€920,516 | -71.6% |
| Amounts receivable within one year | 40/41 | €127,782 | €23,981 | -€103,801 | -81.2% |
| Trade receivables | 40 | €1,477 | €5,104 | +€3,627 | +245% |
| Other amounts receivable | 41 | €126,304 | €18,877 | -€107,428 | -85.1% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €1,158,100 | €141,505 | -€1.0m | -87.8% |
| Deferred charges and accrued income | 490/1 | €120 | €0 | -€120 | -100% |
| Total equity and liabilities | 10/49 | €3,287,096 | €2,476,284 | -€810,812 | -24.7% |
| Equity | 10/15 | €2,388,936 | €2,198,235 | -€190,700 | -8.0% |
| Contributions | 10/11 | €106,200 | €106,200 | = | 0.0% |
| Reserves | 13 | €2,282,736 | €2,170,712 | -€112,023 | -4.9% |
| Tax-exempt reserves | 132 | €18,802 | €20,294 | +€1,493 | +7.9% |
| Distributable reserves | 133 | €2,263,934 | €2,150,418 | -€113,516 | -5.0% |
| Profit (loss) carried forward | 14 | - | -€78,677 | -€78,677 | |
| Provisions and deferred taxes | 16 | €9,681 | €6,765 | -€2,917 | -30.1% |
| Deferred taxes | 168 | €9,681 | €6,765 | -€2,917 | -30.1% |
| Amounts payable | 17/49 | €888,479 | €271,284 | -€617,195 | -69.5% |
| Amounts payable after more than one year | 17 | €265,325 | €228,082 | -€37,243 | -14.0% |
| Financial debts | 170/4 | €265,325 | €228,082 | -€37,243 | -14.0% |
| Amounts payable within one year | 42/48 | €623,153 | €43,202 | -€579,951 | -93.1% |
| Current portion of amounts payable after more than one year | 42 | €104,494 | €37,243 | -€67,250 | -64.4% |
| Trade debts | 44 | €19 | €3,606 | +€3,587 | +19,360% |
| Suppliers | 440/4 | €19 | €3,606 | +€3,587 | +19,360% |
| Taxes, remuneration and social security | 45 | €131 | €161 | +€30 | +23.1% |
| Taxes | 450/3 | €131 | €161 | +€30 | +23.1% |
| Other amounts payable | 47/48 | €518,510 | €2,191 | -€516,319 | -99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,908 | €85,362 | +€4,454 | +5.5% |
| Other operating charges | 640/8 | €37,592 | €7,984 | -€29,607 | -78.8% |
| Gross operating margin | 9900 | €1,669,948 | €22,136 | -€1.6m | -98.7% |
| Operating profit (loss) | 9901 | €1,551,448 | -€71,211 | -€1.6m | |
| Financial income | 75/76B | €6,824 | €3,533 | -€3,291 | -48.2% |
| Recurring financial income | 75 | €6,824 | €3,533 | -€3,291 | -48.2% |
| Financial charges | 65/66B | €11,898 | €12,129 | +€231 | +1.9% |
| Recurring financial charges | 65 | €11,898 | €12,129 | +€231 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | €1,546,374 | -€79,806 | -€1.6m | |
| Transfer from deferred taxes | 780 | €484 | €2,917 | +€2,433 | +503% |
| Income taxes | 67/77 | €397,696 | €295 | -€397,401 | -99.9% |
| Profit (loss) for the period | 9904 | €1,149,162 | -€77,184 | -€1.2m | |
| Transfer from tax-exempt reserves | 789 | €940 | €1,068 | +€128 | +13.6% |
| Transfer to tax-exempt reserves | 689 | - | €2,561 | +€2,561 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,150,102 | -€78,677 | -€1.2m |
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 14 October 2026 via checked.be.