CLARO: 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.
CLARO
Largest movements
- Cash +€43,497
up €43,497 (+5.2%), from €844,409 to €887,906
mainly Depreciation (+€39,271) and Net result for the year (+€19,510)
- Tangible fixed assets -€37,051
down €37,051 (-5.9%), from €628,332 to €591,281
- Reserves +€19,510
up €19,510 (+3.5%), from €557,504 to €577,014
of which Distributable reserves: +€33,471
- Gross operating margin -€2,776
down €2,776 (-3.6%), from €77,087 to €74,311
- Taxes -€1,114
down €1,114 (-6.6%), from €16,791 to €15,677
- Financial charges -€957
down €957 (-11.9%), from €8,026 to €7,068
- Depreciation +€808
up €808 (+2.1%), from €38,463 to €39,271
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 | €1,483,026 | €1,487,756 | +€4,730 | +0.3% |
| Fixed assets | 21/28 | €628,332 | €591,281 | -€37,051 | -5.9% |
| Tangible fixed assets | 22/27 | €628,332 | €591,281 | -€37,051 | -5.9% |
| Land and buildings | 22 | €628,332 | €591,281 | -€37,051 | -5.9% |
| Current assets | 29/58 | €854,694 | €896,475 | +€41,781 | +4.9% |
| Amounts receivable within one year | 40/41 | €2,290 | €4,958 | +€2,667 | +116.5% |
| Other amounts receivable | 41 | €2,290 | €4,958 | +€2,667 | +116.5% |
| Cash at bank and in hand | 54/58 | €844,409 | €887,906 | +€43,497 | +5.2% |
| Deferred charges and accrued income | 490/1 | €7,994 | €3,611 | -€4,384 | -54.8% |
| Total equity and liabilities | 10/49 | €1,483,026 | €1,487,756 | +€4,730 | +0.3% |
| Equity | 10/15 | €1,276,931 | €1,295,061 | +€18,130 | +1.4% |
| Contributions | 10/11 | €558,600 | €558,600 | = | 0.0% |
| Reserves | 13 | €557,504 | €577,014 | +€19,510 | +3.5% |
| Tax-exempt reserves | 132 | €161,623 | €147,662 | -€13,961 | -8.6% |
| Distributable reserves | 133 | €395,880 | €429,352 | +€33,471 | +8.5% |
| Profit (loss) carried forward | 14 | €142,887 | €142,887 | = | 0.0% |
| Investment grants | 15 | €17,940 | €16,560 | -€1,380 | -7.7% |
| Provisions and deferred taxes | 16 | €89,204 | €81,555 | -€7,649 | -8.6% |
| Deferred taxes | 168 | €89,204 | €81,555 | -€7,649 | -8.6% |
| Amounts payable | 17/49 | €116,891 | €111,140 | -€5,751 | -4.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €106,578 | €103,178 | -€3,400 | -3.2% |
| Trade debts | 44 | €4,850 | €3,671 | -€1,178 | -24.3% |
| Suppliers | 440/4 | €4,850 | €3,671 | -€1,178 | -24.3% |
| Taxes, remuneration and social security | 45 | €3,588 | €3,347 | -€240 | -6.7% |
| Taxes | 450/3 | €3,588 | €3,347 | -€240 | -6.7% |
| Other amounts payable | 47/48 | €98,141 | €96,160 | -€1,981 | -2.0% |
| Accrued charges and deferred income | 492/3 | €10,313 | €7,961 | -€2,351 | -22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,463 | €39,271 | +€808 | +2.1% |
| Other operating charges | 640/8 | €5,901 | €6,104 | +€203 | +3.4% |
| Gross operating margin | 9900 | €77,087 | €74,311 | -€2,776 | -3.6% |
| Operating profit (loss) | 9901 | €32,723 | €28,935 | -€3,787 | -11.6% |
| Financial income | 75/76B | €6,360 | €5,672 | -€688 | -10.8% |
| Recurring financial income | 75 | €6,360 | €5,672 | -€688 | -10.8% |
| Financial charges | 65/66B | €8,026 | €7,068 | -€957 | -11.9% |
| Recurring financial charges | 65 | €8,026 | €7,068 | -€957 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €31,057 | €27,539 | -€3,518 | -11.3% |
| Transfer from deferred taxes | 780 | €7,649 | €7,649 | = | 0.0% |
| Income taxes | 67/77 | €16,791 | €15,677 | -€1,114 | -6.6% |
| Profit (loss) for the period | 9904 | €21,915 | €19,510 | -€2,404 | -11.0% |
| Transfer from tax-exempt reserves | 789 | €13,961 | €13,961 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,876 | €33,471 | -€2,404 | -6.7% |
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 1 October 2026 via checked.be.