CLAUDE Thomas: 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.
CLAUDE Thomas
Largest movements
- Cash -€40,350
down €40,350 (-37.3%), from €108,050 to €67,700
mainly Investment in fixed assets (net) (-€35,550) and Debts after one year (-€28,767)
- Receivables within one year +€17,526
up €17,526 (+89.9%), from €19,506 to €37,032
of which Other amounts receivable: +€22,873
- Tangible fixed assets -€14,532
down €14,532 (-13.1%), from €110,600 to €96,068
of which Furniture and vehicles: -€8,774
- Debts after one year -€28,767
down €28,767 (-74.8%), from €38,456 to €9,689
- Tax, wage and social debts -€17,685
down €17,685 (-100%), from €17,685 to €0
of which Taxes: -€11,455
- Reserves +€13,217
up €13,217 (+10.6%), from €124,818 to €138,035
of which Distributable reserves: +€13,217
- Current portion of long-term debt -€7,274
down €7,274 (-20.2%), from €36,041 to €28,767
- Gross operating margin -€16,339
down €16,339 (-11.6%), from €141,052 to €124,713
- Staff costs -€9,209
down €9,209 (-15.5%), from €59,531 to €50,321
- Depreciation -€2,942
down €2,942 (-5.5%), from €53,024 to €50,082
- Taxes -€2,510
down €2,510 (-28.0%), from €8,978 to €6,468
- Other operating charges +€2,066
up €2,066 (+99.6%), from €2,075 to €4,142
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 | €257,135 | €217,076 | -€40,059 | -15.6% |
| Fixed assets | 21/28 | €111,331 | €96,799 | -€14,532 | -13.1% |
| Tangible fixed assets | 22/27 | €110,600 | €96,068 | -€14,532 | -13.1% |
| Land and buildings | 22 | €6,827 | €5,990 | -€837 | -12.3% |
| Plant, machinery and equipment | 23 | €14,499 | €9,578 | -€4,921 | -33.9% |
| Furniture and vehicles | 24 | €89,274 | €80,500 | -€8,774 | -9.8% |
| Financial fixed assets | 28 | €732 | €732 | = | 0.0% |
| Current assets | 29/58 | €145,803 | €120,277 | -€25,527 | -17.5% |
| Stocks and contracts in progress | 3 | €7,596 | €6,384 | -€1,212 | -16.0% |
| Stocks | 30/36 | €7,596 | €6,384 | -€1,212 | -16.0% |
| Amounts receivable within one year | 40/41 | €19,506 | €37,032 | +€17,526 | +89.9% |
| Trade receivables | 40 | €17,757 | €12,409 | -€5,347 | -30.1% |
| Other amounts receivable | 41 | €1,749 | €24,622 | +€22,873 | +1,308% |
| Cash at bank and in hand | 54/58 | €108,050 | €67,700 | -€40,350 | -37.3% |
| Deferred charges and accrued income | 490/1 | €10,651 | €9,160 | -€1,491 | -14.0% |
| Total equity and liabilities | 10/49 | €257,135 | €217,076 | -€40,059 | -15.6% |
| Equity | 10/15 | €147,607 | €160,825 | +€13,217 | +9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €124,818 | €138,035 | +€13,217 | +10.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €122,958 | €136,175 | +€13,217 | +10.7% |
| Profit (loss) carried forward | 14 | €4,190 | €4,190 | = | 0.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €109,527 | €56,251 | -€53,276 | -48.6% |
| Amounts payable after more than one year | 17 | €38,456 | €9,689 | -€28,767 | -74.8% |
| Financial debts | 170/4 | €38,456 | €9,689 | -€28,767 | -74.8% |
| Amounts payable within one year | 42/48 | €71,071 | €46,562 | -€24,509 | -34.5% |
| Current portion of amounts payable after more than one year | 42 | €36,041 | €28,767 | -€7,274 | -20.2% |
| Trade debts | 44 | €2,822 | €1,173 | -€1,648 | -58.4% |
| Suppliers | 440/4 | €2,822 | €1,173 | -€1,648 | -58.4% |
| Advances received on contracts in progress | 46 | - | €500 | +€500 | |
| Taxes, remuneration and social security | 45 | €17,685 | €0 | -€17,685 | -100% |
| Taxes | 450/3 | €11,455 | €0 | -€11,455 | -100% |
| Remuneration and social security | 454/9 | €6,231 | €0 | -€6,231 | -100% |
| Other amounts payable | 47/48 | €14,523 | €16,122 | +€1,598 | +11.0% |
| Remuneration, social security and pensions | 62 | €59,531 | €50,321 | -€9,209 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,024 | €50,082 | -€2,942 | -5.5% |
| Other operating charges | 640/8 | €2,075 | €4,142 | +€2,066 | +99.6% |
| Non-recurring operating charges | 66A | €1,859 | €0 | -€1,859 | -100% |
| Gross operating margin | 9900 | €141,052 | €124,713 | -€16,339 | -11.6% |
| Operating profit (loss) | 9901 | €24,562 | €20,168 | -€4,394 | -17.9% |
| Financial income | 75/76B | €2,625 | €1,546 | -€1,079 | -41.1% |
| Recurring financial income | 75 | €2,625 | €1,546 | -€1,079 | -41.1% |
| Financial charges | 65/66B | €3,112 | €2,028 | -€1,083 | -34.8% |
| Recurring financial charges | 65 | €3,112 | €2,028 | -€1,083 | -34.8% |
| Profit (loss) for the period before taxes | 9903 | €24,075 | €19,685 | -€4,390 | -18.2% |
| Transfer from deferred taxes | 780 | €40 | €0 | -€40 | -100% |
| Income taxes | 67/77 | €8,978 | €6,468 | -€2,510 | -28.0% |
| Profit (loss) for the period | 9904 | €15,136 | €13,217 | -€1,919 | -12.7% |
| Transfer from tax-exempt reserves | 789 | €158 | €0 | -€158 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €15,295 | €13,217 | -€2,077 | -13.6% |
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 29 October 2026 via checked.be.