Claviarte: 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.
Claviarte
Largest movements
- Tangible fixed assets +€116,789
up €116,789 (+95.4%), from €122,459 to €239,248
of which Other tangible fixed assets: +€120,441
- Cash -€18,749
down €18,749 (-35.4%), from €52,932 to €34,183
mainly Investment in fixed assets (net) (-€163,835) and Tax, wage and social debts (-€2,548)
- Debts after one year +€58,965
up €58,965 (+646%), from €9,126 to €68,090
of which Other amounts payable: +€62,400
- Reserves +€26,630
up €26,630 (+15.8%), from €168,658 to €195,289
- Trade debts +€16,087
up €16,087 (+808%), from €1,990 to €18,077
- Gross operating margin +€31,452
up €31,452 (+59.0%), from €53,280 to €84,732
- Depreciation +€23,556
up €23,556 (+100%), from €23,490 to €47,046
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 | €215,477 | €316,495 | +€101,019 | +46.9% |
| Fixed assets | 21/28 | €122,459 | €239,248 | +€116,789 | +95.4% |
| Tangible fixed assets | 22/27 | €122,459 | €239,248 | +€116,789 | +95.4% |
| Land and buildings | 22 | €28,026 | €24,373 | -€3,653 | -13.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €94,433 | €214,875 | +€120,441 | +128% |
| Current assets | 29/58 | €93,018 | €77,247 | -€15,770 | -17.0% |
| Amounts receivable within one year | 40/41 | €40,045 | €42,565 | +€2,520 | +6.3% |
| Trade receivables | 40 | €37,180 | €39,138 | +€1,958 | +5.3% |
| Other amounts receivable | 41 | €2,865 | €3,427 | +€562 | +19.6% |
| Cash at bank and in hand | 54/58 | €52,932 | €34,183 | -€18,749 | -35.4% |
| Deferred charges and accrued income | 490/1 | €41 | €500 | +€459 | +1,120% |
| Total equity and liabilities | 10/49 | €215,477 | €316,495 | +€101,019 | +46.9% |
| Equity | 10/15 | €170,658 | €197,289 | +€26,630 | +15.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €168,658 | €195,289 | +€26,630 | +15.8% |
| Distributable reserves | 133 | €168,658 | €195,289 | +€26,630 | +15.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €44,818 | €119,207 | +€74,388 | +166% |
| Amounts payable after more than one year | 17 | €9,126 | €68,090 | +€58,965 | +646% |
| Financial debts | 170/4 | €9,126 | €5,690 | -€3,435 | -37.6% |
| Other amounts payable | 178/9 | - | €62,400 | +€62,400 | |
| Amounts payable within one year | 42/48 | €35,693 | €51,117 | +€15,424 | +43.2% |
| Current portion of amounts payable after more than one year | 42 | €3,318 | €3,435 | +€118 | +3.5% |
| Trade debts | 44 | €1,990 | €18,077 | +€16,087 | +808% |
| Suppliers | 440/4 | €1,990 | €18,077 | +€16,087 | +808% |
| Taxes, remuneration and social security | 45 | €8,401 | €5,853 | -€2,548 | -30.3% |
| Taxes | 450/3 | €8,401 | €5,853 | -€2,548 | -30.3% |
| Other amounts payable | 47/48 | €21,983 | €23,750 | +€1,767 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,490 | €47,046 | +€23,556 | +100% |
| Other operating charges | 640/8 | €1,237 | €1,491 | +€254 | +20.6% |
| Non-recurring operating charges | 66A | - | €950 | +€950 | |
| Gross operating margin | 9900 | €53,280 | €84,732 | +€31,452 | +59.0% |
| Operating profit (loss) | 9901 | €28,553 | €35,244 | +€6,691 | +23.4% |
| Financial income | 75/76B | €276 | €297 | +€21 | +7.5% |
| Recurring financial income | 75 | €276 | €297 | +€21 | +7.5% |
| Financial charges | 65/66B | €3,324 | €3,416 | +€92 | +2.8% |
| Recurring financial charges | 65 | €3,324 | €3,416 | +€92 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €25,505 | €32,125 | +€6,620 | +26.0% |
| Income taxes | 67/77 | €5,218 | €4,662 | -€556 | -10.7% |
| Profit (loss) for the period | 9904 | €20,287 | €27,463 | +€7,176 | +35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,287 | €27,463 | +€7,176 | +35.4% |
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 26 October 2026 via checked.be.