Clavin: 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.
Clavin
Largest movements
- Tangible fixed assets +€56,657
up €56,657 (+11.0%), from €516,069 to €572,725
of which Land and buildings: +€92,143
- Receivables within one year -€43,220
down €43,220 (-49.1%), from €87,998 to €44,778
of which Trade receivables: -€40,893
- Cash -€28,832
down €28,832 (-63.7%), from €45,229 to €16,397
mainly Investment in fixed assets (net) (-€115,227) and Other debts (-€41,675)
- Intangible fixed assets -€7,500
down €7,500 (-12.4%), from €60,637 to €53,137
- Debts after one year +€62,544
up €62,544 (+18.2%), from €343,443 to €405,988
- Other debts -€41,675
down €41,675 (-21.4%), from €195,098 to €153,422
- Profit (loss) carried forward -€39,448
new in 2025: -€39,448
- Tax, wage and social debts -€28,634
down €28,634 (-80.8%), from €35,440 to €6,807
of which Taxes: -€30,042
- Trade debts +€13,273
up €13,273 (+36.5%), from €36,362 to €49,636
- Gross operating margin -€91,477
down €91,477 (-25.2%), from €362,615 to €271,139
- Staff costs -€30,989
down €30,989 (-12.1%), from €256,889 to €225,900
- Depreciation +€19,105
up €19,105 (+40.7%), from €46,965 to €66,071
- Taxes -€15,638
no longer reported in 2025 (was €15,638)
- Financial charges +€9,629
up €9,629 (+170.3%), from €5,654 to €15,283
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 | €737,258 | €711,276 | -€25,982 | -3.5% |
| Fixed assets | 21/28 | €576,706 | €625,862 | +€49,157 | +8.5% |
| Intangible fixed assets | 21 | €60,637 | €53,137 | -€7,500 | -12.4% |
| Tangible fixed assets | 22/27 | €516,069 | €572,725 | +€56,657 | +11.0% |
| Land and buildings | 22 | €379,374 | €471,517 | +€92,143 | +24.3% |
| Plant, machinery and equipment | 23 | €18,510 | €16,335 | -€2,175 | -11.8% |
| Furniture and vehicles | 24 | €118,185 | €84,873 | -€33,311 | -28.2% |
| Current assets | 29/58 | €160,552 | €85,414 | -€75,139 | -46.8% |
| Stocks and contracts in progress | 3 | €24,870 | €18,604 | -€6,266 | -25.2% |
| Stocks | 30/36 | €24,870 | €18,604 | -€6,266 | -25.2% |
| Amounts receivable within one year | 40/41 | €87,998 | €44,778 | -€43,220 | -49.1% |
| Trade receivables | 40 | €82,589 | €41,697 | -€40,893 | -49.5% |
| Other amounts receivable | 41 | €5,409 | €3,081 | -€2,327 | -43.0% |
| Cash at bank and in hand | 54/58 | €45,229 | €16,397 | -€28,832 | -63.7% |
| Deferred charges and accrued income | 490/1 | €2,455 | €5,634 | +€3,179 | +129.5% |
| Total equity and liabilities | 10/49 | €737,258 | €711,276 | -€25,982 | -3.5% |
| Equity | 10/15 | €95,747 | €56,299 | -€39,448 | -41.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €85,747 | €85,747 | = | 0.0% |
| Distributable reserves | 133 | €85,747 | €85,747 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€39,448 | -€39,448 | |
| Amounts payable | 17/49 | €641,511 | €654,977 | +€13,466 | +2.1% |
| Amounts payable after more than one year | 17 | €343,443 | €405,988 | +€62,544 | +18.2% |
| Financial debts | 170/4 | €343,443 | €405,988 | +€62,544 | +18.2% |
| Amounts payable within one year | 42/48 | €295,213 | €247,320 | -€47,893 | -16.2% |
| Current portion of amounts payable after more than one year | 42 | €28,313 | €37,456 | +€9,143 | +32.3% |
| Trade debts | 44 | €36,362 | €49,636 | +€13,273 | +36.5% |
| Suppliers | 440/4 | €36,362 | €49,636 | +€13,273 | +36.5% |
| Taxes, remuneration and social security | 45 | €35,440 | €6,807 | -€28,634 | -80.8% |
| Taxes | 450/3 | €30,042 | - | -€30,042 | |
| Remuneration and social security | 454/9 | €5,398 | €6,807 | +€1,409 | +26.1% |
| Other amounts payable | 47/48 | €195,098 | €153,422 | -€41,675 | -21.4% |
| Accrued charges and deferred income | 492/3 | €2,854 | €1,669 | -€1,185 | -41.5% |
| Non-recurring operating income | 76A | €5,549 | - | -€5,549 | |
| Remuneration, social security and pensions | 62 | €256,889 | €225,900 | -€30,989 | -12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,965 | €66,071 | +€19,105 | +40.7% |
| Other operating charges | 640/8 | €2,334 | €3,344 | +€1,010 | +43.3% |
| Gross operating margin | 9900 | €362,615 | €271,139 | -€91,477 | -25.2% |
| Operating profit (loss) | 9901 | €56,427 | -€24,176 | -€80,603 | |
| Financial income | 75/76B | €6 | €11 | +€5 | +95.6% |
| Recurring financial income | 75 | €6 | €11 | +€5 | +95.6% |
| Financial charges | 65/66B | €5,654 | €15,283 | +€9,629 | +170.3% |
| Recurring financial charges | 65 | €5,654 | €15,283 | +€9,629 | +170.3% |
| Profit (loss) for the period before taxes | 9903 | €50,778 | -€39,448 | -€90,226 | |
| Income taxes | 67/77 | €15,638 | - | -€15,638 | |
| Profit (loss) for the period | 9904 | €35,140 | -€39,448 | -€74,588 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,140 | -€39,448 | -€74,588 |
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 30 September 2026 via checked.be.