CLAVIS: 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.
What changed
CLAVIS
NACE 58.110, Book publishing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€4,741
2024 · €55,541-€60,282
Equity
€2.3m
2024 · €2.3m-€4,741
Cash
€282,913
2024 · €69,133+€213,780
Balance sheet total
€8.4m
2024 · €8.4m+€53,388
Largest movements
Assets
- Cash +€213,780
up €213,780 (+309.2%), from €69,133 to €282,913
mainly Short-term financial debts (+€299,306) and Depreciation (+€185,704)
- Receivables within one year -€146,487
down €146,487 (-3.8%), from €3.9m to €3.7m
of which Other amounts receivable: -€77,987
- Stocks and contracts +€136,452
up €136,452 (+4.1%), from €3.3m to €3.4m
Equity and liabilities
- Short-term financial debts +€299,306
up €299,306 (+25.1%), from €1.2m to €1.5m
- Trade debts -€154,438
down €154,438 (-6.3%), from €2.5m to €2.3m
Income statement
- Other operating charges -€174,843
down €174,843 (-47.3%), from €369,522 to €194,678
- Gross operating margin -€165,088
down €165,088 (-4.9%), from €3.3m to €3.2m
- Write-downs +€153,373
up €153,373, from -€87,329 to €66,044
- Financial charges +€84,123
up €84,123 (+43.1%), from €195,089 to €279,212
- Staff costs -€78,297
down €78,297 (-3.0%), from €2.6m to €2.5m
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.
Result 2024
€55,541
Gross operating margin
-€165,088
Staff costs
+€78,297
Depreciation
+€12,115
Write-downs
-€153,373
Other operating charges
+€174,843
Other operating items
+€1,258
Financial income
+€44,422
Financial charges
-€84,123
Taxes
+€26,879
Deferred taxes and other
+€4,488
Result 2025
-€4,741
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.
From operations
-€29,320
Investment
-€58,416
Financing
+€301,516
Cash 2024
€69,133
From operations (derived)
-€29,320
Net result for the year
-€4,741
Depreciation
+€185,704
Receivables after one year
+€513
Stocks and contracts
-€136,452
Receivables within one year
+€146,487
Deferred charges and accrued income
+€22,556
Provisions
-€11,637
Trade debts
-€154,438
Tax, wage and social debts
-€67,160
Other debts
+€13,114
Accrued charges and deferred income
-€23,267
Investment (derived)
-€58,416
Investment in fixed assets (net)
-€58,416
Financing
+€301,516
Debts after one year
+€73,689
Current portion of long-term debt
-€71,479
Short-term financial debts
+€299,306
Cash 2025
€282,913
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,382,371 | €8,435,759 | +€53,388 | +0.6% |
| Fixed assets | 21/28 | €787,143 | €659,854 | -€127,288 | -16.2% |
| Intangible fixed assets | 21 | €114,349 | €47,982 | -€66,368 | -58.0% |
| Tangible fixed assets | 22/27 | €382,730 | €316,496 | -€66,234 | -17.3% |
| Land and buildings | 22 | €145,748 | €132,386 | -€13,361 | -9.2% |
| Plant, machinery and equipment | 23 | €150,015 | €180,518 | +€30,504 | +20.3% |
| Furniture and vehicles | 24 | €86,968 | €3,592 | -€83,376 | -95.9% |
| Financial fixed assets | 28 | €290,063 | €295,377 | +€5,313 | +1.8% |
| Current assets | 29/58 | €7,595,228 | €7,775,904 | +€180,677 | +2.4% |
| Amounts receivable after more than one year | 29 | €270,862 | €270,349 | -€513 | -0.2% |
| Other amounts receivable | 291 | €270,862 | €270,349 | -€513 | -0.2% |
| Stocks and contracts in progress | 3 | €3,313,138 | €3,449,590 | +€136,452 | +4.1% |
| Stocks | 30/36 | €3,313,138 | €3,449,590 | +€136,452 | +4.1% |
| Amounts receivable within one year | 40/41 | €3,880,924 | €3,734,437 | -€146,487 | -3.8% |
| Trade receivables | 40 | €3,427,322 | €3,358,823 | -€68,500 | -2.0% |
| Other amounts receivable | 41 | €453,602 | €375,614 | -€77,987 | -17.2% |
| Current investments | 50/53 | €25 | €25 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €69,133 | €282,913 | +€213,780 | +309.2% |
| Deferred charges and accrued income | 490/1 | €61,145 | €38,590 | -€22,556 | -36.9% |
| Total equity and liabilities | 10/49 | €8,382,371 | €8,435,759 | +€53,388 | +0.6% |
| Equity | 10/15 | €2,347,699 | €2,342,958 | -€4,741 | -0.2% |
| Contributions | 10/11 | €1,325,000 | €1,325,000 | = | 0.0% |
| Reserves | 13 | €1,022,699 | €1,017,958 | -€4,741 | -0.5% |
| Non-distributable reserves | 130/1 | €37,853 | €37,853 | = | 0.0% |
| Reserves not available under the articles | 1311 | €37,853 | €37,853 | = | 0.0% |
| Tax-exempt reserves | 132 | €318,234 | €207,544 | -€110,691 | -34.8% |
| Distributable reserves | 133 | €666,611 | €772,561 | +€105,950 | +15.9% |
| Provisions and deferred taxes | 16 | €80,612 | €68,975 | -€11,637 | -14.4% |
| Deferred taxes | 168 | €80,612 | €68,975 | -€11,637 | -14.4% |
| Amounts payable | 17/49 | €5,954,060 | €6,023,826 | +€69,766 | +1.2% |
| Amounts payable after more than one year | 17 | €1,277,708 | €1,351,397 | +€73,689 | +5.8% |
| Financial debts | 170/4 | €1,277,708 | €1,351,397 | +€73,689 | +5.8% |
| Amounts payable within one year | 42/48 | €4,616,605 | €4,635,948 | +€19,343 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €236,594 | €165,115 | -€71,479 | -30.2% |
| Financial debts | 43 | €1,192,247 | €1,491,553 | +€299,306 | +25.1% |
| Credit institutions | 430/8 | €1,192,247 | €1,491,553 | +€299,306 | +25.1% |
| Trade debts | 44 | €2,467,880 | €2,313,442 | -€154,438 | -6.3% |
| Suppliers | 440/4 | €2,467,880 | €2,313,442 | -€154,438 | -6.3% |
| Taxes, remuneration and social security | 45 | €610,591 | €543,431 | -€67,160 | -11.0% |
| Taxes | 450/3 | €96,053 | €73,225 | -€22,828 | -23.8% |
| Remuneration and social security | 454/9 | €514,539 | €470,206 | -€44,333 | -8.6% |
| Other amounts payable | 47/48 | €109,293 | €122,408 | +€13,114 | +12.0% |
| Accrued charges and deferred income | 492/3 | €59,747 | €36,481 | -€23,267 | -38.9% |
| Non-recurring operating income | 76A | €15,096 | - | -€15,096 | |
| Remuneration, social security and pensions | 62 | €2,591,030 | €2,512,733 | -€78,297 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197,819 | €185,704 | -€12,115 | -6.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€87,329 | €66,044 | +€153,373 | |
| Other operating charges | 640/8 | €369,522 | €194,678 | -€174,843 | -47.3% |
| Non-recurring operating charges | 66A | €1,258 | - | -€1,258 | |
| Gross operating margin | 9900 | €3,339,725 | €3,174,638 | -€165,088 | -4.9% |
| Operating profit (loss) | 9901 | €267,425 | €215,478 | -€51,948 | -19.4% |
| Financial income | 75/76B | €40,802 | €85,223 | +€44,422 | +108.9% |
| Recurring financial income | 75 | €40,802 | €85,223 | +€44,422 | +108.9% |
| Financial charges | 65/66B | €195,089 | €279,212 | +€84,123 | +43.1% |
| Recurring financial charges | 65 | €195,089 | €279,212 | +€84,123 | +43.1% |
| Profit (loss) for the period before taxes | 9903 | €113,138 | €21,489 | -€91,649 | -81.0% |
| Transfer from deferred taxes | 780 | €7,149 | €11,637 | +€4,488 | +62.8% |
| Income taxes | 67/77 | €64,746 | €37,867 | -€26,879 | -41.5% |
| Profit (loss) for the period | 9904 | €55,541 | -€4,741 | -€60,282 | |
| Transfer from tax-exempt reserves | 789 | €21,446 | €110,691 | +€89,244 | +416.1% |
| Profit (loss) for the period to be appropriated | 9905 | €76,988 | €105,950 | +€28,962 | +37.6% |
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 3 October 2026 via checked.be.