CLAY SHAW MANAGEMENT: 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.
CLAY SHAW MANAGEMENT
Largest movements
- Receivables within one year +€41,640
up €41,640 (+43.6%), from €95,457 to €137,097
of which Trade receivables: +€23,127
- Cash -€17,924
down €17,924 (-86.8%), from €20,641 to €2,717
mainly Contributions, distributions and other (-€59,162) and Receivables within one year (-€41,640)
- Tangible fixed assets -€1,440
down €1,440 (-32.2%), from €4,476 to €3,037
of which Furniture and vehicles: -€1,440
- Other debts +€59,162
up €59,162, from €0 to €59,162
- Reserves -€42,707
down €42,707 (-53.2%), from €80,273 to €37,565
of which Distributable reserves: -€42,707
- Trade debts +€5,308
up €5,308 (+63.3%), from €8,390 to €13,697
- Other operating charges -€21,377
down €21,377 (-86.1%), from €24,832 to €3,455
- Write-downs +€21,000
up €21,000, from -€21,000 to €0
- Gross operating margin -€1,897
down €1,897 (-6.9%), from €27,427 to €25,530
- Financial income +€799
up €799 (+18.4%), from €4,351 to €5,150
- Depreciation +€559
up €559 (+63.5%), from €880 to €1,440
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 | €120,826 | €143,118 | +€22,292 | +18.4% |
| Fixed assets | 21/28 | €4,476 | €3,037 | -€1,440 | -32.2% |
| Tangible fixed assets | 22/27 | €4,476 | €3,037 | -€1,440 | -32.2% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €4,476 | €3,037 | -€1,440 | -32.2% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €116,349 | €140,081 | +€23,732 | +20.4% |
| Amounts receivable within one year | 40/41 | €95,457 | €137,097 | +€41,640 | +43.6% |
| Trade receivables | 40 | €17,158 | €40,284 | +€23,127 | +135% |
| Other amounts receivable | 41 | €78,300 | €96,813 | +€18,513 | +23.6% |
| Cash at bank and in hand | 54/58 | €20,641 | €2,717 | -€17,924 | -86.8% |
| Deferred charges and accrued income | 490/1 | €251 | €267 | +€17 | +6.6% |
| Total equity and liabilities | 10/49 | €120,826 | €143,118 | +€22,292 | +18.4% |
| Equity | 10/15 | €87,395 | €44,688 | -€42,707 | -48.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €80,273 | €37,565 | -€42,707 | -53.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €78,413 | €35,705 | -€42,707 | -54.5% |
| Profit (loss) carried forward | 14 | €922 | €922 | = | 0.0% |
| Amounts payable | 17/49 | €33,430 | €98,430 | +€65,000 | +194% |
| Amounts payable within one year | 42/48 | €33,430 | €98,338 | +€64,908 | +194% |
| Trade debts | 44 | €8,390 | €13,697 | +€5,308 | +63.3% |
| Suppliers | 440/4 | €8,390 | €13,697 | +€5,308 | +63.3% |
| Taxes, remuneration and social security | 45 | €25,041 | €25,479 | +€438 | +1.8% |
| Taxes | 450/3 | €24,901 | €25,479 | +€578 | +2.3% |
| Remuneration and social security | 454/9 | €140 | €0 | -€140 | -100% |
| Other amounts payable | 47/48 | €0 | €59,162 | +€59,162 | |
| Accrued charges and deferred income | 492/3 | €0 | €92 | +€92 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €880 | €1,440 | +€559 | +63.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€21,000 | €0 | +€21,000 | |
| Other operating charges | 640/8 | €24,832 | €3,455 | -€21,377 | -86.1% |
| Non-recurring operating charges | 66A | €6,166 | €0 | -€6,166 | -100% |
| Gross operating margin | 9900 | €27,427 | €25,530 | -€1,897 | -6.9% |
| Operating profit (loss) | 9901 | €16,549 | €20,635 | +€4,086 | +24.7% |
| Financial income | 75/76B | €4,351 | €5,150 | +€799 | +18.4% |
| Recurring financial income | 75 | €4,351 | €5,150 | +€799 | +18.4% |
| Financial charges | 65/66B | €1,200 | €1,110 | -€90 | -7.5% |
| Recurring financial charges | 65 | €1,200 | €1,110 | -€90 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €19,700 | €24,675 | +€4,975 | +25.3% |
| Income taxes | 67/77 | €8,391 | €8,221 | -€171 | -2.0% |
| Profit (loss) for the period | 9904 | €11,309 | €16,454 | +€5,146 | +45.5% |
| Profit (loss) for the period to be appropriated | 9905 | €11,309 | €16,454 | +€5,146 | +45.5% |
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.